♪ >> welcome to a special edition of "bloomberg technology." i'm emily chang in san francisco. this hour, we bring your special coverage with what is going on with gamestop. shares closing at $380 apiece today, up 883% in just two weeks. a reddit based trading group has piled into the stock. some wall street investors will join us this hour, as we drive all angles of the story. we will get insight from short-sellers, retail investors, security law officials. we are also going to hit apple,

facebook, and tesla, all out with fresh earnings after the bell. first, the story we cannot stop watching. gamestop. >> they should have known that there were more shares of gamestop shorted existed in the free market. >> they've got to go to other sources once it dries up. >> it's really been the printing of money by the central bank and the distribution by the government, it's financed a lot of the activity. >> adding to a losing trade is what caused them to have these egregious problems. >> it's something i don't think they would have anticipated even three years ago, let alone 20 years ago. >> historically, it's indicated a bubble type environment that's evolved for a long time. >> joining us now is romaine bostick, who's been following the market moves all day long. hedge funds that started this pulled out of their position today. bankruptcy has been discussed.

meantime, nothing about the fundamentals of gamestop. to my knowledge have changed. how did we get here? >> this all started to fundamentals. you go back to 2019 and michael berry making a long dead on this company, the idea that it is less than $10 a shares, undervalued. a lot of other people came into the stucco and long with the idea there was a rebound here. the short-sellers appeared on the scene enforce. once they got involved and made the positions public, that seemed to enrage a certain sort of corner of the daytrading community. particularly this group on wall street on reddit who basically very openly said, we are going to blast it. you have a stock here that had a large short interest, a small flow, and a very active call option activity to help push the price up. you are looking at the volume of gamestop shares, which have eclipsed. names like facebook. names like tesla, which recorded

earnings today. you have other names out there like amc, also getting pulled into this. these traders coming to believe this time of something -- once they realized they can manipulate the price of something like gamestop, they realized they could do it with other stocks. that was your biggest volume over. more than one billion shares traded on amc today. a lot of people, left for dead, given that it operates a lot of movie theaters, during the pandemic. it has not been popular for a while. until today, up 200%. emily: absolutely. thanks so much for that round up. before we get to more on gain

sub, i want to hit facebook. shares have recovered from their lows. warning on growth this year. williamson is a principal analyst at you marketer. she is with us from seattle. facebook is warning of significant uncertainty. how does that sound to you? >> you know, facebook talks a lot about uncertainty. i think in almost every quarterly call, there something uncertain in the future. yet, in the following quarter, what is happening as they go past expectations. we've seen that quarter after quarter on almost a regular basis. facebook definitely went past our own internal expectations for q4 and our published for you -- published full-year forecast this year. we've predicted revenue growth of about 14%. instead it grew 22%. on the user side, same thing. we predicted about 9% worldwide growth in users. facebook saieh growth of --

facebook saieh growth of 12%. it is interesting. this is a company that's been able to weather the pandemic very well. perhaps even benefit in some cases from the shift toward e-commerce that is currently taking place across the digital landscape as a result of the pandemic. facebook has also been able to benefit on the user front. because people turned to social media early in the pandemic to figure out what's going on and make when they were stuck at home. unfortunately, those trends have continued. many people still are locked down or in some type of lockdown. and they are turning to social platforms to engage and find information. so overall for us, this was a much better than expected quarter. quite frankly, full-year than we thought it would be. facebook, despite what they say about headwinds, they seem to keep outperforming every emily: and one of those

headwinds is apple, calling out the changes of apple, that it made to some privacy features. thank you. i do want to move on to apple now. shares of the iphone maker, propelling apple. sales topping hundred billion dollars. the first of all analyst at forrester research is with us now. a strong iphone number, strong numbers in china. what are your headline takeaways? >> headline takeaways -- the headline takeaways are, a lot of consumers are run home, apple has a riposte -- a robust portfolio. overall retail was down 2.5% in 2020. we expected to grow 4% in 2021. consumers are impacted during the pandemic. we saw one third of consumers were spending less. more importantly, we've seen

consumers consume 30% more on media. we need to look at music, the media subscriptions, all those we expect our strong categories for apple. you look at payments and the pandemic, we had 11% of consumers contact us for the first time. emily: what is your outlook, if facebook is reporting about significant uncertainty, what do you see for apple for the year given that we are working from home now, people are spending money on their devices? it is anyone's guess what the new normal looks like when we get vaccinated. >> i think it is anyone's guess. i think certainly there's a question of, am i going to spend the money in a digital channel, online? we are still seeing consumers want to go online and want to go in the stores. the other thing we look at, especially when we look at a company like apple, more consumers are saying, i want to spend money with a company that represents my values, and

privacy and consumer privacy is one of the most important pillars of apple's message to the market. that is ultimately playing well with consumers and 2021 and beyond. emily: thank you so much for giving us your headline takeaways. coming up, back to our big story. that is gamestop, the biden administration says it is monitoring the situation. will that be followed by swift and regulatory repercussions? we will ask a former fcc prosecutor. as we go to break, the short seller who touched a retail investor nerve with his gamestop call. this is bloomberg. >> i cannot answer one more phone call, are you ok, are you in business, what about gamestop, should i short it here? this has captured the attention of america and every

♪ emily: -- >> gamestop is one of the most compelling asymmetric opportunities in the market today. that is why it is the top position in my portfolio. emily: he offers investment advice via youtube, twitter, reddit. that clip was from last august, when he promoted gamestop as an under appreciated stock he started buying like in 2019. now this from last friday. >> [laughs] cheers, everybody! let me try to read this. woah!

[laughs] oh, damn, what a day. emily: my our calculations, he has turned $50,000 or so into some $14 million, possibly counting, we have reached out to him for a request for comment. the question of course is, is anything illegal happening here? a lot of people have gotten together via youtube, robinhood, together to drive the price of a stock higher, is that security fraud? joining us now is david chase. thank you so much for joining us. is anything illegal happening here? >> it depends. the sec is going to be taking a look at this kitty. -- at this. given the dynamics, think they are going to take a look -- given the dynamics, i think they

are going to take a look. the sec has only so much they can do. that is to ensure fair and efficient markets and also to ensure there's market integrity. if what is going on has been fueled, is being fueled by farce information, manipulation -- false information, manipulation, individuals touting the stock or being compensated and not being disclosed, etc., that may be the basis for the sec to take action. however, if this is simply a matter of social media, retail investors and others, bidding up the stock, buying it at $300 and sell it at $350, the sec is not in the business of curbing capitalism or second-guessing speculation, even though it may be reckless or extreme. so there is a limit to what the sec can do, but it's really --

they are going to have to find evidence of fraud and manipulation. emily: now, michael barrois, the asset manager who we heard roaring kitty call out there, initially took a 2.5 for so -- 2.5% or so stake in gamestop. he did tweet, since then it's been deleted, "if he had stop -- if you had gamestop on your repertoire and you are doing well, good for you. this is a natural, insane, and dangerous." he tags sec enforcement. we did get a statement minutes ago from the sec that they are actively monitoring the ongoing market volatility, working with fellow regulators to assess the situation and review the activities of regulated entities, financial intermediaries, and other market participants.

other market participants. who might they be, in your view, david? >> they certainly may be looking at market makers, they certainly may be looking at the quality adequacy and accuracy of information that is being disseminated. -- disseminated by those market participants. one of the tools the sec has are trading suspensions. they can suspend trading of the stock for 10 days based upon the public interest and the protection of investors, based upon concerns about the quality and accuracy of the information being disseminated, particularly market makers, their role in connection with that. that is a tool in the sec's arsenal. i'm sure that is something they are looking hard at now, for example. emily: emily: meantime, we also heard -- emily: meantime, we also heard

from senator, elizabeth warren, saying she would like to see more enforcement here. for years, wealthy investors have treated the stock market like their own personal casino, while everyone else pays the price. it is long past time for the sec and other financial regulators to wake up and do their job with the new administration, democrats running the congress, i intend to make sure they do. do you think we could see longer-term legislation, as a result of this, which would mean that perhaps some things happening here which might not be illegal now might be illegal in the future? >> that is an excellent question. i think it is certainly a possibility. the sec's role is not only to enforce the federal security's role, but it also involves rulemaking and the day-to-day regulation of the market. but i think what we are seeing here is someone unique. it is a dynamic involving retail

investors, primarily, moving the markets, creating short squeezes by hedge funds sophisticated institutional investors, on the long side of it apparently. it is causing market disruption on some level, which is fair game for the sec. to your question, implicit in your question, is that this may be a catalyst on the road for the sec, and i'm sure they will examine what is going on and make a determination and assessment whether the underlying events might not be illegal. it's something they might want to, for purposes of market efficiency and integrity, and function of the market, take into consideration and perhaps contemplate rulemaking's to address on the road. emily: in general, do

you see this has a moment of temporary insanity or euphoria, or is something fundamental happening in the way that markets move that will be fundamentally changed for the long-term? >> it is a great question, and i don't have the answer. i think there's kind of a general consensus across the market, whether this is something new, a sea change in the market, or an extension, a natural kind of follow -- fall out from the rise of social media. social media has had application's on the political context, and perhaps now what we are seeing after some time are the consequences and implications in the stock market -- consequences and implications in the stock market. with a lot of individuals on home, i think things have

changed. the sec in particular was going to monitor it closely and we are going to have to see. but i think it is fair to say that this very may well be an indication of significant change in market dynamics. emily: david chase, thank you so much. really appreciate your sec long-term knowledge. of course, we will be watching. we will continue to cover this throughout the show. coming up, we will be speaking with notorious and famed hedge fund manager, anthony scaramucci. what does gamestop have to do with crypto? he says it is proof of concept for bitcoin. we will speak with him next. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america.

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♪ emily: hedge funds running for cover all because the reddit

group has piled into gamestop and more. here to talk about it is anthony scaramucci. can't wait to hear what your take on this is. do you see a fundamental reordering here in the hierarchy of who has the power on wall street? >> well, i saw this morning on twitter you are witnessing a finance where the proletariat is rising up to change the order structure and finance. they are able to do that, because they have costless data, costless trading, and i think where david is right, the sec has got to look at it, but they also have to make sure there were symmetry and fairness between the bigger players in the smaller players. to me, i think it is here to stay. and i think that it's proof of concept that as we go into the realm of technology and financial, have further decentralization, and i can

prove that just by the way i'm talking to you, i'm talking to you from my home, from my computer. i am now -- i have now decentralized and miniaturized the studio. we are doing that with our money, with investing, and that be swarm that -- bee swarm that took over gamestop is affecting amc movies, the blockbuster liquidation stuff, it is not going anywhere. if anything, it is going to proliferate exponentially. and it is those very same players that have accepted bitcoin as a portion of the monetary network, if accepted bitcoin as a sort of technological -- they accepted bitcoin as a sort of technological value they are comparable with. so the old world better watch out. the new world is actually here to stay, and it is going to grow, frankly, expansion. emily: as someone who has been on wall street for a long time, does this feel like a threat to hedge funds, to the business of hedge funds, or to someone who

is a more sort of traditional investor who has been around the block? >> i still lie skew, despite the fact you called me old now and the tory is -- like you, despite the fact you called me old and notorious now. but the answer is yes, it is absolutely threatening old-timers like me. this is my 33rd year in the business. what i would tell you is that the old world likes the old world order, the old world likes -- ok, well gamestop is going to go out of business because of this technological transformation. i'm going to short gamestop and punish the employees and management team and watch it go to zero. the new world is like, well, we are going to challenge that orthodoxy, and they now have the power to do that. and every time that you see decentralization, whether it is in a political system, a

financial system, you are going to have to have a seismic change in policy and a seismic change in the social contract. so yes, this is threatening everybody. but what i would tell my brother and in this industry and my brothers and sisters is, you have to accept that change, you have to figure out what charles darwin said, it's not the smartest that survive, it is those that are most capable of adapting. it's one of the main reasons y skybridge moved into the bitcoin realm and we put out bitcoin and started a bitcoin specific fund, because this stuff is happening whether we like it or not or whether we think it should happen or whether it is challenging the existing orthodoxies. emily: anthony, we've got about a minute left, that i would like to talk to you a little bit more after this break. quickly, do you have a position

in gamestop or any of these names, amc, where we are seeing a lot of movement right now, or are you changing how you're moving your money around as a result of we are seeing? >> the short answer is no, the more complicated answer is to, i have a pretty large position in .72 -- is, have a pretty large position in .72, they own a piece of gamestop through melvin, but melvin closed out that position earlier today. so they took a lump, but long-term, i'm a huge believer in what steve is doing. very proud of the long-term investor in .72. we haven't changed our philosophy at all. i think no one is faster or better equipped to adapt then steve cohen. i'm sure you will see him start to shift gears here as a result of what is going on in the marketplace. emily: quite a big long. anthony, hang on. we will talk to you more after the break.

anthony scaramucci, of skybridge capital. you are watching "bloomberg technology." the gamestop phenomenon. this is bloomberg. ♪

♪ emily: welcome back to "bloomberg technology." the gamestop phenomenon. i'm emily chang in san francisco. gamestop shares, hitting unbelievable highs for yet another day. even more interesting, the movement behind the rise. why is this happening? buying from thousands of individual investors using sites like robin hood and reddit to drive up prices. it is all over social media. everywhere you look. here to discuss the unit culture behind the move is bloomberg's executive order and host of "what'd you miss?" still with us is anthony scaramucci, of skybridge capital.

joe, you have been getting deep in the reddit rights to figure out what people are talking about. what are you seeing? >> it just looks really fun. i mean that really seriously, in the sense that you can see the attraction, why people want to be part of this thing. it looks like people who are having an extreme amount of fun, a lot of people are making a lot of money doing it, there's a rebellion aspect to it, there's an antiestablishment aspect to it. there's a meeting culture aspect to it. the call thing about memes is, the more you post them, the funnier they get. the more gamestop goes up. -- the more steam got -- the more gamestop goes up. the funnier the whole thing gets. there's no mystery at all why people are wanting to join on the side of the train -- this side of the train. emily: for some people who have lost a lot of money, it is not a joke.

i actually got some comments from, how the former ceo of reddit says, we see how it many bullets market. it is a main -- it many bullets market. it is amazing to see the many relation move to the masses. i'm not investing in it, but i think it made significant changes in how the investment world works. hope that means more decentralization of power access and wealth. would you call that market manipulation? >> i would not call it mark milley be nation. this is where the sec has to be careful. -- market manipulation. this is where the sec has to be careful. if you've decided as a micro investor to individually go out in stake bitcoin. -- and stake bitcoin. if you are telling me there's 15,000 people on the phone together, colluding, that is a different story. but if you are telling me, i read this blog, i'm now making a decision as an individual investor to sell or buy

gamestop, that is totally legitimate. what i would question the establishment about is, those are the rules. playing inside the rules and playing inside the context of those rules, all of a sudden it seems like people want to rule change because of the phenomena taking place right now. i don't think necessarily that is fair. the thing i would ask for is symmetry in the rules. i don't see price collusive activity as much as i see individuals acting, and they happen to be acting contemporaneously, but it's not something that is preordained or premeditated. emily: so tell us a little bit more about who these individuals are. >> i think it is a range of people. i think probably, they are young, with extra cash. you have this phenomenon were a lot of people have compiled excess savings this year because they have not been going out,

they have not been spending. maybe they were the recipients of stimulus money. but i think, look, a lot of people in the last several days have received, especially in this industry, has probably received a text from someone in the last few days, who is not in finance, about, what's going on with gamestop? to people last night were texting me saying they bought amc. there's is a fascination element. to this question about market many relation, i remember for years, a lot of hedge funds would do these big 200 page flight decks, where if you got exclusive access to it, they would announce their trade and the stock would instantly move. moving the market by your public statement has been nothing forever. i do think that social media, reddit, in particular, has

created buying power individually to sort of replicate some of the phenomena. emily: speaking of the rules, anthony, i wonder if the danger to go in short is making going long riskier, because you can't hedge. >> yes and no. i think at the end of the day, you can see this happening on the short side as well. i think people need to be careful being too absolute in terms of direction in what they are saying. short selling has been a tricky, nefarious part of our business forever. i think it is interesting that elon musk got himself involved, because he has been on the others of the short selling. you're going to have this tug. it is in an tablet schmidt -- it is an establishment/

antiestablishment tug. it could be short also going against long. this type of decentralization, weirdly, there is a wisdom to the crowd, and weirdly, it will cost more checks and and balances in the system, in the same way that bitcoin becomes more accepted, it will put a check on central bankers. emily: now, elon, with a single tweet and the word gamestonk, we saw another huge move in the stock. the blame game is happening here. do you think the fed bears some responsibility for what we are seeing? >> no, i don't really think so. manias, exuberance is, all things happen in different kinds of monetary policy conditions. we saw it in the late

1990's, similar activity one real interest rates were much higher. these things happen. humans are weird animals that move in packs from time to time. to some extent, perhaps, the fact that the policymakers lean so hard against the downturn has given people that jolt of confidence, but again, even to the extent that there is a fed element, ultimately, we are not talking about huge amounts of dollars here. these are small companies. we saw the overall index levels, not particularly active over the last several days. human nature, animal spirits are probably a much more important factor. whatever the sort of perfect storm that's come together between people having more cash, the new tools to buy options without any commission, the rise of social media, some things just come together, and people do weird stuff. and i think trying too hard to

connect the dots, you're probably going down a dark corner that is not going to get you very far. emily: anthony, you mention the french revolution. some have compared what is happening out of the capital rights. would you go that far -- now to the capitol riot's. -- riots. would you go that far? >> i would not go that far. that is over the line. that is full on lawbreaking and lawlessness and sedition. if you are making the point that there are elements inside the society now that are rubbing up against the establishment, whether it is in the investment world where the political world or other realms come i think that is clearly happening -- or other realms, i think that is clearly happening. if you study the ark of 5000 years of human history, when that starts to happen, that means a new world order is being

remade before our eyes. so what will be different rules on the political world in different rules in the investment world as a result of this activity. but i do think the capitol riot's frankly are sedition in a form of domestic terrorism that i completely announced. the reddit stuff, i am in joe's camp. i find it somewhat cheeky. even though i lost money related to it, it is a little bit on the fun side. emily: just out of curiosity, anthony, do folks at skybridge keep tabs or watch what is happening on the subreddit? >> we don't, no. we probably should start doing that. but i would say, by and large, we don't. we've got a very long-term diversified plan in our fund, then we have a specific bitcoin fund. this sort of noise and this sort of activity is not really going to disrupt that long-term fundamental philosophy. emily: interesting.

>> i think it is entertaining. i'm going to go check it out. >> you've got to check it out. >> i will. emily: do you think you should be on the entertainment value? do you think more traditional money managers should be looking at those social media and reddit, and some of these alternative forums, to see what is on people's minds? >> if you're in a trading philosophy, if you have a hedge fund set up to be frequency trading or trading, the answer is absolutely yes, but if you are in a long-term zone of thinking, over three to five years, and you are willing to have a long-term fundamental investment project, i think it is noise. but it is changing the game. and it will require regulators to rethink how the game is going to be regulated. emily: anthony scaramucci of

skybridge capital, and joe weisenthal, thank you both. joe, host of bloomberg's "what'd you miss?" really appreciate her commentary and analysis. coming up, he's a short seller known for taking down luggage maker, samsonite. he joins me next. this is bloomberg. ♪

♪ emily: a reminder my six days ago, the short seller of citron research said it is pre-much in decline. that pushed off the buy into gamestop shares by those in the reddit group, wall street bets and more. he's got respect for those

traders, even relates to them. they collects and -- take a listen. >> before there was instagram, before there was even facebook, there was citron research. we were the voice of the individual investor against the institution. emily: so, do short-sellers even cells as the individual investors? let's ask soren aandahl, chief investment officer of blue orca capital. what are your thoughts on this, who do you relate to? >> absolutely, short sellers, for sure. emily: so then, how does the original rebel alliance view what is happening now? >> i view it with a lot of empathy. the establishment has not stopped whining about wall street and the ability of individual investors to express their opinions on forums. think about the position the

position -- thing about that was enough -- think about the position of someone a wall street forum. mediums like television, prep media, new entrants should be -- print media come new entrants should be afforded the same right. that is exact what they are doing. we welcome new entrants into the market. emily: okay, but what about the fact the from the mentals, gamestop, amc, has not changed in the last few days, despite these massive moves? nothing is different about the companies themselves. >> that's true, but that's a little bit of a red herring. it's not like there's a monopoly on investment policy not based upon the mentals. i'm thinking here about the situation in which investment banks see the stock price double and research analysts to readjust a model to increase a price target by double to match the stock price increase. in a situation like that, the business doesn't change either, we are also comfortable with the establishment, with an

un-fundamental change in the stock price. we should be equally come to bow with it when someone makes investment positions and talks about it, as well. emily: there's discomfort, then illegal. do you think anything about what has happened here requires greater scrutiny from the sec or some sort of enforcement action? >> i don't think so. we've seen this a little bit in the 1990's. there's clear rules about what you can and can't do. obviously, there's clear rules preventing you from telling other people to buy what you're selling. in the event, that is not really that is happening here -- what is happening here. people are expressing their opinions about what they think is going to go up. they are talking about it. that is what all market participants to all the time. it is something that we may be a little but i familiar with the medium, but we should not be in come to bow with it from the point of view that it's just democratization of investment openings in the market. emily: we were speaking with

longtime hedge fund manager, anthony scaramucci, he's not looking at wall street bets were following what's happening on reddit. should traditional money managers be watching social media and do you think they will start doing so after this saga? >> this is the way. yeah, they have to. not necessarily for screening for ideas, although you do find occasionally well thought out pieces. more so from a risk management standpoint. i think if you're talking about a short stock or short investment, it is probably good to know. first of all, whether something is over 100% shortage or whether it has a large retail following. it's a risk averse possible manager has to take into account when building a portfolio. emily: how are you changing your strategy as a result of what's happened over the last few days? do you see greater risk, with some of the strategies you've taken to this point, and are you going to be doing things differently? >> not particularly.

our focus for the most part is very international. we are seeing right now with wall street bets is a pretty localized phenomenon with respect to the u.s. market. to be honest, we are not shorting a lot of names to begin with. as part of this growing process that gets weeded out early. -- it is part of this screening process that gets weeded out early. there's always a balance between, how do you make short-term investment decisions, but also trying to account for seismic and from the mental shifts in the market. i think the trick is to tell the difference -- fundamental shift in the market. i think the trick is to tell the difference. emily: do you think history will tell the story here? is history just repeating itself, or are we seeing something fundamentally new? >> i think history will repeat itself. the history of the market is one of a series of euphoria's, panics, manias, and they are not constant, but they are episodic. they come around long enough that people forget about the one before.

we side in the 1720's, the early 18th century market. is the hallmark in a bubble? i don't think you can say that -- is the home market a bubble? i don't think you can say that. -- is the hallmark in a bubble -- is the whole market a bubble? i don't think you can say that. emily: what happens to amc, kodak, bed, bath & beyond tomorrow? >> i think it is hard to predict short-term movements. i definitely want to go to a movie theater when all this is over. [laughter] emily: you and me both. soren aandahl, of blue orca capital. thank you so much for giving us your perspective there. coming up on this special edition of bloomberg technology, the gamestop phenomenon. we've got plenty of thoughts about gamestop.

we continue our special coverage. and yeah, apple, out after the bell, as well. i'm emily chang. this is bloomberg. ♪

♪ emily: welcome back to "bloomberg technology." the gamestop phenomenon. our special coverage continues. gamestop, closing near $350 a share today. a massive surge, field by day traders, embedded forums, and more. apple and tesla meantime, lower after reporting results after the bell. dan ives has an outperformed rating on apple, a price target of 175 -- $175. we barely talked about apple and tesla today given what's going on in the market, but let's stop there for a quick moment. why do you think shares are lower at the moment? >> this is a knee-jerk reaction. if you look at these apple numbers, it is almost a

cinderella story relative to expectations. talk about a super cycle. i think what you see tonight is the super cycle is for real. this is looking like it's going to be the biggest power cycle ever. a year from now, we are looking at three to relent dollar market cap -- a $3 trillion market cap. also the rating that continues to happen in the business. emily: meantime, tesla results also seem to be disappointing investors, lower profits, despite record revenue. what is your take away? >> of course, there's going to be a lot of profitability. initial guidance calls for 50,000 units. it continues to be specials, as they give guidance and continue. right now, we see one million units by 2022. in an ev market, it continues to

be tesla's world and everyone else is paying rent. what you are saying is the stocks are rereading. it is a knee-jerk. so far, especially in china, massive growth that we are seeing in that region, nt for tesla, but for apple, as well. emily: okay, the stock we cannot avoid is gamestop. curious if you see some of the market moves there, readily any of these other -- rattling any of these other names. do you think it has blood into any of the other moves we have seen -- bed i -- bled into any of the other moves we have seen today? >> i believe this is just a new market force. we have seen play out over the last few years, when you look at reddit and social media and robinhood, it is here to stay.

what you are starting to see is retail investors are no longer at the kids' table, they are getting a seat with everyone else and making waves. this will ultimately normalize, to some fashion. but in the near term, it is going to be a lot more volatility on some of these names that are get in frosty -- getting frosty. but the overall market, it doesn't change our stance. this is able market. stocks are up about another tony 5% this year. emily: if everyone is at the grown-up table now, what does that mean long-term? sounds like there's a fundamental change happening at the moment. >> longer-term, you are seeing more distribution, more interest, in terms of a lot of these stocks and some of these transnational trends happening across ev, with stocks coming out by the day. what i do is -- it is a golden age for technology. you are seeing more and more, of

course, individual influence and a lot of these names -- in a lot of these names. i don't you this as something that is going to go away. it is a market force that is here to stay. i think it is just something that investors and stocks are going to have to digest, it will normalize over time, but ultimately, you pick your stocks on the valuations, and that continues to be our view and how we handle investors through it. if you buy cloud, cybersecurity, apple, and some other names. emily: yes or no, gamestop -- is gamestop a $24 billion company? >> it's not just gamestop, it is these top five shortage names that you are seeing with moves. it's ultimately the market that is going to play out. but i do not believe -- emily: alright, dan, we will

have to leave it there. that does it for our special coverage of the gamestop phenomenon. i want to thank our global television and quicktake audiences. bloomberg television continues next. ♪ >> bloomberg technology is sponsored by c3.ai. this is enterprise ai.

haidi: good morning. we are counting down to asia's major market oak. that market open. shery: big tech ways on markets. facebook and tesla both report disappointing earnings. apple hits $100 billion in quarterly revenue for the first time.