emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up, what goes up did indeed come down. stocks boosted by day traders finally tumbling, wiping out a sizable chunk of the gamestop rally and more. i'll speak to the reddit co-founder about the power of the people but also the risk they face.

plus lawmakers and regulators take notice. republicans and democrats calling for congressional hearings on the trading freeze put in place by robinhood and other trading platforms. robinhood now planning to reopen on a limited basis tomorrow. we will have the very latest. and the year ahead. i talked to the coo of softbank and airbnb ceo for their thoughts on where markets and the world are going including of course the retail investor revolt. we will get to all of that in just a moment. first i want to look at the markets. u.s. equities mounting a comeback from the worst loss since october as moves to limit retail trading and speculation , some companies open door for hedge funds to load up on stocks they had been ditching. ed ludlow has been watching market movers. it's impossible to separate what's going on with gamestop rally and everything else. but try to do that for us. ed: if the u.s. equity market is to be believed in the frenzy

driven by retail and day traders is easing because u.s. equities are higher, making a comeback from wednesday when they had the biggest drop. the s&p 500 up around 1%. strengthening financials, industrials and materials. less so in technology. tech was up on the day, the nasdaq 100 up by .7%. the nyse bank index of also by .5%. taking into account, and it's easy to forget we are in the midst of a busy earnings season where expectations were incredibly elevated, particularly for apple and tesla. the outperformance of the philadelphia semiconductor index also up 2%. there is no escaping the story of the week. chatter on the internet, chatter on sites like reddit driving incredible volatility. gamestop being the name to watch. it closed down on thursday, its first decline in five days.

extreme volatility, amc also mapping six straight days of gains. as i said i want to focus on big tech and earnings. apple and tesla the biggest decliners on the s&p 500 on thursday. of course, the story of apple, record revenue for the fiscal quarter above $100 billion. but a cautious outlook for what is to come the rest of the year. slowing growth in wearables and services. tesla missing wall street estimates for the first time since july 2019. microsoft also up more than 2.5%. there is an element here that money could go to momentum stocks. the idea going into earnings was that we would see outside profit growth in big cap tech stocks relative to the rest of the s&p 500. a lot of news headlines going on, but u.s. equity markets higher on thursday.

emily: i feel the same way. add, -- ed, thanks so much for trying to break it all down. i do want to dig into what happened to gamestop and robinhood specifically, which has taken a u turn back after siding with what some say was wall street elite in the gamestop mania. the company now saying "starting tomorrow we plan to allow limited byes of the securities. -- limited buys of the securities. we will continue to monitor the situation and may make adjustments as needed. to be clear it's a risk management decision and was not made on a decision of the market movers we route two. we stand in support of the freedom of retail investors to shape their own financial future." that after they stopped trading on particular securities. romaine bostick has been covering this all day for us. certainly this was not just institutional, not just retail investors today. there was institutional money moving around, but it's astounding to see robinhood

turning things off essentially and other brokerages too, could have such a big impact. fontaine: we saw e*trade, interactive brokers, pretty much all the major ones flip the switch off. robinhood is going to flip the switch back on, at least partially. so some folks can get in or out. it will be interesting to see how that plays out tomorrow. the interesting thing here is that robinhood making it clear in its own language that this was not done at the behest of market makers. we have the coo of interactive brokers on our program a few minutes ago and he also said he was not under pressure. there's a lot of reporting that seems to be contradicting that. it's something we will have to parse as to whether there was pressure from the people who settle these trades and carry the risk and whether there was pressure from regulators on robinhood to shut this thing down before it got out of hand. the backlash that we saw from the traders out there, not just the traders but a lot of politicians came to the defense

of these traders saying shutting them out at a time like this is just hypocritical. emily: traders were enraged, romain, that is clear. robinhood now getting hit with a couple of lawsuits. is this the end are just the beginning of something? romaine: it's just the beginning. this will go on for quite some time. you have two elements operating. you have the madness of the crowds or the wisdom of the crowds being fueled by the reddit boards and others. that will probably not go away. you have the regulatory and legal aspects as well. one lawsuit filed already today against robinhood for shutting down those accounts. washington is involved, and on top of all that, you have the titans of this industry, the wall street titans who are not shy about making it known that this is their casino and they are the only ones that get to gamble. emily: i love the analogy. thank you so much for breaking it down. we will continue to cover this

throughout the show. coming up, we're looking at how wall street bets on reddit and discord could change trading. later, the power of the individual trade. this is bloomberg. ♪

emily: the power of the people, online forums on reddit, discord

fueling massive moves in gamestop, blackberry, amc and more, leaving hedge funds scrambling as they lose billions. with us to talk about whether receiving a fundamental shift in power, market power from institutions to individuals is reddit co-founder alexis ohanian. alexis i know you have been , watching this at the edge of your seat. as the cofounder of reddit, what is your take on what has been happening before our very eyes? alexis: let me say above all, i can't speak for reddit. i am no longer on the board of the company. as someone who cofounded it, i've definitely been observing something that reminds me of things we've seen over the last 15 years. it's a similar story of a small moment that gets people's attention. this reddit user goes by roaring

casey -- kitty, many months ago being excited about the gamestop stock, doing a deep dive on youtube, justifying why i decided to buy it and it snowballing and snowballing. it's something now that has become clearly a deeply personal phenomenon, and i would kind of equate it to folks voting with their dollars in order to get back at or make a statement toward big finance. what we've seen today is pretty shocking, robinhood shutting down the ability to buy stock. this feels like the very thing all these people are railing against. emily: so do you think we are entering a new phase of internet activism? could this start the next occupy wall street? alexis: i think very much, just even seeing the sentiment, the comments, very personal stories of people who have been crushed

by 2008 and felt like no one was looking out for them. i think this is very much the drum circle having gotten much bigger thanks to the connective internet, and more effective, frankly. because every one of us now has access to buy and sell stocks. we have access to the same data everyone else does. we have access to the same computational processing power these funds do. people saw an opportunity where somehow, hedge were able to extend shorts on more than 100% of the actual shares available for the company. which seems deeply problematic. and they saw this and used their dollar votes to buy shares in a company, and it has become something much bigger. i think there is no genie going back in the bottle. if anything, the arguments for decentralization have gotten a lot stronger because this feels very disenfranchising for a lot

of americans right now to know that they cannot buy shares. it just reiterates or reinforces the sentiment that the cards are stacked against the average american when it comes to big finance. it's telling when you see aoc in agreement with tucker carlson. you have both sides of the political spectrum agreeing. when that happens, it's rare, it makes me want to learn more. emily: you took the words out of my mouth, aoc tweeting today, this is unacceptable. we now need to know more about the decisions to block retail investors from purchasing stock well hedge funds are freely able to trade the stock as they see fit.

as a member of the financial services committee -- do you think cutting off robinhood making this decision to cut off these trades, knowing that some people were probably investing some money that they don't have, was that the right call? alexis: i mean, it certainly doesn't look like it. let's be clear. they were blocking the ability to buy, not the ability to sell. yes, this feels and i think you are seeing locally from so many people on the internet a very justified outrage. this feels like a very broken promise. especially from a company that had promised to give power to the people. i forget their tagline, but it seems to be the exact opposite of what robinhood aspires to be. emily: that said, there have been folks out there pleading with some of these individuals, you don't want to be the one left holding the bag. a lot of people lost a lot of money today on trade. do you have a message for the people?

a longtime tech investor said don't trade what you can't afford to lose. there is hopelessness and depression ahead. alexis: chris shared some really personal stories and i think you've been hearing from a lot of folks, myself included, don't invest what you can afford to lose. it is worth noting that this is something i think for a lot of people was a statement as much as it was an investment. this is a shift, and i think for me, this is one more example of the strength of community. it's something i been talking about for a long time that continues to surprise me in ways that were totally unexpected like this. but we are in a world where it now the strength of community, whether it's a bunch of k-pop

fans or a community called wall street, the strength of the community is very real. and i think you had folks who, whether they were investing because of momentum or fundamentals, whether they are investing because it's a statement, it's all of the above. i do really feel like the root of this is a financial system that has gone unchecked for a long time and folks have pushed for less and less regulation and oversight and largely gotten it. when they have got in trouble, the average american is the one who bails them out. so i think what happens going forward, i'm happy to see aoc talking about investigation because i think the american public wants an answer and certainly deserves one. as to why it for a whole day -- i do not know to this minute

they haven't been able to , actually buy and sell on the purportedly free market. emily: what about the risks that these forums impose in an age of misinformation and hype? how do we give people that power but combat potential lies? alexis: this is the question for the decade. we have had versions of this discussion around politics, we've had a lot of conversation around this. i think -- something brought up on cnbc that was really telling was, to the credit of these communities, they are publishing their work publicly. they are not doing this behind small cigar filled rooms. typically this kind of stuff is done and i think we are in an era now where we have ubiquity of this technology. we have the financial, technical

infrastructure, whether it is decentralized or not. i think this brings about a wave of new companies that are actually working to harness the collective intelligence of lots of people. sort of what is the decentralized version of this fund look like using investing strategies and tactics. one thing is for sure, everyone who has participated in this in one way or another isn't just going to forget. and i think there is a rubicon that has been crossed, so now we've got to figure out how the financial markets are going to react to or be adapted to a world where retail has real weight and the consumer actually has the ability to do what the banks have done for a long time. emily: we've got about 30 seconds left and i want to hear what you're doing now and where

you think the world is going when it comes to the intersection of community and capital and where you're placing your bets, in a nutshell. alexis: that intersection of community and capital is something i didn't even fully process until over the past year. it has become so apparent to me. as more and more tools get in the hands of more and more people to put their hard earned dollars in a world with 02 -- zero to negative interest rates, and in a world where people are looking for more opportunity, everything from the value of cryptocurrencies to trading cards will continue to appreciate. there is more interest for individuals to take control and get access and get yields for themselves. it should not just be the rich anymore. emily: alexis ohanian, cofounder of reddit, we appreciate you bringing your perspective here today. thank you so much for stopping by. coming up, some say miami is the next silicon valley.

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emily: amid fears of a silicon valley exit softbank is committing 100 million dollars for companies in the miami area, according the tech industry in recent months. i caught up with the ceo at an exclusive interview. >> most people in the tech world have been following the major work that mayor suarez is doing of showcasing miami to the tech world and knowing that miami is so close to softbank and so close to myself, with couldn't not be part of it. we are huge believers that in order to propel a tech hub, you need two things.

you need talent, and the amazing thing of this pandemic is that people are free to live wherever they like. once people have a chance to visit miami from certain places on the west coast, suddenly people love miami and they want to stay, so there is talent. second there is business capital. we decided to make what we call the 100 million softbank initiative. that is basically we all got together was softbank and made a commitment to $100 million to start up companies that are either in miami or moving to miami. so when you combine talent with capital, and so many people moving to miami these days, we want to make sure we contribute to mayor suarez who is truly welcoming to see a government official actually embracing tech. emily: is this new money or is it coming from other areas like the latin american fund? >> we just put a number of 100 million, but it could be much larger.

we have softbank's balance sheet. the message we want to send is this is money that is 100% elevated to startups and were -- we are doing investment that traditionally we wouldn't do. emily: we can avoid the biggest story of the moment which is what is happening with gamestop and robinhood. i'm curious, do see what's -- do you see what's happening now as a fundamental shift in where power lies, whether it's in institutions or with the people? or is this just a moment of temporary insanity? >> it's not. you might call it a moment of temporary insanity, but you cannot run away from reality. because of the pandemic, we have created millions and millions of people, because of the low cost of entry into stock. now you have people who are

basically trading stock. they are one of the driving forces as it relates to acquiring company stocks or which companies will go public. you cannot ignore that. it is a new way of investing. the madness we have lived through, the game stock -- gamestop, we need to look at that and make sure that does not happen again. the stock market was not set up to do these speculations. what we have learned from this is there is a very strong group of people not being considered and from now on we have to take them seriously and they will understand it and they will be a driving force going forward. emily: absolutely, does it have you worried about the bubble? we've been asking that question for 10 years in the markets keep going up.

at some point is there a correction? >> there will be corrections for certain companies, but you cannot underestimate how new companies, mainly tech companies, are basically growing at an accelerated space or otherwise they wouldn't because of the pandemic and because of the digital world we're living in today. you have all these new tech companies that are massively disrupting and transforming traditional business models so you will see those companies grow fast in value because there -- they are disrupting the traditional business model. emily: my conversation there with the softbank group coo at the year ahead convention. you can catch the full conversation online. coming up, tesla's earnings results missed for the first time since july 2019, driving

shares down there as well. we will break down the numbers, next. and also the airbnb ceo gives us his outlook on travel demand. more from the event next. this is bloomberg. ♪

♪ emily: welcome back to "bloomberg technology," i'm emily chang in san francisco. i want to get back to robinhood and gamestop and lawmakers holding hearings on the current state of the stock market, as bloomberg has learned robinhood has withdrawn some credit lines with banks with several hundred leading dollars. joining us now is the bloomberg white house reporter, robinhood stopping trading of certain

securities, reopening them, they say tomorrow. jordan, what is the latest on action lawmakers say they intend to take? >> we are just at the beginning. this is really attracting members of congress, bringing members of both parties together, republicans and democrats think they want to have a look at this. you have democratic control on the senate banking committee, going to hold a hearing on this. you have republicans saying they want to go along with that and have hearings in the house and senate as well. the are expecting scrutiny has tune as lawmakers come back to town, maybe next week. the biden administration says the sec is still looking at what has happened this week. no action or anything like that announced yet, but they say they are keeping an eye on it. emily: so who is going to be investigating who? what are they going to be investigating? there are so many different

players. we have been speaking to sec experts, they can't confirm anything illegal has happened. >> yeah, that's right, and its not clear there has been any illegal activity. but what lawmakers were focused on today was robinhood and other trading platforms' decisions to prevent retail investors from purchasing shares of gamestop and other stocks. they say this is an example of hypocrisy because hedge funds have been able to short stock like this for a long time and now these platforms are putting limits on people trying to make the opposite player they say this is an example of inequality and how wall street has run amok and they want to look at this to see whether there have been illegal actions or not, market manipulation, it is something they want a closer look at. emily: given the team president

biden now has in place, especially in regulatory seats, what kind of action do you think will be taken and how aggression -- how aggressive you think that action will be? jordan: one thing complicating the biden administration's approach to this is that their lead at the sec has not yet been confirmed. we don't even know with the senate schedule is for confirming him and putting him into position. anything that is going to be done is going to be done by the acting head of the sec. gary is someone that has a reputation of being up on wall street, so you expect that may be a direction they would go in, to give scrutiny to everything going on here. but he is not in place at the moment. that is a wildcard here as the biden administration looks into this. emily: how much a priority do you think something like this is going to be when there are plenty of other stock priorities?

jordan: i don't think this, although it has captured the attention of many people, is at the top of the radar for the biden white house. they are focused on getting there virus relief bill passed by congress, also focused on rolling out their policy agenda by executive order, which they have been doing each day since the president has been in office. and this is not a white house that will go with the flow, headlines, things dominating the media like trump white house did. so while the white house says they are keeping their eye on this, i expect they are focused now on getting there virus relief bill passed. emily: jordan fabian in washington, thanks. we will continue to follow what happened. meantime, tesla earnings out

wednesday, still capturing investor attention, reporting lower-than-expected profit and record revenue, mixed results that disappointed investors who are used to razzle-dazzle from elon musk's company. despite a sixth straight profitable quarter, tesla missing estimates for the first time since 2019. tasha keeney is with us, investment analyst at ark investment. what is your read? tasha: we are long-term investors and that is the lens the should look at innovation ended investment long-term. companies like tesla, the quarter to quarter results, we are not exactly tracking them.

there are two important takeaways from the call i took. the first is, if you look at electric vehicles broadly, which are the undeniable future of the automobile industry, the model s is going to have unbeatable range, zero-60 acceleration in less than two second. most automakers are trying to catch up to the original model s, and now the new variant highlights tesla is the leader and it is going to be harder for other automakers to compete on price and performance. the second thing is, for autonomous technology, when you look at tesla valuation, there is a lot of speculation about whether this makes sense, as elon said in the call last night, a lot of analysts are considering this opportunity in autonomous driving. we just put out our big ideas reported we talk about the future of autonomous vehicles, and earnings for platform providers like tesla could be work -- could be worth over $1 trillion globally by 2030. tesla is the key player.

they have the biggest data advantage out of anyone, and that is important. emily: tasha, we also saw apple shares under pressure despite a strong quarter. do you think some of the market dynamics we are seeing more broadly, with what was happening with gamestop and brokerages pausing certain transactions, do you think that impacted tesla shares today? tasha: you know, as you have talked about, a lot of crazy things are going on right now. i think longer term, fundamentals are going to win out. if that were to be the case, i would say that is a short-term phenomenon, and with disruptive innovation, you have to have a

five-year time frame which we do. emily: i want to talk about china, price cuts and china are driving margins lower. how concerned are you about that? tasha: well, when we think of margins and price cuts. the reason we think ev's are so competitive are because battery costs are declining. we forecast the cost decline of batteries and for every cumulative doubling in production, you get a corresponding reduction in price. so that is the cost curve tesla is following. that should allow for better growth margins or again, you could offer lower-priced cars. the $25,000 car they plan on producing over the next three years is probably the biggest case of that, this crossover point with electric vehicle prices versus gas-powered cars that is enabled by that cost decline.

there is competition in the ev space and there should be because we think ev's could go to 40 million units annually in the next five years. that figure, my colleague has done a lot of work on it, it depends on traditional automakers and these competitors making electric vehicles. tesla is not going to be the only player. we do see them dominating the market now, over 20% of the electric vehicle market, the number-one brandon china as well, and that is something that has been hard for any automaker to wholly-owned their factories. tesla is the first to do that there. they have had great success. emily: who do you think the most promising competitors are? tasha: when you look at electric vehicles in china, one company we think is interesting is uid.

in china, tesla is looking to a different type of after he. uid has been building on that formfactor for some time. and there is another leader in electric vehicles. we looked at some of the startups, newer players in the space, i think they are interesting, we are certainly keeping an eye on them. right now, the valuations don't make sense for us. and a lot of these companies, we have seen with tesla that scaling is not to be overlooked. the manufacturing expertise you need to get to scale is really crucial here. so that is something to look out for with these newer players. things in china can happen very quickly, so we are aware of that but so far, they do still seem to have the best technology on

the market, from a battery and also a software perspective, with autonomous driving and autopilot. we haven't seen anyone meet that market yet, but we do expect other players to come in. emily: so you are bullish on tesla, but what do you think the biggest headwinds are? what are the biggest challenges? tasha: one critical step for tesla is solving fully-autonomous driving. elon musk on the call last night says tesla can do that within a year. tesla has a cost advantage, they are collecting customer information from their cars, and every other player is using prototypes that usually number at most in the hundreds. so they do have this amazingly that could allow them to launch on a national level, as opposed to city by city, where waymo will likely have to go that route.

but they still have to prove they can do it and we haven't seen that yet. in the valuation model we published, we only assigned a 30% probability to that actually happening. that said, some of the newer research i have done is looking at tesla's opportunity in ride-hailing. tesla says they are going all in on robo taxi, eye on the prize. they could launch a network with human drivers and would still get the high margins we expect off those autonomous taxi platforms and they would have competitive advantages against bread left because it is lower-cost cost per mile to drive a tesla, they have vertically-integrated insurance and we think they could do better at it than other players out there and perhaps take a higher cut the gross revenues and perhaps pay their drivers more. autonomous is not certain, but

there is the potential for downside protection if they were to launch a ride-hailing service. emily: tasha keeney of ark investment, great to have your thoughts on the show. thanks for joining us. coming up, americans are planning to travel this year, just not business not far from home. the airbnb cofounder and ceo brian chesky shares his predictions for the year ahead with us and also his thoughts about gamestop, getting a groundswell of retail investor support and changing the conversation. this is bloomberg. ♪ >> i do think that one of the benefits of having a great brand is that a lot of people want to be a part of it and own a piece of it. and that just means that your responsibilities increase. the responsibility of a ceo in america today is different than 10 or 20 years ago. ago. ♪

emily: even if countries begin to roll out vaccines against covid-19, airbnb predicts travel in 2021 will focus on regional destinations rather than international tourist meccas, what cofounder brian chesky calls meaningful travel. icon up with him at bloomberg's year ahead event earlier today. brian: most people have not been able to leave their homes much for nearly a year. this travel season, people will have been mostly sheltering in place for nearly a year, working from home. we get a representative survey of american travelers and they told us a few things. the first is that they miss traveling. americans miss traveling more than any other outdoor activity.

second, americans are telling us they are planning to travel this year. 54% of americans surveyed said they either already are planning their trip or plan to travel this summer. but something is going to be different about how they travel this summer. the thing people don't miss is business travel. the travel they miss the least is business travel. they don't miss landmarks, crowded lobbies, double-decker buses, what they miss is is the things they feel were taken away from them, connection to family and friend. so the kind of travel they want is meaningful travel, not mass travel. they want any full time with friends and family and they want to get into cars in america and travel within a tank of gas, about 200 miles, typically staying in small communities with friends and family. that is what travel is going to look like this year, a shift from a mass travel to meaningful travel ended think it is going to be a really eventful summer for travel. emily: so summer is your timeframe when you think things start to open up.

when it starts, does it look like the roaring 20's? brian: anyone who is in the business of predicting the future was humbled last year, so i am going to try to stay within what we think will happen. it is going to be gradual. it is hard to say what month it is going to happen. i used summer as a proxy for the moment that people feel safe leaving their homes. vaccinations are going to be critical. two of the top reasons people want to get vaccinated is that they want to see their friends and family and they want to be safe, and they want to travel and be safe. one thing they want to do is travel to places where they are private, not around a lot of people, or communities where most people have been vaccinated. so it is hard to be predict. it is going to be moving in line with the health crisis, but the roaring 20's did come after the spanish flu, so people are yearning to get outside and get

together. you can't keep people apart for long and i think that is what people are going to learn again. emily: so we should be plenty summer vacations now to avoid the crash? brian: who knows? i will try to not predict too much. the good news is, i don't think everyone is going to be going to the same city on the same date. because people are more flexible and are working from home, i don't think you are going to have this flood of everyone going the same week to las vegas or miami or l.a. they are probably, because a lot of people are going to be flying right away, be distributed to more communities. we are going to see more people going to more places overboard dates. that will spread up travel and probably reduce crowds. that's what i think will have asked that is why think will happen. these are just predictions of course. emily: my interview with you went viral when i told you the

opening price doubled and we saw your eyebrows go up really high. what was going through your head in that moment? brian: i didn't know my eyebrows went that high. emily: [laughter] brian: what was going through my head at that moment was a flashback of the last year, because i remember we started 2020 the same way a lot people dead, thinking their life would be one thing. and then all of a sudden, our stock goes down significantly. in the depth of the crisis our stock was a little over $20 a share. we got all hands on deck and said we are not going to worry about things we can't control. we are going to focus on trying to build a great company. at that moment, the year crystallized for me. the year crystallized, everything we did and everyone that believes in us, i think it all hit me at that moment. emily: airbnb last year and one

of those private funding rounds was valued at $18 billion. now it is a $113 billion company. is airbnb really worth that? you're the guy that has to deliver and make it so. brian: i don't want to comment on a stock price. it is a dangerous pattern for me to start doing that, but that will say that we are building a company over the long-term. that sounds like a cliche, but i am 39 years old. i still intend to be doing this for decades. i don't want to get into commenting on a stock price, but the higher the price, the higher the expectations of the higher the expectations, the more responsibility we feel. we already felt a lot of responsibility before, but now i feel a lot more responsibility for all the new shareholders we have, and that just motivates us even more. emily: my conversation with airbnb ceo brian chesky at our

year ahead event. cast the whole conversation online. coming up, apple shares fall today after better-than-expected first-quarter results. this is bloomberg. ♪ ♪

emily: apple reported first-quarter results wednesday as iphone revenue hit 65 point -- hit $65.6 billion, but a cautious outlook overshadowed the record hall. bloomberg tech's mark gurman reports. mark: i will be recapping apple's record q1 financial disclosure. the company hit an all-time revenue record, growing 21% to $111.4 billion. apple is mostly made up of iphone sales which made 65.6 billion dollars.

wearables grew as well. expectations were sky high for overall and iphone revenues at the company met those expectations, but not all investors were completely pleased. while the company did not give guidance for the current quarter yet again, the apple cfo did to give color as to what to expect when it announced results in march. he said the company is expecting a deceleration for both wearable categories and services. that is a nice way of saying that wearables and services divisions are likely to see annual growth declines next quarter. this slightly missed wall street expectations. on the earnings call, apple said its overall user base top 1.6 5 billion, with the iphone accounting for one billion of those devices.

tim cook, apple ceo, discussed apple opportunities in india and developing regions and implied the price of the iphone pro better cameras are seeing the bulk of iphone sales. the apple store, apps did notably well but absent from the discussion is apple plus, the streaming service. netflix, hulu and other streaming services have been booming, but apparently not apple tv plus. the quarter was the strongest to date and the company seems to be expecting many more to come. i'm mark gurman. emily: our very own mark gurman. that does it for this edition of "bloomberg technology." bloomberg daybreak: asia is coming up next. i'm emily chang in san francisco.

this is bloomberg. ♪

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