this is bloomberg technology. coming up this hour, a key milestone. u.s. regulators say johnson and johnson's covid vaccine is safe and effective. it will be the first single dose shot available in the united states. plus swinging for the fences. former yankee a-rod is getting into the blank check boom. he'll talk about his latest debut next. california air taxi start-up joby aviation gets a little lift. it's a spectacular wednesday coming up. all of those stories in a moment but first u.s. equities staging a rally as fed chair jerome powell again indicated the economy needed support. more on that as well as chips and gamestop. let's talk about chips first in this executive order, ed, from president biden. what can you tell us? >> yes. president biden has directed

officials to look at and act on the global semiconductor shortage. he warned it wouldn't be a quick fix. with the global shortage in chips a lot of the manufacturer is done overseas. taiwan and in korea with samsung. it's not done domestically and building factories to make those semiconductors takes years and billions of dollars but he spoke to the press and said what happened with this global chip shortage is we've identified a real vulnerability in the u.s. economy and in the u.s. supply chain so he's acted, executive order is signed. not much activity really in after hours trade but the philadelphia consumer index did rise 3.2% throughout the regular trading session on wednesday. a lot of optimism that this action by president biden would cause a change long term in how the u.s. goes about securing its semiconductors supply. >> so let's talk about financial markets more broadly.

big spike in gamestock glowing at $91 per share. walk us through the day. >> it's just another crazy wednesday. another crazy wednesday. broadly the market is looking at what's going on with the economy and vaccines. s&p 500 up 1% after federal reserve chair powell threw his support behind the idea of economic stimulus. a fiscal stimulus to support the economy. you can see tech a little behind that, and the plus index down .3 of 1%. as yields rise there is concern about big valuations assigned to some of these tech names and a little he is tanty there. -- a hesitancy there. >> the more vaccines out the sooner we'll be out spending money in small businesses.

let's talk about gamestock. up a hundred percent. i thought the volatility was behind it but there was a lot of activity on wednesday. people talking about the gamestop's c.e.o. -- up 18%, modest compared to gamestop. they are continuing those games. i'm sure it will be a big story in the days to come. i want to look at bitcoin quickly because we're seeing the bulls come back in buying more of the cryptocurrency. we were up pretty impressively earlier on wednesday. lost some of the gains but we're hovering at around the 49,000 mark. the biggest corporate owner of bitcoin coming back to the market announcing that it bought a billion worth of cryptocurrency last week. lots of volatility. big fluctuations in price but still big names, corporate names, throwing their weight behind the

cryptocurrency. emily? >> thank you for the roundup. u.s. regulators say johnson and johnson's covid vaccine is safe and effective. this is a key milestone on the path toward giving americans access to the first such shot to work in a single dose. for more we want to bring in bloomberg's john -- what's different about this shot? >> hi, emily. it's great to be with you. it's a single dose vaccine. the own one that's been tested that way although the other vaccines, the biontech and moderna, they have been looked at after a single dose, and in some ways i would say the results from the j and j vaccine after one dose resemble the results of the other vaccines after a single dose. and it makes me think that perhaps we'll see more

single dosing of these shots in the future. as you know, the uk is already giving out single doses of the pfizer and biontech vaccine and then waiting up to three months for a second dose just so they can set those doses out, give more people more protection quickly but overall i would say it's very good news. it shows that we can have a vaccine that's only going to be administered in a single dose which is a lot simpler. this vaccine will be the first one approved in the u.s. that won't need to be frozen. the j and j shot only needs to be refrigerated while the other vaccines need to be kept at low temperatures. we've read about shots sort of thawing out at

inappropriate times. people having to rush around with them and give them out on the street to people because they are thawing out because a freezer went down or something. >> these johnson and johnson developments, quite significant. how quickly will the shot rollout? how it could dramatically change the length of time of the overall vaccination process? >> f.d.a. panel is going to meet on friday. this panel are external advisers to the f.d.a. and they will determine whether or not they are going to recommend the emergency use authorization that's needed in order to roll the shot out. if it gets that recommendation, the authorization could come as early as friday night. maybe over the weekend. and then the government, one of biden's advisers on

covid-19 said today it could be as many as four million shots rolling out as early as next week. and then, let's see, johnson and johnson said that they could have, i believe, 12 million shots by the end of march, and then they have a contract to deliver a hundred million shots by the end of juan so we could see these shots. you probably see there are all kinds of indications that shots will be rolling out to all of these countries very quickly. >> all right. fascinating developments. (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time.

you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks without getting down on the floor. and there are over 20 exercises to choose from. incredible for improving flexibility and perfect for enhancing yoga and pilates. and safe for all fitness levels. get gym results at home in just 10 minutes a day. no expensive machines, no expensive memberships. get off the floor with aerotrainer. go to aerotrainer.com to get yours now.

the spats phenomenon continues. a-rod has joined the lengthening roster of financiers, executives, politicians, and athletes who signed on. slam core began trading on tuesday and will now start scouting for a merger deal. alex joins us alongside slam court chair. thank you both for joining us. we just heard some semen tear from charlie, warren buffet's right hand who said the world would be better without spacs. why now? >> i can't speak for the masses but the spac is custom-made for us because we have -- coming out of our ears. now with the spac we level out the playing field and we can have a big time competitive advantage. add a lot of value to founders and companies.

>> interesting. what kind of companies do you want to buy? what kind of deals do you want to do and with whom? >> sure. i would actually like to add on to what alex said. i think he's exactly right. when we think about spacs it's almost a democratic way for the retail and certain institutions to get into an ipo before it happens. when you think about ipo's in general, they are given usually to a small subset or a subset of large institutional investors. there are a lot of people and institutions that don't get to participate. for us, we think this is a great way for the retail community, and then others, to get in there early, and they also have a foot at $10. we think it's an interesting product and one that's here to stay. >> so alex, when you talk about deal flow, that was my next question, when you talk about deal flow there are so

many deals coming your way, what kind of deals are you looking for? what is going to be an attractive target for this particular vehicle? >> we look at about a thousand deals per year. 300 or 400 of those. they are coming after us. they want to do business with us. we love sports, media, technology, anything we do will have a tech -- should be the backbone of the company and it's companies where we can get involved. tell the story. get involved with the founders. sit on the board and be very involved. >> so whose idea was it to do a spac, alex? did the bankers approach you or vice versa? >> i think we both wanted to do it. i was a little bit on the fence. i would only do it with -- [inaudible] we turned over 59% of the investors this year.

they are backed by blackstone so you have the perfect storm between what i bring to social media, what i bring with my following, awareness, and one of the great investors in our game today, at one plus one we were ready to do not only a spac but to build a great franchise. >> -- has had quite a remarkable year. that said, spac's, they have been controversial. i was looking at this study out of stanford looking at the 2019-2020 cohorts of spacs that showed returns were up 32% for the sponsors but down for 35% for postmerger investors. is this a good deal for the public? >> so that's a really good question. when you look at spacs it's like investing in any other asset class. there will be winners and losers. good spacs and spacs.

some institutions do better than others. what you need to be able to do. there are a lot of spacs out there and that's why we think ours is so special. you need to believe in both, management team, the ability to search the deal and have an alignment of interest. we, alex and i and slam corp, we have all of those ingredients to be very successful where we believe our spac will come up with a great deal. to be fair, when you look at those spacs we were invested in certain types last year. a good example is quantum scape. it was up over 700 percent and maintained most of those gains this year as well. not all spacs are created equal and not all management teams are created equal but i think what alex and i bring are the best in sponsor and management to the spac world and i do believe we'll be very

successful. >> you'll be happy to know that the quantum folks were on our show just last week. >> can i add -- >> go ahead. go ahead. >> i want to add one thing and this is something that i think it shows how alex and i both think about really working with, you know, with the companies we're involved in. alex will give you multiple examples of how he's really added value and names but i think quantum-scape is a good example. we were anchor investors in the pipe there and we became very close, our firm became -- alex got to know him as well. he's actually on our board of directors so it shows that we're actually partnering up with the teams and really trying to add value along the way. hence, why he's on our board. >> so let's talk about the

differentiator, because as i understand it, it's called slam, alex, because you've got the most mlb grand slams in history yet i know you feel strongly about this not being a sports franchise despite the bid made for the mets. what do you think the unique differentiator is, then, alex? >> i tell you, exactly what i learned from the best boss i ever had, mr. george steinbrenner, the owner of the yankees. he told me, alex, the three most important thing to win world championship is team, team, team. so we have that in colors. when i think about his mantra, when i think about what we bring from a consumer, telling the story, being involved, hitting the retail market, and then our board, don't forget, we have the top commerce guy in the world. from diapers so being c.e.o. at wal-mart. his work at wal-mart has been nothing short of incredible.

so we're coming at you from many spaces. there are many ways for us to bring value and we can't wait to get this party started. the only bad thing about this is we can only buy one company. >> you know, you mentioned, you know, you are the c.e.o., alex, when you see some of the celebs who are attaching them to spac there. advisers. they are not in that driver's seat and i'm curious why be the c.e.o. i assume it means you're all in and how does that rank on your life goals, list of life goals? >> life goals, besides being a father to four beautiful kids and three girls, i think, look, i can't speak about other athletes or entertainers but i can tell you being a c.e.o., i'm thinking of primary, i'm fully involved. my time, my energy, my resources and i'm all in. it's also the biggest

investment that a-rod individually will make. mantra will make a significant investment and we'll be one of the largest investors in our own pipe. we want complete alignment and full transparency. >> since alex mentioned mark. i'm curious how much tech in particular is really going to be the focus here. i know you're looking at it to be the backbone essentially, but how much is that going to guide the decision that you make when looking for an asset? >> sure. so when we're looking for an asset, as we've mentioned and you mentioned earlier we're looking for something of a sports media, health and wellness sector with a tech focus. we want something that will have a large addressable market. one that will have high growth. best in class management team but can be a disruptor in the industry. in most cases, that involves the technology of some sort. so i do think we're going to

end up spending most of our time in terms of speaking and looking at companies for acquisition candidates. it's something that has a tech focused and is a technology within those industries. so, that is most attractive right now because the world keeps evolving. you think about pre-covid to covid to now as we're coming out what will the world look like? technology will be what is pushing innovation. and it will be the better investments going forward. >> talk about evolving, alex, i know you've been investing since you were a young baseball player building up, pretty sizable portfolio. do you have a take on bitcoin or a thought there given that it's the latest craze aside from spac? >> my take is, i don't understand any part of it. i've been reading some articles but one thing, going back to what warren buffet, my mentor taught me,

stick to your circle of confidence, and that's fairly small. we like to go narrow and deep, not wide and shallow. one of the things that brings me a lot of optimism about slam we have over 30 to 35 companies in our portfolio. six of them we're taking public this year. hims and hers has been a phenomenal, it went over $3 billion in market cap. we have archer, flying card. we've had wheels up and there are a couple more coming. we're very excited. we're poised. we learned our lessons, the good, the bad, and the ugly. we're coming in here with eyes wide open. we don't want to replace wisdom with a bull market. we understand thanks are expensive but we'll be extremely disciplined. >> do you have a bitcoin take? >> we're not involved in bitcoin. i think it's an interesting

quandary at this point. it's obviously gone up 200% or whatever it's up exactly for the year, and it's a question of store value. as the u.s. continues to print dollars, to fund covid. excuse me. issues around covid, and funding the government and individuals. i do think there needs to be stores of value. i think alex will tell you, we both would rather talk about baseball cards, something near and dear to me. that's a store value that's actually outperformed many markets and many individual stocks over the years. so i understand the use for bitcoin. in terms of valuing it, it's something that's difficult for us to know exactly what the right value is. so similar to alex it's one that we're just happy to stay on the sidelines for. >> i did read in your background that you sold a young alex rodriguez a baseball card back in the day when you were a blooming entrepreneur. alex, before we go you

tweeted that you were praying for your brother tiger woods. have you heard from him or is there anything you would like to say? >> i just sent him a note. my prayers go out to him and his family and obviously we're praying for him and a speedy recovery. >> all right. rodriguez, slam court c.e.o., and the slam court chair. thank you both. we'll be watching to see which company you scoop up. all right. much more on bloomberg technology after this quick break. stay with us. break. stay with us. when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $300 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

(announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now.

two weeks ago reddit said it had raised more than $250 million. turns out it was a lot more. in a filing they said they raised $368 million and it's targeting half a billion. their valuation stands now at more than $6 billion. all of this happening just as it became the focus of that stock trading frenzy. coming up, sales at the veteran toy maker mattel on rebound thanks to classic brands like barbie and hotwheels. now they are easy to see if they can adapt their product line to the digital era. ynon creiz next. >> declining today in

emily: welcome back to "bloomberg technology." i am emily chang in san francisco. veteran toymaker mattel coming off of banner fourth quarter, beating street expectations as parents turn to iconic brands, from barbie dolls, to uno cards to keep kids engaged at home during the pandemic. i spoke to the ceo on how he plans to keep the momentum going. ynon: we saw growth across the entire portfolio on all three power brands, barbie, hot

wheels, and fisher-price. we have grown in six of the seven categories where we operate in all four regions. the dolls category continues to do so well, led by barbie. barbie was the number-one toy property overall globally for both the fourth quarter and the full year, and the barbie dream house was the number one toy in the u.s., also for the fourth quarter and the full year. american girl was up 9% in the fourth quarter and continues to do well with very strong growth in our direct to consumer business. the vehicles category was up double digits. the preschool category is up, with fisher-price up double digits. our challenger categories continue to perform well and all in all, it is really a comprehensive performance across the board for our product offerings. emily: barbie is having her best growth in two decades. what is driving that? ynon: it is so much to do with

the mattel playbook. this is really going back to how we create product, how we think as a company. it is about brand purpose, cultural relevance, design led innovation and excellence. executional excellence. and we applied the same approach, same methodology, the same capabilities, same authenticity across the entire portfolio. this is why we are so confident about the progress and momentum we are seeing in our product offering. emily: we cover tech here on a daily basis and i am curious what sort of tech toy innovations you are piloting, given how we are seeing technology increasingly integrated into toys. ynon: it is really important to meet the needs of today's consumers and children and families are looking for new and innovative ways to play and learn. we believe technology should be used to enhance, not replace physical toys.

because traditional play has its own important benefit and values. connected play as part of our strategy, and how we expand the reach and engagement of our brands in the marketplace. we have some really great examples with the talking thomas and percy train set. they meet on the track and talk to each other. pictionary, we have reinvented the classic game with a quickdraw using ar technology. and the fisher-price hands-free baby gate features a button that opens a gate that's childproof for a safe system. so we leveraged technology to enhance our product offering, not to replace, but in addition as a complement in a working system. emily: as a parent, so many of our kids have been exposed to a lot of screen time this year.

we are worried about the long-term impact of that. i am sure you are doing research in this area. what is that research telling you about how we balance the physical and digital worlds? ynon: children do spend more time in front of screens, but many families and most parents still recognize the value of physical play. as a company, we have a clear mission, which is to create innovative products and experiences which inspire , entertain, and develop children through play. parents care about quality product. parents do care about trusted brands, quality brands that mean something, that have a value, that have a purpose. and with that, we really see how our product is resonating so well. part of our purpose as a company is to empower the next generation to explore the wonder of childhood and reach their full potential. emily: you also have a prolific

original content farm, many television shows and originals are in production. what is your angle to compete with the likes of netflix and disney? ynon: we don't compete with netflix, we partner with netflix. netflix is one of our important distribution partners, and we collaborate with them on many important projects, like we do with other distributors and streaming platforms. we recently made a very exciting announcement on mattel film and mattel television, including an uno film featuring grammy award winner lil yachty, and a whack-a-mole game show in development with free mental, and the thomas and friends series, which will expand distribution on the cartoon network and netflix, starting distribution this fall with international partners we are

going to announce shortly. in addition, we have announced 11 films, 11 motion pictures in partnership with some of the greatest talent of our generation. these are really exciting projects based on our iconic franchises. we are seeing a lot of interest, a lot of action in attracting industry-leading talent and making really good progress on these projects on the creative side, and can't wait for these projects to come to the big screen or streaming platforms. emily: my conversation with mattel chair and ceo ynon kreiz. this week's tech selloff took the shine off kathy woods' etf lineup, investors pulling a record $465 million in a single day from her flagship arc innovation etf. the fund sliding for a third day wednesday, even as tesla shares rebounded. wood told bloomberg this week

she bought the 13% dip on tesla. but it slid yet another day despite tesla going back up. here with the latest bloomberg cross assets reporter. how unusual is this? katie: it is very unusual. if you think about kathy woods, she almost has a cult following at this point. you can actually buy ark hoodies and baseball caps. you have seen that enthusiasm reflected with flows into her fund. the innovation etf saw inflows of $9.6 billion last year and has taken another $6.2 billion so far this year prior to this rout. and what finally broke the streak was just a pullback in the fund performance. it rallied so much in 2020, but finally saw that rally cool a little bit. a lot of that can be blamed on tesla. it is the fund's biggest holding , over 9%, and it has been a very volatile week for the carmaker. you have seen that show up in

the ark innovation etf performance. it has fallen almost 9% on the week. now you are seeing investors who piled in start to look for the exits. emily: so is this just a hiccup, or a sign investors are looking for a prolonged ark exit? katie: that is the big question. of course, one day of outflows doesn't make a trend even if it is a record, but even prior to today, there were signs you were seeing bears gather around the ark funds. if you look at ihs market data, short interest on the fund had risen to about 3%, which doesn't sound like much but it is a record high. you have to consider that short interest was basically zero coming into 2021. there were a lot of believers in this fund. so we will see if the bears went out. if we see that bearish interest build. but i do want to note that even

with this week's route, you are still seeing ark innovation etf up almost 12% in 2021 p compared . if you compare that to the s&p 500, it is up only 3.6%. there is still a lot to like, but it is definitely hitting an air pocket of sorts here. emily: interesting. we will continue to follow this. bloomberg's katie greifeld with the latest on kathy would. thank you for joining us. coming up, an investor who calls the stock market a "gambling machine," and robinhood a new form of addiction. esther dyson, next. this is bloomberg. ♪

emily: gamestop is on a comeback trail, surging after news of the cfo jim bell's ouster in a disagreement over strategy, just five days after executives at robinhood, and citadel testified , and reddit testified before a house panel about the retail trading frenzy that sent stocks including gamestop on a wild ride. our next guest is esther dyson of the edventure nonprofit, working to end disparities in the united states. i want to start with gamestop. you made pretty provocative comments about robinhood recently, asking whether they should be asking themselves about whether they are democratizing a new form of addiction. what do you think -- what kind of responsibility, i should say, do you believe robinhood bears here? esther: the same responsibility a company that sells alcohol bears. it is not illegal, but there are

a lot of people who -- some people use alcohol to have a fun friday evening. other people use it as a way to sell life insurance. some people use it to get relief from something that can't the be relieved by drugs or gambling or alcohol or anything else. and the vendors of that need to understand what they are doing, and the more they make their product addictive, it is addictive. let's get real. addiction is not about the substance, it is about the behavior pattern of the person who gets addicted. they are looking for short-term relief. emily: robinhood would probably push back on that, saying they are democratizing investing for , we are making this accessible for people who have never invested before, many of them women. what is your response to that?

esther: maybe some people shouldn't be investing. if you don't have money to spare, if you don't have the ability to risk it, you shouldn't doing it. not everybody should be drinking alcohol either. if they have a tendency to get sucked in. we talk about, is the market a voting machine or a weighing machine? but for some people, it is a gambling machine. that is happening a lot on the stock market right now and it is quite distressing. emily: interesting, you have been a tech investor for a really long time. i wonder if you are seeing the same kind of frenzy behind the scenes. there is so much interest in technology, but not all the companies pan out, especially at the angel and early start up stage is where you are focused. what trends are you seeing? esther: a lot of interesting trends. on the one hand, there are the spac's, which is a form of gambling, if you like, but most

of that is done by people that can afford it. that is very different. but if you don't have the ability to take those risks, you are being sucked into something. there is a lot going on a digital health right now, which is exciting because digital health is cheaper than a lot of the physical infrastructure, people having to travel, different ways of getting infected with covid, so forth and so on. and there is huge demand, but there is going to be consolidation inevitably. because there is 20 or 30 companies doing almost of than -- anything you can mention, whether it is at home covid tests, mental health counseling, nutrition management, all of these things are valuable. as an investor, an angel

investor actually has the ability to help make the company more successful. later on, the investor is more in the job of picking unless they are at a direct vc firm. but right now, you are seeing some firms get capital, often they are well-connected rather than necessarily well-run, and it is an interesting time. i am making a bunch of investments myself. i am very interested in democratizing access to mental health support. emily: speaking of the biotech sector, you used to be on the board of 23 and me. they are doing a spac. curious if you think that is the right move. we just had an interesting conversation with alex rodriguez amidst this controversy, some folks saying life would be better without spacs. that is coming from warren buffett's right hand charlie

monger today. esther: i think the quality of the company matters more than whether it is a spac or not. anything that becomes a fad tends to bring a lot of stuff with it. 23 and me is a real company with real data doing real research. , i think the reality of spac's, spac's streamlined the ability to go public. and if it is a good company, that is great. but if it is not a good company, be wary, just like any other investment. emily: you have also invested heavily in aerospace. i'm curious, the successes of spacex, the quest to mars, where do you think we should be placing our bets? what should we be watching in the space race? esther: we should look carefully for good management. there is a lot of interesting space startups. they tend to be run more by

engineers, often some of the biotech companies are run scientists, who are not necessarily the best managers. but i think ultimately, health and health care on earth is really important. so is our human destiny to travel to mars and elsewhere. it is half a joke, half real. we need a backup plan it. personally, i hope to retire on mars. not too soon, but eventually. emily: really? why? [laughter] why do you want to retire on mars? esther: when you get really old one third of earth's gravity is , really handy. you can stand up straighter because you don't way as much. like i said, i want to retire several decades from now, at which time the place would be ready for me. and a one-way trip, it is a pretty boring, long trip.

i want to go there when i don't really want to come back. maybe i will just be watching netflix the whole time, who knows? emily: well, we will pass on your readiness to elon musk. esther: thank you. emily: esther dyson, longtime investor, thank you for joining us. still ahead, making air taxis a mainstream reality. tech veteran reid hoffman taking an aviation company public in another spac deal, next. this is bloomberg. ♪

emily: linkedin co-founder reid hoffman's spac company has agreed to merge with joby aviation to take the electric air taxi start up public, ideal the deal combined at $6.6 billion expected to close in the second quarter.

joby will list on the new york stock exchange. joining us for more is joby's executive chair paul sciarra. , paul, the air taxi is a few years out, not on the market yet. so why do a spac now? paul: first of all, thanks for having me on. i'm really excited about the news today. part of it is about the deal and transaction, and part of it is where we stand. in addition, we are releasing new flight footage of our vehicle moving through the full transition. we have put more than 1000 hours on that vehicle and feel really good. it is hitting all the numbers we set out this year. the range, the speed, and the overall capacity. it felt like the right time to put more resources on the balance sheet, but more important lee, we felt like we were ready for the technical standpoint, we have two get to

the set of milestones to get us to commercial release. emily: we have been talking about the spac controversy almost the entire hour. we were speaking with a-rod about his spac plan. there are folks out there who say these are companies that are not necessarily ready for prime time. what is your response to that? paul: from our perspective, delivering on that requires a few things. it is making sure you have the right people, the right manufacturing, and making sure you have the right capability to begin to launch service. we felt like we had the right ingredients now. as i mentioned the vehicle is , doing what we want it to do, but more importantly, we have a partnership with toyota to execute on the manufacturing plan. we have a base we acquired last year that will give us the opportunity to roll out commercial launch. from that perspective, things were bright to the things that

matter in terms of this business and making the transition to a public company. emily: what are the nearest-term use cases? when will it be ready to take me across the bay to work? paul: the range of the vehicle is wide. we think about suitable any trips between five and 150 miles. that might be your daily commute, but also might connect cities to nearby suburbs or other cities nearby. that is a pretty wide range of use cases. when we think about the example of going across the bay, that is a perfect example. as you know, in san francisco and the bay area, there's a lot of difficult geography you have to navigate that creates bottleneck congestion. vehicles like ours dramatically decreased commute times. we are excited about being able to roll the service out and

launch in 2034. emily: there are dozens of companies trying to do what you are doing. one of your competitors recently had a battery fire, there are regulatory hurdles, there is the cost. why are you so optimistic this will be a mainstream reality? will it be for everyday people or just billionaires? paul: there are a few things baked into your question. i guess what we could say is we kind of started [indiscernible] first, we wanted to show the vehicle was incredibly safe. second, we wanted to make sure it was incredibly quiet. it's actually a noise profile that for the most part, is around the operation of helicopters and small planes around the city. and third, we wanted to make sure the vehicle, given its specifications, could deliver a progressively lower-cost service over time. our intention or outline of the plan today is to start on a

platform that looks more like uber black, but scale it down. we think it starts with getting vehicle technology right. emily: interesting. we will be following the latest developments. i am looking forward to my ride in 2024 or later. paul sciarra of joby aviation, thank you so much for joining us. that does it for this edition of "bloomberg technology." "bloomberg daybreak: asia" is next. i'm emily chang in san francisco. this is bloomberg. ♪

>> the following is a paid program. the views expressed do not reflect those of bloomberg or its affiliates. >> the following is a paid presentation brought to you by rare collectibles tv. >> over two centuries ago, the coinage act of 1792 was signed, officially declaring the dollar as the united states of america standard unit of money.