edition of "bloomberg technology." i am emily chang in san francisco. i have been saying basically those very words at the start of every show for the last 10 years. exactly 10 years ago today, we launched our first show from our studios on the embarcadero to cover how technology was changing the world. the cofounder of netscape was our very first guest. he had just started a venture capital firm that promised to shake up silicon valley. four kids and about 2600 shows later, technology is still changing the world, now faster than ever. over the next hour we are going to look back on the decade that was i look ahead to the decade that comes, including special

guests, including my first guest on studio 1.0. aileen lee, the tech investor who coined the term startup unicorn. and nikesh arora, who also joined us on our first show, later moving to softbank and then becoming ceo of palo alto networks. they will share their visions for the biggest tech disruptions to come. but first, here are some clips of our most memorable interviews over the last 10 years. now, once you get people connected, once you have the power to reach them, how do you use that power? >> for us, it's really all about enabling people could the internet helps connect people to the modern economy. if we can help do that, then that is amazing. emily: with all that we know now, do you believe facebook played a decisive role in electing donald trump? >> the overall picture here, i do not think anyone knows yet. but is an important question and one that will be studied for years to come. where we are focus now is taking lessons of past elections and making sure we apply them going forward. emily: how would you characterize tim cook's apple versus steve job's apple? >> steve's dna will always be the dna of apple. it is deeply embedded in the company and we celebrate it and it should be like that and should stay like that. emily: what do you think the tech industry is doing wrong that makes so many people wonder are they too big, too powerful, and abusing that power?

>> being big by itself is not bad, but competition is good. more importantly, it is not just competition, but that is that point i made earlier which is you need to have a business model that really is aligned with the world doing well. emily: much more to celebrate this hour on this 10 year anniversary. first we're going to look at the markets with our own ed ludlow. i have had a lot of haircuts over the last 10 years. tell us about the day intact -- in tech today. ed: risk-on mode in markets. best day for u.s. equity since june. rebound in technology stocks at the center of that. s&p 500, up around 2.5%. the nasdaq 100, a very tech heavy index, outperforming. a big part of that was apple, the biggest point mover. it had a horrid week last week, but rebounding. i want to talk about zoom. up 9% in regular hours, ahead of

earnings reporting after the , bell a huge surge. the pleasing thing for investors is zoom, which has found such relevancy during the coronavirus pandemic, sees that gain in growth carrying on through 2022. not at the same level, but still top of mind. so that is really bullish resume. he emily: kind of fitting that tech is having such a bullish rebound today. i feel like we have been asking the same question over the last 10 years, are we in a tech bubble? and we are still asking that question. ed: if you were an investor watching that first show 10 years ago and you put your money in big tech, you would be laughing. it has been a big outperformance. if you look at all the major indices that track tech stocks relative to the s&p 500, the biggest outside performance -- the hank sack plus index. that basket of mega cap tech stocks. when you first started the show that was not a single $1 trillion company. now we have four. the index on your screen, up more than 600% over the last 10 years.

he really dwarfing the s&p 500. can you guess what the top performing stock on the s&p 100 -- nasdaq 100 has been over the last 10 years? emily: ooh, you are testing me. i feel like i have to say tesla. if it is not tesla, i missed something. ed: of course it is tesla. you interviewed elon musk in 2012, and since then the stock has gained an astonishing almost 15,000%. forget all the cars it has delivered. when you put its gains side-by-side with the other best performers on the nasdaq 100, it puts things into context. names like amazon and netflix, which themselves have come to dominate our lives. the gain in tesla is astonishing. these are not new names these , are names that treated on the index for some time. tesla has only really become mainstream in the last few years as they ramp up production. i thought that was one you might like to think back on. emily: he also found an old clip of an old interview with elon,

which i appreciate. ed: yeah. i quickly want to talk about ipo's as well. you have been there for some of the biggest listings. i wanted to ask you, if you look at the list of biggest offerings in terms of dollar valuations at the time of ipo, what was the most memorable one? what stands out to you? emily: you know, i remember, gosh, maybe because it was one of the first big tech ipo's i covered was standing outside of facebook in 2012 when they went public on the nasdaq. it was such a crazy day. i don't know if you remember, the stock had issues with trading on opening day, a lot of drama. but yeah, so many over the years. ed: happy anniversary to you, emily. and thank you for having me along for the ride. emily: thank you, ed. it is so good to have you and i hope you will be here for many more years to come. bloomberg's ed ludlow in the studio. coming up, so much more. the tech investor who coined the

term startup unicorn. we are going to speak to cowboy ventures founder and managing partner aileen lee about whether we need a new standard for unicorns. they are a little less rare these days. that is next. this is bloomberg. ♪ (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.

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emily: you are very successful, but you have no women partners. what do you think your responsibility is there? >> the issue begins in the high schools. and where women, particularly in america but also europe, tend to elect not to study the sciences when they are 11 and 12. so suddenly the hiring pool is much smaller. emily: so you think it is a pipeline problem? some would say you are not looking hard enough.

>> we look very hard. what we are not prepared to do is to lower our standards. emily: do you think women should try to, for lack of a better word, integrate into male-dominated vc funds, or should they start their own thing like aileen lee did with cowboy? >> i think it is great that people are starting their own firms. i think it will take women found -- finding the next facebook. a black bc -- vc finding the next twitter, or the next google. and that is going to be what turns people around. and we have to get as many of those people out investing and give them opportunities in order to let that happen. emily: over the last decade, silicon valley has faced a reckoning on gender and race. we saw several women investors leave traditional vc firms to chart their own path. one of them was aileen lee, who

went on to found cowboy ventures in 2012, and later cofounded another with three dozen women investors, all while making big bets on the future of technology herself. aileen lee is with me now. thank you so much for joining us. so glad to have you on this special show day. aileen: i know, happy work anniversary. it is exciting. so happy to be here. emily: thank you. it is great to have you. i want to start with one of your first big moves after you founded cowboy, which was the founding, the coining of this term, startup unicorn, to refer to tech companies that hit a $1 billion valuation within 10 years. it has taken on a life of its own. did you ever think it would become that big? aileen: no, i definitely did not. i remember doing the analysis and writing the blog post, and i at a tech conference and flying back on the plane with a bunch of friends in tech.

i show the draft to a couple of people. do you think this is interesting? the guy next to me was like, yeah, it's ok. so, definitely not this is going to be huge, this is a great name, way to go, kind of moment. emily: clearly it has been more than ok, and now they were 39 unicorns a decade ago. now there are more than 500. what does that tell you? aileen: well, to be fair, the first analysis was just the u.s. the 500 number does include global, which i think is almost half of the list. let's say it is 250 in the u.s. roughly. , but yeah, obviously there's a lot of merit to the phrase. software eight the world. i think just the markets are global, they are bigger than i think we would have guessed. and it's just accelerating, sadly because of covid i think. so. the market startek and the appetites are amazing.

emily: we will talk about that in a second, but because unicorns are now a little less rare, do you think we need to move the goalpost at all? should we be talking about $2 billion, $5 billion, or $10 billion? aileen: what is the name for a $1 trillion company? when i did the analysis there were no one trillion dollar tech companies, and now there are at least two. but no, building a $1 billion company is still very rare and very hard. so we can come up with other annoying terms that are even bigger than $1 billion, but as a person who works with tiny startups, a lot of them, i know what a big milestone it is and how much work it is to get from $1 million to $10 million in revenue and on and on. it's a huge team effort. even when you have the most incredible people and the most incredible idea, sometimes people do not make it, even if they have the best of intentions.

emily: there are now four $1 trillion companies, they are all tech companies. we are going to talk about some of those later in the hour. which brings me to, now that you are here, where are you placing your bets? what do you think the unicorns of the next decade are going to be? whether it is specific companies or the sectors they will be in. aileen: i guess i will use this opportunity to clarify, i think when i started cowboy eight years ago, i think there was a belief we would only invest in female founders which we do love , doing, or we would only invest in consumer. because i'm a woman, therefore i only know about consumer things, or only know how to work with women. we do invest, and we invest in a lot of enterprise software companies, infrastructure, security, developer tools. in addition to consumer. there is so much opportunity in both. it's been -- we have some exciting consumer stuff going on about five or eight years ago, then it has been a little dry.

but there is a whole new ways in -- new wave in consumer coming up, which is very exciting. a couple companies we invested in are early companies that launched last week and we are very excited about new social social with privacy built-in from the beginning, new communities. in enterprise there is so much opportunity, especially in financial services, learning, education and health care. those areas we are really going to lean into. unfortunately covid has caused so much suffering around the world, it is causing a lot of industries to embrace technology at a much faster pace than they would have otherwise. emily: it is interesting, and i am sure interesting for you to look back on those interviews -- aileen: when you played that, my heart was beating. [laughter] emily: well, here we are. when you left cowboy -- i mean when you left kleiner in 2012, that was a radical move.

that was the context. women were not doing this. i am curious how you reflect on that decision now. aileen: i was reflecting on at a -- on it a little bit, because you are at your 10 year anniversary, i am almost at my eight year with cowboy. at the time, i was one of the only women to found a firm. we started around the same time. being a solo gp was a really big deal. there were a lot of lps who were like how is that going to work? , i don't know, i don't do that. explaining seed was a thing. there were some great seed runs but not a lot of them, so exploiting this new category called seed which was kind of a move from a to seed. so a lot has really changed in the past eight years. but i love the job of working with early-stage founders. and i am so grateful to have worked at kleiner and worked for incredible people and learned a lot, but it felt like a good

time to move earlier and kind of start over. in retrospect, it was a chance for me to build a much more personal business, where i think hopefully we are building a firm where people can really be themselves. maybe some of the things i have done, i would not have done if i was in a bigger shop, more self-conscious about what you're saying and people are paying a lot more attention. emily: speaking of all raise, according to your latest report, women make up 12% of decision-makers. women-founded startups get 11% of funding. i know that is like, slightly better than it was a few years before that, but i assume you do not think those numbers are good enough. aileen: no. we have so far to go. we have said from the beginning this will be at least a 10 year journey if not longer, because moving the numbers takes a long time.

i'm hopeful, because i think there is much more sensitivity now than there was a few years ago about this inequity. i'm hopeful the next generation of founders when they are found ing the company, instead of it just being the guy you have lunch with at work or the guy you live with, you are saying i want to build the best possible company, so let me recruit the founding team and founding employees that represent all kinds of backgrounds so i can recruit all concert people and have different voices around the table. i feel like we are making progress on that front. culture is a leading indicator before numbers, but we have a long way to go. emily: i sat down with arlen hamilton and other venture capitalists who spoke of investing in women, people of color, lgbtq, only. take a listen to a clip of what she had to say. >> the thesis is, if they are

doing things with so little, what happens when we give them more? so i took that and decided to invest in women, people of color, and lgbtq founders. emily: what if you found the next mark zuckerberg and he does not fit into those categories? you just let him walk away? >> absolutely. sorry, that is actually funny. i have zero problems watching another mark zuckerberg walk away. emily: aileen, still today we think of the tech visionary, so many people think of someone who looks like mark zuckerberg. what are we going to think when we think of a tech visionary a decade from now? will the stereotype, will that image have changed? aileen: i do think founders today are different. there's a really hot startup getting a ton of attention right now, and the ceo, we had a conversation last week, and he said i don't want to build a company like people did 10 years ago.

i want to build a company where i would love help, making sure that i have people of color and women on my executive team, on my board, in my company from the beginning. can you help me with that? i think that is where the world is going. smart founders know that that is the best and healthiest way to build a resilient company. and we are seeing that with firms. yes, we have a long way to go, but i think firms realize -- they pretended there was no problem and that the problem was a pipeline for a long time, and they are realizing that their networks are pretty homogenous. and that by bringing in women and people of color to the managing partner ranks, they will be able to attract and demonstrate to founders that they will help them build healthy companies. so i am hopeful that is changing, and that the next set of mark zuckerbergs will be different. emily: if the next set of mark zuckerbergs do get that chance,

how do you think the tech industry will be different in a decade? if more women get a chance to found facebook, and people of color get a chance to found google or the next apple or amazon? does the world change? aileen: yes, completely. i think it will change a ton. when you look at the societal impact both on people's daily lives of these tech products, but also look at the intergenerational wealth and societal impact made by people like jeff bezos or michael bloomberg. imagine if women or people of color were half of that kind of wealth. what kind of projects would be funded? i think innately the tech products will be more equitable. like, people will not be bullied online as much, women will not be treated like crap so much on digital environments because they will be part of building the product. so, i think it will be better for everyone.

there will be more fairness. i'm not saying everyone will be a billionaire, but it will be better. emily: the cofounder of twitter told me he believes if more women had been involved in creating and starting twitter, that online harassment would not be as big a problem. aileen: exactly. emily: i thought that was quite telling. aileen, thank you so much for joining us. i hope we have a date a decade from now where you can come back and talk about tech. [laughter] aileen: happy work anniversary. i am so excited to be a part of this for you. emily: thank you. thank you, aileen. so wonderful to have you. aileen lee, founder and managing partner of cowboy ventures. of course we will be watching to see how they change things this decade. coming up, a decade of debuts. we are going to bring you to the floor of the new york stock exchange, where some of the biggest tech companies hit the public market. that is next.

this is a special edition of "bloomberg technology." ♪ emily: in terms of users, some

people come to twitter and are little confused. it takes time to figure out who to follow. how do you improve that to get to $1 billion? >> one of the fascinating things about twitter is once you get it, it becomes indispensable to you. i talked to a few people this morning who say i get up every morning, it is the first thing i do, and it's an indispensable companion for me. emily: someone suggested a joint venture with amazon. with that ever happened? >> i have only heard about this from you. i would be interesting and talking as always. anything, anybody involved with helping small businesses. emily: a lot of people are looking at square as an example that these private tech unicorns are overvalued. what do you think? >> i'm not an economist. we have an economist on our

board. you should talk to him. [laughter] emily: you have some investors who think it might be more like an ebay. there are questions of how big the ride-hailing market can be. how do you deliver on the amazon front? >> we have to execute. when you think about what amazon did, they went beyond a bookseller to other categories of retail. we are doing the same thing. i think the ones who bet on us long-term are going to be happy. emily: those are just some of the ceo's i have had the opportunity to speak with over the course of 10 years here at "bloomberg technology." coming up, we are going to speak to a few more. a very special guest, nikesh arora, who appeared on our debut show exactly 10 years ago. then he was google's chief business officer now he is ceo , of the cybersecurity firm palo alto networks. also coming up, the linkedin cofounder, one of the earliest investors in facebook and airbnb. where will he be placing his bets in the next decade?

we will ask. this is bloomberg. ♪ >> i am so proud of our team.

getting to this day has been such a journey. for those first people that believed in us and subscribed to this radical idea of the woman making the first move, they have been what drove this home. they have given me courage and confidence and motivation along the journey. >> we just got indication on your opening price. indicated to open at $139 per share. that is more than double what you priced at. are you at all concerned about that number? what do you think about that number and the potential that you are leaving billions of dollars on the table?

>> that is the first time i heard that number. in april, we raised money and it was a debt financing, that price would have priced us around $30. i don't know what else to say. i am very humbled by it. >> we have seen a large number of high-profile ipos more than doubling on opening day. airbnb, doordash, doubling or more than doubling rid do you see something wrong with that picture? >> absolutely. i think that all of this -- all of those companies could theoretically be held accountable for violating a fiduciary duty. selling the most valuable asset you own that have the market price knowingly, is ignorance.

emily: it has been a wild ride for tech markets, especially for tech ipos in the last several weeks. newly public companies like airbnb and bubble are valued at more than twice their opening prices. what does that signal about markets in the next decade? joining us to discuss is a very special guest. the previous coo of softbank and google's chief business officer. you are on our very first episode. i want to start with the public markets given everything you have seen from google to softbank. now, you're running a public company, do you think we are in a bubble that is about to pop? nikesh: i remember being an analyst in 1999 and looking at the markets. the markets were -- i think the markets had their expectations -- were ahead of their expectations but i think today, it is slightly different. if you look at the pandemic,

where interest rates are in the pandemic, money is cheap. you are seeing valuations slightly ahead of where they need to be. i do think the next decade is going to be the golden era of tech. i think the next 10 years will be even more tech enabled. to some degree some of the , evaluations may be ok. money is cheap, therefore people are putting a lot of her expectations into the stock. some of this will normalize but i think some of them will just ride this out. you had it before who show you the 15,000%. but -- >> why do you think the next 10 will be more golden than the last? nikesh: if you look at the pandemic we just went through, it proved that every company that is doing well right now, everyone of their customers, everyone that has emerged intact, people are tech savvy

and tech first. the most vulnerable were having to do things remotely. whether it is doordash or uber eats or instacart, all of these things that will have to go through a technology adoption curve have had their entire expectations changed. look at zoom. everyone of these phenomenons have happened that a compressed time. basically changing consumer sentiment because of behavior and forcing all the brick and mortars to get tech enabled very quickly, driving a huge amount of demand. emily: you have been on the show a few times over the past decade. when i went back to look at that old interview, i thought does google have too much power? google's power has been scrutinized now. i am wondering if you think that

google has too much power, is it monopoly. nikesh: in the last 10 years there are many tech companies , that have become large. they have become large purely because their products are loved by customers. facebook, google, apple, all of these companies have seen large amount of consumer adoption of their product. they become large because they are global companies and generate a lot of revenue. i think there are certain parts of all of their businesses that need to be looked at because there is a new order. 10 years ago, i remember being on your show and it was deemed as a challenge. there are certain parts of the order that need to be scrutinized. emily: the power of big tech in general, do we need more regulation, are there any breakups in order, whether it is google, amazon facebook, apple and google? nikesh: to your firstborn, as long as there is competition in

the market i don't think being , big is bad. as long as people are not being held captive to certain types of technology. i don't think that is bad. you have global companies around the world remotely, effectively in 100 plus countries. you're going to get many more trillion dollar companies. i don't think tech is bad per se. i think certain parts of that business where if they have a stronghold on a certain market, that should be looked at and the regulation has never been great for anyone. some degree of self-regulation perhaps? some degree of scrutiny to make sure everyone is getting a fair playing field but i don't expect , large-scale breakups or regulation across big tech. emily: ed has been listening, he calculated that the palo alto shares are up almost 800% over the last decade.

i want to talk about the cyber landscape. we are unwinding the biggest hack in world history. the solarwinds hack. are we ready for the next big i'm curiousare we ready for the next big cyber threat? , where is that threat going to come from? nikesh: if you follow on from the notion that the next 10 years is going to be more tech enabled than the last, we are grading more exposure across infrastructure. not everybody is just ready for withstanding the possibility of someone hacking out. i think we will get bigger hacks in the future. 2020 had the most amount of cyberattacks we have ever had in history of cybersecurity. you are seeing the people working from home, every company being accessible from every part of the world. you're increasing the surface area of the enterprise. that service area is to be effective, protected. i think you're going to see a search on continued spending

on cybersecurity just as you will see a surge in the requirements of software. emily: the pandemic has tested all of us. certainly, every ceo. i am curious how it has impacted your leadership over the last 10 years and how you plan to create the workplace of the future now that you have learned what you have learned. nikesh: emily, when the pandemic hit, i was advised to spend much more time with the teams. that is what we did as a company. i spent 50% of my time talking to employees and doing one-on-one meetings. larger group meetings, probably one a week. part of that has been trying to make people feel secure and comfortable because people are going through a lot in their lives right now personally and , professionally. that has borne fruit to us, people are relatively happy but i think we are going to have to come back to some sort of

normal. which is different from what we have been used to. we have been building a program called flex work. our friends at zoom as well as other players in the industry. in that context, people will come back to work. perhaps not for five days. we will end up with some sort of a hybrid outcome at the end of the pandemic. emily: it will be fascinating to watch, hope we will have you back many times over the next decade. palo alto networks ceo. coming up, more on this special edition of "bloomberg technology." we will look at amazon's empire and how it has changed over the last 10 years with the biggest tech deals of the decade. this is bloomberg. ♪ >> it worked like magic.

emily: in 2011, apple was on a roll. products that caught fire included the macbook air, a thinner, faster ipad and the iphone 4s which introduced us to siri. >> ok here is a place matching , on the day. emily: it was also the last time visionary steve jobs took the stage. 2012 marked mobility, as we saw tesla on dell its model x the , launch of lyft and google debuted a driverless car. i even took it for a spin. 2013 saw a virtual world dominate, the sony playstation 4 made a splash and google debuted glass but with the price tag of $1500, you can say the glass never went mass. in 2014, it seemed we all needed a little help in the form of an iad personal system amazon's , alexa. >> the time is 3:27. emily: inspired by the computer

voice aboard star trek starship enterprise alexa offered , real-time information and followed commands. >> alexa, add wrapping paper to shopping list. >> i put wrapping paper on your shopping list. emily: 2015 was all about the heavens. falcon nine successfully landed back on earth, marking a major achievement in reusable engines. in 2016, more wearables give us apple air pods. and the first commercial version of the oculus rift, before facebook bought it. in 2017, tesla's model three changed the conversation around electric cars, making it more accessible and design wise, more desirable. if it was a convertible you are after, 2018 had microsoft flexing its two in one surface pc, ultralight and versatile as a selling point. >> where you can use it at your desk or on your lap. emily: 2019 gave us the magic

kingdom foray into streaming disney plus debuted, quickly , becoming a rival to netflix. in 2020, the year of the pandemic, uber eats generated $4.8 billion in revenue and peloton sales exploded, more than 170%, bolstering the home fitness industry. it all brings us to 2021 where we can expect more clouds, more ai, more quantum computing and more. and that $100 in bitcoin you bought a decade ago is worth around $5 million. congratulations. in addition to bitcoin, amazon has also aged well. in the last 10 years, the company has exploded inside in -- in size, in addition to growing its e-commerce business, they have built out logistics centers and amazon web services powers a significant part of global business. this year will be another

turning point for the company with the announcement that jeff bezos will be stepping down as ceo. here to recap it all is brad stone who is working on his second book about amazon. brad, what will the next 10 years of amazon look like? brad: 10 years ago, when a little show called bloomberg west got its start, amazon had 35,000 employees and $80 billion in market cap. now it is 1.3 million employees, $1.6 trillion market cap. the lesson here is we look the same, but amazon looks a lot different. in terms of the next 10 years, i think it is a more international company. i think it branched out in areas like health care, satellite internet robotics. , the big question is around jeff bezos. we don't know how fully he is

withdrawing and if he does withdraw, how much of amazon's innovativeness has come from him versus the culture of innovation that he started. my sense is that a lot of it came from him. the question is how active will , jeff bezos be? that is probably something only he knows and we will have to see. emily: speaking of innovativeness, we have seen a lot of tech companies try to buy innovation, whether it is facebook buying instagram or whatsapp. what are the biggest tech deals of the last 10 years telling you? brad: it tells us a few things. one, these tech companies already have not as innovative or creative as they would like us to think. the defining moves have been these deals. you mentioned a couple from facebook, amazon buy-and-hold

foods microsoft buying linkedin. ,these are all areas in which the companies try themselves amazon tried to get into , groceries, microsoft tried to put the social alongside its productivity software. it is the deals that really got them there. i think the second pattern has been, how these companies have set up their acquisitions independently. if you look at linkedin, there were a couple of promises that microsoft was going to integrate the product into that office or window. -- office or windows. it has not, but the linkedin deal has been a big success. if you look at slack, we do not now how it will play out, but over the last 10 years a playbook has been derived for these deals and when these big tech companies, when they make these purchases, not meddling and screwing up the magic of the startup that was achieved in the first place.

emily: since you mentioned slack, i thought i would take a look back at one of my favorite moments of the last 10 years, which is when i was on television with you and stored -- stewart butterfield and we got a visit from a very unexpected guest. emily: oh my goodness. it's jared lehto. >> good to see you. emily: that is one of my favorite all-time favorite moments of the last 10 years. i am so glad you got to share that with me. brad: i had no idea who he was until you blurted it out. [laughter] emily: speaking of deals, do you think we will see more deals like slack getting bought or more breakups? big tech, apple, amazon,

google facebook are all being , examined by the governments around the world. what will define the next decade? brad: i think it is more of the latter than the former. at least for the bigot consumer facing technology companies, there is so much scrutiny that i don't think we can really expect to see deals on the scale of facebook buying whatsapp or google buying youtube or amazon buying whole foods. there is too much scrutiny and i think the biden administration is taking up the mantle of this bipartisan consensus that the big tech companies have gotten too big. as for breakups, merrick garland is the new attorney general and is someone who has talked antitrust and written about antitrust. we of course don't yet know who the deputy ag will be in charge of antitrust. you can expect not full-fledged breakups like at&t in the 70's but perhaps some scrutiny unwinding these big deals. emily: so much for you and i

to cover over the next decade. brad stone, think you for -- thank you so much for joining us on this special show. still ahead, what is next for tech in the next 10 years. we will speak to reid hoffman and take a peek into his pretty successful crystal ball. in this special edition of the show. this is bloomberg. ♪

emily: there is one thing for sure about the next decade. it is that invitation will continue to happen faster than we expect. for a look into the silicon valley crystal ball, we turn to reid hoffman, cofounder of linkedin and a partner at greylock partners one of the , earliest investors and companies like facebook and airbnb. i asked him what he thinks will surprise us most in the next 10 years. >> the most interesting thing to watch as the intersection of all of these different trends. like ai with synthetic biology

or ai with nuclear fusion. these intersections will cause accelerations into development that people won't necessarily think of. emily: what do you think the next big social platform will be? reid: there are already a few on the side, there are the gaming ones with roadblocks the , neighborhood one with next door, there are various ones of these that are -- emily: there is tiktok, discord, snap just hit a hundred dollar valuation, snap just hit eight valuation, that was surprising. reid: there is so much going on that the answer how many will there be? it used to be there was so much going on at a time. what is the number of them? what dipped it -- different vectors will they be operating on?

will we now have augmented reality through mobile phones? those kinds of things there are , so much happening intact that that might actually be the shape of it. emily: when you look by your out as we come out of the pandemic , and hopefully into a new normal what changes about , silicon valley and what stays the same now that we have been through this specific experience? reid: we have gotten a lot more familiar with distributed workplaces and the fact that you can have distributed companies. i think all of the tools being accelerated there, and i think there is a lot of those. i think that three years from now, greylock will be looking at pictures from companies, we have a building here an office here , and there. people are now working from houses and i think that will be the case.

greylock has invested in more things outside of silicon valley because it is the natural way of doing it. the thing i think will actually come back, there is an intense network of people who say i want , to go join a new software company, i want to assemble a group of founders and early people to create a bold new product. silicon valley has its own network of that. the network effective technologist, companies, universities, capital. i think that will come back. my hope is that it will come back in multiple areas around the u.s. and around the world. in this smash the world will allow more areas to grow at the same time. emily: what are the biggest challenges the tech industry will face over the next decade? reid: the biggest one is that now tech has become so big it is

part of social infrastructure. it is part of the way we live and operate, how do you treat that and what are your responsibilities? as much of our, founder, ceo. how do you engage in dialogue? who do engage in dialogue with? what happens when entity x tells you you should do x? how do you do that? how do you navigate that? that will be true across society. emily: oh my goodness, you guys. [laughter] i'm sorry, my kids are here. thank you, guys. wow, now i am really on the spot. first of all, that was reid hoffman. these are my four children, the

show was my first baby, i feel so blessed today. thank you to everyone, all of the producers and editors. the people you never see on camera. thank you to my husband who is here and for all of you for supporting me every single day. can't wait for the next decade, love you all. this is bloomberg. [laughter] ♪

yousef: this is "bloomberg daybreak: middle east." after wall street enjoys its best day in months, future is taking a bit of a hit as china warns about asset bubbles and leverage. yousef: the who says the number of covid cases has grown in the last few weeks bla