♪ emily: i am emily chang in san francisco and this is bloomberg technology. coming up on the next hour, bitcoin dips as president biden's pick for the sec, and saying that they must root out crypto fraud. the governors of texas and mississippi have lifted mass mandates and a radical move to open up their states 100%, as

part of the country try to get back to normal. what does that mean for the company that has cap so many of us connected during lockdown, the zoom cfo kelly steckelberg is with us. they multimillionaire tax act was raised $3 trillion over the next decade, and our conversation with senator warren and what she has to say about breaking up big tech. we will get to that. tech shares led losses in the s&p 500 and apple and tesla dragging down the nasdaq. ed: that big rebound and big tech did not last long after the biggest gain since june on monday, here we are tuesday, and the tech sector is pulling down

the broader market. apple down 2%. tesla, down 4.5%. amazon, 1.6% hit. the narrative is the same one we have been talking about. rising yields putting pressure on companies with big valuations. you can see it clear as day, the s&p 500, the main gauge of u.s. equities off by .8 of 1%. nasdaq, a bigger decline of 1.7%. the basket of the mecca cap tech stocks including the likes of apple and tesla, off by 2%. and semiconductors down 3% after a two day rally. 2021 has not been a great year for big tech. apple and tesla are on track for their worst quarters since the same period a year ago when the virus hit the u.s. economy. there is outperformance by the

likes of microsoft and google parent, alphabet. and focus on cloud and software, things that are helping us to learn and work from home. but a lot a vestiges about those stretch valuation and what those environments are rising tech -- for rising tech yields going forward. emily: gary gensler went before a senate committee today. recent stockmarket drama has many calling for more regulation on wall street. gensler has experience as a markets regulator during the financial crisis. sonali bostic for more. what clues did we get today about how gary gensler will run. sonali: it was thought that the biden administration was focused more on consumer protections and that got escalated with gamestop. gensler is saying he wants to take a look at things like payment for order flow.

more around the disclosure of the issue rather than a full on banning, there was recognition that it is not clear that the retail investors are getting the best deal when they are in this process where a very concentrated group of market makers are paying firms like robin hood for their order. if that was to stop happening it would make free-trading harder to happen. there was recognition of the balancing act there, but there was a clear desire for that are accounting of what is happening. emily: some former sec experts we have talked to have said payment for order flow, it sounds like a conflict for interest and a get investigated, and ultimately, nothing changes. do you think we can expect actual real movement or more of the same?

sonali: there are disclosures around payment for order. you can look and i can tell you how much within every certain increment of time robin hood gets from citadel securities and other brokers, other market makers. there are brokers that do not engage in this practice, so it makes you wonder why it exists in the first place. it does help make the fee lower for retail traders, so there is a benefit. but if you were to cancel, ban it, it would hurt a robin hood more than citadel securities, where there is probably order flows going there anywhere. what is not clear from these disclosures has how much you and i or an average person is getting in terms of a benefit from this happening. that is something that could easily be fixed in my opinion. emily: interesting. as president biden's financial watchdogs expand focus, how

could that impact bigger tech? sonali: the interesting thing is that it did get raised and that is something that has been burning on the minds of everyone who covered finance with some people leaving goldman, going to walmart, fintech a going public and raising records, you can see it with the gentleman at the cpfb really take aim at this, especially because he is concerned that consumers get the best shake, and financial technology and technology companies are having some of the closest interactions with consumers. that is everyone from paypal, which is already been acquainted with the cfpb, over to apple and google which are working on different credit products of the big banks. emily: moving onto crypto, bitcoin dipping after some of his remarks today. talk to us about what we can expect from gensler as it pertains to cryptocurrency.

sonali: one thing he mentioned was that it did open up the financial markets in a different, innovative way that is not a bad thing. the other thing he was clear on is that it could be misused. you would want to crackdown on any terms of misuse of the cryptocurrencies. the other thing he mentioned that i think is relevant, he talked about a more oversight of the crypto exchanges. coinbase is $100 million firm that mostly deals in the exchange space. how will somebody let gary gensler start to impact one of the most valuable financial companies that is rising in the country? emily: certainly a lot of law of contentious issues on gensler, and we will be watching to see how he makes decisions on these. bloomberg sonali basak, thank you for the update. zoom out with a earnings that beat estimates, but can momentum continue in a post-pandemic

world? we will speak with cfl kelly steckelberg, coming up. 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. 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.

♪ emily: texas governor greg abbott and mississippi governor tate reeves announced their states are opening back up 100%. the mask mandate has ended. despite opposition, this is a sign that parts of the country are trying to go back to normal and fast. what does that mean for tech s lioom that have kept us connected? zoom video has been a top

performer over the last 12 months and just beat earnings estimates, but the stock, critics wondering if the momentum can continue in a post-pandemic world. kelly steckelberg, we have been asking the same question, but it feels like we are finally here. hearing states are lifting mask mandate completely. what does that mean for zoom if it means that certain states are trying to go complete back to normal. kelly: we saw strong performance last year and all aspects of our business. our upper market where we announced we have 467,000 customers with greater than 10 employees, we saw strong performance with zoom phone, we announced 18 customers with more

than 10,000 feet, and growing up from 20% to 33% of our revenue. all of that leads to really indicate that these work remotely trends are continuing. we are becoming embedded in every aspect of our lives every day. customers fewer than 10 has become a huge segment for us. this is where we are seeing lots of intuitive -- innovative ways, for more convenience. these are all things we expect to continue even after we are able to move around the world more freely in the way that we want to, and yet, leveraging the aspect of these times where we have come to rely on zoom and other tools for the convenience. emily: totally agree. it is going to be a hybrid world and the question is how much remote and how much in person will there be? shares took a dive today, and of course, they had a big jump yesterday, but sort of settled

back to where they were. why do you think investors seem so unsure? kelly: we were not the only ones unfortunately that suffered from a broad-based market, but we are optimistic about the future. we see huge momentum in zoom phone, and we have exciting innovations coming later this year with on zoom which is our event hosting platform that is currently in beta. this will allow these individuals, sole proprietors, small business owners to have a simple five platform for hosting events, and also a directory for being located to they can reach a further network. we are excited about zoom apps, there are about 25 of these in prototype today. these are going to create more immersive experiences so it allows you to collaborate for example, in a zoom meeting as if you are in a conference room

with somebody. we are listening to our customers and looking for opportunities to continue to innovate as they think about what their future of work strategy is. emily: i am curious how this is all impacting your work strategy and what this means for zoom employees. it is a meta-question being that you are a company keeping so many connected, but president biden said we will have vaccines for all u.s. adults by the end of may. what kind of comfort does that give you, and does that mean that your employees will be back to the office soon? kelly: we are excited to have the vaccine distributions accelerated around the globe. we are taking a conservative approach when it comes to our return to the office strategy as we had the luxury of living on this technology every single day, and we have seen that our employees have enjoyed the flexibility that working remotely has given them. also, we have seen extreme employee productivity coming off of the year that we just had, so

we want to ensure that our employees feel comfortable returning to the work in a way that feels comfortable for them and also gives them the flexibility. we are going to be one of the last companies that go back to the office eventually. emily: as you mentioned, you have been living on zoom for years. there are companies that are trying to encroach on the territory that you state . -- staked out. microsoft, cisco, webex, and google with meet, and i feel that someone shows up on google me and we are supposed to be on zoom. how much are you seeing this competition impact your growth and your initiative? kelly: the way we think about competition is it makes us all

be better. we need focus on delivering happiness to our customers. we listen to them, and we end of and vote 20% of each product release to our customers requests to ensure that we are meeting needs. i could go on and on about the innovation we are focusing on, but as we think about return to work, other things like smart gallery which will continue to improve the face-to-face interactions when you have some in the office and some working remotely. things like that where we are listening to the challenges or the opportunities that our customers see ahead and rising to the occasion to deliver to them. that is what we think really makes zoom the commute occasion's platform of choice for our customers. -- communications platform of choice for our customers. emily: what does this year look like for you? how will 20/20 one be different than 2020?

kelly: we are excited about the momentum that we see exiting calendar 2020. zoom phone is important for our long-term strategy. during the pandemic, we have seen an increase of brand awareness for zoom. that has really created an opportunity for our international sales teams for meetings as well as zoom phone, and we are also excited for the opportunity to move around the world more freely. we know that our employees want to come back together again and have the community and collaboration, but we expect it to go back to the way it was before. to be more of a hybrid approach. leveraging our technology so that we all have the convenience and we can build into our lives what works best for each of us.

emily: zoom cfo kelly steckelberg in the heart of it all. always good to have you on the show. coming up, service with a smile, or perhaps a light show. uber is spinning off post made to robot operation into a new -- postmates' robot operation into a new start out. we will talk to the head of the new project and when you can expect a robot delivery ne 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.

♪ emily: grocery delivery continuing to be hot. the grocery delivery startup turning into a giant. instacart announced a new round of funding, doubling the valuation. with this, instacart becomes the second most valuable start up in

the united states, second to spacex. with the new funding, the company is planning to increase its corporate headcount and expand projects including advertising. instacart is currently the largest grocery delivery company in the u.s. turning now to uber. sending out a unit of postmates. if that story has got you feeling hungry and you do not want to venture out, a robot may be coming to the rescue. it is a separate start up in another effort to turn profitability. the new start up serve robotics well received an undisclosed investment from uber, without human intervention. joining me now, ali kashani who runs the robot delivery units are postmates. ali, tell me about how it will work.

ali: thanks for having me. it works like any other food delivery. you open your app, order your food, you get a notification when the robot is on your way, and you go outside and grab your food. emily: how many of these robots are actually an operation and how many successful deliveries have been completed? ali: we have a few dozen robots in los angeles, and serving a few thousand households since covid began. they were there even before covid for a couple of years but during covid, we tried to ramp up. emily: obviously, you want to scale this up further. what are the biggest technical challenges? ali: it is hardware. you have to build robots, you

have to make sure they are reliable. from a technology point of view, the autonomy site is actually quite easier. it takes about 3000 robots to create the same kinetic energy that a single car makes when it is driving at 35 miles per hour, so it is= a simple problem to fry -- it is a simple problem to solve from that point of view. but how to manage a fleet, how to make sure they are integrated into society, that sort of thing. emily: let's talk about the business challenges. obviously, there are many, though, it certainly sounds great. it looks great if you can pull it off at scale, but what are the business challenges of scaling this up? ali: one of the nice things is there is so much demand for this. we have been doing delivery for postmates and now part of uber, there is more demand than we can meet for the

foreseeable future. all we have to do is focus on the technology because we have this partnership. partnership. emily: with this partnership, will that be enough to reach the goal of 5% of all who delivery orders in the u.s. in five years? ali: yes. we are talking to other partners right now and that is the reason we spun off so we can expand our reach, but uber does 30% of the markets, so that could be announced. emily: uber is a big investor now in serve. are you talking to doordash and grubhub? ali: i can't really disclose that. emily: talk to me about what needs to happen and with whom when it comes to eve all they the livery process -- the delivery process. ali: delivery has always been multi modal, and we are focusing on the sidewalk equation. before robots, this was 10% of the space. we want to expand to to 50% which is the number of

deliveries that are within walking distance. that is more than 50 million deliveries a day. that is our focus. there'll be other folks whether it is self driving cars, drones, the multimodality will continue, and you have things moving in trucks and things moving on scooters. going to be one of the key ingredients of this equation. emily: how has the city of l.a. responded, how have they been to work with? ali: it has been great. we have partnered with them in every city we have put robots on, we have partnered with them first and gone through a process to make sure that we are partnered with those meanest polities, and people absolutely love this. if you go on social media, you can find a lot of posts of people's first reaction to a robot and it is fun to watch. emily: ali kashani, ceo of serve robotics. thanks so much. coming up, despite covid disruptions and to worse than expected fourth-quarter sales,

kohls has given an optimistic glimpse into the year ahead. we will speak to the ceo about the retailer's path to recovery. this is bloomberg. ♪

♪ emily: welcome back to bloomberg technology. i am emily chang. kohl's reporting fourth-quarter results with $5.8 billion in revenue. the retailer giving an upbeat sales outlook and announcing plans to reinstate its dividend, as the company faces pressure from a group of activist investors. shares are up. joining us now, the ceo. michelle, let's talk about which categories are performing the way you would want to end the way that you want ones to do better. michelle: we are really pleased with our q4 results.

we have seen sequential improvement and our top line, and we are seeing strengthening on the bottom line. we will talk about the strategy, but it is two-pronged, both how we accelerate growth and drive sales more profitably. as it relates to what we are seeing on the top line, we are seeing categories that have actually strengthened during the pandemic, continue to perform. those are squarely in our new strategy that we just shared in october. categories like active, broadening that to active, athleisure, our own brand, flex. the home category continues to perform well and we see that trend. kohl's is well-positioned there. we are seeing the area we have been focused on is the women's business and how to revitalize that business. it is roughly 25% of our

business. we have parts that are doing well like active and the intimates business, we just announced calvin klein in the intimates and loungewear. in more traditional apparel, we have a bold approach. we have exited ten brands, and we are amplifying the brands that are working at we are reducing choices and we are improving the merchandising experience. as we look at the playbook going forward, we do see those categories contributing to our growth as well as of course, the transformation of beauty with the launch of sephora. emily: you have been facing pressure of the activist group that has called out to stagnant sales. you have pushed back, but if they keep up the pressure, how do you plan to respond?

michelle: first off, i would say that we have been engaged in dialogue. we want to find common ground. last week, they launched a public proxy contest and announced the change of control, take control of the board with nine directors. that is not something we are supportive of. our board has been instrumental in the pivot. they have been agents of change, they have supported the management team and investments

in technology, the foundation we have built that has allowed us to navigate the pandemic. it sets us up for what is ahead with this bold new strategy of being the leader and destination for active and wellness lifestyle. that includes topline initiatives as well as the profitability initiative that are gaining lots of traction in terms of margin and our expense management, technology under pending all of that -- under pending all of that, with a roadmap that we shared of getting our operating margin to sever percent or 8%, while also driving topline growth. emily: such an interesting backdrop. texas and mississippi opening up, 100%. lifting the mask mandates. you have president biden saying there'll be vaccine supply for all u.s. adults by may. how are you using this information to make your decisions, especially when the future involves not just physical but digital strategy? michelle: i do believe all of that data is in forming how we think about the year ahead. as we guide today for 2021, we

are expecting made -- expecting on our way to 7% to 8% and we also announced return to shareholders and share buybacks. we are feeling good. we have a strong business model, we have a strong cash generating business. that is what gives us the confidence entering into the year with the momentum we have with our strategies and the fundamental changes we are making. everything we are seeing and hearing from our customers and the broad macro environment is the key strategies that are working for us as we start the year, like active, profitability initiatives, those carry us into the first half of the year in the second half, some of the announcements around vaccine availability mean we do believe that will be a key part of opening the economy again and

consumers getting more comfortable going out and shopping in stores. we have an incredible and powerful channel of platforms, so we have been pleased with the digital accelerations. but for kohl's, it is really a store base. 1160 stores across the country. very convenient. it has allowed us to embrace not only by online and pickup, but things like curbside that was readily adopted by our consumers. we were one of the first in our industry to launch that, and those conveniences will continue. i feel like we are really set up, because as people feel safe again, they are going to want to the shop, want to travel, update their wardrobe, and we are really set up for when that takes hold. emily: the amazon partnership brought into 2 million new customers, 1/3 of whom were millennials. how important were millennials

to your growth given that they were not going to department stores of their own volition? michelle: we serve 60 million plus customers today. as we like to say, 80% of americans live within 15 minutes of a kohl's -- 15 miles of a kohl's. as we look forward, it is important to invite that base of customers into kohl's as well as continue to drive loyalty with our existing customers of all demographics. the younger customer is a part of our plan. amazon is contributing to it. initiatives we have across the store, especially sephora which does over index in the younger customers. some of the new brands also do speak to the younger customer. for us, it is a balance.

we want to speak to our core base as well as that younger customer because over 60 million customers, and we serve many, many diverse families across america. emily: we will be watching. michelle gass, ceo of kohl's, thank you for stopping by. michelle: thank you. emily: senator elizabeth warren following through on a promise from the campaign trail and proposing a tax hike for the richest people in the u.s. she spoke early with my colleague about why a wealth tax is the right move, especially at this time and what results she wants to see from the gamestop investigation. sen warren: you know what happened over the last year? kevin: just last year. sen warren: we have watched millions of people struggle, lose their jobs, deplete their savings, go into debt. you know what has happened to the 660 billionaires in america? they have increased their worth

by $1.3 trillion. kevin: i am thinking of suburban philadelphia and pittsfield, massachusetts. there is this disconnect of income inequality exacerbated by this pandemic, and this is really your first issue du jour that you are diving into. is this a forecast of more things to come? sen warren: you are right about the any quality problem, but understand it, income inequality looks like this. wealth inequality looks like this and all the way up through the ceiling. the people at the top have amassed huge fortunes. those fortunes are continuing to grow. they are not making a contribution on taxes. all i'm saying, pay a fair share because here is how we build a future. we invest in universal childcare

and universal pre-k, we put more money into k-12 education. we make technical school, two-year college, four-year college tuition free, now our kids have real opportunity. kevin: the folks that are trying to forecast prices of whether or not this has a chance -- it is very difficult in the short term of this wealth tax getting through, but a polls suggests that 53% of republicans are on board with this. you attracted some progressives but also congressman brendan boyle, who respectfully to congressman boyle, he is much more middle-of-the-road than some people would think. do you think that over the longer-term, this is going to catch traction? have you spoken to the administration on it to get this through? sen warren: yes, i think it is going to. and actually over the shorter term. more and more people are setting to look at the wealth tax and say, this make a lot of sense.

people across this nation gets it. independents, republicans, democrats, a majority want to see us do a wealth tax because they know the system is rigged. the people who are out of step are the folks in washington. we get them into line with what is happening across this country, we can get this done. kevin: secretary yellen spoke a previous week and said at the wealth tax was very hard to enforce. sen warren: i will have a conversation with secretary yellen. let me tell you about the plan because we worked on this one seriously. what we propose is nearly double the irs budget. we put about $100 billion into enforcement. that is $3 trillion that this would yield, and of having really stepped up the enforcement. the audit rate for the top one tenth of 10%, the audit rate would be 30%.

that means every three years, you will get audited on it. understand this. huge part of the wealth are things that are really easy to value. we have said, we are not even going to try to cover anything less then $50,000. we are not coming in looking at people double wide, subzero refrigerators and try to figure out what they are worth. instead, it is things like their stock portfolios. that is easy to value. real estate gets valued every year anyway. remember, we value property for the very wealthy every time there is a death. we are already in this process. i think this one is one that we can manage. kevin: senator mccain -- he introduced it, do you think you

can get a republican senator on this. sen warren: i would like to. kevin: what do you want to see done on gamestop? sen warren: i want to see a full investigation. i want to know who was behind-the-scenes of some of the critical decisions that were made, including the decisions about who could trade and could not at critical moments. i want to see an investigation into the contracts that folks signed in order to work through gamestop which means they have forced arbitration clauses. if they get cheated, they cannot go to work. -- court? that is not right. kevin: are you satisfied with any trust answers? sen warren: i think that merrick garland is going in the right direction. kevin: you have raised a lot of concerns about big tech, are you more concerned now than you were a year ago? and how. sen warren: yes. they are more powerful than ever.

they are more powerful economically. they are more powerful socially, we rely on them more for our connection. and they are more powerful politically. we need to break up big tech. emily: senator elizabeth warren with kevin cirilli. coming up, we will talk about mixed reality with the lead developer for hollowo lens. -- hollow lens. this is bloomberg. ♪

♪ emily: companies have been betting on ar and vr as breakthrough technologies. as breakthrough technologies. microsoft is unveiling mesh, a

virtual technology, with interacting with the same set of holograms on different devices. technical fellow alex kipman lead the reveal as an avatar, and he joins us now in human form for our work shifting segment today. thank you so much for joining us. you are the lead development are on hollow lens, and you also developed the microsoft kinect, how does mash involve those two -- evolve those two technologies together? >> thank you for having me. microsoft mesh evolves the story by being a new collaborative platform. it builds natively on top and it -- on top of azzure and it gives developers the freedom to create mesh enabled experiences that do three things.

first, it allows us to experience mixed reality together. imagine having shared holograms between each of us where i can pass you a hologram, we can manipulate holograms in the end the same space with a hologram shared between all of us. the second thing that microsoft mesh does is it gives us agency and mixed reality. it allows us to represent ourselves from avatars all the way to teleportation, so we can experience it in a social way even when we are not in the same physical location. lastly, microsoft mesh allows us to connect from anywhere and really any device we its augmented reality all the way to virtual reality devices, or headsets. even 2d devices like pcs or mobile phones. emily: do you think this is going to change the future of the workplace, or is this something more fun that is going to transform gaming and consumer application? alex: i think mixed reality

ultimately is the future of computing. it is a new medium of computing. today, we are very focused which is to your points, as an example, we shared that number today, 52% -- 50% of companies have purchased a vr system. emily: you have been developing in this space for a long time and i'm curious, what applications are you personally most excited? to see alex: alex: almost -- to see? alex: almost everything. i've been in this space since the inception. the hybrid work environment that all of us are living in today, we are in a sense, here, can be anywhere, and most companies do not have a single, physical location for headquarters right

now. i am most excited about being able to have collaborative computing experiences with my team across the world where we can feel socially present without actually being there. i am excited about being able to hang out with my family in brazil and play something as a board game where i feel socially present without actually physically being there with them. emily: let's talk about the devices you are going to work with the hollow lens, oculus, pcs, and mobile phones. talk about the formfactor and when this will be a reality for someone like me. -- like me? alex: absolutely. from my perspective, i am biased and i prefer things that you wear on your head to be able to visualize all of this beautiful mixed reality landscape, but a lot of it is how do you bring in everybody and leave essentially nobody behind, inclusive of the

people with 2d devices. your question around when, ultimately, you need to think about these devices as really needing to come up with three things. they need to be immersive, they need to be comfortable, and they need to have enough value for the task at hand. for more consumer level spaces, we are hitting the right marker in terms of immersion. we are not there yet in terms of comfort. i am proud to be the leader in mixed reality with devices like hollow lens, but there is still a struggle, and until they become glasses and socially acceptable glasses, we are not going to get to call it a mainstream space for mixed reality. emily: right. appreciate you helping us evolve on the comfort level. thank you. we will be back with more with bloomberg technology. ♪

emily: social isolation has been a huge source of stress through the pandemic. music is had the power to -- has had the power to connect to connect beyond the reach of technology. janet wu takes a look at two groups in boston using music. ♪ [singing] janet: music is a universal language. for three decades, a boston group has been singing the spirit of unity even as the pandemic keeps us all apart. >> the name comes from the zulu word celebration. janet: the director says the music was founded as a expression against apartheid. ♪ [singing] >> i do like to tell people at the audition that you will be

singing in many languages. and i really mean, sometimes 11 different languages any program. -- in a program. we have people in their 20's, we have one of our founding members who was in the early 80's. ♪ janet: the landmarks orchestra also has an inclusive mission. >> landmarks has never charged admission, so that is a part of our accessibility. janet: the conductor creates concerts with unique collaborations like this korean concerto that included drumming and choreography. ♪ janet: landmarks partners with the boston museum to highlight art and moments in history. >> it was the 50th anniversary of the moon landing. ♪

janet: when the pandemic hits, the orchestra forged on, putting musicians on rooftops with drones overhead to unite a city in lockdown. the message, no matter where you are or where you are from, music can always be experienced together. >> during this time of so much political division, why can music help unite people? >> music is a miraculous vehicle because of its non-specificity. there is nothing you will hear around policy when you are listening to a piece of music, but you will feel this feeling of shared experience. janet: creating that experience is what drives these organizations forward, even with the challenge of closed venues and no ticket sales. they have gone online where audiences can appreciate the music and support their mission.

♪ [singing] >> you have people singing in harmony and that metaphor goes a long way. when you sing, you are connecting. janet: music has the power to connect even from a distance. in boston, janet wu, bloomberg news. emily: this is bloomberg. ♪

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