get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. emily: i'm emily chang in san francisco and this is "bloomberg technology." nasdaq roars back. a day after falling more than 10% from a record, it mounts a rebound. tesla has the biggest gain in over a year. gamestop climbing as much as 27%. we have you covered on a huge day for the markets. hackers attack tesla's security

cameras and video footage of u.s. prisons. this after chinese hackers go after u.s. business software and a hack bigger than solar wind. we'll talk about the damage and what needs to happen next. the race to meet the pavement. amazon says it will roll out a pickup, suv, and a van this year. a daunting production pledge and quite literally the need for speed. first, hope springs eternal, nasdaq seeing a massive rally. ed ludlow has the latest. terrified this is going to be a long-term correction. >> technology stocks really at the heart of that. up 4.4%, best day since november

4. the philadelphia semiconductor index up 6%. both of those indices having their best day since april. in terms of some of the specific movers, it is the names that have been under pressure, the likes of tesla, which had its best day in more than a year. lots of catalyst behind tesla. wall street analysts raising targets. also riding the wave of crisp -- of cryptocurrency. hackers have managed to get hold of life surveillance footage, able to do that through a third party. there does not seem to be any aftermarket reaction in terms of the share price but that is one to watch going forward. stocks have been under pressure as yields have been rising.

we raise the question of whether this is really a surprise. if you look at the action of recent days and weeks, the s&p 500 off from its record. the philadelphia semiconductor index -- when we see pullbacks, we see buying. that has been a common theme. look at this chart. even though we had this rebound today, tech stocks are still sensitive to bond yields. a lot of the concern is about the stretch evaluation that came as a result of the outsized earnings growth of the most recent quarter. i want to touch on cathie wood. 24 hours ago on the show, on the back of her and ark's worst run. today come up 10%. emily: a wild day and also a big

comeback in the crypto markets as well. bitcoin above $54,000. what is driving that? or is it just happening in parallel with broader market trends? support largely coming from the risk on sentiments. it is a very popular asset class from twitter users and reddit users alike about how many insurers are getting into bitcoin. also, technical analysis, a report out saying that they see bitcoin headed toward $75,000 based on technical analysis. if we look at the cryptocurrency alongside ether, the second-biggest cryptocurrency, we have been so focused on being near those record levels. if you go back just to november, look at the run up.

this is the longer-term story. there has been such a dramatic increase in the price of both. focusing day to day, such huge swings in the price. it is really about looking at the longer-term drivers. emily: thanks so much for that. much to continue to follow. i want to hit on gamestop today. another winning streak. shares of the videogame chain rising 96% over the last five days. activist investor ryan cohen is continuing to shape up operations. he will lead a committee focused on digital transformation. for more, i want to bring in bloomberg's katie grayfield. a lot of retail interest. would you see a move like that if it was just some normal activist investor coming in trying to shake things up? katie: i don't think you would.

gamestop has had such a week, up 80% already. fundamental moves behind this move at least with ryan cohen being tapped to leave the company's e-commerce revival. that was expected it probably does not explain why we have had such a big rally this weekend it is probably premature. mark -- craig burke said today that transformations take time. it is not a sure bet that gamestop will pull this off. given the enthusiasm we have seen behind the stock, it probably points to this is really retail driving this move. emily: let's talk about that. i spoke to cathie wood of mark invest -- of ark invest

yesterday. take a listen to what she had to say. cathie: the retail investor has seen the future really before institutional investors because post 2008-2009, institutions have been forced to track their benchmarks more closely, or they have chosen to. we think that is longer-term a losing proposition. we have found some of our strongest holders to be retail investors because they are keeping their eye on the prize. they know the world is changing. they are part of making the change. emily: she is talking about retail investors holding in ark etf. that comment got a lot of engagement on social media, probably from some of the folks who are retail investing at this very moment. talk to us about what the continued push into gamestop actually means given that they

don't seem to be losing their momentum. katie: cathie is right that the retail investor has been a big part of her fund and they have really held in there. ark has admittedly seen outflows in the past couple of weeks but there are really sticky inflows in there because she is so popular among this reddit crowd. in terms of what gamestop means for the market, it shows that retail traders are here to stay. after the mania at the end of january,y, a lot of people in the market were happy to write that off that, that was weird but at least it was a one off. this week, some of the action and some of the penny stocks, it shows that the retail trader is hanging in there, holding through the dip, and they are

expected to be shaken out at the first sign of trouble but really that has not happened. emily: cathie wood said in that interview, she is still buying the tesla dip. what is your sense of whether we are seeing the beginning of a long-term correction or the past few days and weeks are just a blip in a tech market that will continue to go up? katie: it depends on your timeline. if you look six months in the future, the economy is open again, inflation maybe is taking up. some of the stay home, platonic, do -- peloton, docusign. if you think about apple and amazon, those type of names, they will continue to make money in any type of economic cycle probably. but in terms of the short-term and tech rebound we are seeing,

the tech rebound got really overstretched. the nasdaq fell into a correction yesterday. looking at it relative to the s&p 500 index, the nasdaq was the most oversold in three decades. it depends upon your time frames. if you are looking in the short-term, things are pretty oversold at this point. emily: all right, bloomberg's katie grayfield, thanks so much. meantime, some breaking news. roadblock has priced shares for its direct listing, which is happening tomorrow. roadblock of of gaming company which gives a lot of power to gaming creators, pricing shares at $45 apiece. we will be covering roadblock's direct listing tomorrow. our interview with the ceo and 10:45 a.m. eastern time.

coming up, the bitcoin rally showing no signs of stopping. we will speak to the ceo of cipher mining, a bitcoin mining company. his outlook on how high the digital currency can go. this is bloomberg. ♪

>> we did talk about the crypto decision, the decision to shift some cash into crypto. we were fully supportive of that. any company on the right side of change should diversify in that way. emily: ark invest ceo cathie wood speaking with us about

supporting elon musk decision to pour cash into bitcoin. this as bitcoin rallies to a two-week high as the risk on sentiment returns. following more selloffs in more speculative corners of the market. a digital asset that sees more endorsements from institutions. writing that wave of bitcoin demand is cipher mining, a newly formed bitcoin mining firm that is going public via spac. it will give the company a value of $2 billion. cipher mining ceo tyler page joins us now. why a spac and why now? tyler: as we continue with the news across the space, there is increasing adoption of the bitcoin network. that is from everyone that are actually large institutional investors, institutional service providers. there is a lot of news going on in the space. with that, we think the infrastructure that underpins the network also needs to become

more robust and more institutionalized. we are a large-scale bitcoin minor. we are coming public via spac because it allows to move quickly and take advantage of the marketplace. emily: your parent company, bitfury, since 2007, you have mind 600,000 bitcoin. how many more are you planning and talk about the scale of demand? tyler: we have a plan for cipher specifically to be mining over 21,000 bitcoin per annum in 2025. we begin mining this year and scale up year-over-year as we go. one of the great advantages we have is partnering with bitfury, our parent. having set up seven data centers around the globe, had them

operating, and mining over 600,000 bitcoin. it speaks to their experience of deploying, operating bitcoin mining centers. we are doing it at a large-scale and have unique advantages partnering with them on the equipment side. emily: part of why people think bitcoin is valuable is because of the fixed number of points that can be mined. people say that is a long way off but it could come sooner than we think. what happens when we run out of the 21 million, or could that number rise? tyler: the number is not going to rise. it is fixed in the software. we do have some time to get to the last one. we have over 100 years. keep in mind, we are not going to speed up that schedule. as you see increasing adoption,

we anticipate that will drive the price higher. we think transaction fees, fees of revenue that we will be collecting as part of the vital infrastructure. today, the estimates are that there are about 100 million users of the bitcoin network. we believe that could grow in the coming years and that will drive the price up. you want the network to be robust. emily: mike nova grants thinks the price will get to $50,000 and beyond. another ceo i was speaking with thinks it will go to infinity, mars, and beyond. but give me a number. tyler: i saw that, that was great. it is hard to predict the short-term path of prices. i do think over time, everyone involved in cipher believes over

time the price will go up. it can be volatile in the short-term but if you see continued network adoption, you will see price appreciation over the long-term. we are the classic sand shovels business. -- the classic picks and shovels business. we provide the infrastructure that makes it work. we have the lowest cost of power -- or we are at the low end of the global cost curve and that allows us to be volatile and withstand volatility in the price. emily: i misspoke him a he said 100,000. what is your thought on dogecoin and some of these alt coins? he told me he thinks doge is a joke. tyler: i think mike is a very sharp guy. there are many interesting things going on in the crypto

space and often very fun to read about or invest in at small scale personally. our focus from a business perspective is bitcoin. it is a uniquely, natively digital store of value and value transmission network that is open source. it is extremely robust and has the potential to disrupt a lot in financial services. we are big bulls in the long-term. i will not give a specific price target, but up. emily: obviously, there are many things unproven, there is regulation to come. what do you think the biggest headwinds are? tyler: i think they are related to the ecosystem overall. i have seen folks speculate about the bitcoin price, that one thing we know for sure is the terminal value of bitcoin is not where it is today because there are still risks and questions about adoption.

like any network adoption story, those risks are reflected in the price day-to-day. they are discounting a future where perhaps there are millions of users and perhaps there are not. we do have a lot of resilience against the drop of price in bitcoin but if it goes away, that is a risk for our business. emily: all right, we will keep following. cipher mining ceo tyler page, thank you tyler: -- thank you for stopping by. coming up, biontech could have capacity to make 3 billion doses of the covid-19 vaccine next year. we'll hear from the ceo next. this is bloomberg. ♪

emily: biontech sees the potential to supply 3 billion

covid shots in 2022. earlier, bloomberg's matt miller spoke with the ceo of biontech about the company's ability to boost production. ugur: in principle, this could be possible. we are evaluating it. but it also depends. the question now, a number of additional vaccine companies coming into the market. our key question is, how much are required and where is the need to deliver? this is something we are evaluating at the moment. matt: what about the possibility of forging new partnerships? i know you've already worked with a bunch of other smart companies. are you in talks with others to produce the vaccine in higher quantities and more places? ugur: we are.

we still have some undisclosed negotiations ongoing. but we have managed to establish a network with 13 partners. partners producing for us raw materials like lipids, and partners who are helping us producing drug product. and also, baxter or novartis. this is a production network and of course a production network includes biontech production sites including the sites that will come in in april. as well as the production site of pfizer in europe. ugur: --matt: are you confident

that you will be able to produce enough vaccines this year and next year with all of your partners to vaccinate everyone in the world. does that look like an attainable goal to you at least in terms of quantities by the end of 2022? ugur: that must be the goal of all vaccine suppliers. we need to ensure that everyone who needs a vaccine and once a vaccine receives a vaccine. i am pretty confident that we will be able to reach -- provide vaccines in europe, in the united states, and ensure that everyone who requires a vaccine gets a vaccine by the end of the summer. of course, this is based on that

we are not running into multiple production problems. i am also confident that within 2022, we can have sufficient vaccine doses to ensure vaccinations. matt: what are your plans for production next year? 2 billion doses by the end of 21. what about by the end of 2022? ugur: we could further increase our manufacturing capacity. i don't see an indication why we should not be able to produce 3 billion doses in 2022. it depends on the demand, it depends on tech costs. additional vaccinations required. it will depend on the potential changes in the strand. therefore, -- in the strains.

we are prepared to increase our manufacturing capacity but we need to get additional information which might come in in the next six months. emily: ugur sahin, ceo of biontech. will be covering the

emily: welcome back to bloomberg technology, on emily chang. a group of hackers say they have breached a massive trove of security camera data collected by a silicon valley startup. they accessed a live feed of 100 and 60,000 -- 160,000 cameras inside hospitals, prisons, polices and schools around the world. even inside tesla. william, what happened? >> hackers breached this company

and the worst way imaginable, they were able to access the administered of credentials that were publicly available on the internet and gain access to camera feeds and archive video was all their customers. -- of all of their customers. which includes tesla, schools, jails and hospitals. emily: who are these hackers and why did they do this? >> is a hacking collective that is international, we spoke to one of those hackers on the record, he has an anti-capitalists, anti-surveillance worldview. he said it is too much fun not to do these sorts of packs. -- these sorts of hacks. it raises awareness on the ubiquity of surveillance and how bad the security is. william: are they planning to do anything with this footage?

are they planning to use this to inflict some kind of greater damage? william: no, i don't think so. these people are trying to blow the whistle on what they see as surveillance capitalism and what they see as a search to a profit of caring about customers and people who going from the security cameras. they are not the kind of hackers that are looking to destroy data or hold the country -- a company for ransom. emily: what are they saying? william: not much. there saying that they are investigating it, that's about it. you start to wonder, when you're looking at the scale and how easy it was to get inside, this

company raised tens of millions of dollars and was valued at almost $2 billion. what will their customer say? what will the u.s. government say? will there be an investigation? that is the next question out assume. emily: obviously tesla is the most high-profile name. when you think about hospitals and jails, and other organizations across the country that may not be as well fortified, what is -- what are the possible consequences of this kind of vulnerability? william: you hit on one of the worst possible -- parts of it, it is that the company that sold them the cameras had a feature in which somebody could get inside and look at them at all

times. as well as the clips they had archive. hospitals have hip on considerations, certain privacy laws here. we will see what happens with that. the sheer amount of surveillance video that was exposed by this hack is staggering. emily: all right, william, we will continue to follow the fallout from that story. a great scoop, you can read more bloomberg.com. meantime, turning to another global hack attack revealed last week which puts the u.s. in a very vulnerable position. china's global attack on microsoft's popular email software has claimed 60,000 victims, this just three months after an equally sprawling russian attack which captured at least 18,000 customers of solarwinds. hackers are raising to protect

as many -- to get as many customers as possible. i want to bring in kiersten, who served in the obama administration. tell me about this latest hack? kiersten: thank having me on. per luminary, what we know and what we speculate is that the chinese hacker group and the state-sponsored hacker group exposed the vulnerability in microsoft exchange. in doing so, they have breached, early reports are saying over 30,000 small and medium-size businesses as well as states and local governments in the united states. different from solarwinds, we are also seeing an impact right now of over 230,000 businesses worldwide. emily: so, talk to us about -- is it microsoft at fault here? in terms of not being ready for this?

where do you think the problem lies. -- where you think the problem lies? kiersten: what we are seeing is vulnerabilities in software across all technologies. this was the issue with solarwinds, it was the story that william just broke with surveillance cameras. we are understanding, specifically what happened with microsoft exchange. the important piece is you are starting to see that you have a government looking at this issue, last week the biden administration announced they will look at software security standards, which means all the software that goes into technology, whether it is critical infrastructure or not, that will have a certain level of security standards. because, the challenge we have right now is that security is not prioritized over regular profits. it seems it is an opportunity for governments to work within industries to change that. emily: even for companies like microsoft, which certainly projects that they care deeply

about cyber vulnerabilities? kiersten: it absolutely does, they are a leader in security, they have shown how they prioritize it. they testified in front of congress the last two weeks and made important statements about the work they have been doing. the challenge across the board is software has vulnerability, if we leave it to industry, the challenge is that industry, private sector, this is the only space in cyber where we ask these companies to defend themselves. government has to play a role in helping these companies. the landscape is huge. industry cannot protect itself by itself. what this is calling us to do is to bring together government industry to be much more forward leaning in the sharing of information, actionable intelligence, nationstate activity. so that governments can work to prevent these attacks. we cannot ask companies to do it themselves. emily: what do you think these

chinese hackers are going for here? what kind of damage, if they're just trying to make a point, i assume that these chinese hackers might actually want to do something with the information they have now obtained. kiersten: so the breach right now seems like it is probably an act of activism. just making a point. we know, emily, you and i have talked about this particularly in the last six or seven months. china is aggregating data. they are collecting massive amounts of data. identifiable information, health care, the big question is to what end? we know they are looking to collect it for various reasons but we don't know what those reasons are, which is why we have to be hypervigilant and have industry and government work together to make our infrastructure stronger. we have to be securing our software across the board.

emily: for solarwinds -- first, solarwinds from russia, then this microsoft cap from china. is the rest of the world beating the united states in cyberspace? kiersten: we would be naive to think this is not happening to other countries. when it comes to prevention and response, this is not a competition among allies or like-minded economic powers. this is a call to action for the united states to work with its international partners to come together and understand what are these norms for the standards and regulations to be more secure. cybersecurity does recognize geographic -- does not recognize geographic boundaries. policy should be more collaborative. that is something biden has prioritized. a good news story in all of this is that you have a national security advisor tweeting about cybersecurity. these events urge all of us in the united states and on the

world stage to come together because, as we have seen before, whatever happens to one partner will likely happen to another. we are not looking for that to happen, we are looking to prevent this from happening again. emily: kiersten todt of the cyber readiness institute, thanks for explaining and breaking that down for us. coming up, the global chip shortage is hitting industries hard. countries ramping up plans to tackle in. we will get perspective from the founder of jp two ventures, the former ceo of sicko. you don't want to miss that. this is bloomberg. ♪

>> we are going to defend the firm vigorously because we disagree with the fundamental preference. -- fundamental premise. the facts will come out, it will bear out that robinhood is a customer focused company that is operating with the highest standards of integrity and will continue to do so. emily: robinhood ceo vlad 10 of their, he is my special guest on the latest addition of bloomberg 1.0. fresh off the gamestop frenzy and congressional hearings, he spoke with me about the company's mission, it's response to criticism, his background, where he comes from and more. you can catch that wednesday, 1:00, 5:30 and 9:30.

meantime, the eu is pledging to manufacture 20% of shift by 2030, an ambitious goal to reduce reliance on foreign companies. joining me on to discuss, john chambers, founder and ceo of jc to ventures. john, thank you for joining us, i want to start with this chip shortage because, obviously, spent so many years at citgo -- at cisco, making things powering technology all around the world. how big of a deal you think this chip shortage is? and how damaging could be? john: i think it is a big deal, i think there will be a fair amount of damage with it. what i am seeing and talking to the suppliers and the customers is it is a cycle that will go into the next calendar year.

so, it is a year-long in terms of the challenges and, remember, all it takes is one chip to prevent you from manufacturing an automobile or shipping a computer. it also speaks to our supply chain, not working effectively in this new market, we still use the same supply chain capabilities of 10 and 20 years ago. i think you will see innovation of a supply chain players and i have some of those in my portfolio, probably not the best example, i think it will be a challenge to answer your question, for the foreseeable future in this calendar year. emily: let's talk about your portfolio because you have been investing, you're enjoying the board of quantum metrics. i am curious what stuck with you there as you believe where the future of technology is going? john: you ask the questions in the right ways, it's great to be under show again.

when i see a company, i look for a company that has a business model change enabled by new technology. every company is going digital, everybody is using the same visualization, using their employees differently. as companies do that, they do not have a good feel. are there customers satisfied with the capabilities they just provided to them? what they do so well is they show customers how to use digitalization in a way to get them the outcomes. you talk about an example with clomid, and the vaccine shots, i just got my second shot yesterday, much -- the first time i have ever liked being called a senior in my life. i was watching the various seniors go through and most of them have trouble using their

phone effectively to preregister. about half of them when i asked them said my kids did army in terms of the -- did it for me in terms of the interface. if they were coming into a retail store and they were struggling with trying to find something in the store that would cause them not to come back, the retail will have a problem. in the digital world, we do not know if people are having trouble entering it online, trying to get information. they show you what is working or not working in this new world, the first one in 2021, they were the first one this year also to do it on series b investments which means watching for the future. it will be a hot stock in the future. on the about 12 to 15 companies per year achieve a unicorn status on a series b investment round. they have a super ceo. emily: let's talk about stocks

then, john. i can't wait to hear your take on what is going on in the public market. are we seeing what you believe is the beginning of a longer-term correction intact? or, is it just a blip in tech markets are going to keep coming up? john: it is important to know, some of the things you ask me i am an expert on but the stock markets, i have seen doing five major economic changes come upturns and downturns. your last year in february, i got caught a pessimist for the first time in my life on one of your peer networks when i said we are headed for a real problem , and this is beyond an issue with the pandemic. of course, it turned out to be pretty accurate. most likely scenario ice -- scenario i hear from players in industry and my vc counterparts is the second half of this year

will be stronger economically, probably in excess of 6% in the u.s.. you will see asia follow, europe follow, the supply last year was up 25%. it is already up 12% this year. the best i have ever seen government respond with fiscal stimulus and the central banks action, there is a lot of money out there, and with the covid relief bill coming in, i think you are going to see a good economy the next six months plus. to answer your question on stocks, as well as the interest rates, don't come up too much. you will see stocks to find this year. and, i think it is entirely over -- under the government's control. but, if i were betting, i would bet big time on the euro. emily: you say you're not an expert but you certainly have a lot to say there and i am sure a lot of people value that opinion. thanks, john, for sharing that

with us. we will have to have your back we have a little more time. john chambers. ok, still had,rivian races to get ahead of trucks from rivals like gm or tesla. we will have the details next. plus, roadblock pricing at $45 a share of its you. catch my conversation 10:30 a.m. bad -- 10:30 a.m. in new york. this is bloomberg. ♪

emily: rivian, the electric truck start up backed by amazon, is running the automotive equivalent of a three ring circus. attempting to launch a trio of

new vehicles in a factory that made its last car six years ago. ed ludlow is with us now, ed, what can you tell us? ed: according to sources, reviewed hopes to build 40,000 units in its first 12 months. what they have done is build out that old mitsubishi factory, was astonishing, it is not just one car they want to launch in 2021. it is three. a truck in june, suv in august and amazon delivery van in november. they are, on paper, going to deliver this factory electric pickup before tesla and gm. when you think that to tesla and wouldn't launch the model three in 2017, and only delivered around 1500 units by the end of that year. and the rest is history. elon musk has talked repeatedly about the production hell he went through in 2017. it is not just the launch, they

are going beyond that and hoping to get a lot of models out there in the real world. emily: tell us why rivian is such an anticipated name and electric cars? bill gates points out that there is an electric car for every carmaker that goes with let every letter in the alphabet. ed: it is all around this spac driven frenzy with ev companies coming to market. not a lot of them have a real product yet. on paper, review and will be the next to bring a car to american roads. they have raised a ton of money, more than $8 billion for some big-name investors, including amazon and ford. what was interesting is that we learned, according to sources, amazon actually helped them during covid by getting them ppe supplies, supplies to deal with covid. they are getting help from a subsidiary of ford, also an investor.

to get their metal stands up and running. they are actually going on paper to do it, the one thing, but also because that vehicle, a factory electric pickup and suv, is more in line with what americans like to drive. most new vehicles today are in the light truck category, a bigger car. it is a smaller vehicle, the standard that tesla makes. emily: quick, what is next? ed: they have to pull it off. sources are telling us they are insulated from the semiconductor shortage, currently running preproduction on high-volume through a super high-tech pilot line, not even the main assembly line. a special line they set up to test everything is already working. then they go through the assembly line starting in june. on paper, they can do it. i am hearing from sources, they're taking an ultra-cautious

approach, former tesla engineers who learned from that 2018 experience. there is optimism they will pull it off. emily: bloomberg's ed ludlow, thanks so much for joining us. that does it for this edition of bloomberg technology. we've a lot of big interviews coming up next week is our bloomberg quality summit, starting march 16 we will have conversations about race, gender, diversity. i will be speaking to melinda gates, cochair of the bill and melinda gates foundation. also to finish out today, tech giants roaring back in a big way on the nasdaq. meme stocks like gamestop, all the rage. gamestop, blackberry, nc, all there. we we watching them. this is bloomberg. ♪

haidi: good morning, we're counting down to asia's maker market opens. shery: welcome to bloomberg asia, our top stories is our, then asked 100 sees its biggest rally since mid-november. china and the u.s. are considering their first face-to-face toxins president biden took office.