no expensive machines, no expensive memberships. get off the floor with aerotrainer. go to aerotrainer.com to get yours now. emily: i'm emily chang in san francisco, this is bloomberg technology. coming up in the next hour, the fed continues to project rates, starbucks -- stocks reverse losses, we will cover how the tech sector failure. -- tech sector fared. california's disneyland will reopen on april 30, that, plus

the status of disneyland parks around the world. and my one-on-one interview, coming up. it has been nearly a year to the day that we were told the u.s. shutdown was scarier than 9/11. what are his thoughts today? he will join me. plus, connected fitness caught fire. i will speak to the palatine ceo. two important leadership discussions as we cover the pandemic, one year out. those interviews in a moment, but first the markets, u.s. stocks took their cue from the fed which signaled it will hold interest rates steady. ed ludlow will paint the picture for us. what are you looking at? ed: kind of getting a collective sigh of relief, particularly as the federal reserve said rates would be near his zero through 2023. the s&p 500 is the main gauge of

u.s. equities, a close up 3/10 of a percent. the most pronounced movies always in tech stocks, the nasdaq 100, a tech heavy index closing up 4/10 of a percent. it had been down by as much as one and a half percent before the fed decision came out. a similar move in the bank index. that has been a big story, rising yields, tech stocks with a stretch valuation. if you look at 10 year yield, we came up one year higher as the yield on the u.s. 10 year 1.6%. there have been this concerned about valuations in tech stock, this chart shows the forward ratio of tech stocks relative to the broader s&p 500. basically, it is a 20% premium right now. if you go back to march 2000, the dot-com bubble. that was hundred 29 percent.

there is a collective sigh of relief, we know where we stand with interest rates. and raises the question, do tech stocks have more room to climb? couldn't go higher? because we are nowhere near the premium we were 20 years ago. semiconductors, it is an interesting phase right now, the semiconductor index, you can is down 2%. the jagged line tells the story, there is volatility here. the ongoing global crisis is continuing. that might mean the biggest chipmakers in the world, delays and handsets. there is volatility in semiconductors right now. emily: ed ludlow, thank you so much. >> as you mention, those chipmakers, i want to look at another chipmaker that was one of the stock movers today, intel, having quite the turnaround today. starting the session in the red

and then changing the story at 12:00. they are dealing with legal suits, they have not been completely honest with their production timeline. at 12:00, you saw a tweet from the ceo coming out saying they are going to be addressing new innovation and new leadership on march 23. you saw hesitation for that built into the stock. they may be addressing new competitors as well. if you look at some of the other movers today, i want to bring to your attention amazon's monster gain. 1.4%. in line with the tech move in the broader market. what is important to keep in mind is that amazon is entering the chip business, too. that is where you solve them on telacoc's well, one of the leaders in tele-med. of course, not all tech trade is created equal, i don't have to tell this show this. of course you are seeing media under pressure as well. emily: all right, thank you

both. meantime, facebook has announced it will better police private and public groups, including harsher punishments for users and group administrators who repeatedly violate the guidelines. let's get details. so, facebook a lot more aggressive here, we do how controversial some groups have become, what are they doing? reporter: there are two types of punishment, you could be punished as an individual user or as a group administrator. and your entire group could be punished. if you are constantly breaking the rules, facebook says it is going to limit your ability to interact. they might put you in time out, you can't post, can't comment. that includes all of the group to read, not just groups where you might be violating the rules. if you are continually breaking the rules, your group might not

be recommended to people. it might not show in the newsfeed for people. emily: it's election season, we are in the middle of the pandemic. a lot of different opinions. give us the context? reporter: to your point, this probably should have been done long ago but i think over the last year, we have seen both the good and the bad of groups. particularly the bad. you think about cue in on, you think about vaccine misinformation, you think about miss -- election misinformation. a lot of that stuff happened in groups, it lets people find each other who have fringe viewpoints, or who might believe these hoaxes.

you saw both for -- esau before the elections, this realization that a lot of people were using this product for things that they did not want them to be using it for. i think we had a reckoning there. mark zuckerberg has made groups a huge part of his future, it is really important to those communities. it is an important product that they are getting around to cleaning up. do your point, they should have been done a long time ago. emily: kurt, thank you so much. we will continue to follow. coming up, the pandemic kept well over one billion people on lockdown, set up a major stress test for the sharing economy. we talk about the past year in ride-hailing, delivery, and their future in a new world. and, after one year of being close, california has disneyland is set to open april 30. hotels opening the day before.

we will hear from the disney ceo , his optimism of the park and the rest of the year. this is bloomberg. ♪ >> we are thrilled with what we are seeing from our guest in terms of future reservations. it is a function of a few things, number one, confidence we are seeing the light at the end of the tunnel for the pandemic but also tremendous for the brand. ♪

emily: take me back to march 2020, the pandemic hits and the lights go out, literally at thousands of small businesses across the united states. what was that moment like for you? >> probably the best word is terror. it was a scary moment, obviously

for americans, businesses, especially for yelp. >> this is a scary time, regardless of who you are. i think my instinct is we are finally taking the right steps to moving and a good direction. certainly, asia, china, hong kong have set a great example for us to follow. but, this one is tough. >> the first dark moment was when we had about $1 billion of cancellations. emily: these are unprecedented and scary times and of course it is not going to be business as usual for any business. >> in the long term, i think covid is just a blip and a historic footnote, kind of like the 1918 pandemic. >> it is a trying experience for so many. emily: leaders there, some of

the world's biggest tech companies i spoke to over the past year as they navigated the early days of the pandemic. among them, the uber ceo, shares of the rideshare app plummeted but have since gained over 200%. we look ahead to the post-covid world, it is almost a year ago today that you said it felt scarier than 9/11. now that you have lived through this last year, how you reflect on that feeling today? >> well, i think the feeling reflected the reality that we see. this event that has affected everyone around the world. no one has escaped the tragedy that this pandemic has represented. the effects have been long-lasting, it has been over one year. we now see the light at the end of the tunnel.

i think there is a lot of work to be done to get there. just like september 11, change the face of travel and how we travel, i think the pandemic is going to change the way that we live and work. and i think some of those changes remain to be seen. emily: uber has also transformed dramatically in the last year, you have doubled down on food delivery, getting in on groceries, also equity stakes -- you sold equity stakes in the self driving and flying car. how much different is the uber you are running today and the uber you. you're going to run when you came from expedia? >> it is very different in that when i came from expedia, uber was about mobility. all the questions i asked, all

of the research i did was about the mobility business. it was a cool thing that a couple of us had built. it was a growth vessel. but, i would have never ever anticipated that the delivery business would get to the run rate we are talking about now. just three and half years later. and i think that is as big as the override business, essentially we built another uber. also, benefiting from the pandemic and the rush of commerce to the phone. i think we have executed really well behind that. so, i think the result of all of this is a bigger uber, a more diversified over. -- diversified over.

going places and getting to your home becoming a bigger part of your life. it has caused us to sell or merge some of the pieces of the business that we considered, partially because the delivery opportunity is so big. we want to focus on making sure that we deliver on the promise there. we still a long way to go. emily: you still have equity stakes in this $30 billion investment portfolio. i wonder what that strategy is? is uber avc now? >> not avc, it is significant, we can valued that it is going to get a very large stake in a big rideshare player, they are

all about mobility, delivery, ecosystem. any investor who invests in over gets its name on a business, we are running a mobility network on a normal basis. it also gets further from the ecosystem that we have to focus on these partnerships. emily: as the world starts to open up? what is the demand you are seeing? speculation about a roaring 20's style return, is that how you would characterize it? and how are you preparing to wrap up, for me you would worry about there being enough couriers and drivers to serve all of the customers. >> sometimes it might feel like it but i wasn't around in the roaring 20's. but, we are dastardly -- we are

definitely seeing trends that are encouraging. we increased 15% on a month on month basis. march is stronger than february as well as things open up. and, the minority of the population has been vaccinated. it has not completely opened up. but in certain markets like miami, where mobility business is 25%, getting back to normal, very little airport activity. the delivery business is growing over 100%. we might see a. in which we are hitting on all cylinders, which would be a significant thing moving forward. emily: you just announced a dramatic change in the u.k., reclassifying 70,000 drivers as workers, not full-time employees but they are entitled to more benefits like vacation play, for example.

what kind of conversations are you having about doing this in other countries? what will uber be doing to improve conditions for drivers in other places when it is not a matter of the law, like in the u.k. or california. >> absolutely, the worker designation is a designation that is unique to the u.k.. it is not a full-time worker, it comes with flexibility but it also includes benefits that you talk about as well. we could have argued, quite effectively now, that we believe the nature of gig workers should change, not to take away the flexibility that the drivers prize the most. but to include some benefits. whether it is health care, vacation days, etc.. we believe that is the right thing foroing forward with it.

as a result, we have looked into the u.k. worker model and we have decided we are going to do the right thing. we are doing the right thing in the u.k., hopefully that leads to others in the industry following suit. these are discussions we are having in countries, the regulation is local. we recently passed regulation that looks similar, we want this model to have maximum flexibility to earn the way that you want to along with benefits. emily: you have said this will increase costs but will not impact profitability, i have been talking to analyst today, one of them says that the mass doesn't work out. who is footing the bill, doesn't get passed on to the customer? >> i would say that maybe the

analysts should check their math. we would not say that we are on track to profitability and less we were and intend to get there. the fact is the mobility business has maturity, january or february of last year, we were of 25%. these are costs that are an additional investment we are making. an in progress. we think it is an investment that we will be able to make to build a long-term path forward and hit profitability at the same time. it comes with some risks but we are paid to take risks and to make things work out and that is our intention. emily: meantime, inevitably when i do an interview with you or the ceo of doordash, i get tweets from drivers who say they are still not paid enough.

the critics say the gig economy model may be increasing inequality. how do you respond to that? >> i think that -- listen, the pay that drivers or couriers make, you can debate whether it is enough or not but the facts are for example, in the u.k., drivers already earned, in london for example, already earned approximately 16 pounds per hour, close to about $24 an hour. that kind of pay is significantly above minimum wage. we are seeing that kind of money , when you want, how you want, where you want, we think it is a compelling value proposition. 17 pounds an hour is a decent

number, and with the flexibility, it gets to be pretty compelling way to earn. emily: you said that uber will not be investing in bitcoin, but it has continued to see an incredible rise and more corporate acceptance. anymore discussions behind the scenes about excepting cryptocurrency as a form of payment? >> i talked about, we would look to accept bitcoin or other cryptocurrency if the demand is there and analysts are right. as far as investing in bitcoin, it is not something i see in the near term. maybe that will change in a couple of years. remember, we are not profitable yet. the company is still a company that is profitable. usually, the investment activity would be about josh -- would be about, we are not going to make

a money because of our treasurers, we are going to do it because we get there in the treasury is going to keep it safe as we journey onto profitability. emily: meantime, as we have been speaking, brazil just reported more than 90,000 new cases of covid-19. you obviously have business there. in your view, is the crisis nearly over or is it still far from over? >> i think there is a light at the end of the tunnel. there is a lot of between now and then, we have to stay vigilant. in terms of masking up, and terms of keeping our distance, and, the challenge of vaccinating billions of people all around the world is a shared challenge that we all have to contribute to. as an example, we are doing our part in terms of providing free rides and the partnerships we have with walgreens helping

drivers who are designated as front-line workers get a special code that they can use to get vaccinated at walgreens. there is a lot of work ahead of us, i think the rollback is happening -- the road back is happening but it is going to be bumpy. we all have to work together to get there. emily: thank you so much for joining us one year on, we will keep watching how the company continues to evolve. much more when we return, stay with us. this is bloomberg. ♪

emily: robinhood is offering a new promotion for traders as millions of americans receive stimulus checks. the trading platform is offering bonuses for the posits in the next two weeks. the offer comes weeks after robinhood's co-founder was

grilled by lawmakers about features that critics say entice users to trade excessively. coming up, we will hear from the ceo of disney about plans to reopen disneyland next month. his outlook for the rest of the year, also pellets on ceo john foley. this is blue bird. ♪

emily: welcome back to bloomberg technology, i'm emily chang in san francisco. disneyland is set to reopen on april 30, limited capacity, more than a year after being shut down amidst the pandemic. during this time, the company has doubled down on streaming efforts, disney plus and espn plus. ed ludlow has more. ed: disney is one of these stocks, the companies of the pandemic. disney plus is part of that. if you look back before the pandemic, you have to remember this was such a big piece of the

story. it shows a portion of revenue, parks and merchandise was topping 40% in many of the forces leading up to the pandemic. you can see on the right-hand side of the screen, it drops off and then starts the recovery. part of the reason investors are cheering the reopening, once again it will be an important contributor. disney parks are the story, if you look at how to drive -- to describe the growth of disney plus, it is astonishing. where does that leave us? what is disney? is it a media company, entertainment giant, if you look at it shareprice against netflix which it is trying to catch up with in the streaming space. and also six flags, of course a theme park company. you can see six flags has done us honestly well, netflix which

did so well at the beginning of 2020, the stay-at-home trade, disney is somewhere in the middle. eddie's both the reopening trade and the stay-at-home trade. because as long as we are stuck at home, we are watching things on disney plus. as the economy recovers, look at the middle of the pack, it benefits from that reopening and other business areas that recover, like cruise ships, merchandise. it has adapted and pivoted during the pandemic. but what happens when it is back to normal? that is what i want to know. emily: right, the company is so different than it was one year ago. thanks so much. i spoke about all of that with the ceo of disney earlier this morning. optimism about the reopening and what the rest of the year holds, take a listen. >> we are thrilled with the response we are seeing from our guest in terms of future

reservations and intent to come back to the parks. i think is a function of two things, number one, confidence that we are seeing a light at the end of the tunnel and also a tremendous trust in the brand. if you operate across the world, walt disney road for example in the last nine months, we have done so responsibly. we had the nba bubble that was so successful, and i think you have to know that disney is going to do it right. that trust leads them to want to come back to our parts and -- our parks, experience the magic and know that we are going to be responsible as they do that and have a great time. emily: so today is april 30 for california, you have 60% capacity limits in the right ear, you can get to 25% if you get to the orange tear. investors want to know, can you make money with these kind of limitations, no out-of-state residents as well? >> as we have said from the

beginning, there are a couple of requirements for us to reopen the parks. the first one, i mentioned, we have to be able to do so responsibly and make sure everybody has a great time while also being safe. at the same time, we are only going to open up to shareholder value. we are going to be able to recover variable expenses and make a contribution toward profit, that has been the case since we started reopening nine months ago and that will be the case with disneyland. of course as conditions improve, we will be there to ramp up and make sure everybody has a great time. we will also be bringing more people back to the magic of disney. emily: what are some of the new technologies you have used over the last year that you think might stick around post pandemic? will temperature screening continue, will you use the reservation system more? >> well, an addition to all of the health guidelines that we have been following across the

world, masks, temperature checks, increased hygiene, six-foot social distancing, we are also hoping to interviews a new reservation system that will enable our guest have a great time no matter when they choose to come to disney. of course, nobody ever wants to go through a pandemic but our teams have been hard at work making sure that when we reemerge, we are going to do so in a way that is going to improve the guest experience even versus a pre-pandemic situation. our guest satisfaction score since we have reopened have showed that, indeed, guests are even more satisfied than they were prior to the pandemic. we learn to operate under constraints, all the time, by delivering the disney magic that you expect. we have been in a fortunate situation where we have a lot of demand and, in many cases it has exceeded what we can actually supply in terms of how many

people we can put in the parks. there has been no situation that has been more like that then we have had upon reopening, really having to operate under tight constraints. we have gotten better and better at it. that is going to create a reemerging scenario where magic is going to be even greater for our guests when they come back to the parks. emily: now, disneyland paris looks like it will be the last to reopen. scheduled for april 2 but that has gotten pushed back. you think it will reopen by summer? >> we help so, we follow the guidelines of local governments and local health agencies. they are telling us when it is safe to reopen. i agree with you, that will probably be the last of our parks to reopen again. but, once it does, we will be there, again to operate responsibly and make sure there is magic for everybody. emily: disney plus has, by all

accounts, been a remarkable success. just surpassed 100 billion users, release of an additional premium. i know you're not going to share numbers but can you tell us how that early streaming model on digital is working when customers know they can get it for free just a few months later. are people buying? is that something that will stick around when people are going back to theaters? >> well, there's two reasons to do this now, one is obviously people have some level of anxiety about returning to theaters or the theaters are not open in big numbers so, this gives them an option, some flexibility to watch the film at home without having to wait for three or four months to see it. also, there are some fundamental consumer changes going on where people are becoming impatient. they want the movies the way they want to see them, when they want to see them and how they want to see them. we have been thrilled with

activity from the premier access strategy, whether or not this becomes a big part of our strategy going forward is going to be up to consumers. they have opened their pocketbooks, they will tell us how they want to watch movies and we are going to be responsive to the consumer. they're going to drive the evolution just like they are driving the evolution from a linear, broadcast word to a subscription streaming world in general. emily: the ceo of disney, you can catch the full interview at bloomberg.com. up next, the company that has single-handedly transformed the fitness industry and affected millions of users stuck at home. i am speaking with the ceo of peleton, john foley about the future post pandemic and beyond. this is bloomberg. bloomberg.

>> on this week's episode of power up, i will be taking a look at peloton. i think the company will continue to be successful after the pandemic. when the covid-19 pandemic began to sweep the united states a year ago, orders for peloton's pricey bikes and treadmills began to pile up. users were looking for ways to work out from home. peloton generated nearly $2 billion, that is about 800 million dollars more than it made in the four quarters before the pandemic began. that has led to a key question for investors, has peloton become a covid stock? one whose revenue will do --

would decline back to normal when the pandemic ends? i don't believe that will be the case. that surge in users has reached a point where people are buying the bikes and treadmills because their parents -- their friends have them. people who have been working at home have gotten used to it. peloton charges users fees, that is another recurring revenue stream that will remain even if hardware slayers -- hardware sales slow down a few months ago, it said it will enable the company to release designs in a conversion will abide it. -- in a can virtual -- a commercial environment. still, signs for continued strength are present. it has a serious challenger -- it has no serious challengers. it has drawn interest from many people inside the over one and a

half billion person strong apple user base. there will also be a percentage of people who will work out with a more expensive piece of machinery. regardless, it still appears that peloton is here to stay for the long term. i'm mark berman. emily: thanks, mark. for more on peloton, we are joined by the ceo, john foley. thank you for joining us, obviously, it has been an unprecedented year. the surge in demand, the unprecedented challenges to meet that demand. you, leading the company through it while dominating the palatine leaderboard. talk to us about the last year, how well do you think peloton met the moment? >> i think we did well.

i was proud of our team. it was unprecedented and, of course we have grown since we launched the company. so we were planning to have a great growth year, this morning our manufacturing team told us over the last 12 months they have grown supply 700%. the capacity 700%, which is crazy herculean to try to keep up with the growth. emily, i think you saw our instructors were innovative and the concept team, once the studio close, we moved instructors to their homes. to be able to stream the fresh content to members. our stores close, the retail folks jumped on the phone to help people get on board. and on and on, i feel like our members, we got hundreds of thousands of new members. i have been pleased, incredibly

proud of the team. emily: you're absolutely right, i spent a lot of time with my favorite. the big question is how does the growth of all post pandemic? since reopening, life settling into a new normal, what is the demand picture look like as vaccines rollout and after vaccines are done? >> about six month ago, there was a survey done by the national company that says they found that 69% of americans are not going to go back to the gym after covid is done. so, this whole idea that you can now get better workouts at home without traveling and a better value because, on average, peloton workouts cost around two dollars per workout when you think about how much members and their families are using, riding

or running on the peloton treadmills are bikes. better instructors, we have the best instructors in the world. the experience is a better value, better location. i think the word is out the peloton has this experience like you just heard. people get addicted to them, why would i travel for an inferior experience? that is useful. so we believe that the growth we have seen is going to continue for years and years to come. the total market as we see it as close to 200 million gym goers around the world. we have just under 2 million subscribers. we could grow 100 times before starting to feel like the growth may slow. emily: wow, well, those

customers need bikes. the new customers. but, supply constraints have been tough in an otherwise record year. what is the latest on efforts to improve that part of the process? and when might a customer be able to order a bike and get in a few days? >> that's a great question, it has been tasking us for the last couple of quarters. as of today, it is to four weeks here in the states. which, is again a herculean success for the team considering demand is so robust. that is a testament to the supply, the increase in the supply chain. gain the bikes to taiwan, los angeles, the port of long beach, and into our new members homes. so, we finally got on top after

a few months. emily: let's talk about the hardware pipeline, will you be putting out interrelations annually? what will new bikes look like? how often do you think consumers will replace them? >> that's a good question. i want to point out that last year, we launched a brand-new treadmill we launched a new bike, the existing bike or d1 bike, we offer innovation, it is in our dna. we are going to continue to innovate on the bike line, the trendline. we are working on other products and categories, we are committed to winning strength. we don't want to just be cardio, we want to win cardio globally

and strength globally. so, i actually get to go out to one of the r&d labs and focus every couple of weeks, it is energizing to me to see all of the cool stuff, not just hardware but software and content, the different things you would expect us to come out with. emily: we will talk about software but the does that mean a strength training machine or rowing machine could be next? >> those are good guesses, i can't confirm or deny. we are adding a fund category, you can imagine the things we are working on. emily: let's talk about content, you did a big deal with beyonce. i'm curious if we're going to see more deals like that?

>> that was a great partnership, not just on music but a broader partnership. across-the-board, all kinds of partnerships, to answer your question, we are spending tens of millions going to hundreds of millions of dollars with music partners. to go directly with artists, it is what members want, we are innovating on that constant front, absolutely, you're going to see a lot more of that kind of stuff as we go on. emily: let's talk about the competition, obviously, you're making inroads, and echelon, what you think about the prospect of your rivals? >> is awful -- it is obviously a legitimization of business streaming content. for years, nobody believed in us and i you have apple saying this

is an important enough category that we are investing in digital fitness as well. and then, on and on, you are seeing the big players from fitness of yesteryear, a great product, and then other newcomers. i think, legitimization and saying everyone in the industry seeing that the future of fitness is at home. so, i do think that the consumer is going to win. you see competition for innovation of the consumer, which is great. more people getting healthier. of course, the real innovation, the content software and the experience that is going to come out of peloton. we have, i think over $3 billion on our balance sheet and we are going to invest in innovation. i think we are going to win, if it is a global winner take all opportunity, which i believe it will be, we are going to make sure we can help out as well.

emily: speaking of global, you are expanding into australia and peloton is in more countries, how rapid you see expansion around the world and when will peloton be a truly global company? >> that something we think about a lot, our team is all over this, we want to get to every country. there are people who want peloton products in different countries all the time and we are not there yet, so fortunately, we have stores and delivery vans, we do our television content and marketing, we of course went with on then take german instructors and language, it is a slower process getting to these markets in the way we want to.

in such a high touch way. the other thing worth balancing is the growth we have experienced every year since we launched the company is so robust that we do not want to stress our team out beyond the crazy 12 months we just had. so for us to say we are going to go to 15 new countries in 12 months, we would try to do that prudently. so, we can deliver to our new members and create the experience we want. emily: we will be watching as you try to reach that that you were talking about earlier. thank you so much for joining us for our special coverage of the pandemic one year on. coming up, facebook makes an impactful change offering paid leave to victims of domestic violence. what their chief operating officer sheryl sandberg told us,

next. and, as we had to break, let's take a look at stocks on the rise. we are looking at intel, and xt, of course you have been following the global chip shortage, boosting chip stocks across the board. we will keep watching, this is bloomberg. ♪

>> we had this before but i think this is us recognizing that this is something that affects everyone, including our employees. it is a situation where you need paid time off, not just for yourself but for a loved one. emily: that was facebook coo sheryl sandberg speaking at the bloomberg quality summit, facebook announcing it will extend its paid leave policy to workers who are victims of sexual assault and domestic violence. all employees will be able to

take as many as 20 paid days off and day or relative have been a victim of a crime. facebook policy previously was only for u.s. employees. that does it for this edition of bloomberg technology. tomorrow, we have a great show with qualcomm, and more. ♪

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