♪ emily: i'm emily chang in san francisco, this is bloomberg technology. coming up in the next hour, the fed continues to project rates, -- near zero rates, at least through 2023. stocks reverse losses, we will cover how the tech sector fared. plus disney -- california's

disneyland will reopen on april 30, that, plus the status of disneyland parks around the world. my one-on-one interview, coming up. it has been nearly a year to the day that the uber ceo told us that 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 peloton ceo. two important leadership discussions as we cover the pandemic, one year out. those big interviews in the moment, but first the markets, u.s. stocks took their cue from the fed which signaled it will hold interest rates steady. ed ludlow and kriti gupta 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 zero through 2023. the s&p 500 is the main gauge of

u.s. equities, closed up 3/10 of 1% but it had been earlier prior to that. the most pronounced moves always in tech stocks, the nasdaq 100, a tech heavy index closing up 4/10 of 1%. 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, the question around the rate stocks. 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 has been this concern about valuations and tech stocks. this chart shows the forward ratio of tech stocks relative to the broader s&p 500. basically, there is a 20% premium right now on tech stocks. if you go back to march 2000, the dot-com bubble. that was as high as 129%. there is a collective sigh of

relief, we know where we stand with interest rates. we know those yields have backed off over the last 24 hours or so. it raises the question, do tech stocks have more room to climb? -- could they go a little bit higher? we are nowhere near the premium we got 20 years ago. semiconductors, it is an interesting space to watch right now. the semiconductor index, you can see it is down 2%. the jagged line tells the story, there is volatility here. overnight, saying that the ongoing global chip shortage is continuing. and that might mean delaying some handsets. there is volatility in semiconductors right now. emily: ed ludlow, thank you so much. kriti: you mentioned those chipmakers. i want to look at another chipmaker that was one of the stocks today and that was intel

having quite a turnaround today. starting the session in the red and then changing the story at 12:00. they are dealing with legal suits. investors saying they have not been completely honest with their production timeline. at 12:00, you saw a tweet from their ceo coming out saying they are going to be addressing new innovation, new leadership all coming on march 23. you saw anticipation 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%. it is 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. not just chips, they are entering telemedicine. that is where you saw them on teladoc as 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 new rules to better police private and public groups, including harsher punishments for users and group administrators who repeatedly violate the guidelines. let's get the details from bloomberg's kurt wagner. facebook getting a lot more aggressive here. we know 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 an individual user and you are constantly breaking the rules, facebook says it will limit your ability to interact with groups. they might put you in timeout. you can't post, you can't comment. that includes all of the group s you are in, not just the groups where you are 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. they are trying to incentivize people to behave appropriately and punish people when they are violating the content rules. emily: tell us more about why facebook is doing this and why now. the seem to be things that facebook should have been doing all along but we have gone through a contentious election season, we are in the middle of the pandemic lots 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 qanon. you think about vaccine misinformation. you think about election misinformation. a lot of that percolated in groups. it let people find each other who have fringe viewpoints or believe some of these hoaxes.

facebook, we saw them before the election saying we are not going to recommend political groups anymore. it was a realization the -- 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. to your points, this should have been done a long time ago. emily: bloomberg's kurt wagner. 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. uber ceo joins us next to talk about the last year in ride-hailing, delivery, and their future in a new world. -- new normal. and after a year of being close to, california's disneyland is set to reopen april 30 with associated hotels opening the day before. we will hear from disney ceo bob

chapek, his optimism about the parks and the rest of the year. this is bloomberg. ♪ >> we are thrilled with the response that we are seeing with our guest in terms of future reservations and intent to come back to the parks. 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 -- tremendous trust for the brand. us trust 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. was that moment like for you? dara: probably the best word is terror. [laughter] it was a scary moment, obviously

for america, for small businesses, and especially for yelp. >> this is a scary time and it is scary regardless of whom you are. my instinct is that we are finally taking the right steps to move in a good direction and certainly asia, china, hong kong have sets a great example for us to follow, but this one is pretty tough. >> the first dark moment was when we had about $1 billion of cancellations from guests. emily: these are unprecedented and scary times and of course it is not going to be business as usual for any business. we are >> in the long term, i all watching this carefully. -- we are all watching this carefully. >> 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 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 ride-hailing service plummeted a year ago when lockdowns began, but have since gained over 200%. the ceo joins me now to look ahead to the post-covid world. it is almost a year ago today that you said, and i will never forget this, that it felt scarier than 9/11. now that you have lived through this last year, how you reflect -- how do you reflect on that feeling today? dara: the feeling reflected the reality that we see. this is an 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 a year. we now see the light at the end of the tunnel. but we are by no means there.

i think there is a lot of work to be done to get there. just like september 11, change d the face of travel and how people traveled, etc., i think that the pandemic is going to really change the way that we live and we 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. you have made some acquisitions. you are getting in on grocery. you also hold equity stakes in the self-driving units, flying cars, electric bikes. how much different is the uber you are running today than the uber you thought you would run when you came from expedia? dara: 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 mainline mobility business. uber eats was this cool thing that a couple of folks had built. it was a gross vector. but -- growth vector. i would have never anticipated that the delivery business would get to the $50 billion run rates we are talking about now. just three and half years later. and i think that is as big as the uber ride businesswise, so he essentially built another uber. also, benefiting from the pandemic and the onrush of commerce to the home, we have been one of the beneficiaries. we have executed really well behind that. so i think the result of all of this is a bigger uber, a more diversified uber, and about

going to places and getting anything going to your home being a bigger part of your life. it has caused us to sell or merge some of the pieces of the business that we consider non-core, partially because the delivery opportunity is so big, so we wanted to focus on making sure we deliver the promised air. we still have a long way to go. emily: you still have equity stakes in aurora, lime, in joby, and a $30 billion investment portfolio. i wonder what the strategy is there. is uber a vc now? dara: not a vc. the investment portfolio is significant. we think the value of that is going to grow. we have a large stake in a big

rideshare player, and a joint venture that are all about mobility in delivery ecosystem, so any investor who invests in uber gets the benefits of the mainline business that we are running as a mobility network on a normal basis. it also gets further gross -- growth from the ecosystem that we have to focus on these partnerships. emily: as the world starts to open up, what is the picture of demand you are seeing? we have heard speculation about a roaring 20's style return. is that how you would characterize it? and how are you preparing to meet the demand to make sure there are enough drivers to serve all of your customers? dara: although it might feel like it, i was not around in the roaring 20's. after this year, i feel like i was. we are seeing trends that are encouraging.

our bookings february over january, month over month, increased 15% on a month by month basis. march is stronger than february as well as we see things open out. we think there is more to go. the minority of the population has been vaccinated, things have not completely opened up, but in certain markets like miami, our mobility business is down only 25%, so getting back to close to normal, so very little airport activity. our delivery business is growing over 100%. we might see for uber, a period where 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 pay, for example. what kind of conversations are

you having about doing this in other countries? what will uber be doing voluntarily to improve conditions for drivers and other places when it is not a matter of the law like in the u.k. or california? dara: 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 talked about as well. we have argued quite proactively now, that we believe that the nature of gig workers should change, not to take away the flexibility that all of drivers and carriers prize the most, but to include some benefits, whether it is health care, vacation pay, etc.. we call it the -- we believe that is the right thing for society to go forward with.

as a result, that feeds very much into the u.k. worker model and we decided, we are going to step forward and do the right thing. hopefully are doing the right thing in the u.k. leads to others in the industry following suit. these are discussions we are having in countries, the regulation here is very local. india recently passed regulation that looks similar. we think this model of maximum flexibility to earn the way that you want to, along with some benefits, we think that is a future model and it is one that we will support. emily: you have said this will increase costs but will not impact profitability. i have been talking to analysts today, one of them said, the math does not work out. so do the math for us. who is footing the bill, does it get passed on to the customer? dara: i would say that maybe the

analysts should check their math. we would not say that we are on track to profitability and less -- unless we thought we were on track and intended to get there. the fact is the mobility business has maturity, january and february of last year, our mobility business was up 25%. these are costs tht -- that we can bear, it is an additional investment we are making in our drivers, and we think it is an investment that 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 as far as profitability. 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 any quality. how do you respond to that? dara: i think that -- listen, the pay that drivers are couriers make, you can debate whether it is enough are not, but the facts are for example, in the u.k., our drivers already earn, and london, for example, already earn approximately 16 pounds per hour. that is close to about $24 an hour. that kind of pay is significantly above minimum wage. we are seeing that kind of money and have absolutely flexibility to work when you want, how you want, and 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. are you sticking with that? any more discussions behind-the-scenes about plans to accept cryptocurrency as a form of payment? dara: i actually talked about -- we would look to accept bitcoin or other cryptocurrency if the demand is there, if the economics are right. as far as investing in bitcoin, it is not something i see in the near term. maybe it will change in a couple of years. remember, we are not profitable yet. the risk of the company is still a company that is pretty profitable. usually you are investment activity as far as treasury should not be about speculation. we are not going to make a bunch of money because of our treasurer. we are going to make a bunch of

money because our operators get there and our treasurer is going to keep us 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 a huge business there. in your view, is the crisis nearly over or is it still far from over? >> i think there is a dara: i think there is a light at the end of the tunnel. the crisis is not over. there is a lot between now and then. we have to stay vigilant and terms of masking up, and terms of keeping our distance. and the challenge of vaccinating billions of people all around the world, it is a shared challenge that we all have to contribute to. for 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 of the road back is happening but it is going to be bumpy. we all have to work together to get there as quickly as possible. emily: thank you so much for joining us 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 some customers bonuses of up to $250 for deposits 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, peloton ceo john foley. this is bloomberg. ♪

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pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. disneyland is set to reopen on april 30, at limited capacity, more than a year after being shut down amidst the pandemic. during this time, the company has doubled down on streaming efforts with disney plus and espn plus. ed ludlow has more. ed? 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 that the parks were such a big

piece of the disney story. this shows a portion of revenue, parks experiences and merchandise was topping 40% in many of the quarters leading up to the pandemic. you can see on the right-hand side of the screen, it drops off and then there are signs of recovery. part of the reason investors are cheering the reopening, once again it will be an important contributor. but disney plus really is a story. if you look at how subscribers have grown, look at that. astonishing. more than 100 millions of primers to date -- 100 million subscribers to date. 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

-- done extremely well, netflix, which did so well at the beginning of 2020, the stay-at-home trade, disney is somewhere in the middle. 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, like parks, like merchandise. it has adapted and pivoted during the pandemic. but what happens when life goes back to normal? that is what i want to know. disney. 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. he expressed his 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 guests in terms of future reservations and intent to come

back to our 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. we have been able to 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 guests know that disney is going to do it right. that trust leads them to want to come back to our parks, experience the magic, and they 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 -- in the red tier, you can get to 25% if you get to the orange tier. 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 very beginning, there are a couple of requirements for us to

reopen the parks. the first one, as 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 cover our variable expenses and make a contribution toward profit. and that has been the case since we started reopening nine months ago and that will be the case with disneyland. so we are confident we can do that. and of course, as conditions improve and the constraints are relieved, we will be there to ramp up and make sure everybody has a great time. and welcome even 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 going to be introducing any reservation system that will enable our guest to have a great time no matter when they choose to come to disney. of course, nobody ever wants to go through a pandemicm 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. and our guest satisfaction score since we have reopened have reopened across the world -- since we have reopened across the world showed that, indeed, guests are even more satisfied than they were prior to the pandemic. we have learned some things. we have learned to operate under constraints, all the time, by delivering the disney magic that you expect. but we have been in a fortunate situation, where we have a lot of demand in the past, 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 than 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. they were scheduled for april 2, but that has gotten pushed back. do you think it will reopen by summer? >> we certainly hope so. we follow the guidelines of local governments and local health agencies. in terms of 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. you just surpassed 100 billion users, release of an additional premium. i know you're not going to share numbers on that, 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 right 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. but 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

consumer receptivity 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 world 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 -- and kept millions of users while stuck at home. i am speaking with the ceo of peleton, john foley, about the -- peloton, john foley, about the future post pandemic and beyond. this is bloomberg. ♪

mark: 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 searching for ways to work out from home. during the fourth fiscal quarter covering the pandemic, peloton generated nearly $2 billion, that is about $800 million more than it made in the four quarters before the pandemic began. that has led to a key question from investors and analysts -- has peloton become a covid stock? one whose revenue 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 bikes and treadmills because their friends have them. people who have been working at home rather than a gymnasium have gotten used to it. peloton charges users fees, that is another recurring revenue stream that will remain even if hard whale sales -- hardware sales do slow down. a few months ago, it said it will enable the company to release designs in a commercial environment. like hotels and gyms. they expect revenue to top $4 billion. still, signs for continued strength are present. peloton could have some serious challenges. it has drawn interest from many people inside the over one and a half billion person strong apple user base.

there could also be a percentage of people who will work out with a wearable instead of a more expensive piece of machinery. it still appears that peloton is here to stay for the long term. for power up, i'm mark berman. emily: thanks, mark. for more on peloton, we are joined by the man himself, 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 peloton leaderboard. talk to us about the last year, how well do you think peloton met the moment? >> i think we did really well. i was super proud of our team.

it was unprecedented and unanticipated. of course, we have grown since we launched the company. so we were planning to have a great growthier, but we just had a 10 -- great growth year, but we just had a team meeting 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 probably saw our instructors were innovative and the concept team, once the studios closed, we moved instructors to their homes. to their living rooms and bedrooms to be able to stream fresh content to members. our stores closed, the retail folks jumped on the phone to help people get onboard. on hello thanh >>. -- on peloton bikes. . 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 her. she is my favorite. the big question is, how does the growth of all post pandemic? gymnasiums reopening, life settling into a new normal, what does the demand picture look like as vaccines rollout and after vaccines are done? >> yes, so about six months ago, there was a survey that was done by a national company that said 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 -- at a better value, because on average, peloton workouts costs around two dollars per workout when you think about how much members and their families are using, riding, or running on the

peloton treadmills or bikes. better instructors, we have the best instructors in the world. with better experience is a better value, better location. i think the word is out that peloton has these experiences, like you just heard. people get addicted to them, why would i go to the gym and travel for an inferior experience? covid or no covid, that is universal. so we believe that the growth we have seen is going to continue for years and years to come. the total addressable market as we see it is close to 200 million gym goers around the world. we have just under 2 million subscribers. so we could grow we believe 100 times before starting to feel like the growth may slow. emily: wow, well, those customers need bikes.

those 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 taxing us for the last couple of quarters. i'm happy to report that as of today, the answer is four weeks here in the states. which is again a herculean success for the team considering the demand is still so robust. it is really a testament to the supply chain capacity, getting them through thai one, through the port of los angeles, and getting them into our new members homes -- new members' homes. we finally got on top after a

few months. emily: let's talk about the hardware pipeline, will you be putting out interrelations annually? -- iterations annually? what will the new bikes look like? how often do you think consumers will replace them? >> that's a good question. i will point out that last year, we launched a brand-new tread mill, lower-priced, and we announced a new bike, the bike plus allowed us to lower the price of the d1 bike. innovation is in our dna. we are going to continue to innovate on the bike line, the trendline. we are working on other products and other categories. we said we are committed to winning strength. we don't want to just be cardio, wear largely on track to win

cardio globally and we want to make sure we win 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 for me and the team to see all of the cool stuff, not just hardware but software and content, the different modalities that you would expect us to come out with. emily: we will talk about software, but does that mean a strength training machine or rowing machine could be next? >> uh, those are good guesses, i can't confirm or deny. [laughter] but we are having fun. this is a fun 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 and how much you are spending on content. >> sure. that was a great partnership.

it was not just on music, but a broader partnership with beyonce we are very excited about. but you are right, the beatles, 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. with the publishers, the labels, directly with artists, it is what our members want. we are innovating on the content front. absolutely, you will see a lot more of that type of stuff from peloton. emily: let's talk about the competition. obviously, apple is making inroads, and echelon, what you think about the prospect of your rivals? >> it's obviously a legitimization of business streaming content. -- fitness streaming content. as a category. for years, nobody believed in us and now you have apple saying this is an important enough category that we are investing

in streaming digital fitness, as well. and then, on and on, you are seeing the big players from fitness of yesteryear trying to create new products, then other newcomers. i think, legitimization and saying everyone in the industry seeing that the future of fitness is at home. so it is somewhat flattering. i do think that the consumer is going to win. anytime there is competition for innovation, the consumer wins. which is great. more people getting healthier. of course, i am biased. 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 peloton is prepared to take

advantage of that. emily: speaking of global, you are expanding into australia and peloton is in more countries, -- and just a handful of countries. how rapid you see expansion around the world and when will peloton be a truly global company? >> that is something we think about a lot. our leadership team is all over this. we are anxious to get to every country. it is frustrating that people 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 authentic german instructors in the german language in germany. it is a slower process getting to these markets in the way we want to. in such a vertically integrated, 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. at the right rhythm, so that we can deliver to our new members and create the experience we want. each one of these new markets. emily: we will be watching as you try to reach what 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 head to break, let's take a look at stocks on the rise. you're looking at micron, intel, broadcom, of course you have been following the global chip shortage, boosting chip stocks across the board. we will keep watching. this is bloomberg. ♪

sheryl: 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. -- bloomberg equality summit. facebook, announcing it will extend its paid leave policy to workers who are victims of sexual assault and domestic violence. all employees globally will be

able to take as many as 20 paid days off if they or a 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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