si machines, no expensive memberships. get off the floor with aerotrainer. go to aerotrainer.com to get yours now. emily: emily chang in san francisco and this is bloomberg technology. coming up, tech gets caught up in u.s. china tension. apple setting off chinese developers, trying to skirt upcoming limits on ad tracking. plus facebook shares fall after

mark zuckerberg downplays the risk of apple's app tracking policy. and an outage affecting thousands of users. it is developing a version of instagram for kids. a busy day for the social network. and our weeklong series, the shut when you're on. we will speak to the company that quickly became a household name, hosting everything from board meetings and weddings as millions were forced into lockdown. the zoom cfo. although stories in a moment. stocks rising. treasury yields retreating from the highest levels of the day. let's get to ed ludlow. ed, walk us through the day. >> tech outperformance the story of the day. after such a volatile week, u.s. equities ending with a whimper. the s&p 500 basically fat -- flat on friday. the nasdaq 100, a tech heavy

index, up 6/10 of one prevent -- of 1%. as you say, it is about that 10-year treasury yield. i know you have heard this before, emily, and i sound like a broken record, but look at this chart. across the last five days you can see the relationship between movement in the u.s. 10 year yield and also nasdaq futures. nasdaq futures being the white line. u.s. 10 year yields being the blue line. that is with the market is looking at right now. the market is concerned about rising rates, concerned about rising inflation, and what that means for tech stocks with stretched valuations. there is a lot of specific names driving movements, facebook being the most interesting want -- interesting one. up 4%. mark zuckerberg saying that the upcoming policy changes with apple's privacy settings in regards to ios will not impact

the company that much. giving a bullish picture. the biggest point gainer on the nasdaq 100. amazon up 1.5%. in terms of the laggards, apple really weighing down, down a half percent. you will talk about that more in a moment. tech stocks closing up 3/10 of 1% -- tesla closing up three cents 1%. apple is a are both down, both more than 10% in 2021. both of them underperforming on the s&p 500. they both have massive runoffs test run ups in stock at the end of toy 20. what happens next to those stocks, specifically tesla? emily: ed, thank you for breaking that down for us. happy friday. bloomberg's ed ludlow. senior u.s. officials have wrapped up the very first high-level and very direct talks with their chinese counterparts without making any major

announcements. for more, i will bring in jenny leonard, who has been following the talks. the u.s. came out swinging and china responded very strongly. walk us through where they ended up today. >> yeah, so i think you summed it up well. the meeting wrapped up with no announcements or outcomes and was really more of a rhetorical fireworks than expected. even as we went into this meeting with very low expectations, the u.s. side had briefed us before saint do not expect any joint statements. what really went down last night was surprising to the media. particularly on the u.s. side. we know on the chinese side that

there will be that presidential summit next month. we do not get an announcement from the u.s. side of any presidential summit. what we heard from secretary of state antony blinken when he just left the talks moments ago, he once again said it was important for the u.s. to lay out its priorities and jake sullivan, the national security advisor, said they were clear eyed going in about the challenging -- the challenges and are clear eyed coming out. i would say this was an interesting first face-to-face meeting. i do not think we have enough information yet to say where the relationship is going to go after this. certainly the u.s.-china relationship to not lose tension -- did not lose tension just because we are in a new administration. emily: once you make of how secretary of state blinken handled the cameras and wanted

the media to see the discord? how did that move impact the town going forward? >> it was really interesting. i watched it thinking, did he expect the chinese to lash out the way they did, because once they did, he made the decision to respond and wanted the u.s. media to see it. we heard from secretary blinken and the whole biden team that they are seeing this as them being -- coming from a position of strength. that is what he really wanted to showcase and saying we will have the last word. the u.s. media will be there to see it. it was quite interesting. how the town -- tone really shifted. his response was stilled -- still diplomatic, but he wanted to make a point of having the

last word. in terms of the relationship going forward, i think this is a clear indication that there will not be a reset in the relationship just because the biden team is coming in. i thing they have in certain areas like sanctions on hong kong or how they have talked about human rights or the economic issues we have covered four years now, you know,

emily: bloomberg has learned there are concerns about sensitive data being collected by cameras built into electric cars. tesla uses several small cameras to help guide parking, auto pike -- auto parking, so how will this impact china, let's bring in dan ives of wedbush. dan, there are a lot of parking garages in chinese cities. what do you make of this? i think that is the bigger worry. big brother is watching. just a first step. china, that is the linchpin. i think this is a continuing issue. the worry is, do they get caught in the crossfire as she did in paying flexes their muscles? we know this continues to be the major strategic advantage for tesla and they gained share, but

i thing this is a bit cautionary. investors are watching and apple continues to be caught in the crossfire's of the u.s.-china cold tech war. emily: does this change tesla's thesis? >> we're talking about potentially 300,000 runway -- run rate going the second half of the year. what it does show is as we know, it is a continued rubik's cube in terms of being successful in china. the more they gained share, we saw that in the month of february. we need to make sure that musk can play nice in the sandbox in beijing. china, that continues to be what could be 10% share in terms of overall of the auto market, e

red flag. emily: that will require you to give permission before apps contract them. with targeted advertising around the web. their reports that chinese developers, chinese apps are looking for ways to circumvent this new safeguard that apple is building into the app store. apple has released a statement saying the app store terms and guidelines apply equally to all developers. including apple. we believe strongly that user should be asked for permission, before being tracked. disregarding user choice will be rejected. once you make of this? >>cooke and cupertino are doubling down on privacy. facebook is on the others of that. that is starting to become an old western standoff between apple and facebook. this goes to the core of not

just privacy, but practice from an advertising perspective. it is something that apple, when they lead this out, they will not back off. you'll see more and more from them in terms of data privacy. it is the core dna of cupertino. there clearly will be some noise around this and trying to get around it, but ultimately, at the end of -- this is a line in the sand apple is making. facebook is not too happy, regardless of how they spin it. emily: it is not just a line in the sand between apple and china, it is a line between apple and facebook. you wonder about all the company's that rely on targeted advertising, from facebook to google. mark zuckerberg has indicated it will not necessarily be the revenue drive cash drag that some people think it will be. how big a bull is this for a company like facebook? >> they can spin it how they want, but this is significant in

the terms of the advertising model. remember, apple holds the keys to the kingdom. that is why, when you look at the app store from a developers perspective. this e-cig. -- this is significant. as you see in the valley, on both spectrums, in terms of where facebook is and on the other side is where apple is. cupertino is going to continue to go them -- go down that direction in the future. emily: what is next, dan, against this backdrop of china tensions with the u.s. and not just a potential cold war between two countries, but a cold war between major technology companies? >> we think you will see a ratcheting down of tensions. it is a game of high-stakes poker, but apple continues to be

the poster child. if you look at china, that is the linchpin of this tuber cycle thesis. we are seeing this play out. as much as we can talk about the 10 year moving up 20, 30 bits, china remains the biggest risk for tech in my opinion. that is important. we see a rationing down of this -- this ratcheting down of the u.s. tech war, we will see it. and apple in semiconductors caught in the crossfire. emily: dan ives, wedbush securities, always good to have you here on the show. coming up, among the work from home stocks, zoom has outperformed over the last 12 months. we will speak with the zooms if -- cfo to see if the momentum can continue post-pandemic, part of our special one year on series. that is next. this is bloomberg. ♪

emily: the pandemic has taken a toll on workplaces, schools, economies, countries. but after one year it seems there is a light at the end of the tunnel. with new coronavirus cases winding down as they begin to climb and vaccinations reach more arms, a closer look is being taken at the companies that outperformed over the last years. -- over the last year. microsoft, cisco, alphabet all benefiting. the one topping the lift -- the list is zoom. which no doubt kept relatives, coworkers, family's in touch, as most companies, governments, schools. what will zoom's demand be post pandemic? joining us now is the cfo. you went into last year thinking

zoom would be a completely different company than it is today. i am so curious, how different is that zoom you are running now then the zoom you thought you would be running one year ago? >> it was an amazing year for us , emily. we started off february 1 with our new plan for fy 21. six weeks later that was blown out of the water. in a good way. it was -- it has been an amazing journey. we have hired over 2000 employees. we felt honored and grateful to have connected, as you have's -- as you say, not only relatives, but students. we provided zoom to over 125,000 k-12 domains around the globe over the last year. we really focused on doing whatever we could to keep students with their teachers and classes and learning during the time. we have also been party to

amazing experiences like adoption, engagements, weddings. having the opportunity to keep individuals and families and organizations connected has been our honor and we have been inspired by all the many spaces we have seen, how people creatively have come together over the last year. emily: we talked a lot about whether demand will keep up post pandemic. you continue to say it well. i wonder if that demand changes and if there are drop-offs. what drops off? is it those consumer use cases like the weddings and funerals and adoptions that you have helped facilitate? or is it something else? >> we are really focused on working with all of our customers, enterprises, to think about what is the future of work, the hybrid approach we are seeing. things like zoom phone. it is our cloud-based -- we've seen extreme momentum in that product.

people are being strategic about enabling their employees and customers to meet with them or be with them wherever they are. we are excited about the momentum there. we are also really inspired by these cases in the growth area. last fall we launched product to platform called on zoom. it is meant to be an event hosting directory and platform that brings together the yoga instructor with all of their many students around the globe, tutoring tutors that now you can have in a reach beyond, when you would just go down the street to a tutoring session. what we really see is people have incorporated these ways of working and meeting and coming together and learning already into their lives. as we start to move around the world safely again, they will want to keep the convenience

zoom brings to their lives and choose to me in person for the things that bring joy to their lives. most of us do not miss commuting a couple of hours every day. starting to integrate a hybrid strategy, employers have seen productivity and efficiency, and happiness for their employees, who love the flex ability. we're focused on supporting all of our customers. emily: the stock is down 40% from its peak, though it did have an incredible rise. have you at all considered may be a buyback? what are your thoughts on the move? >> we tell our team every day what we really focus on is our execution. we believe in the long-term potential of zoom for many of the reasons i just talked about. all of the acceleration we are seeing in zoom phone and the additional platform, we had a

growth last year. we gave guidance earlier this year that is very strong for the outlook of fy 22. we will continue focusing on executing to our plans and delivering happiness to our customers. we cannot control the stock price, but we can control how we deliver happiness to our customers and employees. emily: zoom just won a fairly decisive lawsuit over privacy involving zoom bombing. the just -- the judge left the door open for some of the plaintiffs to come back with amended complaints and surely they will. do you see financial risk area come -- do you see financial risk there? in terms of litigation. >> i cannot comment directly on ongoing litigation. what i can say is that we learned a lot about security and privacy over the last year and we have dedicated resources to

it, we have integrated them into how we design our product, and we have come through a stronger and better company. security and privacy are top of line with every feature we deliver, every product we design. that will continue to be the case going forward. emily: surely the pandemic has accelerated demand and product development and innovation, whether it is in terms of being able to meet that demand or some of the security features you have since incorporated, but as you look ahead, what he thinks zoom -- you want to stay ahead of the risks. what do you think zooms biggest post pandemic threat is going into the coming year? >> i think is everyone around the globe is trying to think about, what does the world look like as we move into this next phase of our lives? we are all longing for a world that was before.

we miss our community and collaboration. we are staying close to our customers as they think about how do they meet the challenges and the needs of their employees and customer base. for example, one of the things we are focused on is how do you bring employees back into the office safely, as well as how do you support a workforce that is likely hybrid? meaning, some people go into the office daily or a few times a week, some people, some people have moved to lower cost locations, they will want to work from a different location. we have innovations with things like smart gallery. it is meant to replicate the democratization of communication. when you are on zoom everyone's square is same size. smart gallery will facilitate that experience. emily: it has been wonderful to have this conversation with you

over the last year as soon has kept us connected. we will keep our eye on you. coming up, microsoft says they fixed the bugs that plagued its first vaccination scheduling software. we will have details on the next. and as we had to break, taking a look at the markets, the biggest gainers in the nasdaq 100 there, facebook among them. we will talk more about facebook later in the show. also match group and peloton. this is bloomberg. ♪

emily: microsoft says it has a handle on the vaccination scheduling software that proved glitchy and problematic when it was first rolled out in several states. the company has released features that schedule shots and enable people to monitor the results. coming up we will take a look at one site that is been called the

most accurate covid reporting today. we will speak with the m.i.t. grad and creator of that project next. this is bloomberg. ♪

emily: welcome back to bloomberg technology. i am emily chang in san francisco. let's get back to the tech action in the markets today. another big listing could be happening. this year. the chinese ride-hailer didi has accelerated its plans. ed ludlow has details. ed, why look at an ipo now? >> as the economy and china has recovered, so has didi's ridesharing business. they have recovered. they could list as soon as next quarter or in the summer. at a valuation of more than $62 billion. it wants to raise about $9

billion according to sources. why raise capital? it is all about diversifying their business. everything about the u.s. ridesharing companies in the context of the pandemic, there is a story there is a story thereto. if you look at the uber share price side-by-side with lyft both expanse a dramatic drop in march. look at the recovery. cooper has outperformed. it is a more diversified business. food delivery picked up the slack when the ridesharing business was down. that is what we are hearing about didi, wants to follow a similar path. that reopening is all about the vaccine. focusing this week on the astrazeneca vaccine. the u.s. adrs, american depository receipts of astrazeneca. the news is that it temporary halt on the vaccine in many european countries, germany and france are both going to start

again to give vaccines back to his ins. germany wants to ramp up its programs, vaccinations. look at the picture of where we are at. we are averaging 5 million vaccinations daily. that is the blue line. you can clearly cn upward trend. -- you can clearly cn upward trend. -- you can clearly see an and upward trend. hopefully this will contribute the vaccine picking up. this dominates our lives. everyone wants to know when they can get a vaccine. what is interesting is the investors and how they view. if you look at all the stocks of those companies making the vaccines so far this year, the approval and rollout of the vaccines have not done much to boost their share prices. two of them in negative territory. it is really only moderna that has seen any real price gains in its share price as the rollout

has gone up. all of them underperforming. that is the next story. when am i going to get a vaccine? emily: absolutely, ad. we are all wondering if we have not gotten one yet. thank you so much for that, ed ludlow in san francisco. with more vaccine progress we are looking at one project keeping a close eye on covid and vaccination metrics. some of called it the most accurate prediction today. it is called covid-19 projections.com. the product screwed -- the projects creator began the site in a year ago for a quest for better data to address misinformation. the data uses models and ai to give insight in what we could expect from the virus and mass vaccination campaigns. joining me now, the creator himself. they could so much for joining us. start us off by telling us what

inspired you to create this forecasting model all by yourself. >> thank you for having me, emily. i have been following a show for many years. it is an honor to be here. how i got started was back in march last year, we were in lockdown. i was anxious, along with many other millions of other americans about what would happen next. and so, the existing models of the time had very wide ranges of what would happen. i want to use my own skills, my own background in statistical modeling in create a model that hopefully showed what will happen and add more certainty to the situation. a year later, here we are now. emily: thank you so much for watching over the years. as i understand it, you have a background in computer science and high-frequency trading. how does that inform your model?

>> my background in finance and modeling is very helpful because my entire career is basically focused on how do i make a model that creates the most accurate productions? and kind of how to make my and taylor my model to be as active as possible. that is something i think that is very unique to finance. looking at this from a very data-driven approach has helped me understand the pandemic from the data side and be able to make these accurate productions. emily: your model became the go to for the world, beating academics -- academic institutions and other organizations around the world. did you expect that echo is there something they were doing wrong? >> i cannot say when i started the project i was expecting to be one of the top models.

it was more started as a personal project. as time went on, i realized the potential shortcomings in a lot of these other models. that came from a more academic side, where the models are more interested in policy or showing effects of interventions, rather than purely focusing on what is the most accurate, how to make the most accurate prediction. i just continued to use data and show that we can take a purely data-driven approach to solve this problem and let other people know what is going to happen over the next few months, regardless of certain interventions each state does or what our government is doing. emily: speaking of that, the pandemic is still not over.

yet, you are actually closing the project down. you made your last update to the tracking project. why stop now? >> in the beginning, there were very few resources and models out there, especially when i started a year ago. there only maybe a handful of models. now the cdc has over 30 models that are forecasting and we also have a lot of other resources being dedicated to doing a lot of the things that my model has traditionally done. for example, vaccination projections, the cdc has done a great job of ramping up their data pipeline. for other researchers and scientists to work off the -- work off of. i felt that the additional work i could contribute has lessened over the past few months. that is a great thing. we are seeing a lot of effort

being put into revamping and improving our understanding of, from a modeling perspective and just understanding the pandemic, and so i think you are right. the pandemic is not over. we still have a few more months to go. but overall, i am optimistic for the future. by the summer, anyone who wants to get a vaccine will be able to get one. at that point, i think we will be able to kind of see a quick return to normal by the end of the summer. emily: kids may not be vaccinated until next year. give us your last prediction. when do you think the pandemic willfully and the echo --? >> that is a tough question. is hard to say that the pandemic will definitively ended some

certain point. we will get to a stage where the virus will still be circulating throughout the community but we are going to be able to protect our most vulnerable populations through vaccination. so i think at that point, we will have to be able to learn to present shall he live with -- potentially live with the virus. it will not be completely over. because come the fall, we will probably -- there is a chance we will see a minor search. it is still very far in the future. we're looking at the mere -- the near future. i think summer is a great place to see when we can begin to show some kind of normalcy and return to what we were doing before the pandemic. for that, i am optimistic. cautiously optimistic. emily: we love hearing cautious

optimism. we all want to know what you will do next. what is your next big project? >> taking some time off and thinking about, reflecting over the past year and seeing what kind of shortcomings there are where data science can be useful. hopefully that is something -- hopefully it will be something in public health, kind of continuing to add a trade a driven -- at a data-driven unbiased, rigorous approach to public health. we will see where the future takes me. in the meantime, i will sit back and hopefully be cautiously optimistic for the future. emily: we are always looking for smart people to help us predict the future here on bloomberg technology.

thank you so much for joining us. we will continue to follow your path ahead. coming up, facebook is looking to a different generation to join instagram. all the details on its new 13 year old and younger platform. next. this is bloomberg. [speaking foreign language] -- ♪

emily: facebook shares jump with

the stock eyeing the biggest gains since november. it was one of the biggest gainers friday. touting the social media companies potential. more than 250 monthly active users were using facebook. the company is also looking to a younger generation to be the future of its instagram platform. they are building a version of the photo sharing tool specifically for kids under the age of 18. i want to bring in manual meaning -- naomi nick. i have to ask apparent, is this cool or is this a nightmare? >> that is going to be the big question. this is something facebook has done before. in 2017 it launched facebook messenger for kids. it got a lot of pushback for parents who were concerned about things like privacy and getting

kids on social media so early. i think people have a lot of questions -- i think facebook has a lot of questions to answer as it fills out the stool. -- fills out this tool. emily: this is for kids 13 and under. what does facebook know about making anything, a product for anyone in the age group? >> we do not have a lot of details yet about what facebook is doing for this instagram tool. it looks anything like what facebook did for facebook messenger for kids, it will likely come with a lot of parental controls. on facebook messenger, parents of a whole dashboard where they can see who their kid is talking to, what sorts of videos and images they send people, and even kind of control what time of day their kids are allowed to use the app. i would expect that facebook will launch a similar tool for instagram with those kinds of

parental controls. we will see if parents decide that is a thing they want their kids at such a young age to take up. emily: how does this help them essentially compete against some of the encroaching rivals, like tiktok and snappy echo >> -- and snap? >> they are trying to target the generation coming up after generation z. we know that teenagers and young adults have been flopping -- flocking to apps like snapchat. that has a high concentration of those in that demographic. this is facebook's way of competing for the next generation. the idea being if you get kids host -- hooked on facebook servers early, they will migrate to the adult version of those apps. will have to see if facebook is able to shed its image as an

older social media company and serve kids in that demographic. emily: i am thing about the rollout of facebook messenger and it is still difficult to toggle sometimes between the blue app and messenger itself. what are you expecting in terms of a rollout echo -- a rollout? can they do this without pickups. >> with facebook messenger there was this flaw built into the system were some kids were able to chat with people their parents are not approved yet, which went against the entire point of facebook messenger for kids. that attracted the attention of the federal trade commission. this time around facebook will have to prove that it cannot only build an app that is attractive to kids and that demographic, but that it does not come with the kind of design

flaws that might make parents weary about letting their kids on the platform. and regulators will look at whether they are enforcing their terms of services. emily: actually, naomi, we will leave it there. thank you so much. newly will follow development on this. as a mom. bloomberg's naomi makes, thank you so much. -- naomi nick, thank you so much. bitcoin has had a few good months, but there are skeptics. we will explore the case for caution. we will look at crypto stocks, in focus marathon digital, blockchain, and microstrategy all getting a lift today thanks to bitcoin spiking to just below $60,000. that happened around noon eastern time. we'll keep our eye on crypto stocks going into next week.

this is bloomberg. ♪

emily: bitcoin trading near the $59,000 mark today. up as much as 3% at one point. as the crypto craze continues there are many skeptics. bloomberg's eddie van der walt explains. >> here is what the skeptics think about bitcoin. after a catastrophic collapse

that's eyedrop is much as 83% since the start of .17, it has come were in back to trade at record highs. it is nothing more than a collection of zeros and ones stored on computer hard drives. yet people are now regularly paying more than $50,000 for one of these artificially scarce assets. not everyone is convinced it is a good idea. there are still people out there who call it a scam, a ponzi scheme, or just a waste of good energy. let's start with the believers. created in the wreckage of the 2008 level financial crisis, bitcoin was a response to offer loose monetary policy and the central banks printing money. it's mysterious trader, who went by the name of santosh and okamoto, wanted to create a digital version of gold. the aim was to create an asset backed by cryptography that would become a hard currency that could supplant the dollar. in doing so, satoshi solved a

computer science paradox. the basic idea of this paradox was it was almost impossible for two parties who do not trust one another to transact without an intermediary that both parties have complete faith in. enter the blockchain. a public ledger that records every transaction ever made with bitcoin. it can only be changed if a majority of ledger writers agree at the same time it requires proof of work. a concept that means energy was expended to create new bitcoins. the genius of the idea does not end there. the real masterstroke was into finding in the original code and white paper that acted as a statement of intent that there would be a cap on supply, created at a diminishing rate, crated algorithmically in a process described as mining, which involves the thousands of computer solving mathematical problems. the last coin is minted in about

2140. who are the people getting in on bitcoin? in the early days, bitcoin investors were a motley crew of computer nerds and hard money adherents. the first transaction for real world goods took place in 2010 when a programmer paid 10,000 bitcoin for two large papa john's needs a -- pizzas. by the end of last year, there were more than 63 million wallet addresses. we have seen retail and institutional money flowing into the space, even elon musk caught the fever. who does not like to echo loads of people. whole walks of life. bill gates, he has publicly joked that unless you are the richest person in the world, it is probably not a good idea to get in. then, in the investors severe, jamie dimon at various points in

the last few years has said it is not his cup of tea, a terrible score of value, and at one point, a fraud, although he walked back the last comment. finally there are regulators, who are waiting to see how it develops, while some are morning those who buy a could lose all their money. what are the charges against bitcoin? bitcoin failed in its original goal of displacing the dollar. few people use it to transact because it is too volatile. instead it has become a purely speculative asset. people by hoping other people will buy it from them at higher prices. that is called the greater full's theory of investing. like a ponzi scheme, it requires a constant stream of new money coming into make an increase in value. when that stream stops, the critics warned the whole thing might collapse. at the same thing -- at the same time, all those computers mining bitcoin require vast amounts of electricity.

the network probably consumes as much energy as the country of argentina. its thirst keeps on growing. perhaps the hardest is that bitcoin is hard to scale up. it is inefficient. these are 1700 transactions per second. generally, the dystopian vision of a trust as well as unfounded. it is always cheaper to find a counterpart. one such example is a clearinghouse or a stock exchange that stands between parties making sure no one loses money of the other side of the trade defaults. in short, there are better ways to solve problems bitcoin is trying to solve. i am eddie van der walt. for more on the world of cryptocurrency, follow us on quicktake and bluebird. -- and bloomberg.

emily: what an ending there. that doesn't it for this edition of bloomberg technology. you not want to miss what is coming up next. wall street week is up with special guest ray dalio, my colleague david westin with ray after this break. ♪

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and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) >> full speed ahead. 1.9 train dollars, one hundred million vaccinations and strong new protections for growth. but is very speed limit to how fast we can drive this economy echo this is bloomberg wall street week. this week devoted to the i word. that is, inflation. i am david westin. this week, larry summers of harvard -- >> it seems to me that what was kindling is now igniting. >> and bloomberg's stephanie flanders. brian moynihan of bank of america and. ray dalio of bridgewater.