a blockage in the canal has stopped traffic in both directions with a line of oil tankers waiting to resume delivery. rishaad: china's most valuable companies report the latest numbers. tencent investors waiting to discover what happened. ♪ emily: i'm emily chang in san francisco, this is "bloomberg technology." coming up in the next hour, robinhood ipo. it is said to have filed confidentially, despite regulatory scrutiny and lawsuits, you can expect a head-turning valuation. we break it all down. aggressive and destructive cyberattacks of companies and governments on the rise.

why haven't u.s. cyber forces stop them? what is really at stake. we speak to the former director of the nsa. amazon anoints a new head of its cloud unit, a company veteran to take the reins. we tell you all about him. all of those stories in a moment, into the markets. big breaking news about intel. ed, new intel ceo embarking on an ambitious plan for reinvention. >> intel is going to spend $20 billion on two new factories in chandler, arizona adjacent to existing facilities there. it's going to launch a new arm, they will build semiconductors for other companies. that puts it in direct competition with tsmc, widely regarded as the world's best third-party manufacturer of semiconductors.

it's really interesting, it's an opposite strategy to what wall street was looking at. they thought intel might outsource more chip adoption and scale back its historic business of building tips in-house. not to be. it's doubling down, investing heavily. they are actually talking about expanding that manufacturing internationally down the road, we can see more u.s. factories. let's get to some of the after hours action and movers. the stock is moving on the headline. intel up around 1.3% in after-hours trading on tuesday, interesting to look at tsmc, movement and that stock, will have to find impact on the supply chain because very few of the names we know, the likes of qualcomm, make their own chips.

they outsource to third parties. that is the taiwan semiconductor adr. you can see the stock is down 1.7% in after-hours. clearly, the market is paying attention. emily: intel in this move is a starting pressure and instead doubling down with $20 billion on two new chip plants in arizona, saying they have more planned in the u.s. and in europe. what does this mean for the chip shortage that we have been talking about so much and has really plagued the supply chain? >> it's really that reliance i was talking about. a lot of the names we come across in the chip sector rely on taiwan tsmc and samsung to actually manufacture chips for them. when president biden and the white house made that executive order to fix the supply chain, a

lot of the focus was on bringing -- back to the united states, increasing production capacity. if you read across wall street, the issue is that it takes a lot of time and a lot of dollars of investment to make that happen, to build new factories, to increase capacity. when you look at intel's plan, that is exactly what they are doing. $20 billion to start, but hinting this can be a global expansion with more factories coming down the line in europe, as well as the united states. that direct competition with tsmc, they are already building tips, manufacturing chips for some of intel's clients. there is that competitive angle that put them on a direct collision course. analysts will be paying really close attention to this. emily: break it down. >> absolutely, we saw a lot of pain across the markets generally, tech was noted exception. you can see on the chart, from top to bottom, the nasdaq 100 all the way to the s&p 500, even semiconductors taking a step back. big tech names fared well today. haven seems to outperform.

i do want to show you nasdaq, hop onto the terminal that tracks the nasdaq 100. you can see it has recently had its biggest inflow all the way back to the dot-com bubble. a lot of that has to do with opportunity, this major idea that liquidity windows, the ability to get a little bit of better margins really incentivize a lot of investors to hop right back into tech. this is crucial after we have seen quite a bit of tech pain coming off of yield curves, sensitivity is important. after hours right now, the biggest story is going to be gamestop. that is the after market action i want to look at. you are seeing shares decline, you sign and initial jump when you started to hear comments about them missing estimates, but still actually bringing up a new emphasis on things like e-commerce, recruiting and amazon and google veteran to leader operations. crucial to remember, in the last seven out of eight earnings quarters, you did see gamestop actually decline after those

results. looks like they are following the pattern here. emily: all right, thank you so much for that roundup. we are going to be speaking with the intel ceo wednesday. you do not want to miss this conversation as he lays out an ambitious and to double down on in-house manufacturing of chips after intel has lab some of its biggest competitors, like tsmc. we talk more about that throughout the hour. coming up. we dive deeper into intel's plans for reinvention, what it means for the broader chip sector. that reaction, next. this is bloomberg. ♪

emily: back without breaking news on intel. the new ceo unveiling plans for a manufacturing revival, with billions of dollars to be spent on new factories and a new foundry business that will make chips for other companies, putting intel in direct competition with arguably the world's best chipmaker, taiwan semi. i want to bring in-, the director of research and chief investment officer. for a company that has produced, is that the right move? >> absolutely the right move. intel was the chip innovator and manufacturer, and they are going back in that direction. i think it is the perfect time and the right thing to do. emily: but, can they pull this off? that is the big question. they missed the deadline for the 10 nanometer and the seven

nanometer. yes, they have new leadership but what is going to be different? >> i think -- i don't know if they missed the deadline, there is always the need for new chips, and innovation. i think the key thing that we will see here, especially under its new ceo, because he worked at a company that pioneered software driven server power. they have talked about for a long time, moore's law reaching diminishing returns as far as what hardware can do. as we see software defined networks, i think we will see software defined processing power in chips. emily: what about the politics of this? the u.s. is getting chip manufacturing on u.s. soil, something the biden administration certainly wants,

to be fair, president trump is asking for four years. >> i think it is the right way to go. first of all, we have to not be so dependent on a china-based supply chain, but a global supply chain. and also, the fact that the lowest cost of production actually exists in the u.s.. we have high quality talent, we have a very supportive production infrastructure, which i think we will see very shortly from the biden administration, a new infrastructure investment bill which will only help that. so, you have to produce locally, and you have to keep innovating, and i think we will see this reemergence of innovation and production from intel. emily: talk about where this place is intel with respect to its rivals, whether taiwan semiconductor, or amd, or even apple or amazon, which are now focused on making their own chips in-house. >> they have fallen behind in a couple of areas, but they've

always really focused on the high-powered, high-margin server processors which drive the whole migration to the cloud, and this new concept of edge computing. you are going to see the key trends which are wireless. by the way, also ai which is powered by high-speed processors, and autonomous automobile technology intel owns a company which will rely on edge computers and the five to network and other supporting factors. and, increasing processing power for both servers, and going back to portable devices for laptops and desktops. i think they're going to reposition themselves to be ahead of every major technology processing trend. emily: intel saying they see the foundry market hitting $100 billion by 25.

talk to us what pat gelsinger brings in terms of new leadership. there has been a series of new leaders at intel, what do you think pat gelsinger can and will do differently? the second, he is going to bring the concept of software defined

processing power. a lot more will be reliant on the software or firmware that is embedded in the chips to create capability and processing power, in addition to just the silicon -- the actual hardware processing power. i was going to say the next big thing, the growing processing driver. emily: lots to cover, we are going to continue to talk about this throughout the hour. thanks so much. we are also going to hear from the intel ceo pat gelsinger on wednesday, part of my conversation with him starting at 1:00 p.m. eastern here on bloomberg television. you do not want to miss it. coming up, on the heels of some of the most instructive cyberattacks in world history, and as the pandemic fuels a global plus two digital transformation, cybersecurity companies are on a tear. we speak with the iron that cl iron n -- iron net ceo about his company going public via spac and the threats ahead. that is next. this is bloomberg. ♪

>> emily: cyber attackers are getting increasingly aggressive and increasingly destructive. cyberattack hitting 44% of targets and targets expanding national security, health, telecom.

joining me to discuss his retired general keith alexander, the former director of the nsa under president obama. i want to start with some market developments, iron net going public via spac. why choose that route, why for a cybersecurity company, why now? >> that's a great question. the reason, it's really for us to go public but we have a unique capability to detect and invest in cyberspace that others can't see, and more importantly we can share that at network speed across companies to create true, collective defense at speed. we think that is needed, and it is worth the time now to go

public early and get that out there. we think we can on that space and we think that is the future of cybersecurity. it works with other companies, we are not replacing all cybersecurity, but we are creating a way to help defend in ways we have never been able to in the past. that is what we are bring to the table, and that is why we are doing a spac now. emily: nations are getting increasingly aggressive whether it is russia or china, we have involving the microsoft exchange hack, allegedly originating within china. what do they appear to be after in your view, and what is the endgame in this particular case? >> that is different than of course solarwinds. china is looking for intellectual property. how do they get into companies, how do they get intellectual property or information on

people to help them get intellectual property, or to compete in business. they are looking at that to get an economic edge in this space. they haven't doing that for years. the last time we talked, we talked about that being the greatest transfer of wealth in history, there threat of our intellectual property. we have to do a better job of defending. the real problem is every company try to defend today. think about that, 90 banks out there with 10 people. there all trying to defend their part. now imagine if we network together, 900 people defending together. how much better we would be secured if we can work together in cyberspace. we can defend the private sector. the private sector can let the government know that the attacks are ongoing. i think that is what changes. status what we have to do to push back on china. they are going to keep stealing as long as they get away with it. you can see the microsoft thing, they went a lot, they pushed a lot in over a short period of time. they did not care that we saw. that should send great concern to all of us. this is a huge problem, we have got to solve it. emily: then of course, the solarwinds hack which

originated, allegedly in russia. we are continuing to get reaction to that from the white house and beyond. take a listen to some of the things that are being said. >> in this isn't the only case of militia cyber activity of likely russian origin, either for us or our allies and partners. >> the united states government is constantly under threat from cyberattacks, not only government systems by u.s. commercial, private sector systems. this is an ongoing challenge. >> we need international rules of the road on cybersecurity. we have to bring along our allies and our friends, so we hold everyone accountable. >> this is a very serious situation. it's a very widespread hacking. >> it is very serious. we do not know the depth of it yet, we have to spend a lot of time analyzing. but we are vulnerable in ways we never imagined.

emily: in your view, who is to blame for the solarwinds hack? why didn't the nsa or u.s. cyber command stop it? >> really straightforward. they do not have the authority to see attacks, by the ability to see attacks on our country. we have not done that. that was one of the things that congress asked me, what do we need to fix? we told them that, i remember several senators saying if we do not fix that, shame on us. we have to build the ability for the private sector and the public sector to work together. at nsa, we do not want cyber command in their networks, we want them to be able to call and say i'm having a problem. right now, they can see the -- can't see the problem with the tools they have. we are in this dilemma. everybody can point fingers, but the reality is near the ability to see threats, you need the ability to share that in an anonymized way across companies, and between public and private sectors.

we have got to solve the problem. is not about blame. we are being attacked, and what we are doing is saying, missiles or hitting us and who should be blame? the answer is all of us, right now, we know we need a better defense. let's get out and create that better defense. the way we have been doing it does not work. we need to take this next step and come up with a true, behavioral set of capabilities that can share anomalies at network speed and help us to defend our nation and work with our allies. emily: when you look at the increasingly aggressive attacks of nationstates, of russia, china, would you say we are on the verge of an all out cyberwar? or are we already in one? >> i would take a step back. my view, russia was trying to figure out what we were doing on indicting the gru folks that did the attack on ukraine 2017.

, collecting a lot of information. but to your point, i would say look at what they learned. they got into 18,000 companies. that is a huge problem. this is something that our country needs to step back and say, if that had been destructive against those 18,000 companies, we are in a totally different place. we need to step up, figure out how we are going to solve this problem. when something bad happens, they will attack us. we now need to say, how are we going to work with us, within our country and with our allies to defend in this space. all our wealth, our future, we have to solve this. emily: general, you are recently appointed to the board of amazon, big leadership changes happening there. jeff bezos stepping down later this year. amazon tapping adam zelensky to run the cloud division, a hugely important division, and on the front line of these threats.

as giant as amazon is, how vulnerable do you think they are to a large scale attack? certainly, i imagine you are going to bring that kind of expertise to the board. >> i will tell you, what an honor and privilege it is to be on the board. they have great people, they do a great job. i love the way the board works, the way they asked questions. everybody is really well-prepared. it's an honor to be on there. they go through these processes, they want to do it right. beyond that, i can talk about -- can't talk about it. they are secure, i like the way they do security. i think they are great in that area. emily: if you look at what has happened to microsoft as well, i guess what you say, is anybody safe? is any company safe?

can any company do enough? >> i think this is where you go into the collective defense. what are the roles and responsibilities. think of this as your i.t., and cloud providers, each with different entities and capabilities. an amazon cloud is fundamentally different than a microsoft cloud. i think those differences brings pluses and minuses, in the case of microsoft, it issues with -- which has issues with office 365. that line of attacks. i think your greater point here, is think about, how do we work together as a nation? and as nations in this space? the answer is, this is an area where perhaps we don't compete, we actually need to work together for the common defense. how do we do that? that is the right thing to do. you think about your family, your business, your city, your state. all of these now hardwired to this internet. how do we defend them? it can't be every company is

competing in defense. in this area, we have to work together, we have to figure out how to bring those together, the best together and solve this problem. i think that is part of the future. emily: general keith alexander, so great to have you on the show. we will be following the stock as that develops. thank you. now to a few other stores we are continuing to watch. prince harry has a new title, the duke of sussex landing a job as a tech executive, becoming the chief impact officer at a silicon alley startup. it's a coaching and mental health company. harry and his wife meghan markle gave up their roles as full-time working members of the british royal family, and at that controversy continues to consume the tabloids, the couple are building a new life in california with new lucrative deals, including with netflix and spotify. coming up, robinhood set to file

confidentially for an ipo, all of the details in a bloomberg scoop, next. this is bloomberg. ♪

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emily: welcome back to "bloomberg technology", i am emily chang in san francisco. intel doubling down on making chips in-house in any $20 billion commitment. >> it's not what analysts were expecting, not just expanding their own production capacity but making chips for other companies. they are saying that full-year revenue will come in around $72 billion, that is less than the market was expecting, that we did expect a year on year decrease.

in terms of how they are going to fix that, they are putting their money where their mouth is, not just the $20 billion on two new factories, but they expect $19 billion and $20 billion in a single year. that is putting your money where your mouth is. the story is that they fell behind in recent years. a lot of happening after hours, let's flip up the boards. intel, sorry, up 4.8%. the etf which closely follows many of the semiconductor companies up 4/10 of 1%, and mixed bag within that basket because many companies will be benefiting from this intel move, some will be facing increased

competition, including tsmc which had its own hope of building a factory in arizona. applied materials up 4.4%, white, because applied materials makes the machines that make the chips. if you are building new factories it makes complete sense. emily: ed, this is kind of the opposite of what many on wall street expected intel to do. why the u-turn? ed: when the ceo was announced, he is a technologist. it seems like he is doubling down on intel's legacy. look at the shares of intel, sarge line. relative to tsmc, now i direct rival because of this announcement. a five-year chart that tells a story, intel has clearly left behind but also its new rival, specifically, in manufacturing, it has fallen behind in the cutting edge manufacturing process, makes them so efficient and cost-effective. but, they are doing something about. up 5.3%, taiwan semiconductor, down 4.4%.

it's going to take time, we know the biden administration wanted some domestic production for chips. this is a first step, and it looks like wall street is welcoming it with opening arms. emily: interesting to hear gelsinger talk about production issues, he said they figured out the problem and it won't happen again. thank you so much for that update. reminder, i will be talking to pat gelsinger wednesday, catch that conversation starting at 1:00 p.m. eastern time right here on bloomberg television. meantime, the popular trading after robinhood is said to have filed confidentially for a u.s. ipo. in a bloomberg school, we first reported this might happen weeks ago. i also recently sat down with the robinhood ceo and cofounder black tenant, without committing at that time he voice confidence in the company from the point of view from investors.

>> clearly, this is a business that requires capital. we have shown that we have a variety of means to capitalize the business, nbc a huge growth opportunity ahead of us. emily: our own katie is all over the story as well as the microsoft potential play for discord, popular among gamers and retail traders. i want to start with robinhood. what can you tell us in terms of the timing? >> good to be with you. we just broke the news a little bit ago that robinhood has now filed for its much-anticipated, or much talk about ipo. the company just confirmed that moments ago, confirmed our report.

they have submitted a confidential filing with the sec. we are not going to see their financial numbers just yet. but, they are still sticking with their plan, despite all of the gamestop controversy, they are still moving forward with their original timeline. of course, there filing has not -- their filing has not come out just yet, in their debut is still probably at least a couple of months away. things could still change. at the moment, they are still moving right along with the plan. our understanding is that the earliest they can debut would be late second quarter. may be late spring, early summer would be the earliest we can see something. of course, it could get pushed back to later this year. emily: robinhood releasing

information, a statement since you broke your story, they have confidentially filed to go public, that the ipl will happen -- ipo will happen after the sec completes the review process, shares to be offered in the price range not yet determined, which is normal. we will certainly follow your reporting on this, of course very controversial company. i want to ask you about your other scoop is that microsoft is potentially interested in buying the chat platform discord, and of course these two stories are related given the conversation among retail traders happening on platforms like discord. what do we know about microsoft's interest in discord and other companies that might be interested in making a play for discord as well? >> discord is a communications platform, popular with teens and a lot of young people. it's done really well in the pandemic.

there has been buyer interest, my understanding is that there has been buyer interest for several years now. microsoft is one of those companies that has talked to them. we have been told that it would be at least $10 billion, most likely if they were to sell to microsoft. these conversations are preliminary, they are not about to get acquired tomorrow. they talk with microsoft, they also talk with amazon, they have talked with epic games on and off over the years. discord believes that it can go public, and they have been heading down that path. one of our sources still feels that an ipo is possible, but microsoft is almost a $2 trillion company, so if they are interested in buying discord,

obviously they can pay a price that this court cannot turn down. we will have to see what happens there, but it's definitely interesting to follow these talks. emily: interesting. katie roof, lots of great breaking news from you over the last 24 hours. again, robinhood has confirmed they have filed confidentially for an ipo, the price of the shares, number of shares not yet determined, but the sec will be conducting a review, in the -- and the process will move forward after that. we will continue to cover the story at that unfolds. meantime, more executive moves coming out of amazon. the tech giant bring a veteran back to run its cloud computing division, coaching a top leader from salesforce. he will be replacing andy, takes -- who will take over as ceo

of amazaon la -- amazon later this year. for more i want to bring in our correspondent. what do make of this move? is adam and expected peg or a dark course? >> he is a little bit of a dark course. adam is no stranger to a ws, he was with the business for 11 years, and a lot of the early days he with the outgoing ceos right hand, leading sales, operations. he knows the business well. not much of a surprise at all. emily: why do you think amazon is going with him? i would have thought they would have chosen an insider. >> you can probably make the argument that he is an equivalent of an insider, he has not been around for five years. he knows the business, he has spent more than a decade selling the cloud computing to skeptical companies, now he faces a bigger challenge coming to a very competitive landscape, microsoft and google are snapping at

amazon skills. -- amazon's heels. he knows this company real well, he was said to be real close with andy jassy personally. there is a lot of reasons they would want to bring adam slip -- adam selipsky back into the fold here. emily: are you hearing any reaction from your sources internally? >> a little bit surprised that it was not one of the front runners. frankly, some unfamiliarity with them. five years is not so long, but amazon web services terms, that's a little while. they have hired thousands and thousands of people since then, the company is much larger. a lot of folks have not had first hand exposure with them. emily: bloomberg's matt day who covers amazon out of seattle. thank you so much for your analysis. coming up, not the homecoming hit it out of the park that baidu was hoping for. we have more on the motivation

behind its secondary listing with baudi cofounder and ceo. this is bloomberg. ♪

emily: the much-anticipated hong kong secondary listing of baidu fell flat when it opened on the exchange on tuesday, the company raising $3.1 billion ahead of its debut, ahead of the listing of her own tom mackenzie sat down with baidu cofounder and ceo robin late in an expose of interview where he talked about the rationale for the secondary debut. >> i think it's quite straightforward. baidu is facing beijing. we want investors in asia who

are in the same time zone, who can easily invest in baidu. they can have a better opportunity to grow with us. there are u.s./china tensions for the past few years, i think investors also have these kind of concerns. although we are not that concerned about the delisting, but i think having another exchange for baidu stock is overall good for the investors, and good for people around the china area to really share our growth. tom: you are of course not the only ones, alibaba and many others. it seems like there has been a bit of a hedging strategy. with that part of the calculation? >> it was, but i would say more importantly it is how we get more exposure to the asia based investors, had to we let the chinese investors share the baidu growth story. we always wanted to list

domestically. hong kong is obviously a choice. shenzhen and shanghai are also options. after evaluating all kinds of possibilities, and the criteria for listing, it turns out hong kong is probably the best for us at this time. tom: are you happy with the adrs? >> we always thought there was a very small possibility, but we fully understand some of investors were kind of concerned. tom: you have raised more than 3 billion u.s. dollars. what is the priority for putting that money to work. >> baidu is pretty much based in china, we have learned our revenue model to be in r&d not in u.s. dollars.

when we do investments or do acquisitions, a lot of times we need to use u.s. dollars. raising money in u.s. dollars could help us to expand our business quickly, either through acquisitions or investment. in a lot of cases it would be that kind of flexibility. tom: what are the growth prospects for the broader business looking like headed into the rest of the year? >> this year, we have an easy count. last year because of covid our business was affected. this year, we will have a pretty good growth rate. more importantly, the new businesses, the ai cloud, it has been growing very fast. it has reached a point that the scale is not that small, and investors can start to feel, 14% of their total revenue base, current revenue base becomes larger, the growth rate becomes

higher. i think people were impressed by that, although it was not a surprise to me. it's always been designed like that. tom: i believe advertising revenue accounts for 70% of overall revenue, not all advertising revenue is increasing. at what point do you see non-advertising revenue overtaking advertising revenue, and if so, what timeframe? >> it will happen. i cannot say accurately which year, but i think the trend is quite clear. baidu is not -- if you look at other, large internet companies, for most of them, advertising is the minority of the revenue. for us, it is like a monopoly. we just started with the -- as a

large platform, hundreds of millions of people come to baidu every day. there are lots of things we can do with them. we can help them. we can charge membership fees, we can do livestreaming, we can offer online games, we can have transactions, e-commerce, there are lots of ways to monetize this traffic. we just got started on that. emily: the baidu cofounder. we will be watching how those new shares perform in hong kong. meantime, coming up. big moves for intel shares in after hours trading as the company says it will spend $20 billion on two new chip plants in arizona in a big new strategy. we have more reaction from the street, next. this is bloomberg. ♪

emily: circling back to news out of intel, the new ceo pat gelsinger unveiling plans for a manufacturing revival, putting them into stiffer competition with arguably, the world's best chipmaker, taiwan semi. i want to bring in our guest who is putting a $50 price target on intel. we are getting more headlines from the call you have been listening in on. intel saying they were pursue -- will pursue on government aid, as you say, it will take a long time, and given the time

-- >> they will not be able to. we are still talking about 2023 as the earliest time we are going to see this production of any value. it will be 2024 and 2025 and we see the breadth of that. we will not see a lot of improvements. this means that companies will still lead in that area going forward. intel will also become a customer. i think tsmc will gladly take on the competition for the customer base that intel has. emily: more headlines coming from the call. intel saying that their new strategy does not depend on government aid. given the time that it will take, do you recommend that

people sell or deal you -- or will you be reevaluating? >> we are always reevaluating. we know that intel obviously have the capital, resources, experience, all of the assets to do well and to succeed. you never want to count that out. they just unfortunately have fled themselves into a bit of a lagging trend, maybe more capitalizing on their prior assets, good cash flow, but that did allow others like tsmc and amd as a customer to get ahead in the manufacturing process and that is now causing intel to lose share. that share loss will continue no matter what they talk about today. we are at a sell rating, we like what we are seeing but i wish it would happen faster. emily: intel has missed many, super high-profile deadlines, 10 nanometers, seven nanometers. they are saying the new factories will be pushed beyond boundaries, beyond seven out of

-- centimeters. is he going to be the rockstar of the chip world? >> i don't know how i and a chance to that, but i think he is very well respected in the industry, more than capable. i think that if he is really dedicated to the things that he is touting today, this will put intel on a much more competitive footing. much more amenable to a buy rating if that were the case, again, i think you get this honeymoon period that mr. gelsinger is in today, where people are looking for the changes, looking for optimism, anything to hang onto intel. that is the right thing to two, but that is short-lived. they just gained their fiscal guidance for the full year and that is shy of consensus by about 600 million for the first

year and ets is about $.23 below the consensus. relatively difficult year for the rest. emily: the question is, when the honeymoon is over will it be a match made in heaven? i will be speaking to pat tomorrow, what are the top questions we should be asking him? >> i think it is a matter of, are there further things? are there further things they can do to continue to accelerate the transformation? more investment in r&d which they talked about, partnering with ibm is up is the a good move. investment in r&d does not translate to revenue in the door for many years, maybe sometimes five to 10 years. we need to see trajectory from intel. investors will like this, but probably right now, getting what the investors had the for, why

-- heads look for, why they were excited and pushing the stock higher with that gelsinger was going to come in and give this kind of announcement. he has now done that and is telling us that we have a good q1, but is also telling us it's a difficult 2021. what do you get from here on out? the catalyst is primarily just earnings and those earnings are going to be challenging. emily: continuing to listen into this call. more headlines, intel saying they believe they will get a positive response from governments. we can presume the biden administration will be happy with two new factories on u.s. soil. the company saying they do not require a penny for government money for their new foundry business, but of course, you -- huge challenges ahead in terms of whether the company can pull this off. thank you so much for joining us. i will let you get back to the call now. i have been taking notes for our conversation with pat gelsinger tomorrow. that does it for this edition of

"bloomberg technology." do not miss our big interview tomorrow with pat gelsinger. i am emily chang, this is bloomberg. ♪

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