emily: i'm emily chang in san francisco and this is "bloomberg technology." the global chip crunch. unveiling its biggest overall in chip technology in almost a decade with new designs targeting markets currently dominated by intel.

i spoke with the ceo. plus, everyone seems to want a piece of crypto. i talked to the ceo of kraken about future plans to go public and demands for bitcoin. and it was one of 2020's top apps. timber -- tender offer it those lonely -- tinder offering those lonely and lockdown with a chance at love. all of those guests in a moment. first, u.s. stocks falling for a second day as traders weigh the consequences of more stimulus from the biden administration. >> a lot of red on the screen except for when it comes to big tech. you can see the s&p 500 index in the red, the nasdaq and the red. -- in the red. a lot of selling pressure. big tech rising above it. a lot of this was a reaction to yields. at one point, they were up six basis points. that is the kind of move that

usually spooks your apple, microsoft, teslas. i also want to look at some of those capital fund related stocks. the idea that the biggest banks abroad were the ones that were more exposed to that blowup. the losses were immaterial, the likes of goldman sachs and morgan stanley, those were higher on the day. viacom, two of the big names that saw massive blowup. once again, i mentioned tech not really trading is a bundle. the stocks index and the s&p 500 index information technology index kind of trading in line but you are seeing this semiconductors and chipmakers outperform.

emily: the brains behind your phones, tablets, pcs, cars, smart almost anything, arm provides the chip that powers many of the world's devices. the first new architecture in a decade, the arm v9 chip. what will this mean for the tech sector and your devices? joining us, the arm ceo simon segars. talk to us about what this means in terms of security and performance and how this sets arm apart from rivals? simon: the unveiling of this is a big moment for us. it is exciting because it is the fruits of many years of labor. we do a major update to the architecture about once every 10 years. it is really important that there is consistency in the architecture. the underlying model that software developers rely on company definition that controls

how software runs, how software interacts with the system. given that we have hundreds of chips and millions of developers, it is important that we have consistency across those devices. as we look forward to the future, this next decade, there are some things that really stand out. one is security. last year, showing how dependent we are on digital devices and services. we think that will only increase into the future. the other is the ability to process all the data, the ability to run ai algorithms is really important. these are two major vectors we have invested in. emily: you are increasingly taking on intel, which dominates some of the markets you are looking to enter.

what markets does that take arm into and when will we see this showing up in our devices? simon: it is designed to span across the entire range of devices. we believe there is a need for greater security because of all the data going around and greater ability to process that data. across the smallest sensors through devices in the network up into the cloud, servers running the cloud and all the way out to supercomputers as well. this is an architecture that is designed to span that entire spectrum of computing. emily: i wonder if chip-level computing is the way forward and will really keep us safe. that is what many thought was the point of string level computing -- chip level security and then we saw a

string of attacks. simon: computing is an ever-changing task, so that we have to be investing in. i think security will come from features that are in the hardware, the underlying architecture, coupled with software that is written to take advantage of those features. we have been engaging with the software community, thinking about how secure systems are billed. security comes from the combination of all the components. it is not just one thing, it is the combination of everything. emily: we are in the middle of an incredibly devastating chip shortage. i have been getting conflicting opinions on when this will be

over. i recently spoke to the ceo's of both intel and qualcomm who had different views on how long it would take. take a listen. >> we have line of sight that demand and supply will align by the end of this calendar year. >> covid required everyone to step kbit from -- step back a bit from the industry. you have supply chains scaling back a bit, demand scaling up radically. >> starting to see some of the capacity investments coming online in 2021. we expect that this crisis will be behind us. >> now we are in a position that there is a meaningful shortage. it will be a couple of years before that is fully resolved. emily: is the chip shortage going to be over the end of the year, will it take a couple of years, or something else?

simon: building a fad -- is not something you throw up overnight. it takes a lot of time, it takes a lot of investment. over the last number of years comedy manufacturing industry -- of years, the manufacturing industry has invested a lot in building up capacity. we saw some real sharp moves in different industries. it will right itself. they will be investment in more capacity. ultimately, we will get back to a position where supply and demand are better matched. emily: once it does right itself, i wonder, could we see the opposite? will supply then outpaced demand with everyone trying to catch up? simon: that is a tough thing. you are talking about companies having to invest tens of billions of dollars in cap-ex, equipment.

it is an equation you have to get very right. we have been here before, the industry has had too much supply , chip prices plummet, and it reduces investment and rnd. i think the industry has got better at analyzing supply and demand and has generally gotten better at investing at the right pace. emily: i'm curious for your reaction to intel's big unveiling of its own. doubling down on manufacturing, opening a foundry business. simon: intel has had a foundry business for quite some time. we can see from this supply and demand mismatch at the moment that there is a need for more manufacturing. there is a need for greater capacity. investing in leading edge process is expensive to do. it keeps the performance of semiconductors advancing i welcome that and i think it will be a good thing.

emily: consolidation has been the name of the game in the chip industry for a number of years now. we're still waiting on an update from nvidia's plan to buy arm. can you give us an update or tell us more about what the holdup is? simon: we said it would take about 18 months. we remain confident about that timeline. we are working with regulators around the world to make sure they understand what we do and ultimately how they support competition in the end market. we think it will give us the ability to invest more aggressively in our roadmaps and provide that technology to any semiconductor company in the world that wants to build chips around our technology. we think this will be a good thing. emily: arm has an interesting

situation in china where as i understand it, the ceo of armor china has been terminated but refuses to leave. simon: we are going through a leadership change in china. it is hard, nobody can travel there at the moment. but we are confident that will get resolved. meanwhile, our business in china is remaining strong. many licensees are adopting technology from us. we are confident that this situation will get resolved. emily: simon segars, ceo of arm, thank you for stopping by. coming up, the votes are in. we are taking a look at the push to unionize at an amazon warehouse in alabama and what the implications of this historic election could be for other workers across the country. that is next. this is bloomberg. ?

emily: the process of tallying and counting votes of amazon workers in alabama is underway in what could be a defining moment for not just the e-commerce giant but the national labor relations board. the votes will be counted via livestream and accessible to anyone with a zoom account, giving labor workers and the public with a front row seat to one of the most highly anticipated labor votes in -- labor unionization votes in years. joining us, the former chairwoman of the national labor relations board under obama. the last time amazon workers did

a unionization vote was in 2014 when a small group decided not to unionize after wall -- after all? will this time be different? >> i don't know what the results will be but this time is certainly different in the aspect of how much attention this vote has gotten written the fact that it involves almost 6000 employees, the fact that it is in the south, coming during the pandemic and in the context of these interlocking crises, the pandemic, the economic crisis, the racial justice crisis, democracy crisis. this is huge in a way that earlier efforts to organize amazon workers and other companies have not been huge. emily: amazon has pushed back hard on this. in a statement we just got, they say, our employees know the truth.

wages starting at $15 or more. health care from day one. a safe and inclusive workplace. we encouraged all of our employees to vote and their voices will be heard. amazon has held some mandatory antiunion meetings which i am told is not unusual. what do you make of that response? wilma: their response i would say has been typical of companies that wish to avoid unionization, which is a lot of them. but because it is amazon, because of the size of the workforce, this is more so. so it is typical, but more so. and the fact that there has been this month-long voting period by mail ballot means that the campaigning has been going on for a long time. i would say that the opposition to unionization is intense and relentless by amazon which, given its past history over the past few years, demonstrates that it is relentless in its efforts to avoid unionization. emily: as you mentioned, it is a

mail-in ballot election. i wonder if that opens the national labor relations board up to criticism that the official or final tally might be suspect because it is not happening in person. do you think this particular vote is one that could be litigated for a long time? wilma: it is always possible that the vote could be litigated. except i would say, in this case, the decision to have a mail ballot election was a unanimous one by the trump majority nlrb. it is consistent with most of the elections held during this pandemic, held by mail ballots

because of the obvious health risk. amazon made a big plate to have this election held in person at the facility. they were quite elaborate and creative for what they were going to construct to try to have it in person. the nlrb, again, a trump majority, rejected it. it is possible that amazon will try to litigate aspects of this election. but i think that in this case, it will hold up. the mail ballot itself will not be subject to really intense scrutiny. i think the other thing that has happened is that this agency, not a well-known agency although it has existed since 1935, is now in the public eye. it is in the public eye because it is holding a workplace election. what is on display is workplace democracy. emily: what is to stop amazon from just firing workers? or what if the union wins and amazon just shuts the warehouse down? wilma: in theory, that can happen.

the law makes that unlawful. you cannot discriminate against people who want to unionize or engage in union activity. you cannot retaliate against them. the problem is that the law takes a long time. the challenge for litigating those types of practices can be delayed. meantime, workers may be out of work. the remedies under this law are extremely weak. all that the nlrb can do if they find that people have been unlawfully discharged his order them to be reinstated, paid back pay, and order the employer to post a notice in the workplace saying, we won't do that again. emily: do we need stiffer penalties? does the national labor relations process need reform? wilma: i would like to see the

lot reformed. it has not been significantly -- law reformed. it has not been significantly amended since 1947 and, needless to say, a lot has changed in our economy, society, and in the workplace since 1947. there is going to be another effort. a labor law reform bill has passed the house of representatives. it is going to be an uphill battle in the senate as it now stands. we are desperately in need of updating this labor law. one of the key components is better remedies. something that would pose incentives to employers who obey the law. emily: quickly, if the union loses, will there be another vote in alabama or elsewhere? wilma: there certainly could be. the union may file objections to the elections. if there are grounds, the nlrb

could hold another election. if the nlrb does not, the union will be free in a year to come back and seek an election. i think even if there is a loss here, employees at amazon and other places will be encouraged to try to seek union representation. emily: we are going to keep following at every step of the way. former chairwoman of the national labor relations board, wilma liebman, under president obama. coming up, bitcoin continues to go mainstream. paypal will accept bitcoin as payment. visa will use a stable coin backed by the u.s. dollar to settle transactions. do not miss our exclusive conversation with the ceo of crack in about his plans to take

the company public. plus, how high he thinks bitcoin will go. bitcoin climbed back above $58,000 on monday thanks in part to that news out of visa. more next. this is bloomberg. ♪

emily: now to some other tech stories. a music video on youtube called "meet the flockers" is stirring up controversy at parent google about whether the lyrics are racist toward asians. they said, we find it to be highly offensive and understand it is painful for many to watch. the email went on to state that the company made the decision to leave the video up to enforce

our policy consistently and avoid setting a precedent that would lead us to having to remove a lot of other music on youtube. the debate, the latest example of silicon workers and executives debating the moral and societal implications. in a big boost for bytedance, the parent company of tiktok, shares are now said to be trading with evaluation of more than $250 billion on the secondary market. that means it is more valuable than exxon or coca-cola. the company is weighing options for an ipo. longtime facebook executive david fisher is leaving the company after more than a decade. he made the announcement tuesday morning. fisher, one of the highest executives overseeing advertising and marketing efforts for business products.

he was also heavily involved in some of the largest deals including the 5.7 dollars moderna moderna $5.7 billion investment in india's geo. tinder breaking its own records amidst a surge in demand of users looking for love. we will speak to the ceo about what he calls a new decade of dating. and as we had to break, have a look at some of big tech's performances tuesday. apple leading the nasdaq into negative territory. also down, microsoft, intel, and cisco. this is bloomberg. ♪

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emily: welcome back to bloomberg technology. bitcoin has increased 2.4% at the close. >> crypto back in vogue. even that index that bloomberg has on this cryptocurrencies, crypto really on a tear. it is taking the stocks associated with it on a tear as well. look at the board one more time, i want to show you this is not random. let's see if that pattern holds,

emily. emily: paypal rolling out a -- i want to show you that this is not random. this has everything to do with technical. bitcoin bouncing off of a 15 day moving average. emily: going regaining some of his losses from earlier in the month. climbing over $58,000. this as coinbase is expected to go public as a direct listing last week. paypal rolling out a crypto. visa saying it will use a stable coin backed by the u.s. dollar to settle transactions. joining us now to is to -- to discuss it all is jesse powell.

he has previously said that the coin could hit $1 million or more. thank you so much for joining us. i want to start with coinbase, we are all expecting it to get out of the gate next week, what will you be watching when it comes to coinbase's public offering? >> it is nice to have a public market example and something to point to when thinking about how to value this. crypto space has been all private. you have to speculate about how the public market would value these businesses. i think it will be for the entire private market. i think it was and valuations of other crypto currencies even higher. >> what you think about in terms of your own ipo? there are reports that this could be a possibility as early as next year.

what is the plan for yourself? >> we are on track to go public next year, probably the second half. there is a lot of time between now and then. anything could happen in the crypto space. no guarantees at the moment but we are gearing up to be able to do that. unfortunately, the rules with the sec as they are today -- fcc keeps our client from being able to just been in the business. >> what does gearing up involved? does that mean you will be raising more money before going public? jesse: it is possible. it's not necessary, we've got a strong balance the sheet and the company is profitable. raising more capital at this

point would be about doing more acquisitions. it is something that is out there. i don't know how much more i could say about that. emily: talk to us a little bit about public acceptance. we are watching bitcoin climb higher. since then, we have deemed some -- seen some losses. what about this, where do you see the coin at the end of the year? jesse: that's hard to comprehend because i am measuring it in terms of dollars. it might be easier to understand if we measure it in terms of teslas. one bitcoin for one model three. by the end of the air, i think it will be one bitcoin per lamba -- lambo. i think those kinds of assets are making it easier to measure

because you never know where the dollar will be. there could be 10 times as many out there. it is really hard to measure bitcoin against the dollar. >> we are hearing about the bitcoins outside of the dollar. where do you see those coins being valued at by the end of the year? are there other areas in crypto that you see your clients gravitating toward as we see other things catching up to her bitcoin is? >> hard to speculate on all of these. in the process of doing that, you actually burn your ethereum one. that is basically locked up for an indefinite amount of time. i think you are seeing more and more projects.

all of the nft tech -- activity. this is driving up the use. i think we will probably see north of $2000 by the end of this year. the other coin is polkadot. that is sort of the next ethereum, many people think. there are a lot of things being lost on top of this network. i think you will see a lot of things like lower transaction fees. >> there are a lot of people out there that don't know how long this rally can really last around them. what evidence do you have that the nft boom is here to stay if any at all? >> there is obviously a huge market for collectible nft is right now. the collectibles business has been around since the dawn of humanity. people have been collecting things. you look at etsy or ebay or people going and looking at

garage sales. i think nft is just one more of those things. there is a lot of really great digital art out there. great artists move into the digital format. i think you will see a lot. it makes sense that that is digital and these are really taking off. you can have concert tickets, you can have proof of ownership of anything as an nft. i think you will see more of those commercial applications, especially the fashion industry where you may have louis have -- louis vuitton try to combat the counterfeit industry. that would transfer from the factory to the store when they buy it. whenever there is a secondary

sale of that louis vuitton bag, that nft could go with it as a proof of authenticity and chain of custody. i think there are tremendous commercial applications for this. i think nft is are here to stay, but everything about the collectible segment. >> some of this is happening now but a lot of our discussions are all about the future. yes, we hear some good news coming from paypal, coming from visa. we interview ceo after ceo who say we are not investing in bitcoin. how different do you think the world will be? can you really sure this? >> everyone owns a piece of bitcoin. he has probably distributed more

bitcoin to anyone else. i think you can wait and see. i think it is important to have a view on it. you don't want to do is jump on the bandwagon but if you really look into the fundamentals of crypto and the adoption we have seen and the number of highly respected financial advisors and visionaries who have flipped on bitcoin and recently come around and said they now see that bitcoin is the future, at this point it is like -- there are so many people that are backing it and supporting it and seeing it. i think you owe it to yourself to really take a look at the fundamentals and understand why that is. you must not understand how the existing financial system works and how much benefit there is to the world for a bitcoin

standard. and also, as a way to figure out a wet -- emily: i am curious, you said you may go public next year. the evaluation of private market getting close to some of the biggest banks in the world. what you think he would be yours has a public company? >> it looks like it is $100 billion pre-ipo. there will probably be a pop after that. i think these companies on the -- crypto companies are the future of finance. jesse: we've had to build the whole stack because nothing was there 10 years ago when we got started with this. i think there is a real threat

that the crypto companies could replace everything that exists in the traditional system. most of these guys have not done their work over the last 10 years to make sure they are current with the crypto technology. i think there is a really real risk. we have seen the tremendous distraction that the cash app has had. i think you're going to see more of that. people are not keeping up with that. i think their days are numbered. >> we will be watching the coinbase direct listing as you gear up. thank you so much for joining us. coming up, a new dawn for online dating, matchmaking apps are not just for prospective partners anymore. i will have any sluice have

conversation with the tender ceo next, this is bloomberg.

>> the analytic firm has -- emily: the analytics firm app annie has ranked tender -- tinder the top app of 2020. the dating app even broke its own record of 3 billion swipes per day, 130 times and saw unprecedented changers -- i'm president -- unprecedented changes in user behavior. joining us now for an exclusive interview is the tinder ceo.

tinder topped tiktok, youtube and disney plus in time spent in 2020. so much of last year was so unprecedented, what describes what you saw in that behavior? >> good to see you. the first thing, when covid first hit, i joined the company at the end of july. a lot of people were wondering what was even going to happen with dating apps. very quickly, online dating which is already the trend became the main way for people to connect. by the time march ended, you already had the first day over 3 billion swipes on tender. as you went through the year, it migrated from a way to connect to people online only.

then people began playing animal crossing online together. at the end of covid it became a way to start venturing back out again. emily: i know there have been more video calls, or time taken to get to know you. what happens to dating in 2021? what does this look like in the post-pandemic? stephen: -- >> i would compare this to a category, streaming, that was already the trend. online dating was already the trend but now, that stigma is almost completely gone. the first thing we saw was conversations were up 20%. the length of those conversations were up 30%. all through the year, the total

number of matches between people are over 40%. this was something where even going into the covid year, 40% of all couples were meeting online and tinder drove over 20% of those. that is not only the trend in the u.s. but that will be the trend around the world. emily: what post-pandemic growth will you be expecting? will tinder be topping the charts after lockdown? >> >> we are seeing people head toward that. he still having a hard time in europe and places like brazil where the pandemic is still raging. the u.s. is saying most people would be vaccinated by the end of may. i think, again, this trend is

already very significant, it has been celebrating -- we are seeing that growth. i think the only question is, what is life on the others of covid like? either way, it is now the main way people are comfortable connecting, and it makes sense because it is so efficient when you look at the products, algorithms, and bringing people together versus taking a chance -- taking your chances out there. emily: is it the summer of love? jim: i don't know. who knows whether it would have been greater without the pin to -- the pandemic. every bit that the road opens back up -- that the world opens

back up will help. >> you are also launching tender -- tinder passport, where can you virtually travel anywhere in the world. normally you can drop your pin in the city you are going to be traveling in answer to meet people in the city in advance of your trip. last april, tinder launched it for free. that is the way to ease people's willingness in a time where everyone was quarantined. we had days -- this time, we are doing it for a different reason. it would be free for the month

of april. we are getting ahead of that one. emily: bumble recently went public. i spoke to whitney recently, she talks about the rise in older people using the platforms, looking for longer-term love. one that is safer for women. it is not just bumble, there is a lot of competition out there. how does tinder stand out from the pack and stand out from some of the stereotypes from a younger user who is not looking for long-term love? jim: the stereotype in that regard is true, we are very heavily gen-z. bumble does seem like it is for older users looking especially for a committed relationship. but we are nonjudgmental that way.

as i mentioned earlier, we are for every kind of relationship, the vast majority are not looking for something that serious. i think one of the great things is there are different brands for different ages of the population, different times in your dating journey. but tender is the biggest and the broadest. we let you use tinder for whatever it is you are looking for in a very fluid and nonjudgmental way. >> u.n. cbs -- you ran cbs interactive for a long time. i have to ask you about the streaming was between netflix and disney plus and paramount plus and hbo.

do you see consolidation here or are we going to say is pain for more and more streaming services? >> cbs all access is still top five in terms of total subscribers but the one thing you will not have is that moment in time when nicholas came online from dvds or when they would give their content to hulu largely for free. or amazon -- decided to give amazon prime video away as part of their overall crime bundle. these things will probably not happen again. i think you have a playing field that is very well established now. i am someone who has honestly believed this entire time that people will subscribe to more than one of these things.

they don't tend to turn through the classic way. they tend to pause and they will come back when there is more content they want to watch. i think the putting more and more behind these products is going to happen. there is room for more of these. i think the need for consolidation is not quite as urgent. emily: interesting. that was the tinder ceo. good to have you back here on bloomberg. coming up, another spacex test flight gone wrong. what this could mean for the future of manned flights to mars, next. this is bloomberg. ♪

emily: spit x head the fourth test flight of its biggest rocket and once again, it ended

in disaster, sending smoking debris across the test site. the last starship test back on march third touchdown with a slight incline and was engulfed in flames. the ark space exploration etf tracks global comedies engaged in space, expiration and innovation. spotify acquired the parent company of locker room. no word on how much spotify is paying. the comedy plans to rename locker room. that does it for this edition of bloomberg technology. tomorrow you will see my conversation with the ibm ceo, arvin krishna about the future

of work and more. i am emily chang in san francisco, this is bloomberg. ♪

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