alix: welcome. we focus on the hottest commodities in the business. that's get right to data dig, where we look at the top market stories in the week. inventories super bullish. overall stockpiles actually fell by almost 6 million barrels. we saw a huge decline in the gulf coast as well as the east coast. stocks are at their low with level in about 30 years. in this rally, lumber prices totally on fire, up more than 60% so far this year. the theory is that prices could go higher, especially through the summer peak of the u.s. homebuilding season. finally, crypto. for some commodity people, it is about the power, where machines use a lot of energy. citibank had a great report. the power load has surged about

six times, more than argentina. a lot of the mining activity is in china, which is primarily powered by coal. a great pie chart shows you the electricity breakdown consumed by bitcoin, to see if it is dirtier. 54% so far is related to coal. only about 14% to natural gas. when bp announced its energy transition strategy last year, not only did it plan to become a net zero company by 2050, but it promised to help the world get to that zero. the green ambitions may have been counterproductive. rachel adams-heard has the story. it is a great week for reporting. what did you learn? rachel: i learned a lot. i had not looked at a sustainability report that in-depth in my career since we had all these net zero targets. it was really interesting to see

the breakdown on the company level, where the greenhouse gas emissions are coming. when we got the 2020 report a few weeks ago, to see the impact these developments are having, which is really huge, especially when compared to things like operational improvements and impacts from covid. alix: what were some of your takeaways? what is that telling us this actually can do for bp? amber: to hit debt targets, which was probably the primary driver -- it allows them to reduce their operational scope one and scope to emissions, which are crucial for net zero. they say this is so they can invest in things like solar and wind, and even if you do not meet an absolution in admissions, that is going to benefit the world. they will lower emissions in the long term by investing in renewables. there was a lot of controversy because there had been a series

of missteps that hope worth -- kyl corp. -- hilcorp had a few years ago. they had a pipeline that leak again last week. there was concern about having the private company become the buyer of this asset. this is not like texas. you do not have 100 producers drilling for oil in alaska. it has been run by the majors. when you have a company that has been a big a deal to the state economy to bp, when the new player is a private operator that does not have the track record, has more environmental mistakes associated with its operations, there is a lot of concern about that. alix: what was the response? rachel: bp says the investors are still extremely important to its strategy. they say they are going to continue selling assets, across all majors, regardless of whether they have a net zero target or not. they also say regardless of the

near-term emissions impacts from having a new operator taking over those assets, they see this as crucial to being able to invest in other projects that would hopefully help to lower absolute emissions. alix: really appreciated it. bloomberg's rachel adams-heard. time for commodity in chief, when we talked to one executive in the commodity world. today is the chairman and ceo of c3 ai. the future of artificial intelligence is vast, from predictive technology to cybersecurity to climate change. potential is everywhere. entered c3 ai, led by seybold. c3 ai provides the platform. the customer then uses it for expertise. they sell functions for management like inventory -- inventory and productive maintenance.

if a piece of equipment needed a replacement part, like on a plane, it could tell you. the company partners with baker hughes, astrazeneca, and leading universities. all of that is to speed up the use of ai in the world. at the end of 2020, it had 30 clients come up with three of them making up 44% of its revenue and the lion share coming from baker hughes. they get about 30% of revenue from the oil and gas industry. it is betting it will get a lot more. especially if oil power producers transition to a cleaner future. i recently caught up with tom and asked how ai helps oil and gas industry. tom: we can use ai to identify

device failure on an offshore oil rig before it happens. these are very complex machines. things go bad, they can go very bad very fast. as we all know. the cost of failure is basically incalculable. we can identify failure of devices on the offshore oil ridge 18 or 24 hours before it happens, with low-pressure capacity or whatever it might be. when they fail, it is catastrophic. alix: how much do you save a company with predictive technology rather than waiting for a park to fail and then having to replace it? tom: when you do it across the entire stream, upstream, downstream, you are looking at $4 billion a year in economic benefit. this move to renewables on the part of shell and nl enel -- and

enel and others is less about embracing climate security and environmental security, which they all do. candidly, as renewable energy companies, they are going to make more money. it is more profitable energy. alix: is there something in the alternative energy industry that you think is different and cool we were not thinking about a year ago? tom: it sounds mundane, but ai-based predictive maintenance of hundreds of millions of assets in the power production and distribution network -- you avoid testing. these things break, it goes really bad. you can, for example, identify a transformer failure in new york before the transformer fails. lights do not go out in new york for three days. that is a good thing. people don't die. we look across the oil and gas value chain. this is analytic, optimization

of production, integration of renewables, ai-based predictive maintenance, disputed energy resource management, fuel station analytics. shell sells more coffee than starbucks does, ok? they are a retail outlet. they literally sell more coffee than starbucks. we are completely transforming the oil and gas value chain from exploration to production to distribution. and most importantly, integration of renewables. there is a critical ai problem called distributive energy management, which happens with the balancing of energy sources. alix: is that like if you are a utility company or power mix, making sure you have the right power mix? tom: the load on the grid has to balance with the amount of use. that has to stay in balance. you cannot just take excess power and move it around.

and too little power, you have brownouts and things start to fail. it has to balance perfectly. this is relatively simple when you had one producer, say a generation facility, and many consumers. now, with the smart grid, we have everybody a producer of energy, with batteries, with storage, with solar panels, with windmills. sometimes at a very large scale in the north atlantic. so this business of distributed energy resource management, where we are balancing loads and managing in real time across a great infrastructure like western europe, it is an extraordinarily difficult problem, and it is an ai problem. without this technology, we cannot deploy renewables. alix: time now for a commodity kicker. toilet paper, hand sanitizer, now consumers are red-faced over

the latest pandemic shortage -- ketchup packets. the packets became a hot commodity after restaurants amped up their takeout game. hines promises to catch up, aiming to increase production, delivering 12 billion packets as they squeeze out more production. the shortage has sparked an underground trade in ketchup packets. diners with the fortune to have a stash or listing it on ebay. make sure to catch us every thursday at 1:00 p.m. new york time, 6:00 p.m. in london. ♪

matt: welcome to bloomberg markets. we have an awesome lineup. tyler is unveiling its new sedan, and all electric version of the classic mercedes as class. in just a minute, you will hear my conversation with the ceo on the company's new era. and in what will be the third-largest largest ipo ever for the nasdaq, a mobile software company is going public with an expected value of $29 billion. the ceo joins us life to discuss. plus, investors looking for a slice of slice, the kkr-backed pizza platform. the company raises $40 million in its latest funding round. we speak with the ceo. first, let's take a quick look at what is going on in markets. new record highs across a number of indexes.

you can see the s&p 500 gaining 1%. the nasdaq up 1%. the u.s. 10 year yield comes down even further as investors by bonds, now yielding less than 155. i want to get to something that caught my eye. that is chinese automaker using its new electric car unit to take on giants like apple and huawei, although it is not going to build a phone. those companies apparently want to enter the eb market. here is the president speaking earlier on bloomberg about the ev debut. >> we are exactly created for this. this was spun off to become a brand-new company, no matter its

brand, teams, organizations, or culture, which is no different from any other tech company. matt: speaking of ev's, daimler is unveiling its new all electric sedan, a version of the classic mercedes as class. the launch cements the position of the brand is one that can rival tesla in the luxury electric car market. earlier, we spoke with the ceo about the automaker's commitment to ev's. >> it is something we have been doing research on for more than 15 years now. the particular recipe is one we have developed with one of our supply partners. it has very good energy density. if you look at the car, the shape, why is it like that? form follows function. it has the lowest drag

coefficient of any serious production car. the smooth shape helps. many little details lead to great efficiency and that gives you good range. matt: and it still keeps the design language pretty clearly. let's get back to the chip shortage, if we could. you say you are going to prioritize vehicles like this, and i assume the internal combustion as class as well. how hard is it hitting you in terms of production lost in 2021? >> we had disruptions in the first quarter. we will continue to have some disruptions in q2. we are now talking about what the recovery scenario could look like with our suppliers. in some cases it is not 100% clear yet what the supply availability will be. we are hoping that we will be able to make up for much of that

loss in the second half of the year. but it is still day-to-day management. matt: how important is it to keep your suppliers close to production? i know a couple days ago there was a story about your crosstown competition working with a battery producer instacart. are you trying to source technology chips, battery cells, close to where you put the cars together? >> the auto industry is a huge network of supply relationships and technology relationships around the world. our guiding principle is to go for the best, the best technology, the best innovation, the cost structures that meet our target. so that worldwide network, that is not something that is going to disappear, nor do we want it to disappear. but as we scale some technologies, you mentioned batteries. we are going to need so many gigawatt hours on the way to

2030. for some of the components, as has been the case in the past as well, we are going to build a production in the most important and biggest regions we have. matt: can you put a dollar figure on what kind of investment you are plowing into this new electric push? >> many, many billions. the five-year plan that daimler signed off on just before christmas has an r&d and budget of over $70 billion. needless to say, the lion's share of that is going into new technology. matt: can i ask about prices as well? i saw a story on the bloomberg a couple days ago about china reducing aluminum production. i'm guessing a car like the one behind you is full of a ton of aluminum and carbon fiber in order to save weight. what do you see in terms of

input prices? >> we regard commodities across the board -- it goes up and down. in some cases, you also hedge. in some cases, you fluctuate with the market. in general, commodity markets in the long run tend to be efficient. if you get into a situation where there is a crunch, higher demand, prices go up, then new capacity comes online. you cannot plan a lifecycle of vehicles that are in the market for seven or eight years just on a snapshot of what is going on right now. you have got to manage that over the cycle. matt: the world premiere of daimler's electric as class. that was the ceo. still had a mobile app company makes its public debut, marking the third largest ipo ever for the nasdaq. we will speak to the ceo next.

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matt: this is "bloomberg markets." i matt miller. on the heels of the coinbase listing, applovin goes public in an ipo, and it will be the third largest ever for the nasdaq. the mobile app startup opened at $70 after a $2 billion ipo price of $80 a share. ceo and cofounder and for 80 -- adam foroughi joins us with more. are you satisfied? adam: we started this business nine years ago, we always took a very long term view into what we were building. we saw a ton of opportunity to help app developers with our platform to get their apps

discovered. today is an amazing milestone for the company. we were able to raise $2 billion. we're going to execute for many years to come, continuing to go down the path of our journey, leading ourselves forward. adam -- matt: why do you think there is a 15% drop in the shares? adam: i can't answer that. i don't know. matt: does it disappoint you? adam: no, because what we are here for is executing for the long-term. i was a derivatives trader when i started my career. you cannot control what is outside of your control. what we can control is that we have a very fast growing business and we are entering into the next part of our journey, and we will continue to execute and build trust with professors who want to bet on us for the multiyear plan. matt: what is your multiyear plan? you do a lot of, from what i can see, takeovers a very popular games. you get pretty good value. i have seen good prices where

you are picking up for example a company that at one point was valued at $5 billion for $5 million -- $500 million. is that the strategy? adam: no, we started as a platform for app developers to help get their content discovered. we drive over 3 billion installs to our customers, matching them with consumers. in 2018, we widened our business by layering on this original content, and that is what we have been acquiring into the platform. the games of our own have over 200 million monthly active users playing those games. and then we are able to expand the platform offering and increase the efficacy of the software with that audience. matt: what kind of revenue are you looking at as we get out of this lockdown? for example, what is your estimate for next year's full-year revenue? adam: last year, we had a record year. we grew over 40% year-over-year.

what we are most excited about is that our company is coming together with all the parts we have invested into the last nine years. we had the biggest revenue growth quarter we have ever had, accelerating to 83% year-over-year growth. we see a lot of room to grow our business as we go forward. matt: what about making money? when are you looking at profitability, and what kind of margins? adam: we generate cash flow right now. we did over $300 million of even to -- ebidta last year. matt: we still see pretax income that has a minus sign in front of it. when is that going to be positive? adam: the net income number has some accounting nuances to it, and i leave those nuances to are very capable president and cfo harold chen. i'm focused on how much cash we

can generate from growing this business. we have been able to be profitable from a cash flow basis since 2012. matt: adam is the ceo of applovin which went public in the third-largest it -- ipo on the nasdaq. a barrage of u.s. economic data is pointing to the economy firing on all cylinders. we will break down the numbers next. ♪

>> i'm mark crumpton with bloomberg's first word news. it's an unwanted milestone for

france. the covid-19 has surpassed 100,000, making the nation the eighth in the world to reach this milestone. virus variance are being blamed for the surgeon new infections and deaths. that also comes after a year of hospital tensions and on and off lockdowns. today antony blinken made an unannounced visit to afghanistan. he's pressing for a peace agreement with the taliban. he's also trying to sell president biden's decision to withdraw american troops from the war-torn country. critics say the move will obliterate american leverage over the taliban. diplomats from iran and six world powers meet again in vienna today to try to revive the 2015 nuclear deal. the meeting comes at a crucial time. iran's primary nuclear facility was attacked over the weekend

and tehran has about to begin enriching uranium close to weapons grade. iran still demanding the u.s. lift sanctions before it resumes complying with the terms of that treaty. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. amanda: i'm amanda lang. welcome to bloomberg markets. matt: i'm matt miller. we welcome our bloomberg and bnn bloomberg audiences every day at this hour. here are the top stories we are following. the economic recovery quickens. u.s. retail sales returned to pre-pandemic levels and initial

jobless claims hit their lowest in 13 months. wall street loud corridor join their peers as they beat on trading revenues but shares are down. we will discuss what's weighing on financials and a look at the state of star -- start ups. we will look at the founder of slice about the company's latest funding round of dollars. amanda: we have equity markets at or near record levels here. once again enthusiasm for stocks across the board. it's not a total move higher. we've got weakness for energy, financials aren't great but tech is soaring. health care is strong. inside tech, this may just be a rotation into a group continuing to grow even if evaluations are

being stretched. huge move in chips and look at the 10 year. we've got this incredible move in bond yields. we did have economic data today that could argue for a big rally in stocks. that doesn't really fit the picture of what we have been talking about. maybe some technical issues going on here. nobody to bring in utter than our economics reported. let's just start with in terms of the data we did see retail sales rocketing. jobless claims not hurting anything at all. what would you expect to see in terms of the data that's coming? is it in keeping with the reactions we are seeing in the bond market? >> you mentioned some technical factors. the number was even higher than we received in terms of retail sales.

we were expecting a similar number to what came out and i think that just tells us that americans really made use of stimulus checks that were distributed in the middle of the month of march. there were three major factors that drove retail sales to increase. it was an unfreezing movement from very low number in february. so as the economy reopened, that also helped to boost sales and obviously a big boost came from the stimulus checks. so that actually means that we may see significant roles in the first quarter of the year. our estimate is for 6% growth in american gdp. today's numbers suggest upside risks to that. we also estimate 11% growth in the second quarter this year.

matt: we had initial jobless claims that were in better shape than we've seen over the past few months. still more than 500,000. but at least not above the records we've had previously. i've talked to a couple of hotel owners and also a restaurant owner in recent days who say they can't hire employees. nobody wants to come work for them because unemployment benefits are so good combined with stimulus. is that holding down for employment figures? >> we will find out in september when those benefits expire. i think partially the answer is yes, some people just want to continue getting benefits and they will continue to do so until they expire. having said that, i want to highlight that we will continue to see significant improvement

in terms of jobless claims going forward. so the recent readings before today's number probably reflected some volatility around the school spring break. usually claims numbers increase during that period. and then they normalize and that's what we see. overall trend is to the downside and we will continue to see that regardless of augmented benefits whether they exist or not. amanda: we've been warned that we may see inflation that is transitory, it won't take hold. when we see this strong retail sales print and that the nine and inflation number, what do you make of that? is it a lag effect in the cpi? >> obviously inflation numbers lagging indicator and we saw some of this in the cpi report

that was released a few days ago. i think what's important to note is that the acceleration in inflation, even in the core component of it, is not as strong if you look at three-month and six-month analyze numbers. remember the base effect is stored year-over-year comparison. numbers that are still below 2% core inflation and there is significant slack in the labor market. we just talked about claims numbers. we may not see a surge in inflation even if the year-over-year comparisons tell you so. whatever the increase in supply driven inflation, they will be transitory. we saw that in some of the components already in the

report. matt: thank you for joining us, senior economist at bloomberg economics talking to us about the numbers we've seen recently and what to expect. for what it's worth, larry fink is fretting over the future of new york city. he says even though they have just built a new headquarters in the hudson yards, many of his employees have asked about moving out of new york because they are concerned about taxes and if taxes on the wealthy increase, a lot more people are going to want to leave the big apple even if it is a financial center. amanda: i was a little confused about what exactly is preoccupying larry fink. in my experience when people leave a city to go somewhere else, the city doesn't end up a ghost town. other people move in. if the effect of this tax on the

very wealthy as it becomes more affordable for the less wealthy, i would say it's high time. it felt very whiny to me to hear a billionaire complaining about a modest increase in taxes in one of the most expensive cities on the planet. matt: i just read the piece. i haven't seen the video yet. definitely my thoughts exactly. if they all leave, i will be able to get that penthouse for a much more affordable price. they can all go to miami as far as i'm concerned. i thought it was still interesting. they had just announced assets under management of $9 trillion. that's a mind-boggling number. that's like half of u.s. gdp and the assets they manage. coming up, a deep dive in the big u.s. banks. five of the financial giants trounce analyst profit

estimates. ceos touting that economic recovery we just discussed but investors are selling the shares. what's up with that? this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller with amanda lang. time for stock of the hour. bank shares lower despite record first-quarter earnings. >> bank of america is your stock of the hour today. one of the worst performers. but it actually had a pretty good start. it had a big beat in earnings actually double from the previous quarter.

that missing link was a loan demand weighing on those net interest income margins there. we had similar scenes from those major banks reporting as well. for bank of america that was significantly weaker than its peers like goldman sachs and jp morgan. we are weak across the financials today. one of the worst performing sectors. the kbw bank index getting hit pretty hard today. it still had a pretty stellar year. we saw that rotation into cyclicals and a steepening yield curve. it is those yields weighing on that sector today. we are down some nine basis points after that retail data surprise. it is very much that as well as concern over loan demand weighing on banks of america. amanda: we did hear from the banks. decent numbers at citigroup.

included news that it would exit 13 markets with its retail operations. those are markets across asia, europe, the middle east and africa. transformation is more strategic and fundamental. we are taking a soup to nuts approach looking forward rather than backward obviously that's a big step to exit those retail markets. the implication is that there may be other things that happen for citigroup what's the market thinking about what it's hearing? >> their liking what jane fraser has to offer so far. this is her first call as ceo of this bank. consumer businesses actually fell the most. more than at wells fargo and more than at jp morgan. for jane fraser to hone in, her keyword is focused and focus on

those businesses that make more in profit around the world makes a lot of sense as well as focusing hard on wealth management. at bank of america we also saw this trend where even when loan demand was weaker, investment assets rose for consumers. focusing on wealth makes a lot of sense when you think about where the money is going next. matt: price for perfection is a term i keep hearing a lot. especially in regards to jp morgan. it's been down every single day this week and yet rave reviews from analysts who cover the bank. i was talking to ken lyons from cfra today. he loves the bank. why are investors selling these? >> a lot of the story is interest rates for these big consumer banks. the second is profitability. a lot of these results were boosted by reserve releases that

are in the billions. it's fantastic that they see the economy is getting better in the longer term consumer behavior is showing that consumers want to save money. they want to pay down their debt. my question is does this sing -- signal a paradigm shift where the banks try to earn money from consumers in different ways rather than simply loans. the other thing is investment banking. there's winners and losers here. jp morgan, goldman sachs and morgan stanley are the biggest when it comes to mergers and acquisitions and if m&a is the next big shoe to drop, you have goldman bringing in a billion dollars and everyone else always behind. amanda: the is and is lending aspect is so important for a healthy recovery. could there simply be a lag

effect? >> you definitely hear the ceos writing that fact that bank of america also saying that net interest income could be a billion dollars greater in the fourth quarter of this year depending on interest rates. so you are hearing the idea that it will get that are in terms of consumer outlook later this year. it's looking like investors are giving them a wait and see story here. they are also kind of limited on what they can do in terms of return to shareholders until later this year. jamie dimon had talked a lot about the regulatory constraints the banks have and we will see what tone the biden era regulators take with these banks. matt: covering these big banks

after she stayed up all night covering the coinbase direct listing, i think she only got two or three hours of sleep in the past 48. wish her well, if you would. be sure to tune in for a special edition of wall street week. david westin is interviewing the ceo of bankamerica. brian moynihan will join david tonight in just a few hours. that comes at 5:00 p.m. new york time, 10:00 in london. online ordering platform slice raises $40 million in its most recent funding round. what the investment means for the company with the founder and ceo next. this is bloomberg.

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amanda: this is bloomberg markets. i'm amanda lang with matt

miller. online ordering company slice just closed on the funding round. some rather well-known names in the venture space. the founder and ceo is with us now. great to have you with us. obviously pizza is hugely popular and you are acting as that intermediary. what does slice have to offer? what's the competitive carrier to the pretty well entrenched other systems? >> absolutely. our mission is to keep local thriving and sliced takes the position of being a first party direct partner to 16,000 small businesses across 3000 cities and towns and we take the position of being a direct primary partner to these independent businesses that have critical needs across multiple different areas including technology, marketing, data, online organ -- online ordering.

so slice is much more akin to what a domino's offers its franchisees. matt go i would eat pizza every day if my wife would allow. it's all four food groups. i feel like i'm being really healthy. why the focus on the pies and is that the only thing consumers can get with slice? >> it's a really good question. pizza is part of the american fabric. it's an institution. there are over 77,000 pizza restaurants across the u.s. all managing over $46 billion in revenue every single year. it is the highest frequent category and for the most part every american orders pizza at least once a week. for that reason it happens to have a presence in basically every neighborhood in the country. but most of these independent operators are left underserved. so for us we want to be a

specialist and we want to solve some of the most pressing challenges faced by these business owners and it's a little bit personal to me because i have 30 family members that own pizza shops across the u.s., i come from three business owners in this space. amanda: maybe that is why you have such great insight into the needs. you have a program to help independent players get through this crisis. describe what you are doing. your investment in them and the kind of partnership it creates. >> i'm incredibly proud of our slice accelerate program where we coming with a $15,000 investment in the form of marketing, technology, a brand refresh, and shared services that are necessary independent businesses to overcome some of the challenges faced especially in covid and post pandemic. we know the consumer expectations for any business

are incredibly digital eccentric and most small businesses don't have that digital presence. so being able to come in and provide this all in solution including that investment has been a lifesaver for so many businesses and we are excited to accelerate that further especially being empowered with this new funding round. matt: being in staten island in new york, you are basically in the pizza capital of the world. i have eaten pizza in berlin, in london, in spain. it's all awful. what can you do to spread the gospel of good pizza internationally? any plans to go outside of the u.s.? >> long-term i'm really passionate about solving this problem on a global scale. it's our mandate to make the authentic pizza easy, accessible and rewarding. we are definitely going to explore opportunities on an international scale in the next

two to four years. i believe there is still a growing need for us to provide that type of solution here in the u.s. so how do you make that local delicious pizza accessible and rewarding in every neighborhood in the country and that's our current focus. matt: thanks very much. i'm just having a little bit of an off-line conversation with amanda who says pizza was invented in italy, which is true. but they don't make it the way we make it in chicago. they don't make it the way we make it in new york. it's kind of a different food. it just has the same name. this is bloomberg. ♪

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mark: it's an unwanted milestone

for france. it's covid-19 death toll has surpassed 100 thousand making the nation the eighth in the world to reach that leak milestone. variance are being blamed for the surge in infections and deaths. it comes after a year of hospital tensions and on and off lockdowns. the biden administration has hit russia with a new round of sanctions. dozens of entities will be penalized. 10 diplomats will be expelled from the united states and there will be new restrictions on buying russian debt in response to allegations that russia was behind a massive hack of federal agencies. house speaker nancy pelosi says she doesn't support a bill to expand the number of justices on the supreme court. she says she has no plans to bring the legislation to the floor of the house for a vote. she says she does back president