>> i am caroline hyde in london. in for emily chang. happy friday, this is bloomberg technology. we are ripping up the scripts because in all important meeting coming up between the president of the united states and japan's prime minister, the first meeting of an international leader with the u.s. president. we will get right to it in the world's garden. let's get straight to the u.s. markets as well.

stocks ending the week at record highs. economic optimism coming full on from the u.s. and china. take it away. >> investors focus on that economic story, particularly china, growing by 80% in the fourth quarter. the s&p 500 up by .1 of 1%. weekly success of games. if there was underperformance it was intact stocks. the nasdaq up by .1 of 1%. tech stocks off by .4 of 1%. we did not see any movement it yields, but earnings season is around the corner. earnings season starts in earnest next week. that is where the focus is. investors project things that we will see growth rising. we will see around 16% revenue growth in the technology sector, even more outside earnings growth. come with me and look at this

chart. when it comes to the nasdaq 100 in particular we are trading at our most expensive valuation. just around 2004, two decades worth. that has been a concern particularly at the beginning of the year when yields were rising. it was hard to justify stretch evaluations. now the psychology has changed because the rest of the market outside of tech is also expected to do well. come back to me at the studio. the best two performing mega cap stocks were amazon and apple. a day i've actually trailed the s&p 500 so far this year. it investors falling out of love with technology. the question, what will bring them back in love with technology. that is what i will be asking. >> we did see tech underperforming. also a lot of pain in some of those social media companies. pinterest down as much as 10%, the steepest decline since november 19 on concerns those channel checks [indiscernible] then you have endless coming in saying those concerns are

overblown, but not enough to lift the stock back up. that seeps into the likes of snapchat and twitter, where you did not see a lot of payments. we are talking about them disrupting semiconductors and several other other -- several other industries. they are competing with best buy, home depot, lowe's with a new premium service in which you can have some of those new furniture items assembled at her home. put them more indirect competition with some of those names. it did actually take a hit in intraday trading. something else took a hit was crypto stocks. some of the pain, and not just bitcoin. take a look at these crypto stocks, marathon, riot, not doing so well especially for equity investors. coinbase outperforming, a very stark contrast in terms of that crypto story, and i want to spend afford to earnings -- spin it forward.

ibm, and what is interesting about ibm we will get those results bright and early, analysts are expecting a 5th street decline in growth. that tells you ibm come in every battle is wrong. it seems like there is a little bit of optimism. caroline: bring on the earnings season. thank you so much for those rate updates. we will keep you up-to-date with what is happening with president biden while wrapping up his first and meeting with a foreign leader, japanese prime minister suga and we will be debating what hung over the entire conversation, basically the issue of china and whether or not they are going to push back against the rising power of china within the area, whether we will see a push back against taiwan and some of the concerns about china's infiltration in hong kong is something that is a

key area that we will be discussing. the supply chain of chips a key issue for our global audience, and something that china continues to double down on in terms of its own chip focus. we are about to see president biden walking out along prime minister suga. we will hear key takeaways from their meeting together and how they have brought about an alignment. the key trading partner for japan is that of china. how they continue to debate. pres. biden: the prime minister has brought the sun out. he can do about anything. mr. prime minister, thank you for being here. as buying -- been my prime -- pleasure to welcome the prime minister to the white house. this is our first inferencing meeting here and the first head of state i have asked in my administration to come to the white house. yoshi, thank you for making the long trip to washington. we have already met virtually at

a g7 meeting and a quad at leaders summit, but i greatly appreciate the chance to spend time with you in person, and to make our exchange of ideas face-to-face. there is no substitute for face-to-face discussions. we are still taking covid precautions. being careful, but our commitment to meet in person is indicative of the importance, the value we both place on this relationship between japan and the united states, this partnership. we had a very productive discussion today. when nations as close as ours get together we always look for operations and opportunities to do more. today was no exception. yoshi, you will probably be seeing a lot more of me in the future. prime minister suga and i have affirmed our ironclad support for japanese alliance and our shared security. we committed to working together to take on the challenges from

china and on issues like the east china sea, the south china sea, as well as north korea to ensure a future of a free and open indo pacific. at japan and the united states are two strong democracies in the region, and we are committed to defending and advancing our shared values, including human rights and rule of law. we are going to work together to prove that democracies can still compete and win in the 21st century. we can deliver for our people in the face of a rapidly changing world. so today, we are announcing a new competitive and reliance partnership between japan and the united states that will enhance our abilities to meet the pressing challenges of our time. together meet those challenges. the top of our agenda is of course getting the pandemic

under control and helping our friends and neighbors throughout the indo pacific region to recover. earlier this year, we'd together with india and australia lodged the landmark quad vaccine partnership to expand the manufacture of covid-19 vaccines and assist countries throughout the region with vaccination efforts, and we agreed to enhance our support for global vaccination efforts through the act accelerator and covid facility. we will also do more beyond this pandemic to advance longer-term goals for health security, reform of the world health organization, and establishing a new partnership on health security to build better preparedness for the next pandemic, because there will be others. secondly, japan and the united states are both deeply invested in innovation and looking to the future. that includes making sure we

invest in and protect the technologies that will maintain and sharpen our competitive edge. those technologies are governed by shared democratic norms that we both share, norms set by democracies, not by autocracies. it we are going to work together across a range of fields for promoting secure and reliable 5g networks, increasing our cooperation on supply chains in critical sectors like semi conductors, driving joint research in areas like ai, genomics, quantum computing, and much more. our nations are committed to taking aggressive actions to meet the threats of climate change. next week i will be hosting the climate leader's summit, which the prime minister also plans to attend thankfully to rally key nations of the world for making ambitious climate commitments in

the lead up to the glascow summit later this year. japan and the united states are both committed to achieving net zero emissions by 2050, and we know that will require setting and meeting our 2030 goals, and we will work together to advance clean energy technologies and help patients throughout the indo pacific region, especially developing countries, develop renewable energies and carbonized their economies. and finally, both the prime minister and i value the incredible partnership that exists not just between our governments but between the japanese people and the american people. last month, we jointly marked the 10th anniversary of the earthquake-tsunami, and nuclear disaster that caused so many lives in japan. my visit to the area shortly after it happened. the prime minister and i talked

about when i was vice president visiting the families in the region to show support of the united states. we continue to mourn the loss of all of those folks at two auditor the extraordinary joint effort between japan and the american people in the wake of that tragedy to recover and to rebuild. and those personal bonds of friendship and connection are the ones that will keep this alliance strong and vibrant for decades to come. and i am especially proud today we agreed to resume what we call the mansfield fellowship program to promote people connected between our countries. before micah mansfield, the beloved ambassador to japan became ambassador, he was a mentor to my in the senate after

my wife and daughter were killed, and he helped me along anyways i cannot explain in the united states senate, and i am proud. i am proud his legacy continues to be honored as part of the close and enduring partnership between our nations. yoshi, i know how proud you are of -- are, the people of japan are. you have got a japanese boy coming over here and he won the masters. he won the green jacket. he was the first japanese player to take over that green jacket at the masters tournament this week. let me say congratulations to japan as well on that feat. mr. prime minister, thank you for making the trip. i look forward to all japan and the united states will accomplish together in the coming years. it was a great honor having you as the first head of state in my administration.

p.m. suga: [speaking japanese] >> [indiscernible] the united states is japan's best friend. japan and the u.s. are allies that share democracy and human rights. [indiscernible] as the foundation for stability for the indo pacific region in the world.

p.m. suga: [speaking japanese] >> in light of the security environment, the importance of our alliance has reached new heights. based on such common recognition, at today's summit we exchanged far-reaching and candid views on each other's principles in each of our nations, our common vision. president biden and i reaffirmed the recognition confirmed at the japan-u.s. 2 plus 2 regent last month and engaged initiatives. we also discussed and engaged in

open indo pacific. we agreed japan and the u.s. will take the lead to promote the vision to concrete efforts. we will also cooperate with other countries, including australia and india. we also had serious talks on china's influence over the peace and prosperity of the indo pacific and the world at large. [indiscernible] in the east and south china sea at the coordination of others in the region. at the same time, we agreed on the necessity to engage in laws

that affect china and intend to pursue instability of international relations while upholding our values. on north korea, [indiscernible] of all weapons of mass destruction and agree to demand to north korea to fulfill its obligations under security council resolutions. we reaffirmed it is a great human rights issue and that our two countries will work together. encountering north korea and for

the peace and prosperity of the pacific, both of us recognize that financial cooperation as never been as important as today and agreed to promote such cooperation. noting that the regional security environment has become increasingly [indiscernible] the responsibilities of our alliance [indiscernible]. i have conveyed my resolve to defense capabilities well president biden again illustrated america's commitment to the defense of japan, including application of article five. we also agreed to accelerate the review of the countries to

strengthen the alliance. at the same time, from the perspective of mitigating the impacts on local immunities, including first and foremost, okinawa, we agreed to perform the realignment, including the only solution to avoid a permanent [indiscernible]. in responding to the president crisis faced by the international community because of covid-19 and climate change, japan and the u.s. are indispensable partners. president biden and i share the recognition that our two nations bears significant responsibility to the multilateral initiative toward the resolution. we agree to respect

international order based upon multilateralism while exercising leadership to build back better our global communities. based on such an outcome of our meeting today, we are releasing a statement, global partnership for a new era, which will serve as the guiding post for our alliance in the time ahead, which strongly demonstrates our solidarity toward the demonstration of a free and open indo pacific. from the perspectives of our two nations leading efforts to build back better, president biden and i agreed on the japan-u.s. core

partnerships and confirm to promote cooperation in common priority areas, including promotion and innovation of technology, covid-19 countermeasures, and climate change. for competitiveness and the division, it will bring about social transformation at huge economic opportunities, we can agree japan and the u.s. will work together for the promotion of various areas regarding response to covid-19, from short-term responses to the longer-term methods, including the preparation for similar incidents. we will work on the promotion of

multilayered cooperation regarding the overall supply of vaccines and the reinforcement in the area of global health. we confirmed that cooperation between our governments will continue. in order to ensure equitable access to vaccines, including in developing countries, multilateral cooperations will be promoted. on the matter of climate change, at the upcoming climate summit hosted by the u.s. next week, we confirmed that japan and the u.s. will be leads and global decarbonization in order to strengthen clean technology or decarbonization transitions of developing countries.

i agreed with president biden to launch a climate partnership on ambitious decarbonization and clean energy. under these initiatives, i wish to give impetus to concrete and comprehensive cooperation. i discussed whether increase of discrimination or violence against asian people with the and agreed it should not be permitted in any societies. we agreed on this regard. president biden made a comment that discrimination and violence will not be allowed. [indiscernible] has renewed my

confidence in american democracy once again. i told the president about my determination to realize the tokyo olympics this summer as a symbol of global unity. president biden once again expressed his support for this determination. japan is listening to and learning from the who and experts to contain the infection [indiscernible] we will do our utmost in our separation, freedom, democracy, human rights. as we firmly [indiscernible] in

the values that we share, i look forward to the actual implementation of the outcomes of this meeting. my further collaboration and deeper cooperation with joe. i once again give my heartfelt gratitude for the kind invitation. thank you. pres. biden: knelt we will take a few questions, and i will begin by recognizing the associated press. you have the first question. >> thank you, mr. president, and thank you, mr. prime minister. mr. president, in your last press conference you said successful presidents prioritize and you were focusing on one thing at a time. i would like to ask you, what would you say to many of the

americans who voted for you about the legislative progress on gun control and police reforms while you pursue infrastructure given that we continue to see these incidents with mass shootings and police involved shootings including the instant a lot of us shot -- saw in chicago most recently. pres. biden: i have never not prioritize this. no one is worked harder to deal with the violence by the visuals i have. i am the only one to ever have assault weapons banned and clips with more than 10 bullets. immediately upon us becoming the office of the attorney general, i asked them to do two things i could put together by executive order, including new that you can buy in pieces and put together, and other initiatives. i strongly support the universal

background checks, which i continued to push. congress has to step up and act. in the senate as to act, and i strongly support and continued to never stop supporting the ban on assault weapons and magazines that hold more than 10 bullets. it does not mean that i cannot also be working on the same time on the economy and on covid. it is not a question of my being able to set the agenda in the senate as to what they will move to first grade i continue and strongly, strongly urge my republican friends in the congress who refused to bring up the bill to bring it up now. it does has to end. it is a national embarrassment. it is a national embarrassment what is going on. and it is not only these mass shootings that are occurring. every single day, every single day there is a mass shooting in the united states if you count all of those who were killed out

on the streets of our cities and rural areas. it is a national embarrassment and must come to an end, and one less thing. the folks who own weapons, the folks who own guns, they support universal background checks. it the majority of them think we should not have assault weapons. who weighed god's name needs a weapon that can hold 100 around or 40 rounds or 20 rounds? it is just wrong, and i am not going to give up until it is done. do you have a question you want to offer? >> thank you very much. >> [indiscernible] my question is on china policy.

[indiscernible] that had been the agreement between the two countries. what kind of use were presented on this matter at today's meeting. -- meeting? what can japan do in the taiwan strait? to the prime minister explained to president biden to do under such circumstances? also [indiscernible] we also

discussed the circumstances -- we also discussed the circumstances. [indiscernible] diplomatic exchanges. but there is already an agreed requisition of the importance of stability in the taiwan strait between japan and the united states, which was agreed upon on this occasion. i also explained japan's position and initiatives regarding the situation to the president who i think understood my point. pres. biden: next question goes to trevor, reuters. >> thank you, mr. president, it

has been a while since we have heard an update from you on how the talks are going with iran. how are they going and do you regard their decision to enrich to 60% as a step backwards, assign they are not serious about those negotiations? and for the prime minister, just a question on whether it is irresponsible to move forward with the olympics when you have public health experts telling you that japan is not ready to do so. pres. biden: we do not support and do not think it is at all helpful that iran is saying it is going to move to enrich to 60%. it is contrary to the agreement. we are nonetheless pleased that iran is continuing to agree to engage in direct discussions with us and with our partners on how we move forward and what is

needed to allow us to move back into the jail pca -- jopca -- that we should never of gotten out of it -- without making concessions we are just not willing to wait. i think it is premature to make a judgment to the outcome but we are still talking. p.m. suga: [speaking japanese] >> this question is for prime minister suga. [indiscernible] the concrete promise to send american -- if you can tell us about the

exchanges and conversations? [indiscernible] you have discussed these aspects about the schedule of providing the vaccines by 2030, the reduction of targets, any numerical targets? >> i expressed in my determination to realize this as a symbol of global unity this summer, and president biden once again expressed his support. japan will continue careful and full preparation to realize the tokyo games this summer in order to ensure equitable access to

covid-19 and we affirmed japan and the u.s. will continue our cooperation. regarding climate change, this is a better that both president biden and i emphasized. during the talk today we have confirmed to strengthen financial cooperation and collaboration in that area of climate change and to have agreed to launch a climate partnership, which is extremely meaningful and significant. pres. biden: thank you all, very much. thank you, prime minister, i look forward to having you back. thank you again everyone. >> ladies and gentlemen, please remain in your seats until the president, prime minister, and delegations have departed. caroline: you have been

listening to the perimeter of japan and president biden discussing a wide range of elements, whether from the tokyo olympics through 25, ai, chips of light, of course, crucially important to our bric technology guild and the relationship they are striking when it comes to north korea, china. jordan was listening in. your key takeaways from the press conference? >> my first takeaway is the white house were not asked about the most controversial subject today, which is the president's decision to keep the refugee cap employees and going back on that reversal and saying they would reverse the cap this year. that was a major black eye for the white house. it they received a major backlash from democrats saying they were surprised the white house was not going to live that cap, and they went ahead after

receiving that criticism, but the president did not receive a question about that, instead affirming the alliance with japan, going up against china, and talking about gun control and negotiations so we can get a new nuclear deal with iran. caroline: any news breaking with that? iran saying the u.s. is pleased it will continue in direct talks. that seemed to be the foreign policy take away from the discussion. >> the major take away for that subject is that iran's decision to enrich uranium to 60% apparently is not going to completely derail these indirect talks that are going on in vienna. president biden sang the u.s. does not support those enrichment standards but there is still they can come to some sort of an agreement or at least be indirect talks about some sort of agreement on the road.

caroline: i have to say it is so sad, the reality still being discussed, president biden saying the mass shootings are national embarrassment, and prime minister suga having to discussed violence against asians. how much do you think is that something the white house is focused on? >> it certainly is a major focus for the white house, and not necessarily by their own choosing as the spate of mass shootings and the violence seen against asian americans during the coronavirus pandemic has the rest of this issue onto president biden's plate. that being said, he is trying to address it through executive orders. the congress is apparently going to act on a new eight crime bill for his crimes against asian americans, but gun control will be a heavier lift in u.s. congress, but then again, this is not an unusual thing when a foreign leader comes to me to

the u.s. president. domestic issues will come up at e prconferences. caroline: of course, international was the focus. we note that discussions between japan and the u.s. usually focusing on trade, but this time very much focusing on this issue with china. suga was saying they discuss the taiwan situation with white in particular. he also voiced concerns about human rights. what you think was the takeaway if the chinese were listening into this press conference? anything that would've been concerned about or not? >> maybe not necessarily one comment or another but i think it is symbolic that president biden has chosen his first two in person meetings with foreign leaders to meet with the prime minister of japan and that also coming up later in a few weeks the leader of south korea coming to the white house to meet with joe biden. sending a signal as u.s.

president early on that he is going to take the united front or try to with his allies in the region to counter china. if there is any message beijing is going to take away from these meetings that will be a. caroline: i am sure our technology audience focusing in on 5g and chip supply being discussed. we want to thank you for covering that press conference. meanwhile, let's get an update on that is tech news. here is ed ludlow in san francisco. >> the case of another date, under the direct listing. squarespace has filed for a direct listing, confirming a bloomberg's group earlier. so much focus because of coinbase. you'll learn a lot about companies. 2020 was pretty kind to squarespace, revenue up 20%,

bringing net income to $31 million, but it wants to move into e-commerce, and made $143 million in sales with its e-commerce business. why direct listings? flip of the boards and take a look at it we have seen a hot move for a lot of tech startups over the past few months. only coinbase going to the nasdaq. the first major direct listing on the nasdaq since oic. they feel they do not need to raise money because there is a shorter road of investors, and also you save on to banking fees. at what interesting reason to go down that route, it is cost-efficient. flip up the boards for a final time, i love this story. tiny ideas -- ipo's -- up 322%, follows in the wake of

youtime, the tiny mobile phone and accessories maker. that is quite a return, up 1000%. what we are hearing from market participants is there might be an element with this, that investors look at the opportunity these tiny tech ipos represent and they went to get into it. so far a pretty good year for u.s. ipos. caroline: next year we will be talking about bitcoin. thank you. coming up, we are looking at the eye in the sky and how one company is providing the tools to abutment satellite imaging to fight climate change anymore. our guest on how his company is taking his industry to new lights up next. this is bloomberg -- two new heights up next.

this is bloomberg. ♪

caroline: every year the bloomberg new energy form identifies pioneers in the climate space that have made impactful and original technology innovations bring us close to a low carbon economy. pioneers range from automation and machine learning in the trucking industry to advancements in plastic recycling to watching changes in the air from satellite imaging. one of those key companies is planet, one of the recipients of the pioneer title, builds and operates the largest fleet of satellites and images the earth every single day, forecasting real world events. >> what we can do is look at a given port and understand the

number of container ships going in and out of that port and count the number of content is going in and out membership. less activity remains -- means it could be a bad year for retailers. caroline: let's get more insight to see what the company does, areas it is expanding. ceo will marshall is with us. congratulations, it was great to have the company being listed as a pioneer, i am sure. what excites you? what is planet doing from your perspective? >> thank you very much. we are excited for the award. what planet is doing it is different. we have put 210 lights into orbit, ones like these find me. they have cameras that take images of the entire earth landmass once per day, so figure it like to satellite on google but updated every day. we are democratizing access to satellite imagery. what is really exciting is not so much the satellites but all

the valuable positions on the earth, and i can tell you about some of those caroline: tell us about some of them. you were looking at carbon, real world applications for farming, for example. dig into some of the real-world ways. >> they produce imagery like the one you can see behind me. what we can see is it will change. it is useful in agriculture where we can help farmers improve crop yields, because we can tell crop yield and every pixel and help their farmer decide to add fertilizer and went to arvest and it improves crop yields by 20% to 30%. they use it across a large agricultural region, and state and local governments is outdated to monitor wildfires. we have a project called the california forest observatory

that monitors wildfires. also looking for future fires, like where there is too much bush and other material that needs to be cut back. we also work with companies like google on updating their maps, so mapping is a huge case as well and many humanitarian projects like tracking deforestation. we have a project with norway that is helping to sponsor access to data up 64 tropical countries to track deforestation, not just you know it is a problem at the end of the year but to direct every single tree. these are the use cases. caroline: what is also interesting is you have been waiting in on the global nature you do. you are in norway and different governments. we just came off the back of the press conference between japan's leader in the u.s. talking about china.

china-u.s., a space race going on. you have just written a piece in the times really laying out your viewpoint that cooperation is what is needed here. are you seeing cooperation? >> it much the world cooperation is happening but it is not happening between the u.s. and china right now. it would be a good thing. in the u.s. and soviet union managed to collaborate in space despite a lot of tensions and during the height of the cold war, so it started with the apollo mission where they ducked together right in the height of the cold war and later to the international space station which was built cooperatively between russia and the u.s. and help each other fly astronauts to the space station and systems did not work, despite the highs and lows of those relationship. this could be a high ground area where we continue to work together despite some of our

terrestrial differences. caroline: pioneering thought there, and looking at the view of what you are actually putting into space right now, our audience is able to see these shoeboxes satellite is -- satellites in space and what you are monitoring. thank you. tons more coming up for you right after the break. this is bloomberg. ♪

caroline: over the past several decades the u.s. has been at the forefront of the world's technological innovations but facing increased competition from china, from europe. we talked global competition cooperation. linkedin founder reid hoffman. >> we feel positive about the rise in tech industry for the

world. one of the thing we want to get to is not just competition, not just challenge. if you go around to a very lot of smart people and say 20 years from now, how would you bet between silicon valley and china, a lot of people say, china, a lot of really smart people, a lot of smart engineers, a lot of innovation. the game is on. they have distinct advantages, so it is important we pay attention to this. technology will dictate the infrastructure of the world. do you see elements of it in 5g and chips and huawei and other things. if you want to be playing in the infrastructure of the world, you need to be contenders and leaders in the technological

space, and i think if we get too internally focused we can lose that and it is china's games. >> you have been openly political over the last years and i'm wondering if there is one thing biden can do to make a difference in the tech industry, what would that be? >> the biden administration almost as -- almost just by being them make a difference. rule of law, stability, no random tweets, no random attacks on our allies. the list goes on and on. let's listen to the medical experts when a pandemic happens advantage in early to that and not trying to say, you can solve your pandemic by injecting bleach, say. just by being them there will be a huge up. if i could give one piece of advice to the biden administration, what i would say

is this tech game is not guaranteed. over the last few decades the u.s. as been blessed with a very robust tech industry. universities and planning, but it is no longer we have eaten all of that seed corn. to pay attention to it is something that actually in fact if you want the next 30 to 50 years it is something to invested and partner with. it should be a partnership, a dialogue for a better society. it is an important part of the solution. >> how facebook and twitter decide to moderate or not content on their platform might be the biggest test of the next decade. do you think it was the right decision to boot trump for good? >> roughly speaking, yes, and here is the simple reason why. he was advocating violence. we even saw elements of it all the way back to [indiscernible]

let alone the insurrection. if they could reliably get him to say i will not do it again, then maybe he will not be put for good but he does not keep his deals. he does not even pay the people who work for other less paycheck. if he will not keep his deals you cannot have him reliably come back in and say i will not advocate for violence. i think it made sense. it is regrettable, it is concerning of course, because we would not want major political figures to be in that space, but the non-advocacy of violence is very important thing. >> went do you think the next big social platform will be? >> well, there are already a few other sites. there is the gaming one with roadblocks. there is the neighborhood one was next door. there are various upstarts that

about -- that are about emotion. >> tiktok, bit board. >> it used to be there was one at a time, and now there is so much going on. the answer is how many will there be? what is the number of them versus the one and what are the different vectors they will be operating on? for example, will we now have augmented reality through mobile phones that will be the next social platform. there is so much happening in tech, that might actually be the shape of it. caroline: reid hoffman, you can get more of that interview abenberg.com. meanwhile, that does it for this edition of bloomberg technology. much more ahead with the start

of wall street week with david westin. larry summers and mike moran and -- brian moynihan. the most downloaded social apps of 2020 was tiktok. the app's popularity as well as emergence as an e-commerce platform. the biggest influencers and content creators like that. you do not want to miss the series. all week long care on bloomberg. meanwhile, thanks for joining. this is bloomberg. ♪

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