emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, chat app collaboration platforms have been the food and water of remote work over the last year. how much will we still use these tools as vaccinations rollout and workers returned to the office? we will pose that question and much more to slack's ceo.

plus a shocking tesla crash , leaves two men dead. apparently no one was in the driver's seat, put the car on autopilot. tesla shares dropped. a consumer safety watchdog group said people with young children should stop using the peloton treadmill. we will have the details and reactions from both companies. tiktok's popularity skyrocketing worldwide, it is the most downloaded non-gaming app this year. brand ambassadors and influencers will shed light on its unbelievable presence and potential in a special weeklong series. all of those stories in a moment, but ibm is out with its earnings report. tech earnings get underway in earnest. bloomberg's kriti gupta has more on the numbers. walk us through them. kriti: emily chang, look at how big this rally you are seeing in the post market. massive move for ibm after hours, after beating revenue estimates.

why is this so significant? it's because it's coming after five quarters of negative growth. they never posted growth since all the way back in 2018. those shares having a good time in the post market. let me bring to your attention to other stocks that were not doing well in today's trading. we saw little bit of pain, you saw the u.k. regulator pushing back against the deal to acquire the $40 billion deal. the british semiconductor manufacturer. you saw tesla under pressure. you just mentioned there was that fatal car accident. now you are seeing safety authority saying we need to launch a probe into this. lastly i want to bring you into , peloton. you are also seeing that warning you mentioned. u.s. regulators are saying be careful with their new tread plus machine around pets and children. something that was doing well on the green was those reddit trades you saw. one of the latest new fads and -- in that reddit space is

clover health insurance rallying. 9.7% on a day that was largely risk off. gamestop also rallying. you saw good fundamentals, trading on fundamentals and -- in theory. the idea that the ceo will leave in july, potentially another sign of that revamp. emily: kriti gupta, thank you for that round up. now for the overall markets picture. i want to bring in ed ludlow. tech quite the drag on the big picture. i know you have been looking at ev stocks and more. ed: tech is leading stocks lower. s&p 500 is the main gauge, off by half of a percent. nasdaq 100 is a very tech heavy index and seeing greater losses. down 1%. semiconductors having the worst day in around a month down 2.5%. ,no real catalyst just general , risk off mode. it was interesting to see the yield on the u.s. 10 year treasury up by 2.5 basis points, 1.6%. flip up the boards. investors are falling out of

love with tech stocks. last year, 2010 he was a fish 2020 -- 2020 was a gangbusters year for tech stocks. it is more to do with energy and financials. the pink and blue lines on my chart. those sectors that are more closely tied to an economic reopening recovery. , investors betting that those sectors will do better than the two main subsectors that track tech on the s&p 500. that could all change. flip up the boards for a final time. if you are a bullish name, your best thing on growth for the big names in technology. i love this chart. the orange bar is the revenue growth for 2020. in most cases the blue bars are the projections of fiscal 2021 revenue growth. expected to really be gains on last year. there is one exception to the rule, which is amazon. amazon had an extraordinary 2020. not just in terms of pandemic and e-commerce, but -- as well.

that is one thing to ask your guests going forward how bullish are you that we will see the outline topline and bottom-line growth from big tech? and what will that mean going forward? emily: ed ludlow, thank you. we will be covering big tech earnings all week long. last week it was all about bitcoin, as prices spiked around coinbase's public debut. then there is a sharp drop in bitcoin. my next guest saying that impacted the opening trade. let's bring in chief market strategist, matt. why do you think we saw that steep decline in bitcoin after all of this euphoria last week? matt: a lot of it really had to do with technical trading. we know that it's really hard and there are no earnings in bitcoin to gauge on valuations. so long-term believers, they fully understand that this is a long-term picture. and we all know that big

declines can be seen at 30% to 60%. it has had a 30% decline in the last couple of years. people were worried when we had that coinbase direct listing. people were like, is this going to be a sell the news situation. it looked good because bitcoin rallied strongly, got up to the mid 60's, 60 thousands. but when it failed towards the end of the week, that led a lot of the momentum people to head towards the sidelines. seeing the trading over the weekend, it fell out of bed. the thing is on a technical , basis, it still has not made a lower low. typical analysis is important in this asset right now. it's 50 day moving average has held. that gives people some important safety there. my point is that it is a risk on/risk off situation, a good indicator for risk on/risk off, and when it sold over the weekend i think people pulled and their horns across the

board. emily: just over $56,000 at the moment. we shall see what the rest of the week holds. netflix is coming up tomorrow. what are you watching there? matt: this stock will be an important stock. this one and facebook. it comes in about 10 days, the y report as well. we have all noticed how tech has not done well in the last couple of months, overall, with the exception of the semiconductor stocks until today. however the faang stocks have , come poorly for eight to nine months, since the end of last summer. even though these stocks have been stuck in a sideways range, i sometimes believe that people have basically given up on them. they are thinking, the reopening trade, people aren't going to use netflix as much as, facebook is yesterday's story, but all of these stocks, with the exception of google, are bumping up against the top end of their sideways ranges.

so if netflix can report good earnings and be a catalyst to break out of that sideways range, it will catch people offsides. tech stocks, in many cases, our -- our cash -- are momentum plays. if this and stuff like facebook, which is slightly broken out of the sideways range, can break further out of it, the momentum money will return. mega tech names will be important. how they react will be important of how the tech sector reacts. emily: we will be across them all, starting with netflix. chief market strategist, matt maley, thank you for your view. coming up on "bloomberg technology." tech companies in the united states starting a slow return to the office as vaccines ramped up. slack ceo joins us talk about whether a post pandemic hybrid world will be the new normal. that's next. this is bloomberg.

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emily: more people around the world were diagnosed with covid 19 the last seven days than any other week. cases topping 5.2 million globally according to johns hopkins university. the data showing a 12% increase in cases from one week earlier, throwing doubt on the end of the pandemic is insights. there are a number of tech companies in the united states getting ready for a slow return to the office with limited capacity. slack ceo stewart butterfield says employees can work from home indefinitely. he joins us now to talk about what the future of work could and should look like.

stuart, great to have you with us. -- stewart, great to have you with us. it feels like we are on the verge of starting this new chapter, but every time we try to turn the page the numbers get worse. as a chief executive who's in charge of these thousands of employees, how concerned are you about this? do you think folks are trying to return to work too soon? stewart: honestly, i have no idea. i think that's part of the frustration of the conversation. i have been talking to a lot of ceos, a lot of different companies industries, spending , more time with software ceos. no one really knows. there are some strong opinions. in my staff meeting, our head of people had this really important distinction. i think it's critical for how we think about it, because we were going in circles back and forth. , she said when we talk about what will be different in the future, we are talking about different from today or february of 2020. most people tend to go back to

13, 14 months ago. rather than thinking about where we are today. if you think of it in that way, it's a totally different picture. emily: your future forum research, this think tank which is focused on the future of work, you found nine out of 10 workers don't want to return to the office full-time. what should we take away from that? stewart: that people want flexibility. there is a huge mix of emotions, and a lot of that is driven by the fact that there is still a pandemic ongoing, people are stressed about their health, and the regular amenities of life have been taken away. you can't go to restaurants, get your nails done. when you imagine those things change, people's emotional states change. many companies had 30% plus started post pandemic. many companies like us have hired a lot of people allowed , people to move. you cannot unscramble that egg.

we also realize despite the fact , that we all thought it was impossible, productivity remained high over the course of the year for many organizations, and there is this real desire to get together with people. but that does not mean that we are going to be going back. i don't think it will ever happen, honestly. emily: what does that mean for your workforce? we know slack, you have agreed to sell the company to salesforce, biggest tech deal of the last year. salesforce is reopening its tower in may with limited capacity. what's your plan for slack employees, what's your plan for yourself? how often will you go back to the office? stewart: it's a good question to think about where the leaders will be. we have done limited office openings, experiments in places like australia and japan where it is a different situation. but we have not been able to keep an office open for very long before the policy changes.

for myself, given the evidence that our whole team continues to be productive, i want the flexibility. there are a lot of people in that position. there are a lot of young people early in their career and want get back to the office. there are a lot of people who have families and they like being able to spend more time with their kids. people are all over the place. but the idea that we will count the number of days that we go back into the office each week is wrongheaded. i think the real question is to the extent of digital first. the fact that we managed to do this without our physical offices means we are able to shift the ways in which people collaborate, the ways in which people communicate, the ways in which productivity happens. i don't think any ceo would trade software for offices, but we get to welcome offices back into the mix of how we relate to one another in the tools that are available for us to get things done. emily: companies like coinbase

have gone all remote. there has been the hybrid approach and then there are companies like netflix. reed hastings, the co-ceo telling me he wants people back when they can be back. what does this hybrid world mean for the recruiting of tech talent? how hard does that change the war for the great people that you want to recruit? stewart: that is a really interesting question. when we talk about netflix or goldman sachs, the market will decide this form just like the market decides confrontation. some organizations will be offering people to work 100 percent remote and some people won't like that. some people will want an office and others will want the flexibility. everyone likes options. if you have the option, you have the ability to say, i have sick parents, i want to go back east for three months or i want to live in tahoe for january and february. if that is considered a perk or one of the deciding factors for people picking their jobs, i think that will decide it for us, regardless of what ceos want.

emily: let's talk about how this impacts the product. obviously slack has helped keep , so many people connected. how do all of these changes, or maybe there will be less change than we think, how will that impact usage of the product? how much we are spending time on chat apps or video collaboration platforms? stewart: our focus over the last couple of months has been how the company operates internally and how we develop our product. how can we take things today that must be synchronous and make them asynchronous. meaning, when can we decouple people's time and give them additional flexibility? some people work better in the morning, some in the evening, everyone is physically exhausted with the eight hours of the day. i don't mean that we eliminate work or reduce the number of hours, necessarily, but make it possible for people to collaborate without having to be on a call at the same time.

we have a lot of exciting stuff. a feature called huddle, it's spontaneous conversation. but also finding ways to re-create the value of the meeting without requiring everyone be there. emily: this last quick question before we had to break, obviously, we are still waiting for the salesforce sale to close. can you give us updates on where that stands? stewart: unfortunately i can't. we are still evaluating. i'm happy to work with the regulators and go through the process. no update, unfortunately. but we have always been committed to an open ecosystem and i think that will make it easy for people to make a decision. emily: stewart butterfield, ceo of slack. always good to have you with us. thank you for stopping by. coming up, we are looking at

tesla and the car that caught fire in a devastating accident in texas. why it was so hard for firefighters to put out. and, peloton shares slumping after a u.s. safety watchdog issues a warning. a big one for peloton tread plus users. that's next. this is bloomberg. ♪

emily: two big tech companies at the center of consumer safety companies, talking about tesla and peloton. kristin want to get to bloomberg's ed ludlow. you have more details on this he deadly accident involving the tesla in houston, texas. what do we know and what don't we know at this point? ed: elon musk has tweeted that the data recovered from that vehicle show that autopilot was not enabled at the time that a crash.

and that the owners had not purchased full self-driving, the beta version of the technology. that said, we know that two federal agencies are going to investigate the crash, which left two people dead in the car. the fatality found one person in the front in the passenger seat and another person in the rear passenger seat. the national transportation board and highway administration are going to investigate. particularly focused on the operation of the car. they say and also the fire that came as a result of the crash. emily: what's confusing is that there was no one in the driver's seat in the way that the car was found. talk to us about the next steps from here. right, talk to us about next steps. ed: elon musk was tweeting over the weekend about the progress tesla has made in autopilot.

according to tessa's own data, when autopilot is enabled, the chance of an accident is 10 times less that of the average vehicle. that is tesla's own data. they are trying to market driving, which is the next stage of it. a lot of wall street analysts priced that into the current share price in the future potential of self-driving. then there is the battery element. we know emergency services struggled to deal with battery fires. in this particular incident in texas, they had to use 30,000 gallons of water to put out this specific fire. there are a lot of questions from these two federal agencies about what they will find when they look into this particular accident. emily: certainly very devastating, no matter what happens. bloomberg's ed ludlow, thank you for the update. i want to turn to peloton, another devastating story in a -- and a dire safety warning for owners of the peloton track plus. u.s. consumer product safety commission tweeting over the weekend that consumers should stop using peloton's signature treadmill because it poses serious risk to children for

abrasions, fractures and death. they say it f 39 incidents already. this is putting pressure on shares. get to bloomberg's mark gurman for more, let'sget to bloomberg's mark gurman from l.a.. tell us more about this. mark: this is something that we first heard about a few weeks ago when peloton announced in an email and on their website to owners of the tread plus treadmill, that they determined a young child died in an incident related to the treadmill. at the time we had discovered that that death was not a one-off occurrence in terms of injury. there was another young child who was also badly hurt in an incident related to the treadmill. now we have u.s. officials saying nearly 40 incidents have recently been reported regarding the tread plus. these incidents seem to be related to children and pets. obviously those are two things you would not want near any

particular treadmill. but it appears that the combination of peloton's strong brand and a higher rate of injuries over other treadmills being attributed to the tread plus itself is what is really raising eyebrows, with these u.s. officials and consumers. it appears buspar -- thus far that peloton is pushing back on the idea of a recall, essentially saying that if the devices used properly with the safety precautions that are available, tread plus owners should not have an issue. but clearly there is a lot more work to be done. emily: i know you will continue reporting on development's there. thank you for the update. i want to get to another story. apple, giving the largely right wing social app parler the green light to return to the app store. what do we know? market: this morning apple sent a letter to a few people from the u.s. government, informing

them they are going to allow parler back on the app store. if you remember, parler was initially removed from the app store, as well as amazon and google services in january after the app was used to help coordinate the riots on capitol hill. before the transition of power to president biden. now apple is saying that parler is putting in new protections, the ability to block users and improve moderation that will allow the app to reappear on the app store. since then we have also learned from google that they are open to putting parler back on their google play store, there app -- their app store equivalent, if parler submits a new version of their app that will meet google's criteria, which is essentially the same as apple in terms of content moderation for social media apps. emily: interesting development there. mark gurman, bloomberg technology, thank you for sharing that with us. coming up, the rise of tiktok. we will go behind the scenes of a success story of the chinese

born mega social sensation. that's next, our special series on tiktok. this is bloomberg. ♪

emily: this is "bloomberg technology." i'm emily chang in san francisco. just there you are watching a tiktok dance created in sync with the bloomberg technology show music. credit katie one -- credit to katie wong. tiktok, the most downloaded app of 2020, showing the rise to fame and influence

the social platform is having around the globe. bloomberg hosting a new tiktok series, a podcast debuting focusing on the ins and outs of the app and how the chinese mega start up came to be. joined by the host in our uber tech contributor. you have been working on this for months, so i know this project is incredibly important to you. speaking of the importance of tiktok, how and why do you think tiktok has become one of the most downloaded apps of the year and last year? >> thank you for having me on the show. i am so excited about this podcast, you have no idea. it launches on thursday. it is chocked full of surprising twists and turns. everybody has heard about tiktok, you know it's popular, but you might not use it yet or understand the true scope and business story behind it. adults started using it during the pandemic stuck at home.

once you start using it, you get addicted to the app in a way that you don't get addicted to other technology companies. emily: talk to us about the status of the company. are they in, are they out, are the regulatory issues with the u.s. government over? shelly: the funniest thing, looking back at 2020, the midst of the pandemic, the midst of the election, one of the craziest and big news stories of last year was, is tiktok going to be banned, and why not? all of a sudden these concerns around national security, and is this app spying on me, is this data going to china? all of that disappeared because trump left office in the biden administration basically put an official hold on this whole band process, the sale process and a bunch of lawsuits. they say, yes, we think it is a national security list, but it's not our priority so everything

is put on hold for the time being. emily: your podcast series debuts on thursday, what can we expect, what will you explore? shelly: this starts at the very beginning of the rise of musically, which was the app that predated tiktok, and it takes us all the way through the tics and turns of how it got -- twists and turns of how it got big, how it attracted creators, how it became a force in american culture. it takes you into the back story of these two mysterious founders and china, and how they really infiltrated music, culture, popular american culture, and then all the way through the trump band and into today. emily: shelly, stay with us, i want to bring in a long time tech investor, former oculus vr

head of video. he has also worked on amazon, hulu, has written some of the most popular articles on the power of the tiktok algorithm. eugene, what do you think it is that sets tiktok apart? that has differentiated it from facebook, instagram, snap, twitter? eugene: the most fascinating thing about tiktok is the fact that, unlike most of these other social apps, it does not rely on the social graph to build a personalized feed for you. it basically just observes you watching videos and its app and tries to understand your tastes based on your behaviors. it's very different from western social apps, which almost always have you start following and trending people before you start populating a feed. and i think what's innovative about tiktok is that they have recognized that what people really want is content that's interesting to them.

i refer to this as an interest graph. and they said, it's more efficient just to directly figure out what interests you rather than trying to guess what interests you based on what people you follow. emily: the big question is, will tiktok's success in magic keep up? well something bright and shiny come along, or will instagram or another well-financed competitor somehow steal the momentum? what do you think? eugene: i think it will be difficult for western social apps to exactly replicate the magic of tick tock, partially because structurally and by design, those apps are built differently and they have a lot of competing priorities within their single feeds. where tiktok is singularly focused on entertaining its users through its fee.

-- feed. the challenge for tiktok, i think, is whether it can continue to broaden out to a larger audience. i would say the dominant audience for tiktok today is still on the younger side. and while that is great, i think there are visions to broaden it to an older audience. -- ambitions to broaden it to an older audience. and that's going to be a bit of a challenge because it means they will continue to have to diversify their content types. emily: shelley, do you think, given all the research you have done over the last several months, do you think tiktok can broaden into an older audience? shelly: absolutely. we saw these adults have their kids getting into tiktok food, cooking on tiktok, investing on tiktok, financial tiktok has been blowing up. all of these things broaden the audience, get people addicted as tiktok has been broaden into e-commerce, live events,

streaming. the thing that tiktok has been able to do is to continue to broaden its experience bigger and bigger and bigger, and to move with the person. if you started on facebook as a college student and all your friends were other college kids and the people you see on your feet are not that interesting, tiktok takes a different approach. it's constantly updating to what you are into, what you are addicted to. continually showing you what you want. as you change, the stuff you see changes. the interesting thing about that is you are not seeing the same thing as her friend, your mom -- as your friend or your mom or your husband, and you are not seeing the same thing you saw a year ago. that's why you hear all these people who say, when i first downloaded tiktok, i did not get it and they cap showing me pictures of people dancing. but two weeks later i was addicted, that's because they get to know you, they know how you think, and that's the scary, but amazing thing about it.

emily: tiktok has brought so much joy to people over the years, but also there is this dark side, and eugene, i wonder what your thoughts are on the problems of tech addiction or addiction to tiktok in particular, and also some of the content on the apps, some of the memes that are not healthy, that have plagued other social platforms. eugene: it's definitely one of the chief challenges in this algorithm driven stage of social media. the amplifying effects of the algorithm can be both good and bad. they can take positive content and slingshot that, but they could take negative feedback loops and negative human behavioral loops and amplify those. i think that's one of the challenges coming out of what i refer to as the first era of social, which i think we are coming to the tail end of. i think the next era of social is going to be one in which both users and government and society as a whole will push back

harder, and demand more of these apps in terms of trying to mitigate this. i don't think it will ever be completely eliminated because these things really reflect us, like different sides of humanity. both the positive and negative. i do think you will see a more concerted effort to be more aware of these things, and whether that's through human moderation or other new social regulation features built into the app, keeping it to a minimum. emily: we will be talking about tiktok all week. but i'm curious, since this was an app or in china, the parent -- born in china, the parent company is a chinese company, how much do you think that matters today, will that at all hold tiktok back, or do users not know or not care?

eugene: i think most users, so far, are reacting to whether the app entertains them. i think that political story is less of an issue for them. i do think it will impact tiktok's future and that only the united states and china are entering into a protracted kind of cold war on a number of friends. -- on a number of fronts. and i think there is no way around it, that tiktok and bytedance will be caught a little bit in the middle of that. we have seen other companies already impacted and certainly and -- and as shelley noted in 2020, tiktok got taken for a turbulent ride, but that political dynamic is part of the -- because of that political dynamic. that's just part of the challenge they are going to have to face. emily: eugene, thank you for sharing your perspective with us. obviously, great to have your thoughts. tech investor and former

employer. -- former employee at oculus, hulu, and amazon. and shelley. remind of her podcast centering on the tiktok story, the tiktok phenomenon comes out later this week on thursday. we are going to have guests all week long talking about the power of the app, where it's going, what's next. tuesday we will take to tiktok's -- tiktok creator -- we will be speaking to tiktok creator who is just 18 years old. she made $1 million on snap as a gen z influencer and now has a career on tiktok. her story on this show. coming up, finding the next silicon valley and a post-covid world. revolution ceo steve case joins us to talk about how the pandemic has changed the vc landscape in where he thinks the next tech hub will be. this is bloomberg. ♪

emily: the flexibility to work remotely is helping 10 companies -- is opening doors for tech companies and venture capital firms to find talent from all over the country. around the world really. revolution's rise of the rest see fun just one example of investors who are looking to help startups located outside of the coast. joining us now for more, chairman and ceo steve case, believes the opportunity for talent has become borderless in an increasingly digital world. he's the latest guest in our work shifting series. you have been shouting yet from the rooftops for years. now everyone finally seems to agree that talent can be anywhere. let's just say over the last year, how has the landscape changed, in terms of what you've

seen, and where the most innovative companies are being born? steve: it reminds me of the early days of the internet and aol. we talked about getting everybody online and most people were skeptical. finally what seemed like a crazy idea suddenly became an obvious idea. we have actually worked on this for nearly a decade. president obama started it a decade ago. for much of that decade people were like, it seems like a nice idea, you really believe you can build iconic companies outside of silicon valley. the pandemic has resulted in some people rethinking where they want to live, and where they can or want to work. and i think what happened over time was a real impact of more of these cities rising up because people will recognize they have more flexibility than

they might have thought they had even just a year ago. emily: do you still see this happening in clusters, and cities where new ecosystems are sprouting up, or is it more dispersed like, could it be happening anywhere? steve: it's a mix. it depends on the industry. there is this remote work in pre-pandemic taking hold. part of the infrastructure with broadband included. that will fuel that i and get people more flexibility. but for the most part, there is still something around clustering talent and cities. it just does not have to be a few cities like san francisco and new york, it can be many cities. we have invested 150 companies and 70 different cities and so far we have visited 44 different cities. we are seeing things happening in all these different cities. it's remarkable. it's not just a few places showing momentum.

i think it bodes well for the innovation economy more broadly. i think it will allow them to be closer to customers and partners and some of the sectors that are right for disruption, health care and food. over time, it will level the playing field. silicone valley is the leader of the pack and we will continue to be the leader of the pack, but it will be lost in the next 10 or 20 years. we have seen this in other industries. have a century ago if you wanted to be in financial services you had to be in new york and on wall street. and if you wanted to be in entertainment you had to be in hollywood. you might choose to be in new york or choose to be in los angeles, you don't have to be there. the same dynamic we will see in the tech sector. in the innovation economy. silicon valley will have advantage, but many cities around the country will rise up and be a terrific start of ecosystems. emily: are there any rising up

faster than the rest? we are hearing a lot about miami, where do you think the next silicon valley will be? steve: i don't think it will just be one or two. i have worked in some of these cities and invested in the cities. it's like asking who is your favorite child, you don't answer that question. but we have seen a number of cities really rise up and have shown momentum, including some larger cities that a decade ago were not known as start up cities. even los angeles 10 years ago, chicago is hard to rage -- raise capital, washington dc was two. we are back to revolutionary growth in chicago. this company started five years ago and now has 1600 employees and raised $1 billion. that's a company with big data that people would assume would have to be in silicon valley, boston or cambridge area. we are seeing that dynamic. the mayor in miami should get credit. more mayors are doing that.

they recognize the future of their cities are in the hands of startups creating jobs in driving a lot of these opportunities. many people are going to be surprised in the next 10 or 20 years how many great, iconic multibillion-dollar unicorn companies are in parts of the country that people don't think of as startup cities. emily: just about 30 seconds left, let's talk about what kinds of companies. what are your top three. what is the most promising? we are hearing so much about crypto. steve: a company we backed in the mental health space has a possibility of going public. via spac, a lot of momentum there. they initially focused on airport fast pass. there is now a health pass partnership announced a couple of weeks ago with walmart. that's a big area of continued focus. 16 of the economy is the most important aspect of our lives.

e-commerce, we are seeing a lot in the future of work. it will likely be more of a hybrid work structure. they are great ideas from great entrepreneurs everywhere, we are trying to match the capital with the ideas so people have more flexibility in terms of where they want to start and see those companies. i am super excited by the progress that has been made the last decade and particularly for the tipping point we have seen the last year. it bodes well for the future of america. emily: it's good to hear some optimism in today's world. steve case, ceo and chair of revolution. steve, always good to have you. coming up, looking at tech future in california. specifically, how the state is looking to retain top talent. that's coming up next. this is bloomberg. also we have a quick look at chip stocks having the worst day in a month. some of the biggest names down more than 2% in monday trade. we will get a further update on the global chip shortage with

intel earnings reports later this week. who -- ♪

emily: california, the epicenter of technology in the united states, has a new chief technology innovation officer. what a role he is stepping into, setting the agenda for misinformation on social platforms. tax role -- tech's role in \ the vaccine rollout and talks around a possible tax credit. he joins us now serving as california's new chief technology innovation officer after having previously worked at google as a senior operating partner. rick, certainly a critical time. you just took this role in february. what is it you want to bring to california at a time when we are navigating our way out of a pandemic, and not without its controversies, that you learned at google, that you want to bring to the state of california? >> i think it's important not to

think that this is the opportunity to make google part of the delivery of government services. it's really how did we build and ship products, and do that at scale in support of the residents of california? it's a chance to take what i learned in figure out how to do -- and then figure out how to do that from sacramento, recognizing that sacramento is not silicon valley and should not be. emily: how do you think tech can and should be better used when it comes to vaccines, testing, contact tracing? and so many ways it feels like some of these things have been low-tech in the way that they have rolled out. rick: if you look at my turn, which california department of technology shipped to the public in just a few days back in january, the very earliest days

of the vaccine rollout, and on the first day of eligibility last week he had more than one million visitors, and we are serving more than 700,000 appointments every week and everyone of those is a shot in the arm of a californian. i think that the pace in which things are moving has been remarkable, given the compressed time we have had to work with. emily: that said, there is still a huge misinformation battle that folks are fighting and government officials are fighting around the world. how do you intend to fight that battle, and how can technology help rather than hurt with this thriving on tech platforms? rick: to be fair, my job is to run the office of enterprise technology and in the cdt, which is the software engineering team within the california state government. my job coming into this role is to figure out how do we ship these products and services to the residents of california. i will leave it to the policymakers on issues, very

important issues like misinformation, that ultimately fall outside of the realm of what my team is responsible for. emily: the last quick question on ev's, hugely important to california, electric car rollout. lots of talk about the biden administration restoring the ev tax credit. quickly, what in your mind would be the fairest way to do that from an equity standpoint? rick: i think it's important to hit on the last word you used, which is, equity has got to be where these conversations start. if anything, one of the most encouraging things i have seen in my time, just in the first couple of months in the job is that there has not been a single conversation about anything we are building that did not start with a conversation, a question of are we being equitable, and are we serving all californians, not just those who happen to be the wealthiest.

emily: all right, california chief technology innovation officer, we will have to have you back. that does it for this edition of "bloomberg technology." coming up this week, a weeklong series on tiktok. katie will be joining us, she is 18 years old. so you're a small business,

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