carolyn: i'm caroline hyde in london in for emily chang and this is "bloomberg technology." coming up, record production and deliveries. the bitcoin bet pays off. we will break down the numbers and have analysts impact the reaction. apple doubles down on the u.s., pledging a 430 billion dollar investment to create tens of

thousands of jobs and open the first east coast campus. political statement as it counts its tax payments. we have the details. lyft backs up. they sell the toyota deal. these stories in a moment. u.s. stocks rising once again to all-time highs amidst following corporate performance and anticipation of the fed later in the week. more on those with katie grayfield and prettied group to -- kriti gupta. reporter: there was plenty of green on the screen today, the s&p held onto gains up about 12.2%. the nasdaq 100 stronger, up .6%. treasury yields were basically slack today, up less than one basis point. the big winner is the chip with that semiconductor index ending 1.7% higher. overall, pretty quiet day in

markets. the next chart helps explain why. it is the biggest week of earnings season. $18 trillion in s&p 500 market cap reports this week with tech rated the top of the pack. it has been a pretty good quarter for tech so far. companies that have reported have been up about 18% on average, but we are just getting started. tesla kicked us off after the bell. we still have to hear from apple, amazon, microsoft, all the big tech heavyweights. if you look at the options countries -- companies expected to move at least 3% in either direction after earnings, so it could be a long week. reporter: thank you. when you talk about the big moves, you have to watch the crypto space. take a look at the chart. bitcoin actually down at the moment, receding from the 53 point. but in intraday trading, it has gained. up almost 5%.

crypto stocks gaining. even paypal, which has been associated with bitcoin. i want to go with bitcoin from the big tech names. you were mentioning we are expecting those earnings. kicking it off with amazon, higher on a reported stock slip. that's not the reason apple traded higher today, this was after a $430 billion investment from apple. that will be pretty focused here in the states. you also have spotify gains on plans they could raise prices. once again, more revenue for that music company. lastly, the global autonomous electric vehicle etf. when you see big tech names, they tend to take electric vehicle makers with it. that brings me to tesla. the hot story up 1.2% in regular trading. down after hours, even though they did beat those estimates.

why are they dropping? traders on the floor say it has to do with options pricing and perhaps it wasn't as big as some were expecting. caroline: i love it. i also love the banishing of the vaccine as well. katie grayfield and critique group just setting us up to describe a little bit deeper into tesla's first curve -- quarter earnings. tesla top holding in the firm fund. you caught everyone's attention a little earlier in the year your view on where tesla's price target will go, to $3000, by 2025. what did you hear today that excited you? >> i am most excited about tesla's opportunities in autonomous driving. what we saw in the most recent release is they do plan on releasing the full self-driving

data version of the city streets autonomy software to customers, more customers, soon. tesla also mentioned they are realizing that with the new vision system, that radar is coming unnecessary sooner than expected. i think this has been a long time coming. tesla has the largest deployment of robots in the world, if you think of each car as a robot collecting information. i think now as we are seeing autonomous vehicles commercialized for the first time, waymo, commercialized in the u.s., i think tesla is a realplayer to watch with their scale and data advantage. caroline: is it bullish or not when you hear of a list getting out of that and selling on to to yoda? -- toyota? >> i was not surprised. most recently gm also acquired a

company called voyage. it acted as if they were close to commercializing. an acquisition would seem to say they are not so close if they have to integrate a whole new technology and team into their team. i think it's a tough problem in technology itself. i don't think every company will be successful. we think the auto industry will consolidate significantly. over the next decade, we are going to see that in autonomous and electric vehicles. you will continue to see more shakeups and clever lunches. -- launches. caroline: of course, there are plenty of other reasons as the basis of the valuation and the view you think it will get to annual revenue of $700 billion. what did you make of how cash placement is and what it is doing with bitcoin and how it is

driving down the costs of making each car? >> yes, we have done a lot of work on this space. my partner analyst has modeled the cost decline of electric vehicle batteries. it says for every two or doubling, you get a corresponding reduction in demand. if you use the model of tesla cost decline, we saw that analysis with battery day of the $20,000 car, that electric vehicles are reaching a price cap with regular powered cars. that will reach an inflection point. the total cost of ownership of the ev, the sticker price will be lower in that is what consumers look at. we think electric vehicles are the future and we are just in the early innings. tesla pointed out 97% of cars out there today, gas powered

cars, and 98% of the trading are gas powered cars as well. on the capital efficiency side, on the recent price target, we think that they could be more capital efficient than we were previously giving them credit for. that is as we see them build out production and saying hi and across the globe. we see they actually can lower the cost per car a little more than we had actually anticipated. that larger story is really the long-term cost decline curve with electric vehicles. caroline: certainly they are talking plenty about the cost of the average vehicle, $84,000 in 2017 and now it is only $38,000. we see that movement. i'm interested in the overall competitive landscape. you say there is a seismic shift in the whole view on electric vehicles. is there a worry that with gm,

with volkswagen, they too can drive down the cost of electric vehicles and basically there's a peak market share for the likes of tesla? >> yes, that has been an important part of our thesis, we think other players will enter the market with competitive electric vehicles. in our model, we don't expect tesla to take more than 27% share of each segment that they enter in the vehicle space. we expect other automakers to come in. what we have seen is tesla is still much further ahead on the performance. if you model those? my analysts have done work looking at the charge rate versus cost and if you look at tesla's lineup, other automakers might be able to match performance, but they are doing that by producing a very expensive car. tesla is the only one able to produce a high performance relative to competitors and

expensive vehicles so we think they are at least three years ahead of the competition. that said, we see a lot of uptake, especially at smaller electric vehicles in china. electric vehicles will happen across the globe and it will not just be passenger cars. we think it will be machinery and electric semi-trucks that could be cost competitive to rail. electric vehicles are the future everywhere and we expect many companies to participate, but not everyone will be successful. there will likely be consolidation. caroline: you of course are a long-term holder in terms of your thesis, a long-term perspective. but when you see the share price, not moving up volatile right now, up by 1.8% in after-hours trading, seeing swings of anywhere up to 7%. but do you think the market had anticipated all the good moves -- news and we needed a real

blowout in terms of performance today? >> that is a possibility. i would say when you look at tesla as a stock, you should look to the long-term. we take these earning periods as a chance to learn more about the companies, get more calls and take more details. but overall, i think tesla is an innovation story. we have a five-year time horizon on all of our investments. when you look at disruptive innovation, things can change quickly. you see that with exponential growth. you really want to look at it over a longer term horizon. i think there can be some immediate reaction to the news today, but i would say we are certainly keeping in terms and looking for the longer term picture here, the five-year picture for both economy and electric vehicles. caroline: and with a bull case

of $4000 per share and $4 trillion market cap, quite phenomenal set of research. tasha, thank you so much, from ark invest. tesla will sell the -- a 550 million dollar deal means lyft is to turn in adjusted profit in the third quarter of this year, following uber and stacking -- stepping back from the driverless research, once thought to be the evolution of ride-hailing. coming up, it's also related to tesla in some way, bitcoin rallying again, up to $54,000 after hitting the lowest level since march. how sustainable is the price at these levels? how much higher and how much lower? we will have to debate. this is bluebird. ♪ -- this is bloomberg. ♪

caroline: bitcoin rallying back a little bit as investors are taking advantage of the lowest levels in seven weeks to pile back in. additional currencies climbing past $54,000. currently trading 3% higher in the last couple days. we got interesting news. jp morgan preparing to offer a bitcoin fund to wealthy clients. for more, let's get the inside track, the chief commercial officer at bit pay. your take, it has been volatile, but you think with jp morgan news, the more institutional buying, people are making the most of the inter-to should know price point -- institutional price point? >> thank you, nice to be on.

i think there's been a lot of excitement with the coinbase ipo. with that, the markets are trading lower and there was a coinbase hangover. in the old days, that price drop of 10%, 15% could have easily become a 35% to 40% drop. i think that shows how the market and bitcoin is different right now, where it started dropping and then institutions came back and bought in at the price floor. institutions got in around $40,000 or $50,000 in the last couple months so, they saw as anything below $50,000 as a good price. you are seeing a shift between institutions playing the bitcoin game and the regular retailers, the small investors moving out of it and to the alt coins, and starting to turn to those industries. caroline: full disclosure, my husband is a senior manager at coinbase.

but it's interesting i heard some takes that may be fact that we had this means there are more assets to play now. if you want money to work and you want to gain exposure to crypto, bitcoin isn't your owning -- only game in town anymore. do you believe that? some funds are -- there's more appetite and other outgoings? >> the difference is, people believe in the event over the week with friends, people were talking about i'm buying this coin, i'm buying solano, whatever coin they wanted, and no one was buying bitcoin because bitcoin only has a two x or three x run-up in the next couple of years. there are other coins that can make five x or tenex in one year. a lot of people believe smart money or easy money is already made from bitcoin and now it's institutional where you can get it 10%, 20% retail invest.

now these young traders like robin hood traders want exciting returns in four or six months. caroline: what is the next catalyst we look to after a listing? it could be to the downside or the upside. >> i think real-world world use case. i think everyone is convinced trading is here to stay, jp morgan is buying crypto funds. what can we really do? you're seeing the nft boom. bit pay won the payment side. we just -- last week, we work accepts crypto. my phone is ringing off the hook of companies wanting to accept crypto. you're starting to see that on the payments side and square and paypal joining in. there's another catalyst in june, a bitcoin conference. it's in miami and you will have taught people like jack dorsey and there will be innovation.

a lot of new announcements are driving the markets higher. caroline: i'm interested in that point of actually spending your hard invested in bitcoin. i feel like people want to hold this asset, or indeed speculate. our people buying tesla's with it? when you put in place the opportunity to purchase with bitcoin, is anyone actually doing that quite yet? >> bit pay processes over $1 billion a year, so people are spending crypto. the difference is four years ago, 95% was coming from bitcoin. last week, we had the lowest bitcoin with only 15%. we have a lot more buy-in from doge coin, believe it or not. mark cuban is a fan of that.we saw over 10% of transactions through that. also, favor coin is a stable

coin backed by the u.s. dollar and visa and mastercard. people will use bitcoin may be as an investment vehicle, but stable coins and other currencies are actually spending on lines for credit cards which are much more risky. caroline: spending the doge. bitpay chief commercial officer, sonny singh. thank you. china is expanding the entree trust crackdown -- antitrust crackdown. beijing has become insurgent -- concerned over the growing influence of tech companies like alibaba and plenty others over every aspect of chinese life. coming up, apple plans to invest $430 billion over five years, creating 20,000 jobs and building a new campus in the tar heel state. speaking of apple, reproving earnings this wednesday, the

fiscal fourth-quarter earnings reports might be a hard act to follow. all this week, we have got you covered. this is bloomberg. ♪

caroline: apple doubling down on its u.s. investments, announcing a $430 billion plan to generate 20,000 jobs and a new sprawling east coast campus. mark gurman joins us now to dig into what was -- what i took away as quite a political statement, who they were talking to, the consumer and india politicians. put the size and scale into perspective for us. reporter: this is apple saying they will make a half trillion dollar investment across the u.s. over the next five years. according to them, this is a 20% increase over the initial $350 billion investment they already

pledged they would make beginning in 2019, which obviously was just a couple years ago. the big question for me is how much of this is money they would already be investing that they are simply touting to whatever benefit there is. my sense is most of it, these are in many cases existing suppliers they are using to source individual components to the iphone and other devices. at the same time, we are seeing significant expansions in several offices across the country. here in los angeles, they will expand the culver city campus. san diego will see a large expansion. boston will see an expansion. they have an office with only a few hundred employees in boulder, colorado. they will also see an expansion, they are doing work in detroit and doing an expansion in atlanta as well in iowa. any reason across the country,

being capped off with a new campus that will be located in north carolina with as many as 3000 employees working on ai and software. you are seeing apple really move the heart of the company sort of out of silicon valley come out of northern california and spreading it around the country. caroline: and sort of putting across the narrative that that was in some way focus of equity, bringing apple's money and dollars to bear, the cash to every single state in the united states. but it was also a notable they were counting the amount of tax they pay as well. interesting the narrative among u.s. politicians at the moment, the administration using at raising -- looking at raising u.s. taxes but also taxes abroad as well. reporter: in the history of apple, they are 30 or 40 years old at this point, they have never said or done anything by accident. it's no coincidence that later this week, we will see earnings

results from the first quarter of the 5g iphone 12. make no mistake, it will be probably a record number. some already saying they will be making multi-hundred dollar donations -- multimillion dollar donations. this will be just like the trump administration, them saying we are paying a ton of tax already and there is antitrust scrutiny, you are aware of the trial and a hearing last week on capitol hill, and the other factors related to corporate tax highs discussed by the biden administration. there's a lot at play and it makes sense they are saying this days before earnings at the height of the tax discussion. caroline: less than a minute left, but big ad tracking changes as well. reporter: yes. earlier today on monday, apple released ios 14.5. the news today is that it's out, we have known this was coming a ready for six or seven months.

they announced it in june. they waited a few months to cover everyone's ducks in a row. the big news is that it's apple. when apple releases new software, you are likely to see 500 million people take advantage in the next three months or so. we will see the results. caroline: mark gurman from bloomberg. thank you. lattimore -- plenty more and tesla's numbers, up next. this is bloomberg. ♪ we know how much you count on us...

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caroline: this is bloomberg technology, i'm caroline hyde in london in for emily chang. with get back to the story of the hour, tesla out with his first quarter earning profits. revenue in line with projections. traders, once more, ed ludlow could you comment. >> the story is tesla's getting better and more efficient at building electric vehicles. the rate at which it has cut costs outpaces the way -- the rate that it has in china in the

third quarter. that helps to boost margin when average selling prices were falling. all the things going on around the world, the factory in berlin and in austin will come online by year end. tesla was able to mitigate the impacts of the global semiconductor shortage by shift -- wishing suppliers and recoding software to match the chips from the new suppliers. as you point out, shares are lower because the delivery numbers of a hundred 85 thousand in the first months were so strong, expectations were high. the beat was pretty significant. what investors wanted to see, maybe we will hear more about that during the call. we also know the final take away, tesla spent more on digital currency, cryptocurrency in the corner, -- in the quarter, 1.5 billion dollars,

then they did on capex. something to think about. caroline: profit was a hundred million or something on it. we haven't even discussed saturday night live made with elon musk. ed ludlow, thank you. let's stick with the fundamentals, and bring in garrett nelson of cfra. you've been plowing to the details, we are awaiting you on this call. what you make of the less than effusive reaction of after our trades? >> sure, thanks for having me. it's a little surprising that the stock is down slightly after hours, given the magnitude of the bottom line. it came in and about $.15 ahead of consensus. this is not a small beat. i think it is a reflection of the fact that tesla does have a strong track record of execution over the last couple of years. this is the sixth time in the last seven quarters they have

beat. i think investors expect them to be. there is not that much of a pronounced pop in the shares but when they do execute better-than-expected earnings. so, if there is one thing i could pinpoint as a reason why the stock is down, really, the guidance was totally unchanged from what they said in february. it is, really, i think the fact they didn't provide more specific sales guides, it was, you know the same as their deliveries would be up more than 50% this year. over the half-million they delivered last year. and, given the strength of the first quarter of deliveries, there is a little bit of disappointment there. we think that is a calculated move on behalf of management which really takes the pressure off of them to meet the short-term operational target. caroline: under promise and over

deliver rather than the other way around. if you get enough details in terms of factories coming online, new production from berlin or austin, >> that guidance is unchanged. berlin and austin are still expected to be online, making first deliveries by the end of this year. as well as a new vehicle model, the semitruck. first deliveries are expected by the end of the year with the cyber stock. first deliveries early next year. really, no change at all on the operational guidance. caroline: i know, the key issue for tesla, really the reason you have a hold on that shares is competition. what do you need to hear from elon and the tagteam on the call to assuage your issues? >> the reason we have a hold on

the stock is our concerns over competition. people have been talking about competition for a long time. as far as competition surrounding this company. the competition is imminent, that is the difference. you will be seeing these models from traditional automakers. all of these things are coming. by the end of this year. so, i think the difference is, the specs of these vehicles are comparable to a tesla vehicle. when you look at the price and the single charge range. which is extremely important to electrical -- two electric vehicle buyers. that is what has changed, that in the fact of the stock was up over 700% last year, such a big move. it is taking a breather here early in 2021. caroline: all about context,

lest we forget that. i am interested, we had a guest whose big thesis and the standout call they were $3000 per share the whole robo tax. the autonomous driving, the fleet of anyone when you're not a tesla owner be able to lend out your automobile. where you think we are in that narrative? do you care about it when it comes to what tesla is announcing right now? >> no question, that is a huge opportunity. if they are the first to crack the code when it comes to a level five fully autonomous vehicle, that would unlock a tremendous amount of pricing power in the marketplace. if they have product that no other maker has, it will become a must-have product that we

compare it to, kind of like when the iphone was first released. it is very similar to make that analogy. while they get better, the autopilot gets better with each software release, we still think they are a ways away from getting to the full autonomy. we think that is probably sometimes closer to the end of this decade before that happens. caroline: garrett nelson, we will let you get away to listen in on the call. plenty more, always great to speak with you. thank you for the time. coming up, as vaccinations ramp-up, what will reopen? work is likely to look pretty different compared to the pre-pandemic era. we will talk about how the state of services will be changed permanently. this is bloomberg.

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caroline: so the states of new york, new jersey, filing restrictions on crowds as hospitalizations continue to go. president biden is expected to release new guidelines on outdoor mask for vaccinated people. tech companies getting ready for a slow but short return to the office. salesforce says it will reopen in may, joining us now to discuss, the ceo its air force

-- a salesforce service cloud. you have some really interesting things to share with us. first and foremost, talk to us about the optimism we are seeing in the data of your clients right now seeing the reopening become a reality. >> thank you you, great to be back. there is a good reason for cautious optimism right now. of course, it depends on country and region but in the u.s., 40% of americans have gotten at least one covid shot. now, business leaders are starting to think about this reopening of society. it is an exciting time. we see this in all of our technologies and how they are being used. 700% increase in use versus last year. a lot of the questions that are coming in our questions about whether stores and restaurants will be opening at full hours. caroline: about wanting to get

out, starting to spend cash you haven't been able to for a while. enjoying the environment. how changed will restaurants be? will some of your clients be in terms of the way they still use digital as they reopen. >> is so interesting, we live in this all digital world. even in person experiences that so many of us have craved for the last year, a lot of those experiences are going to start digital first. you think about going first and searching on google or on your phone to see if a restaurant is open, or to book a flight, to book whatever travel you want. a lot of what is happening is completely online. the ultimate experiences in person. caroline: i certainly never want to go back to, digital payments as an incentive for me. i was just a market outdoors,

the ability to be able to go around without touching hands, to be able to direct payment so easily, it's a whole new shift, i'm sure it has sped up the pace of development and disruption of the united states payments in particular. where you think customer services have changed in particular? >> every aspect has changed. we saw this in the original covid shutdown, overnight, call center agents had to go home and start working from home. before, there was an industry wisdom that it could not be done by the last year has proven that wrong. now people who were working as call center agents, working from stores, a call center agent, the majority of customer service leaders we talked to, they don't want to go back to everybody in the call center every day. they are looking at the hybrid strategies. the idea of a service from

anywhere. caroline: what about the technology supporting that? intelligence coming to bear within your industry, how you think it will be maintained or improved? will we see the changes? >> so much as happened in the last 12 months. it just takes these real-time call transcriptions from the customer. the customer is talking, it is helping the service agent listening in real-time. it is a real-time ai assist the way many of us would use alexa or siri at home. we are now putting that in the hand of service engines, whether they work at large companies or small companies. caroline: if it didn't quite work or, you put the practice, and wanted to be used the same way? >> there been a lot of lessons and learnings over the last 12

months. going back to the call center example, when you got stuck in the old world, you would turn to your neighbor or supervisor and have them come talk to them. they can't do that anymore in the remote environment. we had to learn and get creative, again using service. we have something coming out next month for workforce engagement to say had we enable this on-the-job training and real-time coaching when they are in this remote and hybrid environment? also, how do we think more broadly about service? thinking about all of the elevator repair men and women going out and janitorial and food service to help our office parks and are sports stadiums come back and reopen for business. caroline: an exciting picture that you paint. thank you so much for joining us today.

meanwhile, still ahead, talking executives and policymakers are discussing core issues of climate change of this week's uber summit. as we go to break, investors said the company would increase obits prices. several service and the u.k. will also see a hike. this is bloomberg. ♪

caroline: left turn our attention to the world of autonomous vehicles. the bloomberg green summit on the way. bloomberg's ed ludlow spoke earlier, to get her view on what has hit the industry in recent months.

>> i would say there has been a fair amount of consolidation. this is a complex problem. a generational standpoint. it is one that is worthy, it's capital-intensive. also, from a talent standpoint, just being able to find all of the talent, keep it aligned, so when you are also raising capital, you probably have to make concessions in terms of what the investor or the strategic investor wants. i think it's normal, focusing on education -- on execution. really understanding that eventually this is big business. you'll wait until you solve technology to build the company. at the end of the day, it is a

multi dollar opportunity. we think there will be several players. i don't want to be too facetious, but it will be a few. we'll have fellow travelers along the way and that is ok. ed: i've had the benefit of going behind the scenes with you. there is great question, to accommodate passengers with disabilities. >> we are in the middle of talking to those communities. many times we saw the solutions of somebody asking them where it is that would work for them. we are in the middle of figuring that out. it is a broad community with

differing needs. it is important to serve. we have a lot of concepts about how were going to introduce that. not going to take it to market because solving the technology is really important. as we are getting the information in looking at in the future. ed: there is a lot of excitement and optimism, particularly about the infrastructure bill, with that could be for electric vehicles. a lot of that focus on passenger cars. do you see specific momentum or booze coming from the biden administration, particularly with regards to autonomous technology? >> first of all, we are encouraged to see the administration focus.

for decades to come. we embrace that and we welcome that. there is a lot going on in terms of autonomy. in constant contact with federal, state and local authority. both from a regulatory standpoint, how we can merge to the existing environment. i'm really encouraged, i see what is going on in cities, they are congested. not like you couldn't say i'm going to get rid of this, we also see the impact on the real estate footprint. so far, very encouraged. i have talked to a lot of people so my co-founder and our chief safety innovation officer are in constant communication. and influencing things.

caroline: a great conversation there. now, we are going to have to talk about the hbo max mobile app today. falling nearly 4% in the week ending april 20 fifth, despite the debut of the action movie mortal kombat. for more, i want to bring in bloomberg's entertainment reporter, having stayed up to watch the academy awards, talk to us about watching films at the moment. >> the demand seems to be there for the first time in a long time. you mentioned the mortal kombat, the movie grows 23.5 million dollars in north america, that is the biggest -- the

second-biggest opening during the pandemic. let last year, announcing all of its movies at the same time. for the time being, that is what is keeping them open, people are showing up for these movies. caroline: it was interesting that we heard how nomadland did incredibly well. backed by disney, available on streaming. the women who of course one the lead actor category, for females, who started nomadland, sending out there. she wants that to be seen on a big screen. >> i think i saw that seven or 10 nominees a best picture were all available for streaming as

of the oscars. very unusual. you brought up the only person we heard of, so concerned that even when movies open in theaters, there is going to be a contingent of the population that uses it to watch online. it is a little early for us to draw a great conclusion, less than a third of the country has been vaccinated, a bunch of people who are understandably nervous about. caroline: nomadland, wide-open spaces, beautiful, luxurious shots. i can understand why you want to see that in a theater. same with godzilla versus kong, you want a big space where maybe a comedy about a korean family in the u.s. doesn't need the big film environment that you are

usually used too. what else is doing well? how are ceos, business leaders within the environment speaking? >> the anticipation is that the movies that are spectacles will continue to do well in theaters, godzilla versus kong, we have fast and furious nine coming out this year. anything in the marvel universe or star wars, all of the disney movies. some of the animated movies. these are projects where there is a reason to go to theaters. a lot of the smaller comedies and the like, it will be harder to convince people to go to a theater. this was the direction the movie industry was headed in before the pandemic. the pandemic has accelerated certain shifts. caroline: great story, thank you for talking us through it.

that doesn't for this edition of bloomberg technology. tomorrow, earnings from google, microsoft, later this week you have apple, facebook, amazon, so much to be excited about. the tesla beating on revenue. elon musk talking about the shortage and chips.

paul: good morning and welcome to daybreak australia, i'm paul allen in sydney and were counting down to asia's major market opens. shery: from new york, i'm shery ahn. paul: d top stories this hour, tesla disappoints wall street despite profits. and strong demand for the model three that leads to deliveries. broader