♪ >> i am emily chang in san francisco. and this is bloomberg technology. lawyers sharpening pencils ahead of the apple epic, games antitrust trial. we break down the issues at play and consequences at stake. twitter first quarter ad sales disappoint, shares tumble. that is not the whole story says

the cfo, his take on the company's latest earnings and opportunities for growth including subscription services and audio chat rooms. disneyland reopens, california's theme park reopening at 15% capacity with the new reservations process. we take a look at the reopening and customer demand. those stories in a moment. first, u.s. stocks dropped from a record as traders digested earnings, new inflation pressures and hawkish talk from the fed. >> it has been all about tech underperformance, all week long with big tech earnings. we ended today's session of the red and the beggar the tech stock the bigger tech pain -- bigger than tech stock the bigger the pain. risk sentiment was off to a bad start. when you go to big heavyweights in the. new york index, selling got worse. . the exception to that was more

selling and more pain issue was the semiconductors. i want to take it back to big tech stocks on the week, a lot of the pain was in microsoft and apple. you can see amazon, alphabet, facebook, gaining on the week. with the monster earnings. similar to microsoft, apple on a five day chart you can really see it has been a straight shot down and it tells you just because you were to outperform in 2020 and the haven, even the nasa earnings sometimes is not enough to make a stock go higher. -- given massive earnings is not enough to make a stock go higher. emily: apple and epic, the maker of the game fortnite, are scheduled to meet may 3 in a high-stakes antitrust fight over how much the apple app store charges developers. bloomberg paints this preview of what to expect. >> apple and epic games are entering a trial that could

impact the heart of the apple app store. the 15%-30% fee apple takes from developers who charged for downloads and subscriptions. this kicked into high gear went epic replaced it payment system in its popular game fortnite with its own payment system. that circumvented the apples in app purchase system which takes the fee and that led apple to remove fortnite from the app store. hours later, epic sued apple, and here we are today. olga, what is the argument in this trial and how do you think they will do? >> epic argues apple has monopoly power in the ios app distribution market and argues that it gets developers to sell into the app store and forces developers to use its own payment function. epic would like to change that. the epic founder tim sweeney is going to testify and say this is unfair.

epic is going to have witnesses such as economists who will say that apple is greedy and trying to take the money from developers away from them. a lot of legal experts say epic has a fair shot at winning. even if it loses, it will probably win mind share for developers and consumers. mark, how do you see the apple side of the story? what are apple's arguments and their chances of winning? >> apple's perspective is twofold. one, there is a contract in place. no matter how a developer feels or we feel are epic feels about the situation, epic does have a contractual agreement with apple for the 15%-30% cut apple takes from all other developers. that alone i think gives apple a potential leg up in this lawsuit given the presence of contracts. second, apple says there are

50%-30 percent cut is lower than the industry average or on par with the industry. that is arguable. some people say the industry is only at that because apple set it when they launched the app store 10 years ago. for apple, there are billions of dollars at stake. apple made $120 b per year 2018-2020 on revenue share from fortnite alone. if epic wins or makes a solid argument in court and does develop a developer mind share like you said, floodgates could potentially open for other developers to have an backlash against apple, sue apple and otherwise. apple made an estimated $20 billion in fiscal 2020 of commissions from the app store, a lot of money at stake for the iphone maker. emily: bloomberg's mark and

olga, and we will follow the trial starting monday. regulators accuse apple of violating antitrust laws and allege the iphone makers distorts a petition for music streaming imposing unfair rules for rival services in the app store. >> a concern for many app developers beyond music streaming. because they depend on the apple app store as a gatekeeper, to access users of apple's iphone and ipad and this significant market power cannot go unchecked. emily: charges underscore the long-running feud over at payments between apple and spotify, the popular streaming service which filed a complaint sparking this very investigation. tiktok finally has a ceo. the social platform announce the bytedance cfo will fill the top leadership session after the departure of kevin last year. vanessa pappas, interim head,

was named chief operating officer. shelley, who is chu, what do we know about him? >> he is most well-known for taking xiaomi, the chinese smartphone maker, public, and one of the biggest ipos of all time on the hong kong stock exchange last year. chew was the cfo at xiaomi, and the international business had for them. he joined bytedance one month ago. emily: what message does this send about what kind of company bytedance want tiktok to be? >> well, what was great about what chew did at xiaomi, is he helped create a company or sell them company to the global market, and to financial folks around the world, who were trying to figure out what this company is.

so, that is the hope for what bytedance as. bytedance has a problem, it is a chinese company that makes a lot of money. but it has this huge asset of tiktok, that is global. the question is, can he now sell this to other investors around the world? emily: how do we expect him to deal with the regulatory hangover? we do not know what the biden administration is going to do about tiktok. but we know the trump administration had a huge problem with it. do you think those issues are over? >> no. the biden administration has come in and said we are going to pause and study it, but they are not free and clear. meanwhile they have growth that is continuing, but they are trying to stay under the radar a little bit. with an ipo, not a way to stay under the radar. [laughter]

one way around that is to ipo parts of the business, which is what they have been talking about doing. parts of their chinese business, or other parts around the world, that are not necessarily tiktok in the u.s.. but that is his number one priority and his number one challenge, i think. emily: what is this mean for vanessa pappas, who has been running tiktok in the interim? i do not know if you expected she would be named ceo ultimately? i'm curious what your read as. >> i am curious if she sticks around. she has now been passed over for the top job a number of times. first she was head of the u.s.. in the appointed kevin to become ceo. they appointed a position above her. then, when he left they did not appoint her as ceo they appointed her as interim head. now, here comes another person to not be her boss, again. the question is, for her, why do

you stick around? when you are continually not going to get the top job? emily: interesting, something to continue to follow. and please to listen to shelley's podcast about tiktok, thank you for your insight. another story, china cracking down on tech companies expanding and finance. regulators impose wide-ranging restrictions on the finance arms of 13 companies including bytedance and tencent. they are using many of the limits left on jack ma's ant group. regulators slept tencent with relatively small fines with not reporting past acquisitions and investments properly. coming up, mickey mouse, we take a look at what is who we are behind the gates at disneyland in california, after one year of the global pandemic. this is bloomberg. ♪

emily: it is a big day for disney fans as disneyland reopened its california doors after a year of lockdown. it will not be business as usual yet and tickets may be hard to come by. i will bring in bloomberg's l.a. bureau chief, chris palmeri. what is it like for disneyland gates now? >> the happiest place on earth is again happy. this is an unusual company.

you had chairman bob iger at their taking pictures with his phone beaming like a kid. the ceo raised the flag and gave a pep talk to employees. people were waiting hours to be the first to walk in, even though at 25% capacity you will have a lot of room there. emily: talk about the new process and set up for tickets and reservations and how that works if you want to go to disneyland now? >> this is a first for the theme parks. you have to buy your ticket in advance and reserve a specific park at a specific day and now it is limited to california residents. even with those limitations they have sold out a lot of dates and you pretty much cannot get a saturday in may or june now. there is a lot of dates you could maybe go to california adventure. one trick people figured out as if you buy a park hopper ticket which gets you into both disneyland and california adventure, it costs $50 more on

a pricey ticket but then you get to go to disney later in the afternoon. so demand is there. people want to get out. emily: also over the last year, the company itself has gone through this major transformation, with more reliance on streaming and less reliance on parks. do you expect parks to continue to shrink as part of the pie going forward? or do we see the equilibrium change? >> the indication from the top brass there today of how important this business is. when tv was going into transition a few years ago, parks were delivering $7 billion per year in profit. last year they lost money. to have that money come back at a time when they are investing so much in tv. disney stock has done terrificly because they have been able to sign up subscribers to disney plus and streaming services. it still costs a lot of money to

feed those beasts. the parks are really and bob iger has said this numerous times, the heart and soul of this. there is a direct connection to the consumer to watch these things come to life, these movies and tv shows, so it is a very important business for disney. emily: talk to us about what is to come the rest of the year? there could be a big summer travel season. you have theaters reopening. what are you watching? >> on all fronts, we are going to see capacity limits start to rise, so they will get more people in the parks. they are going to be busy. i think people for parks they can drive to, like disneyland, are going to do quite well. they have learned and we are seeing this and other entertainment businesses, to cut costs and work with less people. so profits could come back more dramatically once the consumer returns. they have a lot of money to spend, still. we are watching that and of course the fantastic transition

in the movie business where you have a movie like godzilla that came out. not as a warner bros. movie released online the same time as in theaters and it has still done or hundred million dollars in theaters. if disney can pull that off with other movies this year which they have held off on, black widow, this can be quite a come back your for them. -- come back year for them. emily: he did interviews about those warner brother heads and asked about competition from disney at netflix. how do you see content wars playing out between netflix and disney at hbo and warner bros., now that production is also reopening? >> netflix has said they consider disney wanted their toughest competitors. -- one of their toughest competitors with over 100 million subscribers around the world and growing. disney's challenge is to keep

feeding the beast. that is why they have been putting some of their best movies online for streaming customers. hbo has done that and caused a commotion in hollywood last year when they announced they would put all the warner bros. releases this year on hbo max. it turned out to be a pretty good idea and they have seen an increase in hbo max subscribers, and not a huge impact on movie theater attendance. this hybrid model we are going to see a lot of experimentation. those three now are the ones to watch in streaming. peacock, the nbc comcast product, will have a nice summer with the olympics. we are seeing deals now cut in sports, where things can go on traditional tv and streaming. from the consumer standpoint it is exciting and bewildering and there is a lot of choice. emily: thank you, chris, for the view from disneyland. our l.a. bureau chief chris

palmeri talks about disneyland reopening. coming up, twitter shares tumble after first quarter digital ad sales disappoint. we hear from the twitter ceo, coming up. this is bloomberg. ♪

emily: twitter shares plunging after a sluggish start to the year and add business. according to the cfo there is plenty to be pleased about including a sales gain of 28%. i caught up with him earlier today. >> we had a strong start to the year with 32% ad growth. we had an analyst day in february were we laid out three years from now. $7.5 billion of revenue and $15

billion, and no change to the goals that we have more work to do. emily: are investors missing something? >> this may be a question of timeframe. we made good progress this quarter. remember, 85% of our ad revenue is brand related and not cut off to a slower started 2021 then we would have liked. it was strong in march but not as strong in january and february. direct response in our map advertising in particular was very strong throughout the quarter, and accelerated on the year of your basis from q4 50%. that was not enough to carry the day. we did can mentor the high end of revenue guidance we provided for q1. we provided guidance for q2 that reflects a range of outcomes. the march strength we thought would reflect the top half of that range we got for revenue for q2. emily: given how much you rely on brand advertising, that means you miss all the travel and retail ads facebook and google

are cleaning up on, as we come out of the pandemic. do you have the necessary targeting data to do more of that? how do you change that? >> we have a really unique signal at twitter. we know what you care about in the moment you are on the service. the topic or event that brought you to twitter. the follow over graph of all things you want to learn about while you are on twitter. that is really powerful for advertisers. it means if you are samsung launching the new version of the galaxy phone, you can run a campaign in 30 countries, and have 100 million impressions were people are learning about your device. if you are pepsi, you take over twitter the day of the super bowl every year and your impression growth is 40% from where it was last year. it is a different signal than what you might get from other services. that is great, because it means it is unique and how we can share that with advertisers. emily: jack said he hoped to start testing a subscription product soon. what kind of product are we

talking about? is that the newsletter, and how soon? >> you could to give two examples of where there would be subscription opportunities on twitter over time. the first is, we want to help content creators get there and we would facilitate a transaction and we call it super follows. i could follow emily chang and when she has premium tweets i would get access because i paid the price emily set. the second would be where twitter provides a premium service, to somebody using twitter today and seeing ads where they could get access to a feature somebody else may not come up where they would pay us for it and learn around both of those during the course of this year and i'm excited to see them roll out soon. emily: i'm excited about new possibilities for new emily chang revenue. bloomberg broke a story that twitter looked at buying clubhouse at a $4 billion lua should. why didn't you do that deal? -- $4 billion valuation, why didn't you do that deal? >> we are excited about audio

chat rooms on twitter, an extension, live conversation, finding people who care about the same topics, whom you may not have known her been able to find if it were not for the state. it can be around the nfl draft we saw spaces last night. it can be the new version of a show, netflix did a series last week. it could be the after party for the grammys, which he saw last month. these are great examples and i'm sure we will see more as well. if you step back and think of mna, we want to be dispassionate about whether we build something critical to priorities or whether we bring in a team or technology or a whole business that helps us better address the opportunity faster. we bought 20 companies over the last few years and will continue to be thoughtful about m&a going forward. emily: you and i did a twitter spaces together and there was quite an audience. how do you plan to monetize twitter spaces? >> right now we are focused on getting the experience right. if you give people a good

experience, the monetization opportunities follow, sponsorship or tipping or other opportunities. i am certain those will unfold if we can give you a great experience if you do space with me again. emily: you have said there was no such thing as a trump bump but how do you continue to add new users and fast, quickly, without the? >> we added 7 million from q4 to q1 and 30 million on a year-over-year basis in q1. as we come out of the global pandemic, a year where there was a lot of conversation around the presidential election in the united states, it is a great opportunity for people to see the entertainment and sports, all the investing and other topics people are talking about on our service. those are big part of what people come to twitter for. they are a great opportunity for people to be part of a conversation and hear another side of a debate. remember, the u.s. is 20% of

people who use our service. politics is one small part of the broader conversation many other great things happening on twitter today. emily: the twitter cfo ned siegel. coming up, more of bloomberg technology. ♪ ♪ ♪

look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network.

emily: welcome back to "bloomberg technology." amazon, apple, facebook, leading the charge this week as tech earnings did not disappoint for the most part. let's get around to touch a roundup. -- let's get a roundup. >> you did see selling pressures, down your .6% but still up 6% on the month. let's narrow it to the big tech names, that was the story in the tech space this week.

big names coming out with massive cells and eps beat translating into the stock market reaction in different ways. amazon, facebook, google, positive reaction on the day and we. apple, microsoft, not so much. let's look at what they did on a sector basis when you break it down in terms of the s&p 500. some names are supposed to lift it but did more damage on a sector basis. apple and microsoft follow, 1.6% average decline on earnings. on the upside, the communication sector were google and facebook, though stocks that took the s&p 500 higher this week, interesting to see that massive virgins. -- massive divergence. emily: have a good weekend. i want to get more granular now on the tech earnings you saw this week. i am joined by the founder and ceo of of financial estimate crowd source website.

leo, good to have you here. you do a lot of your own modeling and have your own targets. what is your big take away from tech earnings, so far? >> across the board they have been amazing. we are dealing with a comp from last year's quarter that is relatively easy to beat. so you will see artificially high growth rates, but what we are more looking at are two things. how the stocks are performing in pre-earnings relative to consensus trends and how stocks are performing post earnings. what we are finding in this quarter is the alpha models we provide to our clients that look at the changes in consensus in pre-earnings and the delta between the wall street and estimate consensus, have done incredibly well. while the post earnings models which just look at the surprise, have not done that well. that tells us, basically, the

market is looking at these huge surprises as relatively transitory, in terms of the fundamentals of the business. they are not looking at these as massive read through it to the future of the business. but what we are also seeing is that the out of quarter estimates on estimate from the buy side are getting stretched from the wall street numbers here to the point where we have not seen in a very long time. we believe that it is not necessarily transitory, that a lot of the increased revenue growth is going to stick. if it does, the stocks are still undervalued. emily: interesting. i want to hone in on the ad market. we saw facebook and google blown out of the water and then twitter shares plunging. we just heard from the cfo. what is happening? -- we saw facebook and google

blow it out of the water and twitter shares plunging. >> there is a joke that google does its best to keep its take raise within a small band each quarter, to make sure it is not really upset regulators, you know. they were not even able to come close to that this quarter because there is so much money flowing in, and e-commerce has done so well, that they were not able to keep that in check, lower than they wanted, you know. i do not think that is going to change considering the directionality we are seeing in the dictations. a similar thing happened to facebook. i think we will see it the board when the rest of the e-commerce companies report. the readthrough from google is amazing. emily: so, do you think the momentum these companies are seeing now is going to stick? what happens after the economy is open for a few months, then what? >> right.

looking at other sectors, what we are seeing is the expectations for consumer spending over the summer are going to slightly shift, but the real question is, in the long term, does the e-commerce versus in person retail mix, how much does not revert? that has been the question all pandemic, trying to figure that out. that is playing out in some respects now with peloton. the stock does not look very good and they reported a couple of days. there is a lot of nervousness around that one. personally i think that one could round-trip, because that is in a name or you could see massive flow back into experiences and away from hiding in your homes. on the other hand, when we look at shop a fight and the other names directly e-commerce driven away from in person retail, we do not see it giving much back.

so i do not think this is transitory. this is here to stay, and these names deserve the high multiples they are getting. because the growth rates are going to be huge. emily: i want to transition to bitcoin, back almost to $57,000. when you look at coinbase losing some momentum in trading since the direct listing, what is happening there? >> so, there are, the cryptocurrency ecosystem is moving incredibly quickly now relative to, let's say, a year ago. a lot of projects that were being built over the last couple of years have come online now. especially in the [--] space, we are seeing platforms like uniswap eat into margins and market share of coinbase. you also have finance, -- binan ce, the thousand pound gorilla.

when people look at coinbase and public market, they tend to see aol, they tend to see something that was an incredible platform to onboard people to a new ecosystem. but is it really going to be the thing going forward, or are we and then aol and netscape versus kind of google and facebook environment? that is what i tend to believe. emily: so, so. >> go-ahead. emily: you think coinbase is the next aol? >> i have a strong feeling coinbase could be the next aol here. that coinbase has a choice, they can end up like aol or like facebook. the reason facebook is facebook today is because they took the stock and balance sheet and bought everything they could they thought was a threat. they did an incredible job at that. you can put google in that category as well to some respect. coinbase is going to have to do

the same thing. because there is so much innovation coming down the pike, and their transactional model is not going to get the multiple it does today, as their growth rate slows, and other competitors take market share. they can choose to use that and invest in all sorts of projects that by companies to become a less transactional model. or they can state what they are and they are going to end up like aol. my view is tinged with hope as well, that they do end up like aol and not like facebook. because i would like to see the cryptocurrency ecosystem be more distributed than in one hand. but i do believe it would be hard for them to end up like facebook. emily: interesting. that is quite the call, and we will have to have you want as we walk -- what progress or lack thereof. -- as we watch progress or lack thereof, ceo of estimize.

cloud providers, succession, and shuffle with one executive at the heart of big moves in the cloud. this is bloomberg. ♪

emily: in a pandemic world there has been a premium on data and a surge in demand for the cloud. when amazon hired a new exec to lead its cloud unit from tableau, the market saw perfect fit. he was andy jaffe's right-hand man at aws. when salesforce bought tableau for $15 billion it was heralded

as a transformative deal. joining us to talk about all of this is the new tableau ceo, mark nelson and thank you for joining us. what does adam heading to a ws need for tableau? and what are your priorities in this new role? >> yes, here at tableau our mission has always been to help people see and understand data. we are at a point in time that is amazing for this mission, right? we have so much data around, and the tools to look at it and see things is nothing short of a new microscope or telescope. the ability to see things in the world that have always been there but we had never been able to look at it. our mission is really to make sure that power is at the fingertips of everyone who wants to do it. it is now in every walk of life. it is more important to be able to answer questions using data and being able to use this new tool, to make decisions and to make decisions empirically faster and in a more accurate way. that is the mission we are on. emily: adam leaving, though, is

not a big loss? and what does amazon gain? >> adam is great and adam hired me into tableau. i have learned a lot from adam. i am sure he would be great for amazon. as you said, he helped build that business. we are excited on our journey and my journey as we go forward from here. emily: is there an opportunity for amazon to work with tableau now, given your relationship? >> short, and there already has been. -- for sure, and they're already has been. adam brought connections to amazon when he came and we have great partnerships with amazon and all cloud providers. because there is an amazing data landscape out there. and the cloud providers have been providing amazing abilities to put your data out there in such a way, so it is more important than ever that we partner with all the providers because this is where people's data is going. and we want to be able to work with people did no matter where it goes. emily: analysts said it was

transformative, when salesforce bought tableau, pitting salesforce against microsoft. what has the acquisition been like? has growth panned out in that way? >> yes, the combination of salesforce and tableau has been amazing. it is like bringing peanut butter and chocolate together, right? you bring together these two amazing things that are better together. the customer 360 side of applications salesforce has, the most amazing business application on the planet, with tableau, the best tool to be able to see and understand data. those applications are built upon and generate some of the most valuable data for every business. when you combine that with tableau, it lets you understand the data, get insights from it, make decisions in a faster way. certainly what we have seen in 2020, that is an existential thing for businesses, to understand what is going on in their business and react to it and make decisions real-time, it

is invaluable. emily: tableau has 86,000 customers from netflix to verizon. talk to us about what spending looks like on i.t. in the current environment? especially as the economy reopens, how are the sectors hardest hit responding now? >> yes, we see the economy coming back very well. what we have seen through the pandemic is, a push for a digital transformation. companies are figuring out to have to to be agile and digital today. at the heart of every digital transformation is the data transformation. you have to see and measure and understand what you are doing as you move into the digital world and make decisions quickly. we see that combination being amazing for salesforce and tableau, as the economy continues to recover out of the pandemic. emily: tableau seal mark nelson,

-- tableau ceo mark nelson, good have you on. when it comes to tiktok, we have heard a lot about the u.s.-china tug-of-war around data and privacy. russia is also affecting the social media platforms, muting some users. we have a first-person account, next. and as we had to break because talk performance this week, a mixed bag for chipmakers. supply constraints, we keep our eye on the semiconductor space. this is bloomberg. ♪

emily: tiktok, owned by china-based bytedance, is a global social media company coming under pressure to remove antigovernment post in russia.

president vladimir putin cracks down on dissent. bloomberg spoke to a creator who says, his posts are being censored. >> what defines being introduced to tiktok i think, this is going to be changed. i think it is now more restrictive on political views. >> russian government says quips like these mobilize youth to take part in the navalny process this year. it find tiktok after asking it to remove content. >> from 2018 they have been growing their effort to control the internet. >> a tiktok blogger in st. petersburg with a million views, his video of the navalny protests went viral. >> i have 30,000 people in instagram and 200,000 people on tiktok.

so i do that to enlighten people to political and social sciences. >> its main goal is to inform people on topics he feels are often twisted online. >> there was misinformation because the protests, we were quite a big thing. a lot of misinformation happened in these days. people were saying people are going to be shot on the street that a police are going to shoot people and so i was also just showing clear local -- political examples from other countries of activist work. mostly using political science on the protests, explaining different phenomena and support in general. there is no social media right now that would give you such a possibility to get as many views

as on tiktok first is the algorithm and second just tiktok gathered a specific kind of culture on their. >> recently his posts on tiktok have been removed or modified. >> while it is, there is a, there is this thing called talent program for development of bloggers on tiktok and after everything happened with navalny and my videos covering the events, i received a message that i'm being expelled from the program and the reason was, i do not think they were planning to tell me the reason. but we were talking with the guy on the chat and he actually told me that it was, that i am telling my opinion. >> in some cases it was cut off. in other cases they were taken

down altogether. can you tell me about that? if it is something that is happened before? >> the videos they have been taking the sounds down, was about biden. so there was this thing about biden saying putin is a killer. that was funny and i was talking about that and then i actually explained a bit more of what biden was talking about. so i don't understand what was the reason for the sound to be taken down. >> and, do you feel people are increasingly more scared? voicing their opinions online? >> yeah, that is for sure. that is for sure. because that is the government policy. and they are doing it just fine. and myself included because i have been self censoring myself. [laughter] i took down some of my videos just because i was afraid

something can happen to me because of those videos. there was nothing illegal about them. [crosstalk, chaotic music] >> the kremlin solved the issue of antigovernment content on tiktok by talking to chinese leadership. ♪ increasingly, posts like his started to disappear as government realized antigovernment clips can harm their traffic. this is not as easy with other networks, like twitter. so the russian government decided to slow access to the site. since her planet based out of the university of michigan, has been tracking exactly how and why this is happening. >> first, they chose blocking, outright blocking. but for high profile websites,

blocking creates a negative persona in the eye of russian citizen, in my opinion. and it is something they do not want to go there. so, they came up with next best first, we are going to throttle you. we are going to slow down your traffic. and you better listen to us, list of demands. if they don't come i think ultimately, they end up blocking them. in the case of twitter, unfortunately, the throttling ended up being a successful went off by the russian government. and grabbed twitter to come to the negotiation table. so i think that is going to be there strategy they will keep using. ♪ i have not seen any country that

successfully employed throttling as a knife of censorship technique. this is the landmark event for censorship community. >> part of the reason this is a landmark event, is it requires control over. a decentralized network. >> the russia censorship architecture, which is now centrally managed, on top of a decentralized network, is a blueprint. and it shows how a national censorship policy can be implemented. in many other countries. to me, that is a slippery slope, that these countries are stepping into. it is not a hard thing to do, actually. that is the fear. emily: wow.

bloomberg's reporter, something to think about. that does it for this edition of "bloomberg technology." coming up next, we have " bloomberg wall street week" and david westin talking about president biden's address to congress, and the second wave of covid-19 happening in india, right now. next. this is bloomberg. ♪

so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat, all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours.

>> lumber prices are skyrocketing. >> if you can get your hands on it you will buy it. >> tightness is a cute across the entire timber supply chain. trucking delays and worker sorters at lumber yards -- worker shortages have added to the cost. the summer peak of u.s. homebuilding is expected to deepen constraints. >> lumber is going up, inflation is going up and stucco is going up and concrete is going up. batting is getting passed onto the consumer. >> according to the national association of homebuilders, would cost have added $24,000 to the price of the average new house. lumber prices are expected to stay elevated for months to

come. ♪ david: masks off, taxes up, and the fed stays put. this is bloomberg's "wall street week." i'm david westin. this week's special contributor larry summers of harvard on the fed playing chicken. >> i think it is an economy on fire. david: daniel on the shortage of restaurant workers. and on the president's tax plan. >> the greatest science experiment conducted in the history of economic policy. david: katie koch of goldman. be sure prasada of cornell on the covid catastrophe in