>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is "bloomberg businessweek." with emily chang. emily: i'm emily chang in san francisco. this is "bloomberg technology." coming up in the next hour, a textile of sweeping u.s. markets. shares of apple, tesla and amazon all sink. zillow and lyft reporting

results. we will have a roundup. poking holes. attorneys for apple go to work on epic again ceo tim sweeney. we will have highlights of his cross-examination from day two in this massive antitrust trial. neighborhoods have become a crucial information hub in the year of the pandemic. but post vaccines, as people go back to work, what is the next chapter in keeping communities connected? that and more in an exclusive conversation with next-door ceo sarah frier. we begin with the u.s. market selling off, sparked by inflation fears. tech getting caught up in the crosshairs. apple, amazon and tesla seeing shares fall. let's get more from katie gray feld and kriti gupta. katie, what are you watching? katie: stocks we are seeing red, led by the tech sector. down over 2%. s&p 500 down bite .9%. the nasdaq 100, more than double the drop is the big faang fell. comments from treasury secretary janet yellen did not help.

she said higher rates might be needed to prevent overheating in the economy. she later but walked that back. the chips felt the crunch with the semiconductor index dropping for a third straight day. that chip weaknesses turning into a trend. if you look at the semi index against transportation stocks, your railroads, airlines, usually the two track each other. they have started to break apart. transports are at a record high and climbing. the semi's has fallen for three weeks, as those production constraints really start to pinch. that is taking the shine off of growth stocks, which is why you are seeing outflows from funds like kathy woods, arc innovation etf. this fund was on fire coming into this year, up one for 50% in 2020. daily alpha flows are starting to build as tech continues to lag. the etf fell another 3% today. we could see more outflows from here. kriti: thank you.

you mentioned a lot of the macro story. let's kick off the earnings stories, kicking up at the top with lyft earnings. you see them reporting a loss. shares cap after hours. a lot of this has to do with the loss not being as bad as analysts expected. you had mashed.com in the middle. the revenue boost. i want to hit zillow. housing boom driving the web traffic to the site, not doing so great intraday but after earnings, definitely seeing those boost. i want to hit on what katie talked about on the semiconductor's pain you saw today. we're going to use nvidia as a proxy. the biggest weighted stock in the stocks index. he saw that see some pain. down 3.3%. that really flowed into the automakers. katie mentioned transportation index. let's look at the automakers. electric vehicles, you have other tech stocks really taking that into stride. amazon, apple, the biggest heavy waiters in the s&p 500, really

dragging you down. snapchat in the red. i it, some of the talks in the red. the digs -- the big story is broad-based selling wherever tech has a states. emily: thank you for giving us a broad round. kriti good? my katie gry felt, appreciate you both. i want to move onto day two in the high-stakes antitrust trial happening between apple and epic games. the cross-examination of tim sweeney was aimed at weakening his argument that apple's app store is "a walled garden that traps developers and puts onerous conditions on users." our own mark gurman has been listening into every step of this trial. give us highlights from the cross-examination. did apple's attorneys succeed in undermining sweeney's case? mark: to give her having me. -- thank you for having me. the lawyers did have a successful time undermining the argument of epic, and their ceo,

tim sweeney. when of the key arguments that apple made today was getting sweeney to admit that the 30% cut that apple gets from the app store is similar to other consuls. that raises the question as to why epic is going after only apple, and only apple who has a 30% cut when every other platform that he provides his software on does take the same cut. the difference i want to tell you is that while many of these councils do take the same cut, if you look at a comparison between apple and google, google takes a 30% cut. but there a key difference, and that is that they have two separate app stores. you can have the app store that google provides, you can also add a second or third or fourth app store from another provider, which may take a slimmer cut. emily: in your view, because tim sweeney and epic been persuasive

in making that case? that apple is different when as you mentioned, all of these players take a 30% cut? mark: i think thus far, i have not seen anything from the epic side to indicate they are making a persuasive argument to the judge and court, including in their evidence and testimonies in the cross-examination that apple is doing anything not par for the course. one interesting tidbit i heard this morning was apple's lawyers basically questioning sweeney about the typical home, and how many devices they have, and which devices they have. going to the cracks of the issue. as you remember, the problem came down to what are called of the box. the boxes virtual currency that you can buy through the fortnite game on any device. basically, epic did not want to pay the 30% cut for purchasing v box through apple. they created their own system. that apple does allow you to go over what you bought on other

platforms without giving apple a commission, since you already bought it on android or playstation or whatnot. they got sweeney to admit there are other devices that you could have bought them on. emily: all right. what is on tap for tomorrow? mark: tomorrow you will see continued to testimony from other expert witnesses. you should see people from microsoft or nvidia testifying on behalf of epic. pointing to some of the similar concerns of apple's business models. emily: all right. mark gurman, listening into that trial for us, we will have an every angle of it covered. bloomberg tech mark gurman, think you so much. a $350 million criminal industry, ransomware attacks are plaguing major corporations, governments and health care providers around the world. we will talk to palo alto networks ceo vice president wendy whitmore about how the biden administration should be tackling cyber threats next. this is bloomberg. ♪ tackling cyber threats next. this is bloomberg.

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emily: in a report by palo alto network find cyber criminals are demanding more money than ever for ransomware attacks with the highest demand going up to $30 million in 2020. they have taken advantage of the pandemic to target various organizations, particularly those in health care. this as the justice department and the u.s. has created its own independent ransomware attack force, signaling a growing awareness inside the government of this a decade old threat. joining us to discuss, senior vice president wendi whitmore. thank you for joining us. give us the big picture.

how is ransomware and ransomware attacks, how are they evolving and staying ahead of the secured a giants trying to catch them? wendi: let me set the stage. in many cases during the pandemic, technology saved us. we relied on it to move to the rapid transformation of a remote workforce. but unfortunately during that same time, ransomware has become an epidemic. ransomware operators took the time, the extra time they have on their hands to old millie refine their business processes and in many cases, mature their operations. what that meant is they have outsourced so many of their operations to experts, enabling them to be even more effective about the data they are stealing, and ultimately it is an epidemic type proportion at this point for businesses, health care, and local governments. emily: i want to give an example of a recent attack. this one happening on a company out of taiwan, a company that

supplies components to major companies like apple, like samsung. like microsoft. in this particular case, they are asking for money. i wonder if they know that they are targeting a company that has customers with pocketbooks this deep. are they targeting to maximize their profits? wendi: they absolutely are. there's no doubt about it. they have matured their operations. a big part of that is that the ransom operators can focus on their objectives, which is exactly what you are talking about. finding the information i can still from an environment that will give me the biggest return on my investment. this is no longer a standard type of attack. this is very targeted, very specific. i would say that ransomware operators are often using the type of discipline that we have seen from nation state actors. emily: so this was by a company

called r people. talk about what you are expecting to see more of from nation states? wendi: i think the real question is how involved today our nation state actors in with ransomware? the reality is that it does not necessarily matter today whom the attack is coming from. because the significance of needing to defend your network, needing to have visibility in the supply chain, for all of these types of actors, is so critical. we used it to as a business, i have been doing these investigations for over two decades. we used to focus on nation state actors. now you have these economically motivated crime groups that are causing even more damages in some cases than the nationstate actors are. emily: let's talk about where the biden administration is. the ransomware task force has submitted a report to the administration with 48 different

recommendations ranging from cryptocurrency regulations, to requirements for disclosure. where do you think the biden administration should begin, if in fact the government has not done enough over the last decade? emily: -- wendi: how alto networks is a significant member of the task force that you mentioned. we are focusing on a number of areas. deterring the attacks. as well as preparing and responding. i think it is incredibly encouraging to see the government really focused at very senior levels in identifying and recognizing that these threats are a problem to businesses, governments, organizations worldwide. and it is going to be a multifaceted approach for us to significantly impact them in a positive way moving forward. emily: understanding it is one thing but doing something about it is another. in your engagements with the

administration, have you seen the willingness to put resources and manpower behind these efforts to the extent that they are needed? wendi: i think we are at the early stages of really identifying the problem and looking at ways to solve it. from the administration and government policy standpoint, we are seeing a lot more opportunity to understand that technology plays such a huge place in ensuring that we are innovating, ensuring there able to detect these threats. i think there is more willingness to look at how do we deter these threats? how can we disrupt attack or infrastructure and make it more costly for them to conduct these attacks? and how can we work with other countries to make sure we don't have safe havens for these actors who are continuing to perpetuate these attacks? i'm cautiously optimistic about where we are. emily: all right. fascinating. you could go down a rabbit hole reading about these individual attacks. so many interesting threats. palo alto senior vice president

wendi whitmore, thank you so much for joining us. coming up, next door is stepping up its content moderation with the new antiracism notifications. will it work? sarah frier joins us in an exclusive interview to talk about the new policy against tate and trends on the neighborhood apps that have's -- that have kept so many communities connected through the pandemic. this is bloomberg. ♪ bloomberg. ♪

emily: there is basically no social network that does not have to deal with racism and discrimination on their platform. neighborhood app next-door is no exception. the company has seen a boom in demand as people have sought community support through the pandemic and at the same time, released policies to combat hate groups among these neighborhoods. . ceo sarah friar joins us in an

exclusive interview to talk about the growth and the new policy. i want to start with the big picture. our communities have never been more important as they have been over the last year. what trends have you seen on next-door? and trends that may have surprised even you? sarah: thank you. great to be here. next-door is the place you go to plug in the neighborhoods that matter to you. one of the friends we have seen, people have come to us for trusted information. we have worked with different public agencies, the u.s. government, u.k. government. they come to give and get help. i want to say that did not surprise me, but it surprised me a little how much people leaned into that need to give help. another thing to come and build online connections that take them off-line. we have a sneak peek of a new report on monday. we see things like people have become to us for favors. they are nervous about what the economy will need, particularly

if they are female or living in a rural area. they have shifted a lot to e-commerce. and they are doing things like food delivery and grocery online delivery. it looks like that is not going to end. emily: this is part of your next-door insight series where you are learning more from the incredible content on the platform. people are buying more cars, they want to go to restaurants but they are also ordering more. tell us more about what you can learn from the information and how valuable that is? sarah: today, next-door is an almost one in three households in the united states and 11 countries. that gives us access to huge populations to go out and survey, find out what is really happening, and how are those trends shifting? as we view that, number one, we are tapping into a unique audience. one of the things i love about next-door is they typically have not been to.

the social media networks 50% have not been to twitter or pinterest in the last month. even 20% have not been to facebook. i gives us an interesting angle. as you noted, things like food delivery apps. we saw a huge surge, it is not look like it is going to stop. people have enjoyed that trend. it is definitely younger populations doing more of this. the big jump we see coming is the 35 and above who want to say on the food delivery trend. similarly with grocery shopping, people still want to do curbside pickup. so they are not going to go back into the store. in fact, texas is the state where we see the biggest surge in that, almost 77% of neighbors saying they want to keep up so -- keep up curbside pickup. emily: as wonderful as a community building has been, not all neighbors are nice. there has been a problem with racism and discrimination on the platform. you are announcing this new policy. how confident are you that you can get this problem under control when companies with

massive resources like facebook, twitter have not been able to do that? sarah: you are right, it is a problem we take seriously. it is going to always be there. there will be no end to it because it is just a fact of how neighborhoods and neighbors interact with one another. that said, we do believe we can continue to cultivate a much more welcoming platform. we started way back, you will recall, i talked to you about kindness reminder. deeply steeped in social science. it is all about slowing people down by putting a little pop up in the app if you are writing something that we think is not going to cultivate kindness in your neighborhood. we have taken that one step further in the last few weeks with an antiracism notification. if you are posting phrases like all lives matter or blue lives matter as a retort to someone saying black lives matter, we are helping educate why those can be very hurtful, and are not at all welcoming particularly to our black neighbors. just today, we have taken the

step on banning a lot of hate speech and hate symbols on the platform. because we want to stay out in front of this. i hope other platforms will follow, because we think this is how we build much stronger, more welcoming communities over time. emily: the antiracism notification rolled out a couple of weeks ago. are you seeing an reduction -- an actual reduction as a result? sarah: we do know for sure we have an impact when we roll these things out. we saw a 30% reduction, or actually a change in the post itself. often people don't realize that they are airing into something that comes across as offensive, comes across as hurtful. that quick reminder is enough to have people change what they are writing. and for sure, what we do know is a lot of the neighbors, the black neighbors on our platform for example, when they see us take a stand in the product itself, that is what makes a difference, and really starts to help lay down the groundwork

that this is a platform that welcomes everyone. emily: facebook has been testing its own neighborhood product. does that concern you? especially coming out of a pandemic one maybe we will not need our next-door app as much as we did when we were stuck at home and just needed that outdoor engagement? sarah: i think it will never be more important. many of the trends help the platform. think about those people who would have been leaving home to the work may be in the city for five days a week. now they are doing some sort of hybrid of work from home, alongside shifting to a different neighborhood. in that regard, next-door continues to stay front of mind. i think we have become a daily habit for people. recognizing there is huge facilities, whether it is the near term need like, help me find a plumber, a great babysitter, or wanting to keep building on community. i think everyone recognized during the pandemic the power of

local. i think next-door is set up to be the only platform that can do this. our graph is a local graph. it is not a friends and family graph. so we are the place that people turn to when they care about the local perspective, or when they want to find out what is happening around them. emily: you where the cfo of square for many years. we know that you know how to turn a company into a massive moneymaker. can you give us an update on how much revenue the business is generating and your plans to get posted to potentially an ipo? sarah: sure. for sure the last couple of years have been good to next-door in terms of our overall growth rate. in 2020, our daily active users grew over 50%. that is our north term that trick -- north term metric. are they finding us to feed that daily habit. with that revenue, it continues to build because we have become more youthful for advertisers.

i talked about how unique the platform is. for more advertisers are finding next-door as the place to get their message out. of course, we also work extremely well for small businesses. not just the big local businesses like a walmart or home depot, but also the mom-and-pop on the street corner, maybe the local coffee shops, the local pilates class. . revenue has tracked with that number. we really like the momentum we are seeing overall in the business right now. emily: is an ipo in the cards? sarah: could we raise money and put it to good use? absolutely. are we ready to go to -- ready to be a public company? where work on that. i think we are there. i know what it takes to run the gauntlet. but how we do it remains to be seen. i don't want to get too caught up there, because ultimately, it is about can we be a great public company? emily: next-door ceo sarah friar , thank you for joining us.

always good to have you here. coming up, a term, lst and cargo shorts. the fascinating story about the rise and fall of tech entrepreneur justin jude, and whether it reveals deeper problems plaguing silicon valley. this is bloomberg. ♪ ♪ (announcer) back pain hurts,

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emily: welcome back. chipmakers getting our attention. what are you watching? >> we know there is a global chip shortage helping stocks. you saw this major underperformance, compared to the s&p 500, trading sideways, accelerating that drop.

you can see that in this chart, not just big tech, but chips translating into that story. this is largely a function of the earnings story. last week is where the selling began, abroad-based tech selloff. chipmakers are down 2%, compared to the other tech indexes, so this is something to watch to see if the underperformance continues or demand pushes stocks higher. emily: thank you for that roundup. one tech entrepreneur cofounded a marketing company, until fired as ceo, because he admitted to taking lsd before an investor presentation, but that is not

the whole truth. he was recently profiled by my colleagues and now joins us with his side of the story. i want to take a step back. you say you were fired abruptly because you shared with one of my colleagues that you had taken lsd before board meeting in 2019 . from your perspective, what happened? >> the story was never about taking a substance in 2019, but speaking up and sharing my journey as an asian-american founder and ceo. it was supposed to be a story about overcoming obstacles and raising a healthy evaluation, but instead, it became about the price you have to pay for standing up and speaking out as an asian-american. emily: you make the allegation

that this might have something to do with your race, a strong allegation. your backers have fact the number of companies with asian founders, and declined to comment for this story, but what evidence do you have there was discrimination at play? justin: the fact is my performance as a ceo and leader is high. the feedback i have gotten is not about my performance, but values, looking for consensus, choosing conflict first, and really about the values i have as an asian-american, and discriminating who i am, versus looking objectively at the performance as a ceo. emily: talk to us more about your relationship with your investors. did you feel like it was

strained? justin: i did. it has been over one year. there has been a lot of criticism, and i did not understand why, because the performance was good. as i got down to it, we had a meeting in a park last june, where an investor said something , and there are very few people who look like me, asian-american , so you're thinking about protecting your investment, versus what is best for the long-term of the company. emily: now, i know you believe this is bigger than the lsd incident, but to be fair, that incident is getting a lot of attention. many people don't understand why you would take lsd before a meeting or why should investors tolerate it.

why do you think the action they took was unfair? justin: the root of the lsd experience was to heal trauma and stress associated with this role. part of this experience, especially in asian-american communities, we are told to eat the suffering, and i was at a point where i needed to heal, so that was out of a need to do so, something i had learned from other entrepreneurs around the use of healing substances, jobs, bill gates, and it has changed my life. our company has 4x valuation, and the company is thriving, coming after that healing. emily: it is no secret micro dosing has become a trend. it has been written about on

tech blogs. there are ceos and founders who talk about doing this regularly. is it something you supported? was that a one-time thing? or this is a problem in the industry more broadly? justin: it is something i did one time in 2019. i would prefer to have access to a therapist who understood this medicine. it is difficult to find. it was only through reading books that i understood it. the way i did it, i don't recommend it, but something i had to do to make sure the company is in a good place. i am not an expert on lsd. there is research. it has changed my life, changing my relationships, how to process emotions as an asian-american,

founder, and ceo. emily: i understand and empathize with the struggle and lonely journey of starting a company and scaling a company, which i am sure is incredibly challenging. one of the things we talk about in the article is you talk about how investors early on are looking for "weird" was looking for people to fund early on, but as the years passed, the desire for what they want in leader changes. can you explain that to me? justin: yes, the conflict i had with investors invested five or six years ago, so they are ending the end of their time, so they're looking to sell the company and move on, where is i am trying to build a company

for the next 30 years. this company is my life's work and i have put everything i have into this company. really you are seeing a conflict in terms of the time horizon, so it came from that. emily: when you look back on the decisions you made over the years, and if there was just that one time, do you have any regrets about how you handled the situation, whether it was just that situation or other situations? justin: i think certainly there are things i can improve on. i am open to feedback. i would have talked to more people sooner about the stresses earlier. i tried to take everything on my own shoulders, so i hope my own story can inspire others to not have a situation that has happened to me, which is very

unfortunate. emily: your co-founder has been appointed ceo at this time. do you think it is a mistake? can the company keep growing as fast as it did without you at the helm? justin: we have known each other for almost 10 years. we are best friends. i am supposed to be at his wedding in a couple of months. the way this happened is dramatic for all of us. andrew loves working on product. he is an engineer. he is, this is the first time he is managing anyone, so you go from engineer and managing 420 people, so i don't think it is the right thing, but having my co-founder in that relationship and situation. emily: i would assume your investors and you and your

co-founder probably want the same thing, a strong company growing fast with focus leadership. -- focused leadership. do you think there is something your investors or community could have provided to have made that happen and help other founders? justin: i think it is providing space for founders, asking founders and ceos how are you really doing, and providing more mental health support, and really understanding where they are coming from. three weeks ago, i disclose for the first time to my investors that experience i went through, the lsd experience, hoping to understand that, helping the company and the funding in 2019, and this is from the perspective of this is my life's work, so i think making space and empathy for that going forward would be helpful in the community. emily: what will we see you do next? justin: i am recovering from all

this. i'm trying to talk to as many people as possible. i am taking time off. it has been more than eight years big the company. i miss the people. i miss you all. thank you for everything you do. now i am trying to process this. it is very traumatic. it is quite an experience, so it is time to just reflect. emily: will you be going to the wedding, the cofounders wedding christmas -- wedding? justin: i am going to the wedding. andrew, i still love you. you're my brother. emily: fascinating story. you can check out more and bloomberg businessweek. coming up, a new piece of technology helping one self-driving startup go the

distance. we will talk about the new system giving his company the edge. this is "bloomberg technology." ♪

emily: argo has a new secret weapon in the race to deploy self driving cars. we spoke to the ceo about their new long-range lidar and plans to raise money this year. he is the latest guest on the segment. >> it is tailor-made for fully autonomous driving, driving that

does not require any supervision by a human. it offers photorealistic imagery all around the car. it can see up to and beyond 400 meters. it is a compelling sensor that will allow us to operate safely on all types of roads. >> is this a technology for your cars, or one you will sell to others? >> we might sell it one day. we will sell it in a bunch of verticals adjacent to automotive , but it is a competitive advantage for autonomous vehicles, so we will be looking at opportunities seriously, but it is a huge competitive advantage for us. >> you have expanded to germany. tell me. >> we are testing in six cities in the u.s. today, the largest test footprint out of all the

companies, and we are expanding to europe, so with our volkswagen investment, we have an engineering office in munich and will scale out across cities in the coming years, and invested in a sizable test track in munich. >> do you think you deployed commercially in the u.s. or europe first? >> we think the u.s. will lead. the regulatory environment is set up to allow commercial department of autonomous vehicles, but europe is a great market, and we are definitely interested in seeing how that develops. >> are using meaningful progress in europe on the regulations? >> yes, we think cities understand the benefit autonomous vehicles provided to manage congestion, route planning to alleviate congestion, the safety benefits, the ease, access, and

democratization of personal mobility for people who do not have it today. there are a ton of benefits and they are waking up to that. >> big names have invested, volkswagen, ford, a-intensive exercise bringing autonomous vehicles to market. what are your plans and views on going public? >> we will be raising money this summer from some of the capital markets. we will be looking at an ipo in the future as well. i think that it is one of those things where we don't know the exact source we will take the funding from next. we are looking at a bunch of options, but we are excited how that will keep us going to be able to scale out autonomous vehicles. >> what about spac's? there has been a focus on

automotive and automotive technology sectors. could that be an option? >> it is. there are different takes on it. it is not a new instrument. it is democratizing early-stage investment to every investor, and they are useful. a lot of companies can use them to take advantage of the public markets in the capital available. it is allowing an investor access to transformative companies, like hopefully our company someday, and others, where those may have not been available in the past. with a spac, it is important that people are upfront about realistic projections when they go out and speak to the market. it is important those investors understand what they are getting into. emily: that is the ceo of argo speaking with ed ludlow. you can catch more online. coming up, is dogecoin

gaining, or is there more that meets the eye? that is next. ♪

emily: -- >> i think focus when they come into the space, i think it is a feature, not a bug, that these different ones create a momentum that is healthy, so it is a great thing overall. emily: that was the ceo of coinbase talking about cryptocurrency, bitcoin, and dogecoin. she spoke earlier.

the price of dogecoin increase 50% tuesday. recent rallies continue at trent that has seen the value of digital tokens -- the trend that has seen the value of digital tokens increase. does this have to do with elon musk on s&l or something else s --nl -- snl or something else? >> it is a meme coin. it is a functional network that does work. there are no real users, developers building on it. i'd look at this as analogous to the gamestop saga, except that gamestop had more going on. emily: so, why does elon musk

love dogecoin it so much? >> he likes jokes. he is a fun guy. he likes memes. dogecoin is the perfect target. i am not surprised it has caught the eye of more than one market participant. emily: ok, so let's talk about the other rallies and how do you separate what is happening with dogecoin versus everything else? >> fundamentals would be the easiest way to do it. again, if we think of dogecoin as gamestop, we can think of a theory is -- etherum or something else. whereas ethereum has seen traction and developers building on it, dogecoin does not have it. that is where we separate the wheat from the chaff.

emily: so, talk about ethereum and what is happening. we are seeing a rally. so many don't understand why. what is driving it? >> ethereum has had a fantastic run recently. there are some near-term price catalyst people are watching, so improvements to protocol that improves the user experience in terms of transaction fees, and has the effect of putting upward pressure on price. that is one upcoming catalyst. there is also the rollout of the ethereum scaling solutions, which have been anticipated for a few years now. those are on the horizon and getting real-world deployment. we have the transition to 2.0 on

the horizon as well. those are on the minds of people, but getting back to fundamentals, the story about ethereum is that this is the primary driver of growth in adoption within the ethereum ecosystem, that is decentralized finance, digitally native financial applications built on top of ethereum that have seen traction in the past one year or two years. emily: either way, we have seen a lot of volatility now. are we going to see that volatility continue, was perhaps one might think, especially after the coinbase listing, that maybe we would see more stability? >> listen, all of these assets, we have been having about bitcoin this conversation when it would become less volatile, and it is less volatile than it was, so early stages, approaching gigantic markets,

global financial markets around the world, this is some of the biggest opportunity, and it is showing incredible traction. we should expect to see volatility going forward. the longer the track record it establishes in terms of building developer and user traction, the more we can expect that volatility to decline. i don't think that will happen over the next 18 months or anything like that. emily: thank you so much for joining us. so much to discuss. much more to talk about tomorrow. we will speak with our guest from galaxy investment partners. also, john zimmer, the day after lyft reports results. reporting losses narrower than anticipated. customers are returning. it was up 7% from the previous quarter. shares rising after hours. again, john zimmer, tomorrow.

that does it for this edition of "bloomberg technology." i am emily and sector cisco -- in san francisco. coming up, an interview with my colleague david westin here on television radio. have a great evening. this is "bloomberg technology." [ sigh ] not gonna happen.

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>> good morning and welcome to "bloomberg daybreak: australia." we are counting down to the major market open. >> good evening. >> these are our top stories. janet yellen clarifies inflation remarks that rather markets. she said she is not predicting or recommending a hike in rates. president