♪ >> from the heart of where innovation, money, and power collide, and silicon valley and beyond, this is bloomberg technology with emily chang. >> peloton, the at-home fitness company reporting sales up a day

after recalling its treadmill products over safety concerns. we will get analyst reactions. plus, the workplace evolution. google now says employees can work from home from anywhere. coinbase closing its emphasis go headquarters altogether. zynga's ceo joins me. -- zynga's earnings gave a pop to shares. zynga ceo joins me about the company's outlook and what he thinks about the apple epics. although stories in a moment, but first, u.s. stocks climbing on economic optimism of the u.s. jobs report. kriti gupta has the picture. kriti: it was a good day, but tech did not lead. it underperformed the s&p 500, even semiconductors, which have dropping pretty recently.

i want to show you this trend that is emerging when we talk about tech. the yield is trading alongside big tech. we saw a little bit of an uptick in both, and that is a trend we want to watch in both. something else we really want to watch as the earning stories. you are seeing roku gaining after hours trading up a whopping 7% after strong sales forecast. you also have square reporting, beating revenue as well. those shares seeing some love. still in the green after hours. to the downside, we have beyond meat, restaurant closures weighing on that, but they are expecting growth as restaurants come back online. an peleton, back in the red. investors waiting for what is coming next on that company. emily: ready group tech, thank

you. i want to focus on peleton and that eye-popping 400% jump in digital prescriptions. that good news as the company also wrestled with the massive recall of all of its treadmill products. i want to get analyst perspective with our guest from cfra. how do you make sense of this? obviously, digital sales going well, but the treadmill recall just announced yesterday -- not good. >> definitely not good for peloton shares. we do think that the market needs to separate what obviously is a tragic situation, that is being the death of a child, and separate that from the underlying fundamentals of peloton, which we think is a very innovative and disruptive company, and we think the numbers they put out today were really great. emily: do you think the numbers keep going up, even with this treadmill problem. i realize treadmills are still a smaller part of the overall pie, but the goal was to have them be a bigger part.

camila: the treadmill opportunity size is twice the size of bikes. but currently, the majority of revenue our bikes. nevertheless, peloton's growth story is bikes. we think investors need to remember first, this is not peloton's first regulatory hurdle. peloton has dealt with music litigation and they also dealt with a recall on their pedals a few years ago. all the situations, peloton has come out stronger. second, children are not peloton's target market, so this is a very different story in terms of how this could impact demand, or how this can impact reputation than for example, a recall on toys or baby powder. third, we think the tread is actually a very easy fix in terms of enhancing safety. just two ideas i would throw out

there -- they could put a bar underneath the machine or maybe even a sensor, and they could capitalize on the expertise of atlas wearables, a company they recently acquired. emily: we talked about this yesterday. it is not unknown that treadmills can be dangerous. there have been accidents on all kinds of treadmills before. but peloton is obviously such a big brand name. what is it that makes peloton treadmills more dangerous than other treadmills, or is it? camila: absolutely. these accidents do happen. there have been about 80 recalls of exercise equipment since 2000, and we think peloton is under higher scrutiny because their brand has so much power. they are automatically going to be in the public eye, and also, they have a higher rate of

injury versus other treadmills, and their treadmill is constructed differently in terms of the belt dynamics and also the height from the ground. emily: one can assume that peloton will overcome this, like they have overcome other recalls. they have also been dealing with supply issues pretty consistently through the pandemic. i know that delivery times are coming down, but what is your guess on when those supply issues won't be issues at all? camila: from our understanding from the release, and obviously, the earnings call is happening right now, they very much mitigated those supply chain constraints, and that's why gross margin was under a little bit of pressure. slightly below our expectations for the quarter. that's because of the investments they made into airfreight and expedited shipping. emily: i will let you get off and listen in to the earnings call. thank you so much for your insight and analysis. thank you for joining us.

now to another story we continue to watch. that is tesla. tesla has reportedly sold out its production capacity for the second quarter. this according to the blog "electric." the electric car maker sold a record of almost 185,000 vehicles in the first quarter, despite having some issues rolling out new versions of the model s and x, something we will keep our eyes on. coming up, home prices soaring across the country. buyers fight over an increasingly scarce resource. new listings. we will talk to redfin's ceo about how the housing market is shaping up this year. this is bloomberg. ♪

♪ emily: google is giving employees more flexibility to work from different locations, or entirely from home, taking a more lenient policy as its parent company alphabet prepares to return to the office after the pandemic. other company like shopify, slacker, and twitter said their staff can work from home indefinitely. for more, i want to bring in the bloomberg reporter who covers alphabet. this is a little bit of a turn for google because it seems like they were going to take a harder line on this. what happened? mark: my hunch is they had a lot of employees who were unhappy with it. there is that or there is changing circumstances of the pandemic, but a key change that they made with this policy is that people are going to be required to come back into the office and then some people would have the opportunity to relocate to a place with google

offices, which google has offices in most major cities across the globe. emily: this is a massive company. this everybody get this choice are only a limited number? mark: there is certain divisions where they are going to want people and, certainly people working on hardware, so i think they will have teams that are much more required to come into the office, whereas other roles are going to be more slated to -- more ok to do remote. remote. -- remote. emily: clearly, this is going to be a talent differentiator. i remember eric schmidt saying there was a war for talent in silicon valley, and that was a decade ago. it is still a war for talent. is that part of the reason, that they do not want to lose people and they want to make sure that can recruit the best? mark: that is certainly the case, especially if you have

competitors going remote both for recruiting and retention, maybe it becomes this new aspect of that google has to think about. google has historically invested a lot in real estate and offices. they have rearranged their offices to operate more post-pandemic, where they have hybrid offices where they can have people talk in video conference room as if they are there. they have invested a lot of time to have people return to the office, so i don't think they are giving up on that, but they are more amenable to employee concerns than they were a few years ago. emily: it will be interesting to see in a few years if companies then change the positions that they have taken now. bloomberg's mark bergen who covers alphabet for us, thank you. as more companies like google give employees the flex ability

to work from anywhere, the migration from cities to suburbs continues. this as mortgage rates in the u.s. debt -- u.s. dip to the lowest levels in months as more americans compete for inventory that is going back -- mortgage rates in the u.s. dipped to the lowest levels in months. >> america is on the move, so it is and mentor it is rock-bottom. it is like a soviet era supermarket. the shelves are completely empty. i have never seen any market like this. emily: he joins us now to talk about the housing market. i will never forget your words there. would you still characterize the housing market that way at this moment? glenn: it might be more bulgarian then soviets, and i forgot that i'd said that myself. it has gotten worse. not only the lowest level of inventory ever, it is the biggest drop ever in inventory.

so want to start the cycle where people are scared to list their home because they will not be able to buy another place, it just perpetuates it well. and it is only gotten worse. emily: why is inventory low? is it because people are scared? is it because fewer people are moving? there was a lot of movement earlier in the pandemic. i for like three people moved off of my street. what is happening? glenn: some of it is we have doubled the rate at which people are buying second homes. you also have really low interest rates, and when someone contacts us about moving up, or instead of putting their old place on the market and decides to have someone else pay their mortgage. if you can rent that place out and keep that 2.5% or 3% mortgage forever, you will. and america has not been as aggressive about building housing as it once did. builders have not always had the confidence, although, now they

are going crazy trying to catch up to demand. we just have a lot of chickens coming home to roost where we should have been building a long time ago and now that everybody wants to move, we are trying to catch up. emily: prices are also rising. do you expect them to continue to rise through the end of the year? if you are looking now and you are having a hard time, should you be holding out for the fall or is it only going to get worse? glenn: i do not think that prices will rise at the same rate so it is a 20% year on year gain for the month of march, and that is a record range. most houses are now selling for the asking price, which has never happened before. some buyers are stepping back from these prices, but we still have so much more demand than supply, that we will be supply constrained regardless. lots of people are touring homes just worried about being able to win the bid, but if they do,

they are worried that their loan will not come through because their appraisal will come in so much lower than they are offering to pay. you will see a little bit of air come out of the balloon. it is not that prices are going to fall, but not going to rise as much. the only factor that is driving this that if you are leaving san francisco for boise, idaho, it does not matter if prices double or triple, it still feels like they are paying in monopoly money because people are paying less for the home in nevada, in idaho, than they were in california or new york. so much of this is saving money -- is driven by migration. emily: meantime, you have companies redefining policies. about whether to come in are not. google -- glenn: good. good. emily: google was going to take a stricter stance and wanted everyone back to the office, and now they are saying a large number of people can work from home for ever they want. coinbase is selling its san francisco headquarters.

they are all remote forever. how do you expect these dynamics to impact the market over the next several years as these policies work themselves out? glenn: what we have seen in our own data is four out of 10 americans thought they would be able to move away from the office at the beginning of the pandemic and even as the pandemic eases, it is 6 out of 10. fewer and fewer offices are able to hold the line. even a company like google trying to invest people coming back. they have invested so much in their office, but people do not want to come back, so that will just liberate americans to live where they want, pursue larger housing, and what we found is unprecedented rates of happiness. usually, when people move, they are moving up and have less disposable income, but our survey shows now when people move, they have more disposable income. they are getting a bigger house for less money than they would

have paid in california or new york or some other coastal city. they are moving to a lower tax place, so they get this better life and they have more disposable income. sometimes it means two parents were working and now only one parent has to work. it is really been kind of discovering plutonium for some families and that is not the usual hangover we see. usually when people bid crazy and a bidding war, they wake up next morning with quite a hangover wondering what they have done, but people now are just very happy after they have made that move. that is why i think the trend is only going to continue for years to come, not just for months. emily: redfin shares down quite sharply on the back of results. glenn: you guys do this every time. emily: i have to ask you, what is your response? what do you want to say to investors right now?

glenn: what i said in the earnings call. we nearly tripled market share gains. we tripled the ways in which we are able to get people into homes fast, which is the fundamental measure of how you compete. the business is in a better position than it ever has been. the stock is up five x over the last year. i just cannot be worried that it went down one day, and it is always the day that i go on this show, but it will be up again next week. emily: [laughter] glenn: it will be up again next week because we are building in a quotable company for long term. i know you think that i'm just saying this, but i don't have to say it, and i believe it all the way down. that's my answer. emily: glenn, we will have you back any time whether the stock is up or down. glenn: [laughter] emily: you have my commitment right there. redfin ceo glenn, always appreciated. coming up, booster covid

shots, will we need one to fight the variants? that is next. and german chancellor angela merkel all -- angela merkel rejected a u.s. proposal to waive patent protections for covert shots. we will bring you the latest there. this is bloomberg. ♪

♪ emily: jeff bezos sold about $2.5 billion of amazon stock this week. it is his first big disposal after offloading about $20 billion in shares in 2020. in a filing, bezos signaling that more sales are on the way. the world's richest person still holds more than 10% of amazon stock. and moderna is out with new data that shows its covid booster shot is working against

dangerous variants out of south africa and brazil. the trial is still gathering data on other boosters. does it mean we will need more shots? i spoke with moderna's cofounder. we are getting new headlines that moderna's booster shot works well against variants in your midphase booster trial. -- mid-stage booster trial. how important is this news? >> i think it is very significant because every version of products that we can advance in show efficacy and safety and is ultimately tied to saving lives. at the virus changes its tactics, it strikes, if you will, through mutations, so we have a harder time with our immune systems identifying and targeting it, so should our vaccine respond a step ahead and boost our immune system's

ability to tackle the threat. when we say threat, we think it is one threat, but it turns out it is many threats now because it is diversifying. our vaccines have to deal with that. we have shown yet again as we did a year ago, roughly around now in early may, for the very first time, the mrna vaccine against covid, modernity data led others to follow the technology. same here. i think it is the first in that the booster is showing what an increased immune response to the existing vaccine accomplishes against variants, but also what the variant vaccine based booster does. and it bodes well because as this data comes out, we are also seeing strains and india that seem even more ominous than the south african one. the question will be how is that going to fare?

emily: does that mean we will need a third or even fourth booster? or will this be combined in an annual shot next year? >> i think of booster perhaps later this year will be important to have. if you need a second or third, we will have to see. your point very appropriately is we think of where this is going to head potential he is that we have a combination of a flu and coronavirus vaccine booster that is a seasonal thing that just covers, particularly the most vulnerable, the older population, the morbidity population, and potentially a broader group. emily: any update on a vaccine for kids eight and under? pfizer has been reporting some progress with their vaccine. when will my kids be vaccinated? >> i cannot give you a date certain on that, but i will say by the fall, both companies should have data on vaccinations

for six months to 12 years. both companies have data, pfizer has been a little bit with starting on the 12 to 18 range earlier. they have already come out with data. i cannot forecast, but i do not expect a given technology is one of the same that it will be very different. we should have an application in teenage years once we get the data that we can release, and that will move the age down to 12. and then from six months to 12 years, the trials are ongoing. emily: maternal cofounder and share there. -- moderna cofounder and share there. we will get more of that interview with him next week as we highlight biotech and life sciences in the boston region in a special on the economic recovery boston. he is based in boston as well as his flagship. don't miss it. meantime, we are getting headlines from the peloton earnings call. the company saying it will

postpone the launch of its cheaper treadmill. they will release that when regulators approve that. this, of course, on the back of that massive recall we will continue to follow. more bloomberg after this break. ♪

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emily: welcome back to bloomberg technology. i am emily chang in san francisco. >> let's start off macro. it was not too long ago that we were talking about the nasdaq at record highs. you can see it pared back from those record highs. let's see if the downtrend really continues. this brings up questions about the very famous kathy would you pf. that has been in the limelight

because it was thriving in 2021. i want to show you the outflows from that. the series of outflows, some of that coming from the wrist sentiment. let's dive in a little bit deeper and focus in on one videogame stock in particular. activision and blizzard. when i first started doing markets reporting, i was a videogame beat reporter. you see some pretty strong earnings coming out of these videogame companies. especially last year. that is what you saw on tuesday. that massive beat offer earnings. again, today, -- candy stocks really hold onto their momentum. something to watch in the days to come.

emily: sticking with gaming now, zynga bullish on the remainder of the year. although covid restrictions are starting to lift across the country, they are maintaining the profit outlook, setting investment into cross-platform play and hyper casual games. for more on the predictions, we are joined by frank. the pandemic is weighing but game usage is staying up. why is that? >> as we see people start to return to work and go back to school and their lives, they are going back to engagement and mobile gaming is beginning to rise. at is because you can go back to the post -- precode lifestyle. it is really encouraging to see

engagement continue to grow, even as people go back to work and school. >> you have some video games coming up. how can you benefit from this boost? >> we continue to see engagement participation. it is exciting to see with new releases like harry potter. the ability to establish a whole new franchise for zynga. we have farm bill three coming in the summer as well as star wars hunters. people are looking for new things to do, new games to play, our products to a great job bringing all of those together. emily: another app in

high-profile gaming news. apple executives, matt fisher runs the app store and took the stand. what is your position on this lawsuit? >> from our perspective, we are taking up wait and see stance. to see what the courts decide. we have partnerships with both companies. we use unreal engines for our games as well as we have been great partners with apple for many years. we are picking sides, were going to wait and see what the courts have to say. emily: what is the impact of apple's commission structure on zynga? are there times when you think this is unfair or do you think it's fair for the service that apple provides? >> if you look at any of the platforms we are on whether it's android or ios, the payments that we make to those platforms are returned for services and

the value they create. sometimes, you feel good about that relationship and other times, you are scratching your head. we talked our platform partners directly, point things out, try to make adjustments in the types of promotions and marketing and technical support that we receive so that we are receiving the maximum benefit possible for the payments we make. it's an ongoing relationship. it evolves over time. what you see in this case is the question about what types of services are provided, how valuable are they and how opened do they need to be? the good news from our perspective is that any shifts will likely be a tailwind for our business as opposed to any other friction we might encounter. emily: why is that? is there an outcome you're hoping for? >> it's too hard focused -- -- hard to forecast right now.

with not all the witnesses having testified yet and the evidence being presented, it's difficult to project what's going to happen. it is outside the area of expertise. we look at the issues at hand, if platforms open up more, if there's more options for publishers to be able to build relationships with their customers, it's not a big thing from our perspective. emily: you are also buying a platform called chart boost. this at a time when apple is cracking down on tracking practices and making it more difficult to do that, focusing on user privacy. how do the changes that apple is making impact zynga? >> we had been through this a little bit already with the european rules that have been implement it with gdpr as well as states like california have implemented specific privacy protections for players. protections of our players privacy is important to us. it changes some of the rules for how we go out and acquire users, bring them into our services and our games as well as advertising to make products available to

them. a company like ourselves, we are at scale. now, our relationship by purchasing this gives us the ability to see the market much more broadly in terms of what is happening in terms of acquisition, how they flow through to the games and to be able to observe our players better from a gaming services standpoint. -- game and services standpoint. as these rules adjust and change, we will adjust accordingly, but we are confident that these adjustments will present more of an opportunity for zynga long-term than a headwind. emily: we have seen a lot more schoolchildren using an integrating gaming into the curriculum. i wonder if you have seen more of that going forward. parents and schools have often been resistant to it. how does that change going forward? >> most of the customers for

zynga are busy adults. the majority of our players are women. don't have a lot of businesses the kids are participating in, but i am a believer in interactive entertainment as a form of entertainment that challenges your brain, develops your thinking, build social relationships. it's exciting to see this kind of interactivity come into the learning process because i believe it will lead to a more engaging and rich experience for the kids. you have to get your homework done, so you have to limit the time the kids play at night so they can focus on what they need to get done from an education standpoint. if it's well-managed, they can be a wonderful part of how people build out relationships and how they enjoyed themselves in the free time they have. emily: always good to have you here. while in part thanks to the pandemic, the videogame industry is now bringing in $180 billion

in revenue per year. videogames have invaded schools as we discussed. gaming live streams -- press reset. ruin and recovery looks at the industries darker more unstable side that can swing from the euphoria of a hit game to a studio closing and mass layoffs with a failed one. joining us is an author who covers the gaming industry for us. i'm excited about your book. i had a look at my advanced copy and i really enjoyed. what are you going to tell us? >> thanks so much for having me and for the kind words.

-- bleak but optimistic book because it looks at the industries problems and even though it is as rich as you say it is, it seems to be unable to keep its workers healthy and happy and satisfied and fully employed. many of them are constantly burning out and leaving the industry for more lucrative ones. i think it's optimistic because the book looks at ways in which things can change. kit presents solutions, opportunities, one of which being remote work which is something we all got to experience. others being unionization and things like that. the book looks at a bunch of stories of games, studios closing and what happens to the people involved. how they felt about it and how they recovered. it's all based on first-hand reporting, interviews with the developers and it will resonate with a lot of people out there. emily: as you mentioned, the gaming industry is bigger than hollow with. -- hollywood.

people don't realize it is bigger than tv, bigger than movies. if this industry is bringing and so much money, why's it so unstable? why are so many of these gaming companies not wonderful places to work? >> it's a good question. a lot of the case studies that i analyze in this book, sommerfeld games or companies that ran out of money and could not make it work because it's a risky business. it's a business where you have to invest tens of millions of dollars and many years the people working just to compete with the biggest games. companies can fail at that. even the successful studios can sometimes shut down. i profiled studio that was known for making a series called bio shock that was extremely successful. even that studio for a variety of reasons found itself shutting down. essentially, the director of the studio said he didn't want to do it anymore and it led to the publisher closing.

-- closing it. sometimes it's mismanagement. sometimes, the risks are too high. often times, it is that a company is making a game and it's successful but maybe the next game is profitable but not exponentially profitable. it's not wildly successful enough to keep the people around so they move some spreadsheets and numbers around and they decide were going to lay off a whole bunch of people. a few months ago, we saw activision laying people off. at the same time, the minute this was happening that activision was laying people off, its ceo was on an earnings call saying it just had its most profitable quarter ever. unfortunately, that is the reality of the games industry. emily: i'm sure that doesn't do a lot from around. -- for morale.

the gaming industry has also been historically very male-dominated in terms of the players and customers and also the people making the games. we just heard the ceo of zynga say that a huge number of his customers are adult women and industry is changing. i wonder how much it is changing ? what percentage of gamers are women now? what percentage of game makers are women? >> the last thing i saw was that about 45% of game players are women. that needs to be contextualized because that includes zynga games, mobile games, facebook games, a lot of games that have larger female demographics. still, we are talking about a world where women are playing. long gone is the stereotype of the teenage male basement dwelling gamer. games are very clearly bigger than that. they are part of our culture and the industry has changed to support that.

what we have seen is, it's such a strong young industry. it is going through going -- growing pains that other industries went through a while ago. hollywood is hundred years old. gaming is only 40 years old. in the 80's and 90's, game development was a lot of men. at that point, it was largely men eating pizza and drink and -- drinking diet coke. since then, we have seen legitimate companies hr departments and there is still a lot of growing to go. as you know very well, it's the same exact situation in tech. it's a global problem. emily: i was just going to say, it sounds a lot like silicon valley. a young industry with a lot of

growing still to do. definitely check out the book. jason has a new book out called press reset the dives into all of this fascinating lore. coming up, ibm unveils the world's smallest first two nanometer chip that could beat the performance of all existing products. we will speak to the director of ibm research next. this is bloomberg. ♪

>> we have a lot of work on 5,

3, 2 nanometers. we are talking but the next generations. emily: the ibm ceo talking about the next generation of chips. it is here. ibm now introducing the world's first two nanometers chip. roughly the size of a fingernail that could potentially transform the industry. this as the global chip shortage stretches into its fifth month. it impacts sectors ranging from cars to smartphones. this is a huge leap in technology. how did you do this and what opportunities does this open up? >> it is a big deal, because it's not very often that we make a break into technologies. behind the scenes of our computers and our phones and our

cars and every gadget that we have, we have semi conductors and chips. at the bottom of them, there are these transistors that are the basis of the digital world. what we have achieved now is the fruit of four years of work, of hundreds of scientists and engineers working in new york in a facility that has been the product of $15 billion of investment over the last gate. it is quite a feat of science and engineering. in the end, what it's going to deliver for us is proof that we have the next future note for the semiconductor industry beyond the 7, 5, 3, and now two nanometers. emily: who is going to manufacture the chip and when will it hit the market? parks >> the way we conduct is due and echo system. in the albany facility, we have manufacturers, materials

companies, then manufacturers like samsung. we announced earlier this year that intel is going to be joining as well collaborating with us in semiconductor research. what happens when we develop this is bilaterally, we enable this technology elements that makes it viable to each one of these parties. so the equipment makers can make the equipment and the manufacturers get the license to scale it. you will see the technology over time scaling to large makers like samsung and others. emily: when will to nanometers chip be in a product that i might use? >> i was mentioning before that seven nanometers in production. if things go according to plan, late 2024, maybe 2025 is when you will start seeing this. what that will enable is all of the people that can benefit from chips to design against that technology and get those chips are brocaded. to give you a sense of the value that it can provide, a phone, a

state-of-the-art smartphone that we all use today, with this two nanometer technology, you can deliver the same performance but with a battery will now last four days because it is so much more efficient. or if you wanted to maintain the same performance, you could make the phone 45% better in terms of performance. emily: that is absolutely fascinating. we will be watching as this technology develops. it would be wonderful not to have to charge my devices for four days. i am excited about it, thank you.

coming up, small retailers using amazon to catapult them into global brands. a first-hand account of that strategy, next. this is bloomberg. ♪

emily: e-commerce is booming. big firms are buying small sellers on amazon with a goal to launch them into global brands. we take a closer look at this phenomenon. >> small retailers on amazon.com are being bought up by the dozens with the help of billions of dollars of funding from investors. ♪ even before the pandemic, online purchasing was on the rise.

e-commerce is booming, but it has been accelerated by the coronavirus as consumers stuck at home drove up digital sales. meanwhile, thousands of brick-and-mortar stores shut down. a new class of companies is vying to become the next procter & gamble. these aspiring giants are going about it by purchasing sellers on amazon. some of the biggest names in finance like j.p. morgan chase are putting their money behind these companies. it is a trend that cuts across private equity, investment banks, and venture capital firms. these funded firms to the tune of $1.4 billion the first quarter of this year. most are seeking deals behind the scenes. the pitch is that they can help smaller retailers expand their business including taking them

international while finding synergies on the back and in areas like logistics. some of the key names -- one leading firm has purchased 100 amazon businesses with a portfolio of more than 15,000 consumer products. fundraising hasn't stopped. in mid april, another group raised $240 million in debt to buy up retailers on amazon. it had $400 million on amazon revenue last year. the funding seems to be accelerating, there is no end in sight to the race for these deals. for more content like this, you can follow us on all of your favorite platforms. emily: that does it for

bloomberg technology. tomorrow, we will hear from the ceo of blue apron. i'm emily chang. this is bloomberg. ♪

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