>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco, and this is "bloomberg technology." coming up, u.s. stocks sliding as the stock selloff ignites. we will talk with dan ives.

plus, you can call it cats for jabs. uber and lyft say they will give free rides through july 4 to anyone needing a covid vaccine. president biden says this will help to boost the country's economic recovery. speaking of, we are focused on boston's rebound, a hotbed of biotech innovation. we are going to speak with boston leaders, including boston mayor kim janie and celtics co-owner steve pahlavi luca. inflation potentially looming. that's get the latest from kriti gupta. kriti: we do have some earning stories. let's kick it off with lemonade. you had unity software rallying on a second-quarter quarter

earnings beat coming in. this is actually up 2.2%. good news for unity software, and lastly, you have e.a., a stock that dropped by more of a margin. it looks like it is coming back just a little bit. [no audio] i really want to show you what we've done in terms of the p/e ratio for this index. we've seen it come back since that september tech correction. it really tells you the folks

who are telling you those valuations are too high. now they are back to pre-pandemic levels, so what is the dynamic? can tech rally despite those concerns? that's what we will have to see. emily: we are going to ask that question. let's get into's small come back. we're joined by dan ives, managing director at webb -- weber security. can tech rally? >> second half of the year, i think tech is up 15%. even though inflation fears and multiple fears, it's as good as it gets. you are going to start to see numbers in the second half that blow away industry numbers. cybersecurity, i think that is going to lead us higher.

m&a is also going to be a factor that plays into this move higher for attack. emily: what if inflation does start to loom, and it becomes a reality? what does that mean? >> for the bulls, it is fighting a ghost. good news was bad news. bad news was worse news. you are seeing those multiples compressed. i believe that has started to get factored in. if i look at a lot of these names, we are starting to see more investors skeptical on valuations look for which of the winners to owner.

emily:emily: any specific names you would call out that you think are getting unfair play? >> microsoft. that is the large-cap name that i circle. i think that is a $300 stock. i look at names like cell point that have been oversold in a secular trend, but that is not going away. on large-cap, i think that's the one many are viewing as best in the rearview mirror. 40%, 50% higher in the next 12-18 months. emily: i want to turn to shout -- elon musk and dogecoin. we saw elon musk refer to doge as a hustle, and it's unclear if he was serious or joking, and then a tweet today, asking if

tesla could accept does going -- dogecoin. >> especially after the selloff from saturday night live, what it shows is that mosque is serious, doubling down on crypto. i've seen boosts for dogecoin. crypto is something that tesla is going to double down on. at the time, it's a glass half empty view of the stock. emily: but as somebody who covers tesla, is that something you like? should tesla be accepting deoge coin?

>> i view it as a distraction. they are clearly going through some speed bumps. investors focused on tesla, it's a slideshow. that something that is a balancing ask for -- balancing act's -- act for mosque. they just want to focus on execution. this comes on the same day china numbers came out pretty soft from tesla. this is definitely going to be a trying time. emily: what is your outlook for tesla coming out of a pandemic, knowing that more people might want to commute in a car and not take public transportation. it's a more aspirational kind of car for a chinese consumer.

>> we are seeing that green title wave in china. competition is increasing. the biggest issue right now from a pr perspective and safety issues. making sure that mosque is able to navigate the political issues. if there are speed bumps, that would do rail a part of the thesis. would we continue to keep our thesis in terms of china. these coming months are key for mosque to play nice in the sandbox with beijing. emily: dan ives, always good to have you on the show. lots to watch. now to a future market participant in what could be one of the biggest ever, ginkgo bio works plans to go public.

earlier, i spoke with ceo jason kelly about the news. >> when you think about the ipo process, it takes your executive team out of the game for about six months. they are very operationally excellent. we got it done in two weeks with morgan stanley, putnam. i could get back to building a business fast with this. emily: ceo jason kelly there talking about choosing over an ipo. we are going to hear more from him over this hour, one of the many biotech darlings coming out of the boston region. don't miss our conversation with him and more coming up in about 30 minutes. also up next, some americans

reluctant to get vaccinated threatened to hinder the nation's recovery from the pandemic. we are seeing more incentive to get shots in arms. details, next.

emily: i am looking at gingko again. we just told you about gingko bio works preparing to go public. acquisition backed by former hollywood exec harry sloan. you will hear more with jason

kelly later this hour. i want to turn to vaccines. the u.s. has given out about 260 3 million doses of the covid vaccine, still only 60% of american adults have gotten at least one shot so far. as a result, uber and lyft say they will offer free rides to vaccine sites through july 4. jodi, the white house is pushing vaccines. are these incentives working? we've seen some of these vaccine sites looking like they are empty. >> do they work? now that people can get a free ride to a site, do they take it? we will have to see whether these incentives work, but the question for the biden administration is, how do you get this next group of people to the sites to get those vaccines.

they've gotten the people who really want them, so this next group is critical for them, the people who are not necessarily against it, but you have to make it easier. that's the idea behind the free rides. west virginia is thinking of giving savings bonds to people 16 to 35. the administration is trying to get to those people. emily: let's talk about vaccine hesitancy and how bad it is. do think we will hit biden's goal by july 4 or no? >> tomorrow, we are going to have that panel that will decide

whether 12-15-year-olds will be able to get shots, and if they are able to, that raises the number of people. the question is not only getting them there, but making it clear to people that we still have a problem in terms of the coronavirus. even though we see fewer people get the shots, down to like 2.1 million shots per day. we are also way down in cases. 60,000 cases a month ago per day in april. we saw 22,000 cases on sunday, the lowest number since june of 2020. hospitalizations and deaths are down. it's convincing people, hey, this is out there. we aren't going to get rid of this until we hit those higher

numbers, those pockets of immunity. emily: if adults are hesitant, they are going to be hesitant about vaccinating their kids. your team has a new piece out about doctors watching these variants in the u.s. warily and seeing cases among kids rising. >> this is a new and sad development, children, if they got the virus, they usually had a mild case, were symptomatic. now we are seeing particularly in places where variants spread, children and middle schoolers,

very serious cases of covid-19. it's part of the argument that has been made to get it out to 12-15-year-olds that the fda has approved, and we will see the cdc panel deciding tomorrow. if you have an unvaccinated child, there may be some reluctance from parents to get back to the office. emily: it is terrifying all around. senior editor jodi schneider, thanks for bringing us up-to-date. tiktok is testing in europe, which will compete with facebook, which is moving into social commerce. tell us how tiktok plans -- tiktok's plans will work. >> say you are scrolling through a video, see a brand, and

there's going to be a tag. it will list the product, you click it, and eventually, you will be buying these things directly within tiktok. we see something similar with instagram. there is this idea if you are enjoying a video and there is products in that video that look cool or you might be interested in the how can i make it as simple as possible to purchase? they want you to go from inspiration to buying in as few clicks as possible. emily: social commerce has not worked well on facebook, instagram, even places like pinterest where it seems like it would be straightforward. >> i'm hesitant to say that it will work. we've been seeing facebook for years talk about this idea of

buy buttons, and i don't know how it happens. it happens with ads, of course, but this idea you would purchase something directly from a facebook video has not worked in the way the company thought. this idea you would come across a tweet and decide to spend money there and then -- i'm little skeptical that people are going to go exactly from discovering something for the first time to purchasing it right in that moment. this has worked in other asian countries, particularly where tiktok's parent company operates, in china. there is reason for why they would want to do this. emily: perhaps the next frontier of big tech battles.

i appreciate your opinion. coming up, palantir shares snapping a slump. we are going to hear from a shareholder eric munson coming up next. this is bloomberg. ♪

emily: palantir forecasting sales growth of 43% in the second quarter. the company also announcing its embrace of a newer form of cryptocurrency, bitcoin. here is eric munson, palantir shareholder since 2014. you've been a big supporter of the company. what do you make of the bitcoin acceptance? is that something you are happy about? >> i think it is just them

adapting to the latest trend. i don't think it is a material change. i'm excited about the growth rate and acceleration. emily: when it comes to growth, what are you particularly optimistic about? obviously, the world is reopening, and many of palantir's customers have gone through a massive acceleration in tech adoption. >> exactly. the supply-chain management process, the tracking of medical equipment, the tracking of vaccinations and people, are all playing to palantir's strengths. commercial revenues up over 70%, governor revenues -- government

revenues up. customer growth. with ibm channel marketing and things we are seeing coming up, there's going to be a lot of customers for palantir, and the fact that their margins are improving, 340 million dollars in the first quarter, $360 million for the second quarter. 98 percent recurring revenue means they will start at a high revenue rate. emily: $1 billion certainly talks. you have stuck through this company through ups and downs and a lot of controversy. do you think the skepticism around palantir will eventually wayne, and does that concern you as a risk going forward, especially as they work with governments throughout the world? >> i think people have always

been skeptical of palantir, and i've had so many people who said they would never go public, never get to $1 million in revenues, and the company has delivered. we are seeing a stock of 10% in a market down 1%. that tells the story. $2.5 billion on the balance sheet, putting up growth like this for the next 5-10 years, in our opinion. it is 30% to 40% going forward, we believe. data analytics is in its very early stages. emily: does the tech selloff concern you? >> absolutely. i think there's a lot of room for correction. we have not seen a 10% correction in quite some time. we've got down as low as 5%, 6%. we've had the longest rally we've seen in the history of markets.

it is natural to have some backing and filling and some corrections. palantir has collected -- corrected. we think the company is a great value under $20. i'd love to talk to you about airbnb after they announce earnings. amazing companies in the fintech space. sofi we bought last year, and that merger was effective. we have wonderful trends in the economy. there is going to be volatility in this market. we've had a great rally, and we've seen some corrections, and i wouldn't be surprised to see the tech correction continue for some time. fundamentally -- [inaudible] emily: we are losing you, so i will let you go, but i got your point. we will have to have you back. eric munson, cofounder and cio of audit adventures.

he will talk with some of the biggest names out of the greater boston area about the region's economic recovery. that plus the explosive pace of biotech innovation happening there, coming up next on a special "bloomberg technology." this is bloomberg. ♪

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>> of the most powerful biotech and life science companies in

the world. over the next half hour, we will bring you leaders and they thinkers, labor secretary marky walsh, we will tell you a story about how we rescued a world from a pandemic and how it is with covering. >> the grip of the coronavirus pandemic was crippling in the base states. within a month of the country being shut down, and ap in june. within 650,000 massachusetts residents were that were. remnants limited 64%. massachusetts responded with a

$774 million recovery plan. >> to be fair, there is no substitute for the size and scope that a errol a package for deliver. >> they delivered the largest program in the country. massachusetts also our ties its continued support for innovation in health and biotech. with over 100 life scientists companies working to develop therapeutics and vaccines, in came moderna. all of this at a time when austin experienced an unplanned transition of power. >> biden and paris have nominated me to be there labor

-- -- >> during a time of unprecedented racism. we will begin to write the next chapter in the safe recovery and reopening. >> the reopening approach here has been slow and steady. massachusetts unemployment has rebounded 6.8%, and consumers are shopping again. >> he companies that made it through the pandemic are smarter and are. they know how sir their customer, which is going t them prosperous and give them a future. >> it has been a little over a

month as can janie make history as the first woman and lack mayor of boston. intra-mayor spoke exclusively with bloomberg about boston's reopening lands. >> we don't want to find ourselves in this tuition where we are doing this yo-yo of open and close, open and close. first and foremost, we have to continue to ensure that our resident and business community is safe and protected. that means hitting the vaccine out. continuing to do all the things that keep us safe washing our hands.

i encourage people to continue to wear face coverings, make sure it tested regularly and get the vaccine. everyone is now eligible over the age of six team. i'm grateful we have seen increase in terms of 61% over that age having at least one dose. need to be sure that votes are following up in getting the second dose. we will revisit any date should be continue on this trend downward. >> how do encourage people to come back the city downtown office parks? this has impacts on the cafe,

restaurant, the not spot, the drycleaners, and ultimately, the cities tax base. are you concerned of what all this will vote work will do to downtown boston? >> i think we have to realize there is no going back to how things to be. the workplace most likely will change. i'm looking forward to more projections of how our companies are going to treat their office space in terms of remote work. i think a lot of phone's will continue to some form of work. if there were fewer people coming in to downtown, we have

to have other things that attract them downtown. it is not just work bringing them here. >> former boston mayor, favorite secretary marty walsh spoke with lindbergh. he did see positive signs in the labor market despite the lingering concerns about the virus. >> you need your economy is up significantly. we are seeing positive signs as we continue to move forward. >> we heard earlier -- one of the biggest back deals yet, just

a part of the red hot biotech emerging from the date state. in fact, 32% of all u.s. based bio ipos last year were had in massachusetts. what makes the area such a hotbed for medical and biotech innovation? we will talk about that next. this is bloomberg.

>> welcome back to bloomberg

technology. and square is an area known for tech companies in -- are 120 tech startups within a 10 mile radius. when you follow the money, you see a surge of venture capital in massachusetts. $5.8 million pouring into bio, last year alone. with a full of unmet medical needs, the boston region stands to flourish in this area. >> is there a take on this ecosystem and why it drives such innovation?

>> definitely, research institutions and others all collaborating with the hospitals and institutions, the amount of clinical trials that go on. it all exists here and is feeding off each other. it is a privileged place to work out of because all the elements are here and there being found here more and more. >> we have moderna with the vaccine, thermo fisher, and people working out how to do/ring testing date -- testing nationwide. i think it is of sneaky rims with your friends.

i think the reality is, silicon valley has gotten good business risk. is this going to be you next hop thing? that is the score in silicon valley. >> when i started, biotech was a little blip to a gigantic pewter industry. unfortunately, -- and biotech very much got advanced and that same success story environment because of the amount of risk capital and people that they are. we still have to do everything and to protect it while it rose.

that is the other thing that is different nowadays. whatever you did locally state local. now you have global reach, see you do not have to be in boston. >> protein this on the cover of the new york times. my parents what tcr is. i expect that to lead teams demand. -- two lead to demand. --to lead to demand. >> people are saying, five saving lives. funnel to the mainstream punches is the software industry.

before the internet, the software industry was -- i think biotech is definitely benefiting from that. we will see more and more people drawn into this type of frontier. >> we heard up biotech's attention to save lives in the form of researching a vaccine. 4 million people have now received at least one goes of the covid vaccine. the 514 bed boston medical center estimates 85% of its staff is vaccinated. during the first search a year

ago, the hospital treated 1400 cases. then there is the part of the population that off getting treated at the height of the pandemic. i spoke to the boston medical center president and ceo walsh. >> we are definitely seeing people come back to see their doctor. we were not sure it was going to work for our patients, but we were gratified ray will to treat people by the phone or device. or we are working to have a hybrid system where people need to be seen in person can be. we are seeing digital approaches to medicine as well and we are learning along the way. it is one of the safest places you can be because the highest

amount of people vaccinated a lot of mass. >> i'm curious where things are now, how is down and did anything have to be? -- has to be cut -- have to be cut? >> not yet. we had a lot of boxes for federal support and that took us. federal funds lasted until june of this year. we are worried, like everybody is, what tobit has done to the economy, how many people are working, how many of those people have developed a. >> whenever we get to you

normal, whatever that is, cd hybrid mode of medical care continuing into the long-term? >> i don't know if much more of it will be online, but i think you said it best, a hybrid -- specialty care -- imagine a situation where you see your chimeric your doctor, but you could do that digitally right on the spot. i can see a hybrid here or a guided peer global >> boston medical center president and ceo kate walsh coming up we are talking co-owner of the celtics steve collier connects. this is berg. -- bloomberg.

>> spirits is always -- sports has always been a source of pride as well as economic is in boston. more teens are getting into goat currencies. back in march, the oakland 80's became the first teased in baseball to accept bitcoin. even as digital currency like the one sore, we ask steep hill where he stands. >> i see block chain as

extremely valuable bit coin has a long way to go. people forget when we went off the gold standard. the value of gold is based on looking it is worth. nick point is actually a more efficient value. , but i think it was a long way to go. if it goes that far to be considered a currency, the government will react. if it point really starts to written the financial systems, they will say bait one cannot be

accepted as currency. it will then be used as electronic or paper. >> if you are skeptical about it point i wonder how you feel about gauche point? -- doje coin? >> i certainly would not that my savings on. >> let in fts -- what about nfts? are you bullish? >> i am bullish.

it is like having baseball cards back in the 50's. we'll will all those moments for forever and can pass them down i think in fts have democratized collecting. baseball cards are a modern-day. >> i know were always talking about what new normal is and how much of old normal back, but what about sports? is there anything you learn that you will take laborde without change the way to gain slave going forward ?

>> even in this pandemic, it is one of the most-watched events. i think that pandemic to come with me in terms of how important those gatherings were. it is in all sports. it has proven to be a tough year, but has valuable lessons and we are have to be a part of that. terms of work environment, -- in terms of productivity in our business, we look at the business every week. because of tobit do not have to

travel, you consent a day and do virtual meetings. we've been very productive and what -- our workers need to get back to the office, but i think there will be some long-term gains -- forming a day flies india, a daylong board, and they fly back, spicy the virtual meetings will be a useful tool. i think it is a continuing evolution patient and how to

keep the world and united state together and productive. >> that doesn't for this special edition of bloomberg technology. thanks for letting us. joining us.

♪ >> welcome to daybreak australia. >> we're kind down to asia's market open. inverse paul allen is there >>