>> from the heart of where innovation and technology 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." up in the next hour, crude cyber attack, freezing fuel shipments to large swaths of the country. the latest information about the ransomware attack and what the white house is doing about it. plus, bargain-basement borrowing

costs. amazon cannot resist refinancing debt even though of tens of billions in cash it does not really need to. it is one of the many companies to take advantage of wide open bond markets and spreads at three year lows. and, it is a hussle with the doge father himself takes at deep dive on saturday night live, but was he joking or serious when he called the doge, a hustle? >> let's get the latesm kriti gupta. walk us through the day. >> we do have some earnings. we will kick it off with lemonade, rallying ahead. you also had unity software rallying on. this is actually up 2.2% after

paring back some of those gains. lastly, you have ea, stock did originally drop by more of a margin. those are your after earnings stories. the story was really macro today. we started off using fraud based pain. we have to dig about how much this reminds us of what we saw back in february when we sawtek react to the surges. you can see how correlated they are. it really tells you how much of that they are paying attention to when it comes to trading these big tech names. i really want to show you what we have done in terms of the p/e ratio for this index. you have really seen a comeback since the september tech correction. now it is coming right back to pre-pandemic levels.

maybe they put this at extreme trading levels. so what really is the dynamic here? can tech rally despite those concerns? that is what we will have to see in the coming days. >> thank you. let's get into tech's small comeback. can tech rally? what do you think? >> etiquette can. -- i think that it can. i think that ultimately, many think this is as good as it gets, he will start to see numbers second-half that blow away street numbers. i think that is what is sending this higher.

i think mna is also a factor that will play in. >> what is inflation starts to bloom? what does it mean for meg or cap tech? , good news is bad news and bad news is worse news. if you talk about inflation starting to come in, i think that is already starting to get factored in. if i look at the valuations or my conversations over the next couple of weeks, we are seeing more investors that are skeptical, i think we are getting close to what i view as oversold on tech. emily: any specific names you would call out that you think are getting unfair play?

>> microsoft, i think that is a $300 stock and that continues to check every box. i look at names like tenable. they were oversold. on large cap, i view apple in that perspective. i think that as this proves out, the super cycle thesis and services, i know it is 40 or 50% higher. emily: i want to turn to elon musk and does coin. -- dogecoin. elon musk referred to it as a hussle. it is unclear if he was serious or joking.

what is your take on this? >> after the saturday night live and the selloff there, what this proves is that musk is serious. early doubling down on crypto, taking bitcoin from a transaction perspective. i think that this shows that the crypto from a transaction perspective, this is something that they will double down on. this is a glass half empty view of the stock in light of everything we are seeing with risk off. emily: but as someone who covers tesla, is that something you like? do you think tesla should be accepting does coin -- dogecoin? >> i view it as a distraction. at a time that they are clearly

going through some speed bumps in china, investors that are focused on tesla -- i think that is something that is a balancing act for musk where little doubloons come off. they just want to focus on exit fusion. this is the same day that china numbers came out. i think this will definitely be a trying time but ultimately, we believe we come at a because of the screen tidal wave we see across the board. >> what is your outlook coming out of the pandemic, knowing that more people might want to not take public transportation? but also that it is a more aspirational kind of car for the chinese consumer? >> we are seeing that green

tidal wave in china. china is front and center. competition is increasing. the biggest issue right now would be the black eyes on the pr perspective. they are making sure that musk is able to navigate the political issues in beijing. very similar to what apple is been doing -- has been doing. we continue to keep our thesis in terms of china but no doubt, in these coming months, they are key for elon musk to play nice in the sandbox with beijing. emily: always good to have you on the show, lots to watch. to the future market participant and what could be one of the biggest specs ever. -- spacs ever.

earlier, i spoke to jason kelly about the news. >> it takes your executive team out of the game for about six months. here we were working with the folks at soaring eagle. we got a pipe done in two weeks with great new investors. i can get back to building the business fast with this. emily: that was jason kelly talking about choosing us back over an ipo. one of the many biotech darlings coming out of the boston region. don't miss our special conversation with him and the moderna co-founder.

also, up next americans reluctant to get vaccinated. it threatens to hinder the recovery from the pandemic. this is bloomberg. ♪.

>> i am looking at ginkgo again. we just told you about ginkgo buyer work -- biowork preparing to go public. this is backed by the former hollywood exec, harry sloan. we will hear more from my

interview with jason kelly later but i want to turn to the vaccines. the u.s. has given out 260 3 million doses of the covid vaccine -- 26 3 million doses of the covid vaccine. uber and lyft say they will offer free rides to vaccine sites through july 4. jody, obviously the white house is pushing the vaccine by offering these incentives but are they actually working? i have been driving past some of these vaccine sites and i have been seeing them looking like they are empty. >> good question, do they work? do people say now that i can get a free ride to a site, i will take it? the question for the bided administration is how do you get this next group of people to the sites to get those vaccines?

they already have the committed people or people who have already signed up. the next group, they are not necessarily against it but you have to make it easier for them and convenient. that is the idea behind the free rides. some states are offering incentives. again, not so sure it will work. but they have been trying to get those people. emily: let's talk vaccine hesitancy and how bad it is, 60% of american adults. do you think we will hit joe biden's goal by getting to 70% by july 4? jodi: we may because tomorrow we will have that panel about whether 12 or 15-year-olds will

be able to get the shots. that certainly raises the number . the question really 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 are seeing fewer people get the shot. now we saw 22,000 cases on sunday. that is the lowest number since june of 2020. hospitalizations and deaths are also down. it is convincing people that this is still out there, you need to get vaccinated, we are not going to get rid of them until we hit those higher numbers.

emily: if adults are hesitant, they will be really hesitant about vaccinating their kids and we may not even get a vaccine for kids until the fall. your team has a piece out about doctors watching this in the u.s. and seeing cases among kids, severe cases rising. jodi: we are seeing that, this is sort of a new and sad development. this is often more set -- a symptomatically now we are seeing the variants have spread. this is a real worry.

they have to push on that part of the argument being made. then the question is those younger kids. it is also a problem for parents, if you have an unvaccinated child, it may be stopping some parents from getting back to the office. emily: it is terrifying, all around. take you for bringing us up-to-date. i want to turn out to social media, tiktok is testing inapt sales in europe. this will intensify competition with facebook. they are also pushing into social commerce. i want to bring in kurt wagner. tell us how tiktok's will work. >> imagine you're scrolling through tiktok, watching the video through a brand or advertiser. there will be a little tag right there in the video.

you are either in the retailer website or i imagine eventually you will be buying this directly within tiktok. we already see something similar with an instagram. there is this idea that there are products in that video that look cool or you might be interested in, how can i make it as simple as possible to purchase? i think that is the real idea here. emily: do you think this will work this time? social commerce has not work that well on facebook, instagram, pinterest and places it seems like it would be pretty straightforward. kurt: i am hesitant to say that it will work out because we have seen facebook talk about by --

buy buttons. i think the idea that you would spontaneously purchase something , it has not really worked in the way that some people thought. some people thought you would come across a tweet and you would spend money right there. you may come back a week or even a month later and buy it. i am of them skeptical that people will go from discovering something to purchasing it right in that moment but it has worked in other asian countries. especially where tiktok's parent company operates. emily: interesting, a be next frontier of competition. we appreciate your opinion

there. coming up, pelletier snapping attend a plus. revenue growth saying it may add bitcoin to the balance sheet. this is bloomberg. ♪

emily: the data analytics company, pelletier projecting sales growth. the company is embracing a new form of cryptocurrency, bitcoin. eric, you have been a big supporter of the company, what do you make of the bitcoin acceptance? eric: i think that it is just

them adapting to the latest trend. if people want to pay them in the coin, i don't think it will change anything. i am more excited about the improving margins and the increased outlook and visibility for positive cash flow in the company. emily: when it comes to growth, what are you optimistic about? the world is reopening and many of palantir's customers have gone through tech is option. including adoption of palantir technology. eric: the tracking of medical equipment and vaccinations, they are all playing to their strengths. government revenues of over 83%. people were concerned about the

number of customers. i think there is going to be a lot of customers for palantir. their margins are improving. they have 330 million, understand that the 98% recurring revenue means they will start the third quarter running a $360 million plus revenue rate. very exciting for investors like us. emily: a million dollars certainly talks. do you think the skepticism around this will eventually wayne -- wain ? eric: i think people have always been skeptical of palantir.

i had people tell me that they would never get to a billion dollars in revenue. we have a stock up 10% and a market up 1%. they can grow consistently at 30 or 40%. data analytics are in the very early stages. emily: does the text selloff concern you? -- tech selloff concern you? eric: we have not seen a 10% correction in plenty of time. we have had a terrific to of -- terrific run. it is that.

we have a plethora of other companies like robin hood and amazing companies in the fintech space. we have all kinds of wonderful trends in the economy. they will be volatility in this market. emily: eric, sing you but i got your point. coming up, in the next half hour, we will talk to some of the biggest names out of the

bigger boston area about the region's economic recovery and the explosive pace of biotech innovation. all of that coming up next on a special bloomberg technology. this is bloomberg. ♪

-- emily: now home to the highest concentration of the most powerful biotech and life sciences company in the world, including pfizer and moderna.

the two companies saving the world with their covid-19 vaccine. over the next half hour, we will bring you leaders and big thinkers from the boston mayor and marty walsh. we will tell you a story not only about how boston rescued the world from the pandemic but it is also a recovery that will forever be changed. >> the grip of the coronavirus pandemic was crippling in the bay state the start. within months of the states economy being shut down, unemployment hit a peak of more than 17% in june, the worst in the nation. postings dropped to 39%. small business review plummeted 64%.

>> to be clear, there is no size and scope that a federal it package could deliver but we certainly don't believe we can wait. >> making one of -- making it one of the largest financial aid companies in the country. massachusetts also prioritized its continued support for innovation in health and biotech. with over 100 lifesciences companies working to develop diagnostics and vaccines, including cambridge-based modern a. >> as authorized in the u.k., the u.s. and europe. >> boston -- they nominated me to be labor secretary in their administration. >> during a time of

unprecedented racial reckoning. we will begin to write the next chapter in boston's safe recovery and renewal. >> the reopening approach has been slow and steady. while the business landscape will be different for years to come, there are recent signs of recovery. massachusetts has rebounded to 6.8% and consumers are shopping again, spending is up 18% since january. >> the companies that made it through the pandemic are smaller, leaner and they know how to serve their customer and that is what will make them prosperous and give them a future. >> kim kerrigan, bloomberg boston. >> it has been a little over a

month since kim cheney made history as -- kim janie made history as the first woman and black mayor of boston. she spoke with us about boston's reopening plan. >> we don't want to find ourselves in a situation where we are doing the show of opening and closing. we will continue to be informed by the data, public health guidance and whatever business leaders are saying. we have to continue to ensure that a resident, our business community is safe and protected. that means getting the vaccine out to more people, that means people where they are. we need to do the things that

keep us safe like washing her hands. i encourage people to continue to wear face coverings, making sure that we get tested regularly and we get the vaccine. now, everyone over the age of 16 is eligible and i am grateful we have seen an increase in terms of 61% of the people over that age have at least one dose. we need to make sure that people are getting their second dose and we are protecting ourselves, that we are informed by the data. >> how do you encourage people to come back to the city downtown with office towers? vanguard said they will have their workforce work from home. others will be following suit in that same vein.

this has impacts on the cafe, the restaurant, the nightspot, the drycleaners and ultimately the city taxpayers. are you concerned about what all of this remote work will do to downtown boston? >> one of the things we have to realize is that there is not any going back to how things used to be but we do have an opportunity to create boston the workplace will most likely change and we are certainly looking at projections of how companies will treat their office space. that means if there are fewer people coming into downtown, if

there isn't work that is bringing them here, we have to make there are other things that attract people to boston. emily: there was kim jeney there. marty walsh spoke with bloomberg about the surprisingly downbeat jobs report. secretary walsh says the u.s. is seeing this due to lingering concerns about the virus. >> the leisure economy which includes restaurants and travel is out significantly. we are seeing positive signs as we continue to move forward. emily: we heard earlier from kinko fireworks about his companies plan to go public in one of the biggest deals yet,

just part of the red-hot biotech seen -- scene. in fact, 32% of all u.s.-based biofarma ipo's last year work headquartered in massachusetts. what makes the area such a hotbed for medical and biotech information? we will talk about that next with the modernity co-founder. this is bloomberg. ♪

emily: welcome back to a special edition of bloomberg technology where we are looking at boston's recovery. pendleton square, right next to

boston is an area known for its cluster of tech companies and m.i.t. buildings. it is home to about 120 biotech startups. startups can rub elbows with major biotech scientist buyers like pfizer, moderna. you see a surge of venture capital in massachusetts. $5.8 billion falling in last year alone. the boston region stands to flourish in a field -- in that field for decades to come. here is their take on the boston ecosystem and why it drives so much innovation. >> the interplay between the academic, the small company, the large company, the hospital

research institutions, all collaborating with the impact being felt in the hospitals with patients being treated. the amount of clinical trial work going on has attracted a strong professional service committee. whether it is in contract research, contract manufacturing, this is all feeding off of each other. it really is a privileged place to work out of. they have been drawn here. >> we have the dharna -- moderna with their vaccine. you have ginkgo working out how to do classroom testing for school reopening now. you could get into some sneaky room with your friends but i

think the reality is the valley has gotten good at business risk and developing software. this will be the next hot thing. that is what the thing is with developing software quickly. doing real tech, stuff with technical risk, i think they have gotten a little skittish. >> biotech was a little blip. i always thought there was going to be this also ran in that field. biotech interestingly got advanced in that environment because of the amount of risk capital and people who were there. i would say that the silicon valley space is clearly about the now.

that is the other thing that is different nowadays. 50 years or 40 years now, whatever you did locally. all good trends from my point of view. >> proteins on the cover of the new york times, my parents know what dcr is all of this outing. i think there will be sudden public awareness about how much this technology as part of our lives. >> the capital is coming not just from these specialists who know the lingo or have the patience for an esoteric field, people are saying that biotech is saving lives. it is coming to the mainstream conscience, just like the internet and the software

industry. everybody has a segment of what they are doing. i think biotech is definitely benefiting from that. i guess it is the wild east as opposed to the wild west. emily: we heard about the biotech potential to save lives in the form of research, in the form of vaccines. a couple of days ago, massachusetts said that formally people have received at least one dose of the covid vaccine. as for health-care workers, the boston medical center estimates 75 or 80% of its staff is now vaccinated. during the first surge, that hospital treated about 1400

covid patients. then there is the part of the population who put off getting treated at the height of the pandemic. i sat down with kate walsh to talk about the status of those patients now and how tech is helping. >> we are seeing people come back. we were very heartened about the promise of telehealth at the end of the pandemic. we were not sure that it would work for our patients. we were very gratified that we could work with them through some digital advice. -- device. we are enabling digital approaches to medicine as well. people should come back to the hospital. >> hospitals were also

financially hit hard because people were not coming in. i am curious where things are now. where is the balance sheet? did anything have to be cut? >> not yet, because we had a lot of covid patients and we serve a lot of medicaid patients, we checked a lot of boxes. that really kept us close. we are counting on those for this year. as we move out, we are worried about what covid has done to the economy, how many people are working, how many more people need more help with the systems. we want to make sure we are there to take care of it. emily: even when we get to new normal, do you see a hybrid mode

of medical care continuing to the long-term? much more of it will be online? >> i am not sure that much more of it will be online but we will use the benefits of technology to improve access to care, to improve access to specialty care. imagine a situation where you go to see your primary care doctors. could you do that digitally, right on the spot? i could see hybrid care morphing or guided hybrid care. emily: that is the boston medical center president, kate walsh. bitcoin, blockchain and basketball, we are talking about the co-owner of the celtics next, this is bloomberg. ♪

emily: sports has always been an important source of pride and economic engine for the city of boston. you will find no shortage of red sox, bruins, celtics or patriots fans there. sports franchise recovery comes at a time when teams are getting into cryptocurrency. the oakland a's became the first team in major league baseball to accept bitcoin for suite season passes. the mavericks became the first to accept dogecoin. even as this sores, some sports leaders are still skeptical. >> it is hard for me to wrap my mind around bitcoin being a viable currency.

blockchain is extremely valuable but bitcoin will have a long way to go to be accepted in places. people forget when we went off the gold standard. gold is a less efficient bitcoin. value is based on what it -- what people think it is worth. gold value is only in the mind. bitcoin is a more efficient store value. i think it has a long way to go and what i am worried about is if it goes that far and starts to be accepted as currency, gold will react. people don't remember when we went off the gold standard. if bitcoin starts to threaten this, they may say that bitcoin can't be an excepted currency.

it will be used as electronic wallpaper. emily: if you're skeptical about bitcoin, i wonder what you feel about dogecoin even though mark cuban and elon musk love it. steve: it seems like a prescription for disaster. obviously, it could be fun to buy a lot of those going but i would not dip my savings into it? i am bullish on an fts. -- nft's. they allow people to have ownership, certified ownership of these clips. it is analogous to baseball

cards. basketball cards. there were other rage. digital baseball cards, they don't to grade, you do on them. i think nft's have democratized collecting and have allowed people to buy the things they enjoy. it is no different than baseball cards, it is a modern-day collectible. emily: everyone is talking about what the new normal is and how much the old normal may come back. people will be working from home but what about sports? is there anything you learned from the last year? will it change the way the game is played? steve: i think we learned that sports is a great unifying force. even in this pandemic.

i think the pandemic really hit home with me in terms of how important these gatherings were. it is proven how well he will sports are to the nation. we are really glad to be part of that. in terms of the work environment, i think you will see changes. i have to say that the productivity of our business, we may look at four or five businesses, you cannot look at 10 or 15. you don't have to travel from los angeles to spend the day with the national team, you can spend half a day.

then you can do another one. you can do a double and triple. we have been very productive. it is very isolating for our workers and we want to get back to the office. i think there will be some long-term gain in terms of having a very productive board for company. rather than in the eight hours that it would have taken to fly. at the margin, i think you will see higher productivity, more usage of that to see if there is a meeting. there will be less people flying out for businesses. i think it is just a continuing evolution.

it brings the world and the united states together. emily: the co-owner of the boston celtics, steve pagliuca there. that does it for this edition of bloomberg technology with a focus on boston. ♪

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