>> from the heart of where innovation, money, and power combine, in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: hackers knocked the colonial pipeline out of service last week. we will have the latest.

plus bitwise launches the first cryptocurrency etf. we discuss it with cio matt hogan. and free beer, transportation, gift cards -- they are just some of the incentives being offered by cities and states to get more people vaccinated. will the perks work? we discussed. first, u.s. stocks tumbling the most since february after data showed inflation creeping upward. kriti gupta has more on that and

tech earnings that continue to rollout. kriti: let's start big picture -- selling across the board really accelerating after cpi data stoking inflation fears across the market. the s&p 500 all the way to semiconductors really taking hits. semiconductors in particular seeing extra pressure. remember, they are already in pressure territory, and that

moderna moderna-- emily: we are learning how the administration charged with protecting the nation's pipeline has or has not been working. it has not imposed any protections since the september 11 terror attacks, despite dire warning's from the intelligence community about vulnerability to hackers. instead, they have relied on voluntary best practices. let's bring in wendy whitmore of palo alto networks to discuss more. we are learning more about this agency, just six full-time jobs as of 2018. why was this not better staffed? and why was this infrastructure not better protected? wendy: the reality is this part

of the organization is one component that needs to continue to be strengthened along with the focus on the reality this is a problem we can no longer continue to avoid. many technologies are continuing to improve on a daily basis, so ultimately, we will have to continue to work together as a highly collaborative country and series of organizations in order to effectively combat against types of attacks. emily: we are learning more about the mechanics of the hack itself. the colonial pipeline, they actually shut down the entire pipeline, despite this hack being on the enterprise network. why would they do that? shouldn't those be separate? wendi: they likely are very separate. we often see this in companies that have an operating environment as well as a corporate environment. oftentimes, hackers will be able to successfully jump from the corporate environment into the

operating environment, which could ultimately cause some significant damage. many times, clients are forced to make a risk-based decision, weighing the pros and cons of how to continue business while making sure they do not remain susceptible to further damage. emily: palo alto networks is actually quite familiar with the dark side, the group that has claimed responsibility. what can you tell us about them and how they work? wendi: there are pretty interesting group. i would say now, they are extremely prolific. we see them in a number of cases . they tend to be more aggressive than other actors. during the first period of 72 hours, they tend to be quiet. they are not engaged in making contact with the victim. they expect the client to reach out to them. in one case, where we have a client who had successfully backed up their entire system,

they did not have any reason to reach out and potentially engage in dialogue. the attackers got increasingly more frustrated, so they escalated to sending emails to certain individuals within the organization, and when those were not responded to, they started making demands via telephone calls to the ceo, cfo, and other high-level officials. they tend to, -- if their demands are not met, they moved to a second stage, which is releasing the data publicly that they have stolen from the environment, so they are looking to negotiate to get an economic settlement on their return. they are, i would say, more professional in terms of their code of ethics and code of conduct, and they really run their organization almost like a business when it comes to negotiations with victims. emily: it is so interesting. they have issued a press release apologizing for disrupting the pipeline itself and said that

they will plan to better vet their victims in the future, and yet, they are holding entire fuel lines for ransom. what is your sense of if colonial has paid that ransom, and if they don't pay that ransom, what happens next? wendi: the press release would certainly be an indication of what many of us was that they did not want to garner this type of press attention, right? getting the u.s. government involved in an attack is not something most of these operators want to do. they want to operate behind the scenes, negotiate quietly, and move on to their next attack, right? regarding colonial, they are continuing to strengthen their defenses and making sure they are well-positioned to get the organization back to running organizationally moving forward so they don't have to deal with this type of situation again. emily: but, so does that mean, do you think they have paid for plan to pay the ransom in order to make that happen?

wendi: this is always a risk-based decision. we never recommend to any organization they pay the ransom, but ultimately, that will be a risk-based decision based on what data was stolen and what methods they have to recover that data and get operations back up online. ideally, i would say darkside likely will be working to shift some of their operations in terms of going behind the scenes again. i imagine they will continue to be prolifically attacking organizations, and that point to the need that again, this is such a huge -- huge problem, we need all hands on deck to solve it, and that is everything from government and multinational agencies to technology working together with the private sector to continue to improve our defenses. emily: do you have any indications of if darkside is affiliated with a nationstate, specifically russia? wendi: there is no specific

attribution of that. we know many of these company's are operating from eastern europe, and in many cases, countries like russia are providing safe havens for these types of attackers, so that is certainly a concern. emily: thank you so much for that comprehensive view. appreciate you joining us. coming up, a new etf offering a way for investors to gain exposure to the crypto market without the challenges of directly holding crypto assets like bitcoin. all the details on the new fund coming from bitwise next. this is bloomberg. ♪

emily: a digital token launched monday is already one of the largest cryptocurrencies in the world. it is known as internet computer and now has a market value of $45 billion. the coin and its related digital letter are supposed to help anyone publish anything they want on the internet without having to go through data giants like amazon. >> the miracle of the internet computer is that it is able to create a blockchain by combining the computer processing of these blockchain's around the world in a way that allows it to run a web state and increase capacity with demand and run very efficiently. this means that you can build things on a blockchain now that you never would have imagined would have been possible. emily: internet computer is now ranked ninth of the top 10 cryptocurrencies. bitwise asset management, one of the largest crypto asset managers, has now announced the

launch of the bitwise crypto innovators etf to provide investors with exposure to valuable public companies that are participants in the growing bitcoin and crypto sectors. to discuss, we are joined by matt hogan, bitwise's cio. matt: the etf is designed to provide pure play exposure to the picks and shovels building the infrastructure that make the crypto economy up. these are the crypto minors, crypto mining equipment manufacturers, banks that

provide services to crypto companies, and crypto brokerages and trader firms, all packaged into a single etf that makes it easy for investors to bet on the growth in crypto without the challenges of owning bitcoin or other crypto assets directly. emily: right. this would not involve holding any crypto assets, like this new internet computer, which just popped up. matt: that's exactly right. internet computer is phenomenally interesting, but so are the companies inside this. it is akin to owning gold miners instead of gold itself. but the exciting thing about these companies, they are phenomenal companies. they are some of the fastest growing in america but are also profitable. that is really rare. usually when you have companies growing this fast, they are not yet profitable. they are early-stage technology companies. crypto infrastructure provides high growth with high profitability, making it an exciting area of markets to look at. emily: we will be covering coinbase earnings out tomorrow,

that her first as a public company. what is your outlook on the exchange rate? -- their first as a public company. what is your outlook on the exchange rate? matt: it is an early market. it is the largest crypto brokerage and exchange, the largest holding in our new etf. i think the story for this market is growth. it is still the case that most american investors are on the sidelines of crypto. they will move into the crypto market. coinbase is going to be one of the primary places they go. it is easy for investors to understand and use. it has a great friend, so i think coinbase and the broader crypto exchange is going to grow as investors who are still thinking about crypto take their first baby steps into the industry, and that is happening now. it is happening fast. emily: if tesla started to accept doge going, does that mean tesla would be part of this portfolio, or is it already because it accepts bitcoin? matt: that is an amazing

question. 85% is invested in companies like coybase that are exclusively focused on crypto market, but there is a play for supporting companies like tesla that are still important actors in the crypto economy. you get both in the etf at once, although the majority, is focused on those pure plays. emily: what is your take on doge , especially in the aftermath of the s&l run-up? it's on major swings on both sides after elon musk's appearance on "saturday night live." we saw major swings on both sides. many believe that it is basically a joke. matt: it is a joke and a

dangerous one at that because there is real money at stake. the reason there are crypto fanatics who are not excited about it is that it did in and look at the underpinnings of the blockchain, it is not an exciting blockchain. it does not have its own minors. it does not have developer activity, and it is distracting people from the real activity we are seeing on other large cap crypto assets. i think the days of us talking about doge are few in the future. i think it will go away, by and large. the sooner it does that, the better, in my view. emily: we will have to ask elon musk about that on twitter. thank you very much for joining us. coming up, a preview of disney's eagerly anticipated second-quarter earnings after the reopening of disneyland and parks around the world and how a soaring economy could boost the bottom line.

and it is not just the theme parks. we find out how disney+ stacked up. this is bloomberg. ♪

emily: disney's business was a prime target for businesses hit worst by the pandemic. movies, hotels, theme parks shut down, losing thousands of jobs, and now it could be a barometer of the economy reopening. caroline: disney's business was almost a prime example of what was her -- what was worse hit by the pandemic -- movies, cruises, theme parks, sports, shut down, taking thousands of jobs. >> tourism is the bulk of what

makes up the business in florida, so it is a tragedy for thousands of workers and thousands of floridians in desperate need of help in that they are unable to find work. caroline: though it was not all bad for the company at least. disney+ took off as people stuck at home to turn to television for entertainment. >> we are incredibly proud of how our stories have been embraced by people around the world. carolyn: but it has been a long year for the company that went from cutting 28,000 theme park jobs. things are starting to look up. the happiest place on earth is back open and vaccinations are

helping to ease the pandemic. >> we are thrilled at the response we are seeing from guests in terms of reservations and intent to come back to our parks. caroline: this pent-up demand has been seen not only at disney but across the landscape. >> there are places certainly around the u.s. that are virtually sold out at this point. caroline: disney is set to report earnings, and the results will be a glimpse into a slowly reopening economy. airline -- emily: bloomberg's caroline hyde. we will be all over disney results tomorrow. bloomberg's l.a. bureau chief with what we can expect. we know the streaming business has soared, but other businesses have suffered. what are we going to be watching? we know disneyland and other parks around the world are back open.

chris: in terms of me just looking at the numbers, still, scales and profits are way down from where they were a year ago. wall street expecting 30 since a share in earnings, but what everyone will be looking for are signs of things to come. are they going to go to 100% capacity at disney world? are they going to reopen paris, which would be the last park still closed around the world? any indication of summer demand? there's many days in may and june that disneyland is sold out and folks will be driving, in particular, to a lot of u.s. destinations for vacations, so this could a story going forward. emily: meantime, we are always watching those disney+ numbers, which continue to get higher and higher and sometimes faster than we expect.

what are you watching for? chris: interestingly enough, yeah, that has been the story that has been holding up the stock and driving it to new highs. last year with all of those folks subscribing and watching disney+. the street has roughly a 100 10 million subscriber forecast. that is not a lot more than what disney has already said, which is 100 million subscribers. some of these new products they have been rolling out have been doing well. it is quite possible that they once again surprise everyone. those subscriber numbers and also potentially on the losses that the direct to consumer business has been enduring as they continue to invest in the new content blitz. emily: in terms of how theme parks have reopen, it seems it has been a fairly smooth process

at limited capacity. is it going generally well. is there anything in particular that you would highlight? chris: no, i remember when florida opened last year, it was right in the thick of a surge of coronavirus cases, and everybody said, "what are you doing?" but the combination of the precautions they are taking, the mask-wearing, contactless payments has not created a situation where there's been any major outbreaks in theme parks, so they have been able to -- florida has actually been holding back some in terms of what they are allowed to open. they have sort of proven that they can do this without a big problem. emily: in terms of the movie business, they talked about a

more flexible model, not always having direct to theater. they are still hoping to take many movies to theater, though. do you expect a more flexible model going forward, or do you think once we get out of this messy time, there will be one-way way and one way only to market? chris: they are essentially having it both ways right now. two pictures will be released in theaters and on disney+, although on disney+ for that $30 extra charge they have been doing. they did it with "mulan." the fact they are continuing to do that suggest they like what they see, although they have never admitted how many people actually paid for it. so that is definitely something they are going to continue to do this year.

i don't see it ending any time soon. emily: chris palmeri will be all over disney results tomorrow. coming up, tropical climate, beautiful beaches, and a diverse population. miami now wants to be known as a u.s. tech hub. shutterstock's founder will join us. ♪

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emily: welcome dac to -- back to "bloomberg technology." let's get a quick recap on the markets with kriti gupta that. - kriti gupta now. kriti: a painful day in the markets. all that started out with tech on a downward spiral for three straight sessions. look at the board behind me. s&p 500 in the red and the nasdaq 100 doing poorly as well. even the stocks index taken the brunt of the hit, down 4.2%. as we see yields rise and cpi inflation coming in much hotter

than people were expecting. i want to show you what this is doing to the qqq etf, the etf that tracks the nasdaq 100. loan longer concentrated in the big tech but now broadly those tech sectors. we see the etf spiraling downwards. very crucial to keep an eye on the qqq, because this is the vehicle a lot of people use for exposure to the tech sector when it comes to investing in a broader index. if you thought the selling was bad here, let's take it abroad to asia. you look at the taiwan stocks index it is doing really poorly. 57% of taiwanese stocks are tech-based so of course that global selling pressure will be even worse in some asian markets that are heavily exposed to things at the semiconductor index. i want to show you this chart right here. the moving averages where you should have seen some resistance, the stocks dropping straight through them. really tells you this is very

aggressive selling pressure and investors have a lot of conviction in this trade. emily: all right. kriti, thanks so much. meantime, miami has been getting some new high-profile residence lately including investors, the -- high profile residents lately including investors, the paypal cofounder. the city's mayor is also promoting it as the next tech hotspot. while miami's tech ecosystem is not as robust as san francisco's, it is still raised almost $1 billion last year. to discuss miami's emerging tech scene. we are joined by shutterstock cofounder jon orange or. --jonathan oringer. i know you are focusing on miami. do you think miami could be the next silicon valley? because there are doubters. jon: i definitely think it has a shot. covid changed how we work, where

people live, how we operate companies. . i am seeing a lot o -- alot of people coming to miami. we are starting companies here. honestly it feels of new york back in 2003 when i started shutterstock. emily: talking about some of the skeptics, and investors said it is no surprise some investors might leaving silicon valley but that is not what matters. he says to have a vibrant ecosystem, you need three independent public companies north of a $10 billion market cap. seattle has it, new york has it. l.a. is close. he also says there is a massive network effect for a functional executive to be in the bay area. you can always take risks because there is always another job. moving away has no such insurance. would you pushback on that?

jon: yes. i started shutterstock in new york in 2003. we literally created the tech scene there. it was shutterstock and a few other companies. and we made it happen. i don't think all the opportunity is just in a well-established city. it may take some time, but these take time. building something that matters takes times. it happened in new york, it can happen here in miami. emily: so let's talk about credit holdings, which you hoped buildout. you made 100 investment so far, you expect to make another 100 by the end of the year. what kind of company and founders are you looking for? jon: it's a vehicle that makes investments in companies. -- and incubates new companies.

many of the incubation's are based here in miami and we are looking for miami founders to run those companies. we started two in the past three weeks with miami founders funded by us. we are hoping to mentor these start ups and get them started with their first employees. do their first funding round. we want to do more. we have a fellowship right now which is a fellowship where you can apply as a founder. we have about 300 applicants right now. and we are going to continue to fund people here in miami. emily: right. so only three days left i believe until applications close. what are you looking for? what is a call for folks who might be thinking about it, but need that little nudge? jon: we are looking for anyone who wants to be an entrepreneur. we have more ideas than we have operators.

it takes a unique type of personality to be an operator of a startup business. we believe we can bring our ideas together with other possible founders and create something amazing. it is what i have done my whole career. i have started several companies before including shutterstock i hope we have operators that stick with us through multiple startups. we have had that already. sometimes it takes a few before you get that hits. in those early pivots are really important. emily: meantime, miami is hosting a huge bitcoin event next month.

jack dorsey of course, square has a huge bitcoin business. what is the consensus on crypto in the miami community? is there a unique take there, if you will? jon: yeah. i think there is a lot of excitement about crypto everywhere right now. the nft phenomenon has kind of brought a use case, a values case to the blockchain. and i think that is important. i think there will be others. it is the first that has kind of gotten some traction. we have already talked about images and art can be validated using the blockchain. and it's happened and there is real money behind it. i think that phenomenon in the past six months has really given cryptocurrencies a bit of support. there's a lot of unanswered

questions in regard to evaluation, and how -- what other business cases will be useful, but time will tell. emily: let's talk a little about that. how do you, as an investor, separate the currencies, the opportunities, the companies that are building onto this craze, from some that might be, quite frankly, a joke? we had an investor on earlier who called doge not just a joke, but a dangerous joke. jon: look, i like the business applications. they have valuations that are substantial. for now they make sense. when it comes to nft's, i have made a couple investments personally enough space. use cases is what is going to really matter here. bitcoin is still hard to use.

hard to buy stuff with it. as use cases start to come out, we need more than just nft's. also friction is reduced and timed to validate on the blockchain with some alternative coins is reduced i think we will see more uptake in the future. emily: all right. fascinating and we will see how miami evolves. jon oringer, co-founder, thank you for stopping by. an update now on that story we brought you at the top of the hour that everyone has been talking about. colonial pipeline has initiated the restart of its pipeline operations after that massive attack. in a statement we just got from colonial pipeline itself, they are saying following the restart

it will take several days for the product delivery supply chain to return to normal. some markets served by colonial pipeline may experience or continue to experience intermittent service interruptions during this startup period. they will move as much gasoline, diesel and jet fuel as is safely possible and will continue to do so until markets return to normal. all right. coming up, u.s. states getting creative in how to get more people vaccinated. a free beer, $100 savings bond, free subway passes, among many other things. we are going to talk about whether these incentives will actually work in our citylab's conversation, next. this is bloomberg. ♪

emily: 50% of u.s. adults have gotten at least one dose of the covid vaccine. a new poll by the kaiser family vaccine monitor found only 9% of

those who have not yet and inoculated plan to do so. as a result, cities and states are coming up with incentives to get more shots in arms. new york is offering free transit passes at some stations. maryland giving is a vaccinated state employees $100 each. some researchers say these incentives could actually backfire. joining us to discuss, sarah holder as part of our citylab series. how could this backfire? sarah: i think some of the potential drawbacks of these kind of incentive campaigns are for those already nervous about vaccine side effects and safety, it could make the shot seem more risky, even though it has been proven to be very safe. like, if this is so safe, why are you paying me to get it? introducing financial motivations could also erode one of the clear and most fundamental community-minded incentives are getting the vaccine, that your personal immunity benefits the collective

good, and replaces it with this more selfish perk. but there needs to be more research on how this works. in buffalo, new york, vaccine appointments were slowing down and they said, get vaccinated, get a free beer, and the line was out the door. and so many more people showed up there. so it remains to be seen how these play out. emily: uber and lyft are offering free rides as well to vaccine sites. what's the history that we have a weather incentives like this will work? i mean, maybe some people do not want the vaccine. others might just be procrastinating. sarah: right. there is a long history of using economic incentives to encourage behavioral health outcomes. there's the 2015 trial in which they were trying to figure out

whether paying patients are paying doctors would lead to people lowering cholesterol levels. they found only by paying both patients and doctors did cholesterol significant decrease. hiv testing has -- that had more mixed results. there has not been a lot of testing until now in these natural experiments on how cash incentives influence people's desire to get vaccinated. that has been pulling around -- polling around this. some research shared with us showed there was no significant change in server respondent's desire to get vaccinated if they got paid, but if they had to pay a $20 co-pay, that would deter them. but other research from ucla found that a $100 incentive would encourage people to get vaccinated, and that was especially true among democrats.

again, it's a bit of a mixed bag for now, but especially for those people you are mentioning who may be are like, i am young, i am healthy, i might not need to do this asap, i don't want to go out of my way, having a tangible perk might encourage them to take the extra leap and go for it. emily: what about for the folks who aren't getting it for other reasons? i wonder if in that case there are any incentives or strategies that will work? sarah: yeah. i think broadly, another strategy that is being deployed by the federal government is meeting people where they are at. physically with mobile vaccination sites going to people's homes, if they are homebound. putting locations in hard-hit communities and hard-to-reach communities. engaging with trusted messengers

in specific communities. and it's really talking to people through these, and maybe that is more effective in some cases than a free beer. but it really depends on who you're talking to. emily: i could see that. sarah holder in our citylab segment, thank you so much. really interesting nuances there. meantime, novavax pushed back at scott -- it's timeline for a covid shot and does not plan to file for authorization in the u.s. and europe until the end of the year. the ceo spoke with bloomberg earlier about their decision to delay that start date. >> why is it taking longer than we had hoped to? it is where our starting point was a year ago. we've got all of the manufacturing data to put together into a package that we submit globally to all the global regulatory agencies. with that, we submit all the clinical efficacy and safety data. we have some of the best clinical and safety data that

exists, and we have got that put together. we're assembling the manufacturing package. and frankly, just a year ago we had zero manufacturing capacity. zero analytical laboratories. we built that all in a year in a different countries. so that is -- in eight different countries. so that is what has taken us longer, but we are there. we have all the data being assembled now. sorry. >> there is no problem with the vaccine. this is a manufacturing issue? >> we have shown consistently we have a great vaccine. in fact, we're about to unblind a u.s. trial with 30,000 people in it, and that will just further support the fact that we have a great vaccine. >> how many doses do you

anticipate you will be able to provide in 2022? >> we are looking at between ourselves and our partners, we are looking at providing two billion doses. and we're moving toward that rate of manufacture right now. everybody has had some problems here and there with the raw material supply. we are getting through those. i think we had some breakthroughs this week in terms of getting things like filters and bags and that distributed around our sites. and by the end of this year we will be at the rate of maybe 150 million doses a month. and between now and then we will build up the capacity to do that. >> one of the big advantages in your vaccine had was it was more stable at a higher temperature. the mnra teams have been able to tweak theirs to now be stable at higher temperatures. do you think the advantage you are able to demonstrate early on

has been eroded by the fact this is coming a little later than anticipated? >> you have to look across the board. one of the characteristics of a vaccine that make it better or worse than some other vaccine, you have efficacy, we have demonstrated efficacy at least as good as everybody else's. we had 96% efficacy in a large u.k. trial against the original wuhan strain. i think we are the only company that shown an efficacy trial there vaccine works against the variants in the u.k. and south africa. so that is great. maybe the first thing you want to look at is the safety profile. we have the best safety profile, the most benign vaccine that exists right now. then you look at the stability. it is important. and we will have stability both in storage and in shipping and in the doctor's office at refrigerated temperatures.

and so i think all of these put together determine how your vaccine stacks up. emily: the novavax ceo there. coming up, you did not think we would forget about it, did you? the epic epic games high-stakes antitrust trial still underway. we will bring you this week's action and a look ahead to when the ceo tim cook will take the stand. this is bloomberg. ♪

>> the apple versus epic antitrust trial is on week two of arguments inside of apple's app store is a monopoly. today, a hint of a potential compromise floated by the judge. let's bring in mark gurman who has been of course covering this trial from day one. what is the latest? mark: we are in one of the more boring periods of the trial. this is where the economists are going head-to-head to make their case. if apple's profit margins are

monopoly-like, what changes should they have to make to the app store? one of the more interesting things that happened this week was the judge actually floated a compromise for apple and epic, actually something i think we talked about about a month ago. i certainly wrote about it on the website. basically to take a step back, the reason we are here today is because of in app currency, virtual dollars epic sells through fortnite. if you buy something through the app store you have to get apple 30%. epic did not want to do that. but they can sell those through their website. the problem is apple does not allow developers to advertise that in their apps. my idea was apple could be

forced to allow developers to advertise alternative payment methods through a developer's website, and that is what the judge floated. she asked if that would be a good solution. perhaps that takes us inside her thinking into when she makes her final determination. emily: interesting. we are waiting for tim cook to testify. when does that happen and what do you expect him to say? mark: i think the earliest we could see tim cook on the stand is friday, may 21, about 1.5 weeks from now. obviously we will watch that closely. he will probably sit down and talk about the origin of the app store, how apple works with developers, why they have these policies in place, and defend the business model that has become one of the top three most important assets at his company. emily: any sense of how epic feels about their presentation so far? i mean, it sounds like many do

not seem to be convinced. mark: i do not have particular insight into what epic things their performance has been -- thinks their performance has been like so far, but the people at apple seem to be extraordinary confident about their chances. they often have referred to epic's witnesses as being star witnesses and apple's favor. they believe the testimony of the ceo of epic, and an xbox executive for microsoft, basically did nothing to help epic and did everything to help apple. so apple believes they are on very firm footing, but the rest of this week and next week will basically tell us everything when you see apple executives ta ke the stand and give their perspectives. but of course it all comes down to the judge and her decision. emily: right. absolutely. ok. i know you are following it every step of the way and you will bring us more highlights later in the week. that does it for this edition of "bloomberg technology." tomorrow you're going to want to join us for a conversation with bumble ceo whitney wolfe herd, fresh off today's results. we will also be covering air

d&d, disney, coinbase and more, all coming up tomorrow. i am emily chang. this is bloomberg. ♪

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