>> 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 in the next hour, a stomach-churning day for crypto investors. bitcoin plummeting 31% in the

morning, then rallying 33% in the afternoon. multiple exchanges reporting technical issues. we will have all of the action. plus, a month ago she predicted bitcoin would go to $500,000. we are going to hear what cathie wood is thinking now. plus insight from nick carter. and amd is one of the biggest tech turnaround stories of our time. the company's market value is now more than $90 billion, up from just over $2 billion at the end of 2014. we bring you my latest "studio 1.0" about the company's come back and around out of the chip shortage. first, what else but bitcoin. in the last two weeks, as much as $1 trillion in market value has evaporated. in the last 24 hours, more than 775,000 traders have had their accounts liquidated, equal to $8.6 billion worth of crypto.

that according to buybit.com. cryptocurrency exposed shares including coinbase, marathon digital, all falling more than 6% after bitcoin touched its lowest level since january, before that big bounce back. some exchanges also reporting technical issues. it all made for a very volatile . >> day right here on bloomberg television we go through soul-searching times like this. i think people in the industry have come to make their peace with volatility, albeit we suddenly had quite a ride over the last 24 hours. >> imagine roads with no speed limits. nobody knows if you can drive fast or slow, so it is super dangerous. and then you have a speed limit and everyone knows what the rules are. that is what crypto needs. >> the comments from china clearly had an impact. i don't know that there was anything new there. >> it was actually a rehashing of an announcement that had also been made in 2017. it is really a nonmaterial event, in our view.

emily: so, was it a nonmaterial event in the end? let's bring in bloomberg's joe weisenthal, and ed ludlow. i want to start with you. the volume is insane. walk us through the biggest slides and the biggest comebacks of the day. ed: the biggest volatility was bitcoin. a drop in excess of 30%, rebound in excess of 30%. and in that rebound, what we saw is basically the cult of celebrity and big-name investors coming out in force, with every tweet and every public appearance, there seemed to be confidence coming back into bitcoin. other cryptocurrencies that were also declining, they didn't experience the same rebound that bitcoin did. this was a risk-off day, risk assets moving in correlation with bitcoin, something really hard to understand. that has been a pretty heavy drop in the equity market open. then it dropped later in the day, which was closely tied to the fed minutes.

in other words, investors looking at cryptocurrencies, as your guests pointed out, a lot going on in terms of commentary. elon musk. but also china. the central bank says institutions should not allow crypto-currencies as legitimate forms of payment. emily: right. the pboc, though, reiterating a comment it has made previously. there was nothing necessarily new there. joe, if there is one reason he could pinpoint for today's selloff, is there one or just a lot of things? joe: i think a lot of people should always be skeptical when it comes to crypto of telling too need of a story. first of all, this is crypto, so we have times like this all the time. these drawdowns ar really large, and this was a large one by crypto standards, but it was largely an unprecedented one or even one that will stand out that much in history. you see that chart? it has been kind of week. i think it lost momentum.

it was even lower than it was in february, it has been going sideways in recent months. you saw the rise of alt coins. people in this space, a lot of them are at dwrena allen and volatility junkies. people looking for their fix elsewhere in the further reaches of the crypto spectrum. so you saw so much hype the last few days. i was transfixed by portnoy saying that he was going to get into alt coins. he said if it is a ponzi scheme, he wants to get in on the ground floor. when that is the mentality, eventually, you are going to have bust-ups. and these people are people who have made real money. life-changing money on dogecoin. and eventually, if you are sitting on life-changing money on dogecoin, you are, like, maybe i will still a little bit, and then you get days like

today. ed: tesla's stock under real pressure, its lowest since november. a lot of that was about the data we got from china. new car registrations really slowed down in april. but there is clearly some tension on tesla's bitcoin holdings and what elon musk is doing. you can see it on the screen. tesla has diamond hands. the meme stock twitter online chat for holding on to a particular asset class, in this case, cryptocurrency. emily: i have to ask you, you called elon musk "the shoeshine kid." i would love for you to elaborate on that metaphor. joe: traditional markets, the way it works is big-time investors on wall street create something. it filters out and then suddenly when the shoeshine boy is talking about it, it takes it to the top. bitcoin started with someone anonymous.

it got hot on reddit and other places. then you have the richest man in the entire world at that time sort of rap his identity in bitcoin back in february. in wall street, every day, some new bank is rolling out some new product to offer bitcoin exposure to its clients. maybe in crypto world, that is the proverbial shoeshine boy. emily: joe, hang on a second, i want to continue this conversation. thank you so much for your input, ed. i also want to bring in nic carter, a founding partner of capital island ventures, a crypto data provider. what is your read on this? are we just going to be subjected to this volatility for the long term, or is this a matter of some comments made, by elon musk and the people's bank of china just coming together at once and having this sort of

explosive impact? nic: the volatility seems to be an endemic feature of the asset class, frankly. when you look at bitcoin, it has a capped supply, so you don't have this moderation of supply and a response to demand, so you are always going to get that volatility. bitcoin, with the remainder of the asset class, people are discounting the technological innovation, future adoption trends out in the future. and that is reflected in the price today. those expectations are extremely volatile and mercurial, so we don't have stable models to value the bulk of these crypto assets. and so the volatility is a feature of that rapid reevaluation of future adoption trends. with elon, it has certainly been a wild ride. you know, ostensibly, he has been on team bitcoin, but then of course, coming out and saying things that are very critical.

so i think people are really spooked by that. that is part of the reason the market has the jitters, but certainly not the sole reason. joel: nic, there are certain aspects of bitcoin and crypto. the volatility is here to stay, does not seem to be going away. another phenomenon seems to be as the price goes up, the industry starts creating and and shielding various alt coins -- ethereum, dogecoin. if you like ethereum, buy ripple. if you like ripple, buy dogecoin. how much of an effect does that have on the impulse on the part of people in the space. how does that affect, in your view, of stamping up price momentum overall? nic: that's a very astute point. is intrinsic to bitcoin. we see the creation of duplicates and competitors.

the same way that you can imagine nikola stock absorbed some of the momentum for tesla. totally a feature of the asset class certainly one of the ironies. bitcoin supply is perfectly inelastic, but the supply of bitcoin substitutes is not. i expect that to always be the case, in this stage of the economic cycle. there is always going to be entrepreneurs creating alternatives, to cater to that market for new bitcoin alternatives and things like that. that has always been the case in the industry since around 2011, and i don't see it stopping anytime soon. emily: so what factors do you expect to see driving either the next bradley or the next flight. you're still waiting on the biden administration to make decisions about how it will regulate cryptocurrency, and we don't know what direction they are going to take. nic: that's right.

i think the administrative, regulatory factors are really key here and potentially underappreciated in the market. we are already hearing ramblings from the office of that come -- office of the comptroller of currency that they are revisiting some of the favorable rulings with regards to banks being able to come to crypto. it's possible we get a new comptroller that is much more hostile to the industry and unwinds some of these favorable moves. i think the sec has the potential to be much more activist and much more direct in its engagement. a lot of crypto folks hope and expect that the sec will be accommodating, but there is no guarantee that will be the case. certainly, there is just as many tokens as there were in 2017, as many new issuances of some potentially questionable tokens, frankly. i expect the sec to be on

that. those regulatory moves might well pose headwinds. at the end of the day, i think the key mega trend here is the macroeconomic environment. whether inflation is just transitory or if it is more sustained. whether we get things like yield curve control and monetary repression here. joe: real quickly, is that a clock showing the russian time zone on your shelf? nic: that is a deep inside joke showing the price of bitcoin. [laughter] but, yes, it does show the price of bitcoin. not looking too good today. emily: you got to tell us the inside joke for those who don't get it. [laughter] nic: let me see, i don't know if i have enough time. when jack dorsey went to appear before congress, he had a clock the price of such oceans on a clock like this -- the price of satoshis on a clock like this

behind him, and a lot of people thought it was showing russian time, but actually it was just showing the price of santoshis. emily: it is an industry filled with lots of inside jokes, so we are trying to figure them all out. [laughter] good to have you. coming up, trying to stay on bitcoins wild ride. we will hear from ark investment ceo cathie wood on where she thinks the market is headed and how much higher or lower bitcoin can go. this is bloomberg. ♪

emily: when price swings lead to investor mood swings, we are , of course, talking about bitcoin. bitcoin, plunging 30% in the morning, only to rocket back to

30% up in the afternoon. cathie wood in february predicted bitcoin would go to 500,000 dollars. bloomberg spoke to her earlier. cathie: i think what is happening right now is because stock market, the highly volatile part of the stock market, the innovation-oriented part of the stock market has gone through such a correction, which has been flamed by inflation fears. i think the correlations among volatile assets are going to one right now, including bitcoin. carol: so you at one point in april told dow jones that it could go up to $500,000. do you think that is still where it is headed? cathie: we do. our crypto analysts -- we go through soul-searching times like this and scrape the models, and, yes, our conviction is as high. the one thing that has changed

is the environmental concerns around bitcoin, in particular, have caused people like elon musk to pull away and say "whoa, let me make sure i , understand this." we believe that even this is going to change, because, first of all, right now, the percentage of bitcoin mined with renewables and hydroelectric power is substantial. in china it is over 50% in renewables. we also believe, and we wrote a paper in conjunction with square on this, and we are going to have a conference about it in july, we believe that bitcoin mining integrated into the distributed grid, and by that i mean solar roofs, power walls in homes, utilities, merchant power producers starting to include bitcoin mining in the ecosystem -- why would they do that?

they would do it because renewables are intermittent power sources, right? weather -- is it sunny or not? wind -- is it windy or not? and bitcoin mining could take off if there's excess energy from solar being loaded into power walls. it can be offloaded into bitcoin mining, and the whole ecosystem, therefore, becomes much more economic. if this happens, we believe that the adoption of solar is going to accelerate dramatically because there's another profit center associated with it -- bitcoin mining. carol: what happens in the meantime? here we are at 35,000. do you think we go much lower from here? cathie: you never know how low is low when a market gets very emotional. a lot of traders see bitcoin dropping below the 200-day moving average, so traders, once that happens, they just dump.

which was at 40,000. so, traders once that happens, they just dump and run. i think we are in a capitulation phase. yassine has a dashboard. we were looking at of the indicators this morning. they are all suggesting that we are in the capitulation phase, which is a really great time to buy, no matter what the asset is. no matter what the site is. a capitulation phase is buy. it's on sale. now, and my saying $35,000 is the low? you know, if traders, and there are a lot of speculators in bitcoin, if they are running for the hills just because bitcoin has broken through a moving average that is important to them, it could continue, but all of our indicators are saying this is capitulation right now. carol: do you have a low point on your model for bitcoin? cathie: no, these metrics are more a measure -- are we in a

truly capitulation phase? and it is very detailed. yassine uses on-chain analysis. this is the only asset where you can see exactly who is doing what, when, why, and how, and all of those metrics are saying this is a capitulation. this is as bad as it got during the coronavirus crisis. emily: ark investment management ceo cathie wood with our own carol massar. all right. coming up apple entering the , week with a high-stakes antitrust trial and executives are taking the stand. we will have an update next. and a look at amd shares. since late 2014 when lisa su took over as ceo, they have rocketed over 2000%, making it a remarkable tech turnaround story. in the next half hour we will hear from su about

everything from her leadership style to competition in the semiconductor industry, and how she is working to correct the global chip shortage. that is at the bottom of the hour. this is bloomberg. ♪

emily: the ongoing historic antitrust trial between apple and epic games, where epic is accusing apple of acting like a monopoly when it comes to the app store. we are all a leading ceo tim cook, he is expected to testify friday. meanwhile, the current apple evangelist took to the stand this week. he spent 30 years at the company and ran apple's global marketing efforts. our mark gurman has been following the trial every step of the way and phil schiller on the stand yesterday. crag on the stand today.

what have apple's top executives accomplished this week? mark: yesterday phil schiller , did a job deflecting criticism. he pretty much had a retort for everything for epic threw at him. the most notable thing yesterday was epic changed its strategy a little bit. they were not going after the app store specifically. they were basically filling in the judge on all the other antitrust issues that have been facing apple over the years. they brought up the trial of the early 2010's where apple was found to be price-fixing with publishers and amazon and had to pay a nearly $500 million fine and have a government issued monitor on the payroll for nearly two years or so. they also brought up the fact that imessage is in part ios -only, to lock users into the iphone. keeps people into the iphone.

they are basically setting up today with the precursor, putting in the judge's mind that apple does a lot of things that hurt consumers. now let's talk about the iphone, too, and how that is hurting us. emily: meantime, apple's top software executive taking the stand today, dropping a bomb about security when it comes to the iphone. he said that android has a well-known malware problem and he said allowing apps from other stores would create a very bad situation for customers and a huge decrease in safety. talk to us about what he said. mark: he essentially did something very rare for apple -- he took the mac and threw it under the bus. he said that the mac security and malware protection is basically on the par, basically on par with android and the ability to install apps from third-party source, which

creates problems for the mac with potential viruses. basically, the iphone and ipad would have the same issues as android and get a bunch of malware, essentially daring the judge to hurt the security of over a apple users. billionapple wants to put the judge in position to sort of be scared to make a harsh ruling that would really up and the iphone -- really upend the iphone. imagine being that judge. emily: we are all waiting for tim cook to testify. that is expected to happen friday. bloomberg's mark gurman, you have been following this threat the way. we will continue to follow your reporting. up next, my sit down with amd ceo lisa su on "studio 1.0." ♪

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♪ emily: the race to design the most powerful computer processors is one of the most intense sports in the tech industry. when lisa su, an engineer by training, took over amd in 2014, she not only became the first female ceo of a major semiconductor company, she also kicked off one of the biggest transformations in industry history, turning a lagging maker of low-end chips into a juggernaut, known for the superior performance of its products. shares are up more than 2000% under her tenure, and amd chips,

short for advanced micro devices, are now embedded in everything, from microsoft's xbox, to sony playstation, and apple macs, to massive data center machinery. semiconductors, the brains, or you could call them the guts of all of our devices, never got that much glory until the start of the covid-19 pandemic. when demand for chips shot up so much, so fast, it triggered an unprecedented global shortage, raising alarm from washington, to beijing. joining me now to talk about when the chip shortage will end, how she turned the company around, and what's next for amd, on this edition of "bloomberg studio 1.0," amd ceo lisa su. you called 2020 an inflection point for amd, given the robust demand for everything from pc's, to consoles, to data centers, and laptops. if 2020 was an inflection point, what's 2021?

lisa: [laughs] it's a great question, emily. you know, i think when you look at the pace of technology, right, we've been developing these technologies for, like, five years. so we made these decisions on, hey, this is where computing is going. and 2020 was a phenomenal year. you know, we grew revenue 45% year on year. it was an inflection point for our business. now, as we come to 2021, what we see is, it's a mega cycle for compute. i mean, it's like, you know, if you had asked me a couple of years ago, would we have this kind of demand? whether you're talking about pc's, or gaming products, or the data center, i would have been surprised. and so, it's a mega cycle for compute. and on top of that, you know, we have just extremely strong product portfolio, and so on. so, yeah, it's a mega cycle. that's what i would call 2021. emily: amd chips are at the heart of the sony playstation,

microsoft's xbox, laptops of all kinds, apple's mac pro, amazon data centers. what are the new products that you have targeted to meet this new demand? lisa: well, so, for amd, our focus, sort of what we're good at, is high performance computing. so when you think about, you know, computing and processors, they are really the brains of all of the things that we use on a daily basis. and, you know, so for our products, it's around high-performance pc's. so when you're thinking about your next generation notebook, and you're thinking about all the productivity you want, i hope you're thinking about amd. it's the next generation game consoles, or actually, the current generation game consoles. i think microsoft and sony, with xbox and playstation, have just put out phenomenal products that are extremely, extremely exciting, and we're proud to be a part of that. and then, it is about your data center, and what's beneath, what's sort of behind the scenes.

and, you know, all the digital transformation that companies are doing, the fact that, you know, we all pivoted to work from home and running large scale businesses, you know, from our study, i mean, that right requires incredible computing horsepower in the back end, in the cloud or on data centers. so those are the types of products set that we're in. emily: how far in advance do you plan your products, and how do you know you'll have what the world wants by the time they're ready? lisa: that is, in fact, the most difficult thing, and probably the most fun thing. it's really -- we have to think three to five years in advance, and we have to think, hey, these are the things that are going to be most important. and it's about providing, you know, more performance in smaller form factors. it's about having, you know, very extended battery life. it's about providing new experiences. it's about enabling companies and businesses to do something that they couldn't do before. and we do plan years in advance, but i will tell you, emily, what

this year has taught us is we can turn on a dime. and we have been very actively working with our customers, working with our partners on what their top priorities are. and that turning on a dime has proven to be a very useful capability. emily: meantime, the chip shortage, i've been talking to a lot of chip industry ceo's over the last several months, and it sounds like it has been a disaster. you have demand outstripping supply by more than 30%. what are you seeing? lisa: you know, i don't think i would use the word disaster, emily. i would use the word -- it is a cycle. and you know, semiconductors, you know, i mean, i've been in this industry, whatever, 25 years, a long time. you know semiconductors do go through these cycles, and the cycles where they're sometimes when supply is much greater than demand, and there's sometimes when demand is much greater than supply.

and this particular cycle is special, because what we're seeing is the incredible demand for all things that require chips is having sort of all markets, you know, sort of wanting more supply. and yes, it's a lot to manage, but i have to tell you, this industry is also really good at managing these things. and, you know, it does take a while for the supply and demand imbalance to balance itself out, but we are very much working together as an industry. and, you know, i'm just amazed, frankly, at what people are able to do when they really put their minds to it. emily: once the shortage ends, then is there going to be too much supply? will supply outpace demand? lisa: well, as cycles go, you know, they do go through ups and downs. i think what's important, emily, is, it's also the strength of the product portfolio, the markets that we are addressing. at amd, we've chosen markets that we think are very resilient.

like, everyone's going to need more computing, whether it's this year, 2022, 2023. we just think community computing is one of those trends that you're going to need more of. and so, we've been investing in those types of areas. so, you know, my view of the world is that it's important to have the right products, it's important to be in the right markets. and then, of course, executing well along the way. emily: amd is one of several companies that has sent a letter to president biden, urging him to include more funding for chip manufacturing and research in the united states. adding that, you know, it's competition with china, it's competition with taiwan that is at stake. what do you think the u.s. needs to do? lisa: well, i think the u.s. is the leader in semiconductors, and we want to stay the leader in semiconductors. and frankly, you know, many of the countries around the world are investing in the same. and then there's also a discussion about manufacturing,

and ensuring that there is a good balance of manufacturing across the globe, as well. so, i think, you know, all of those kind of raise the level of importance of semiconductors, and i think it's great that the administration is choosing this industry as one of the priorities, to ensure that the u.s. maintains its leadership in semiconductors. emily: amd chose taiwan semiconductor to make amd chips. and i wonder, is there something about taiwan? you know, what is the reason for this very prolific industry there, and producing so much top tech chip talent? is there something about the island that makes it so fruitful? lisa: we're very happy with our partnership with the taiwan semiconductor. you know, they're actually the best in the industry. and so, you know, when we think about taking our design capability, which we think is, you know, at the top of the industry, and combine it with their manufacturing expertise, that's the best in the industry,

that's how you get sort of the best products. and so, certainly, we're happy with that. but i think the key is sort of investing in that long-term nature, and ensuring that you have the right capabilities for this industry. because frankly, it does take many, many double digit billions to keep pushing the leading edge. emily: meantime, here in the u.s., you have many trillion dollar companies, apple, amazon, google, bringing their chip designs in-house. where does that leave amd? does that feel like a competitive threat? lisa: well, i look at it slightly differently. i look at it as, you know, the importance of computing in all products is just going up and up and up. and so, as you see, there will always be some specialization, and, you know, very, very, you know, some of the companies you mentioned, you know, certainly

amazon and apple are very, very strong companies. they will do some specialization of their chips. that being the case, i mean, we just started with -- 2021 is, you know, we're sort of in a mega cycle of computing. right? so i think, you know, our role is really to push the envelope on computing and continue to raise the performance and the capabilities for all applications. emily: then there's, of course, intel and nvidia, with also a big pool of resources. intel has a new ceo, who is coming out strong, saying intel is back, when the competition has a lot of money, and some would say, momentum. how do you view that competition? lisa: well, it's always been very competitive, emily. i don't remember a time in this industry when it hasn't been competitive. what i will say, though, is i'm really, really pleased with our, you know, what we've been able to accomplish. i mean, it's fun to be able to say that, you know, we have really driven the direction of

computing in the industry. i mean, it's fun to be able to say that. and if i look at some of the things that we've done over the last five years, we've really changed, you know, sort of what people expect from high performance computing. so i would say it's a competitive world, and we're going to be very competitive in the process. emily: nvidia is in the process of buying arm. do you see more consolidation in this industry, or have we hit a tipping point? lisa: well, i think for the highest, and sort of the bleeding edge of technology, you know, scale is important. so, when you're -- when you have more engineering capability, when you have a larger supply chain, when you have a bigger impact on your customers' innovation, you know, scale is important. we're very excited, right now we are in the process of acquiring xilinx.

you know, xilinx is number one in the fpga market and accelerated computing market. as we think about bringing that together with amd's technology, we'll be able to offer more capability and more overall system design for our customers. so, i do think consolidation is one of the trends in the industry. emily: does that mean amd is going to keep looking for deals? lisa: we're very focused on completing our xilinx acquisition. we're on track to do that by the end of this year. and we'll always be looking for, you know, how do we bring the best technologies together under the amd umbrella? ♪ emily: did you ever think you were going to be a ceo, let alone a ceo of one of the biggest chip companies in the world? lisa: being a ceo of a semiconductor company and being ceo of amd really is, i've said it before, i'll say it again, it really is like a dream job. ♪

emily: you're an engineer by training. you're also an immigrant. you came to the u.s. from taiwan at an early age. tell us a little bit more about your upbringing. like, what it was like growing up lisa su? lisa: yeah, sure. so, i was born in taiwan, and my parents immigrated to the u.s., my dad was coming to graduate school here. so i grew up in new york. i would say, pretty normal, emily. [laughs] a pretty normal new york upbringing. my parents wanted me to focus on, you know, hard stuff. so math and science is where i spent a lot of time. but yeah, i would say, you know, i sort of drifted into engineering as something that was sort of real, and you could touch it, and feel it, and do something with it. and that was sort of how i grew up. emily: well, i want to talk about how the drifting happened. i understand your father was a statistician, your mom ran her own business.

you played around with your brother's toys, i believe, at a young age? like, how did you get there? lisa: well, emily, i was just really curious, as a kid. and so, you know, my brother had a remote controlled car, and it stopped working, and i wanted to know why. right? so, you know, i opened it up and said, oh, this wire is loose. maybe if i put it there, it works again. and it was just really amazing, frankly. it was amazing to see that you could make something sort of work, and you could understand how you could put these things together. and, you know, i went to the bronx high school of science, which was very science focused. and so, i got some, you know, i learned about computers in high school. and, you know, those are some of the steps. emily: you worked your way through the engineering and technical ranks of various companies. texas instruments, ibm, you were

lou gerstner -- the ceo's technical assistant for a time, freescale semiconductor. did you ever think you were going to be a ceo, let alone a ceo of one of the biggest chip companies in the world? lisa: you know, i wouldn't say that i thought about that. i think the way i thought about things was always, you know, i wanted to make a larger impact. and so, you know, i spent a lot of years at ibm, and it was the first time that i built products that you could actually go buy, you know, at the best buy, or -- and i found, well, that's pretty interesting. and with each opportunity, i got to, you know, to run larger and larger teams. i would say, you know, being a ceo of a semiconductor company, and being the ceo of amd really is, i've said it before, i'll say it again, it is like a dream job. you know, it's something that you don't quite say that that's what you want to be when you grow up, but you know, when you grow up, it's kind of a nice thing to be. emily: it was so interesting going back and looking at the

history of amd, because you started at the company when analysts were worried amd was going to run out of money, after several straight years of losing money -- i believe shares at the end of 2015 were trading at $2.87. now they're trading at 30 times that. what drove you to take on that challenge, in that moment, back in 2014? lisa: i start from the notion that what we do is just, like, really hard. there are very few companies in the world that could do it. and the opportunity to lead amd, and at the time, you're right, there were some people who were like, you know, are they going to be able to get this together? and so on and so forth. but i knew in my heart, i mean, i've seen it over and over and over. if you have the right strategy, and you have the right people, and you have the right focus and execution, you will be able to do something amazing. emily: so, what do you think was responsible, strategically, for amd's comeback? lisa: we made a couple of very good decisions. we said, first of all, our

strategy was to focus on what we're very good at, and that's high-performance computing. and that means that there are some things that we were not so good at. and we said, that's ok, we're not going to be the best at everything. and then, we really did focus on the foundation, emily. i mean, i know this sounds simple, but it does take five years, you know, to really build the foundation step by step, of what -- you know, how you build products, and making sure that, you know, we're really pushing the leading edge. and then on top of that, we built great relationships with our customers. and, you know, we started with the notion of, what problem are you trying to solve? and let's work on that together. so i think, you know, we put a really great team together, right strategy, strong execution. and you know, my mantra is, we do what we say we're going to do. emily: now that wall street is happy, does that mean you can relax a little, or does that create even more pressure to be

excellent? lisa: without a doubt, it does not get easier. [laughs] ♪

emily: so, fast forward to now, to today, now that wall street is happy, does that mean you can relax a little, or does that create even more pressure to be excellent, to keep upping your own game? lisa: oh, without a doubt, it does not get easier. [laughs] i say that it doesn't get easier, because, you know, we're in a very competitive market. i think we have big ambitions about what we want to be able to do. i think it's always about, you know, sort of what's next on the horizon. what does get a little bit easier is just the track record. right? so, you know, i think, well, when i would say back, you know, three or four years ago, when i said, hey, something was going to happen, people were like, really?

and now when we say, hey, something's going to happen, i think people sort of understand. emily: now, amd also has an award, i believe, for a 5% award to recognize excellence, when an employee makes a product or delivers 5% better. how do you balance the incremental with the five year plan? lisa: well, it's actually called "the next 5%." and the way i think about it is, look, we are very ambitious in what we want to do over the next five years. but then, i think we also -- i encourage people to learn from every interaction, every project. and that's what the next 5% is all about. it's like, what have we learned? what can we do better the next time? how do we up our game? because, as i said, the world's a very competitive place, and we want to make sure we're always upping our game. emily: there's no question, you know, we're at a moment of reckoning for women, for asian-americans, in general, but also in leadership.

and you are so unique in this sea of white men in this industry. what is your advice to people out there, who look at you and think, like, how did she achieve what seems to be impossible? lisa: i would say that it is a time where we want to recognize great people and give them good opportunities. what was really important for me in my career is that i was given opportunities, and frankly, i learned through each one of those opportunities. and so, what i would say to women is, who are aspiring to do big things, you know, be ambitious in what you think about. be ambitious in what you think about. you know, i have a saying that that a mentor once told me about running towards problems. you know, take on that big, hard task. even if you don't know how to do it, you're going to learn a tremendous amount in the process. and frankly, you're going to surprise yourself about how much

you can do. and, you know, what we have to do as, you know, the rest of the ecosystem, is provide those opportunities and provide people an opportunity to learn, and maybe make a few mistakes along the way, but really develop as they go through their careers. emily: do you think mentorship is really important in the own sort of -- your own next chapter of your career? lisa: i really do, emily. i mean, you know, again, i'm a product of people who helped me along the way, and i really, really recognize that. i mean, i was given opportunities that other people didn't have. and i feel like i can do the same. and in particular, for women in engineering, that's a particular passion of mine, because, frankly, there are not enough. and women are sometimes a little bit shy in their, you know, in their approach to things. and so, you know, if i can provide a little bit of confidence and a little bit of

help to some of our top, you know, the top engineering talent of the future, that's something that i should do and i love doing. emily: meantime, the chip industry has been defined for so long by moore's law, and this idea that you can double the amount of computing crammed on to a single chip every couple of years. are we at a point where moore's law could be ending? can chips get even smaller than they actually are? lisa: so, i do believe that moore's law is significantly changing. that's the way we should say it. and it's changing because, you know, the traditional ways that we have shrunk chips and put more transistors on a chip, you know, those things are just getting harder. like, you're reaching physical limits. but there are other things that we're doing to, you know, to keep that productivity increase. you know, one of the things that we pioneered was this idea of triplets. and so, what that means is we can break up a big chip into

little chips, and we can package them together, and we can put them on top of each other, and we can do all kinds of things that really brings more capability into the technology realm. so i think moore's law is changing. i think what that means is, you know, other things like packaging and using different techniques will be more important. but one of the things that i truly believe, though, is that the innovation is not going to stop, at all. and there are so many ideas for how you keep the productivity increases going on that will continue to drive real capability. it'll just be done in a different way. emily: so, what about what's next for you? how long do you see yourself running amd? lisa: well, i've got to tell you, i'm having so much fun, emily. there's no better place to be. honestly, if you're thinking about really having the opportunity to interact with so

many smart people in this type of ecosystem, and, you know, chips are fun now, right? everybody's talking about chips. so, this is a great place to be. emily: lisa su, ceo of amd, thank you so much for joining us. it's been great to have you. ♪

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