♪ >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i'm emily chang in san francisco. coming up, crypto prices more stable after cratering earlier this week. where they are heading now and

how confident investors can be. we are going to talk about it with an early coinbase investor. an effort led by a former uber exec. delivery on demand. and the u.s. commerce department hosts the chip summit for manufacturers and car makers. this as the senate proposes a $52 billion proposal to boost chip manufacturing. all those stories in a moment. but first, it was an equity rebound with tech leading the way. i want to get straight to ed ludlow. take it away. ed: come with me into my sea of green. very nice rebound, driven by technology stocks. the s&p 500 the main gauge of

u.s. equities snapping three straight days of declines. the outperformance in technology, the tech heavy nasdaq 100 up almost 2%. apple, tesla, microsoft giving us a boost. semi conductors up 2% percent on the day when the white house is hosting a second chip summit. and also, a rebound in cryptocurrency. down at the bottom, up 3.5%. that is the bloomberg crypto index, which tracks dollar-denominated cryptocurrency. bitcoin, a lot of focus around bitcoin. you are not surprised. i am not surprised. if we look at the coins right now, things have changed as the day went on. we saw big gains early thursday. that fell away on news, the irs

may start to see your crypto transfers. the treasury department wants any transactions above 10,000 u.s. dollars. it took a bit of a hit. let me finish on volatility. this is volatility for bitcoin. yes, it has been crazy. it has not been that crazy. the right-hand hand side is where we are at. look back to last year in 2019. relative price swings for bitcoin were much higher. so yes, it's been a bit of a roller coaster. let's put it in perspective. it is not that crazy. emily: appreciate the context. thank you so much. we are going to talk more about crypto. sticking with crypto, which remained volatile and gave back some of the gains, this after the u.s. treasury department called for stronger tax compliance within the industry.

the managing partner at initialize and an investor in coinbase joins us now. you were the first investor to write a check to coinbase in 2012. you have been through multiple cycles of volatility. what do you think is happening now and how is this different from volatility we have seen before? >> i would like to point out as a big crypto enthusiast for going on 10 years, a drawdown of 50% or more has happened six times before. this is not new or scary for any of us. it is just thursday. the standard operating procedure for this type of asset class is when it goes parabolic, it is not possible for it to go forever. i think we need this volatility. it is the weak hand getting shaken out. it is the diamond hands who actually pulled. you have to be in the right ones that actually have some real

utility. i think that comes back to what is happening in crypto today. there are really three big pieces. the first part is value. when we are talking about price, spending a lot of time thinking about digital gold. that is something you can hold. long-term, i am we more excited about things like ethereum. decentralized finance is up 65x in the past year to $65 billion locked up in that platform. this was just a billion dollars just a year ago. as an early stage start up investor, anything that grows 65x in a single year, i am paying attention to. emily: bitcoin hovering around $30,000. for a lot of new investors, this is scary. what you have to say to new investors who are surprised and they are not sure if they want to do this for the long haul? >> the tricky thing here is -- and i deeply believe this. i tell this to my family and friends and anyone out there. if you are scared, you might have bought too much.

the classic rule of thumb is put 1%, 2% of your net worth. if you are scared, if it is something that is going to cause problems for you, do not put that much money into bitcoin or cryptocurrency broadly because it is really truly that volatile. if you limit it to 1% or 2%, when you get that 5x or 10x swing, you will be happy. like anyone, i don't have a crystal ball. it's best to be long-term oriented. don't be over your skis. that goes for stock or currency. emily: i have to ask you about elon musk. obviously, he surprised the market when he said they were going to stop accepting bitcoin for tesla. then, doubling down on the issue with the energy consumption and implying they had sold some of

their bitcoin holdings. then, clarifying he did not. then, this diamond hands tweet, which tipped a lot of people off after the whiplash. how much do you think elon is to blame about the volatility? >> i think he brings up a really great point. i was looking at the numbers and bitcoin takes something like the entire annual energy budget of australia to run. it is around 1%. that is crazy to think about. the cool thing is technologists are coming up with new types of solutions, like proof of stake, which is sort of like ethereum 2.0 and many other new cryptocurrencies are actually going to.

that takes something that is a crazy energy draw down by 99%. engineers are coming up with better solutions already. that is what i am excited about. bitcoin is great as an unending store of value. the feature of it is it is not going to change. i am way more excited about new communities, new engineers, people who are sort of building the future. that is where i think it is going to go. i think elon is entitled to his opinion. emily: you know, i want to talk a little bit about coinbase because when folks jumped in and tried to buy the dip, coinbase was down at 32,000.

it did not come back up until bitcoin was back to 37. it was not the only exchange that had a problem, but it definitely points to some of the technical issues, the infrastructure may not being ready for this kind of volatility. are you concerned about that as an investor? >> i think that is something that technologists -- we are always seeing a crazy amount of scale. i think it is an unsolved problem. that is part of the reason why a lot of people look at this and they say, it is just an exchange. how hard could it be? there is an incredible amount of hard work. keeping the site up all the way to insurance, compliance. that is something you get with coinbase that you really do not get with a lot of the unregulated exchanges. i think the team is doing their best. on a big volume day like this, the interesting thing is it is a pretty crazy spike of revenue anytime it happens. emily: so, volume aside, what is your take on the price? where you think bitcoin is going?

will it get to $500,000 like cathie woods says, or to infinity and beyond? >> i think the zoom out for me is i try not to think about the price as much. i am way more interested in how early we are. on my youtube channel, i have brian armstrong talking through what he thought the future was. we talked about defi, but we also talked about decentralized autonomous organizations. he talked about an organization he started on the side called research hub. i could see an organization like that build on top of cryptocurrencies that could rival that of any harvard or stanford, really any organization that does premier scientific research just like how wikipedia killed encyclopaedia britannica. i am excited about that. at that point, the price follows value.

i think that if you could create something that pushes forward all of human knowledge in a fundamental way, that is priceless. emily: i noticed you do not have laser eyes on your twitter avatar. are we going to see those at some point? why not? >> the reality is, i love the memes. i have not had time to add it yet. i will do it just for you, emily. emily: thank you. i appreciate that. good to have you back. initialize cofounder and managing partner. always appreciate your clear eyed, not yet laser eyed view of the future. all right, coming up, ahead of the bytedance mega ipo, the ceo has stepped down. why the founder decided he was not the right person to lead the company, next. this is bloomberg. ♪

♪ emily: the founder of tiktok parent bytedance is stepping down as the ceo. just ahead of the highly anticipated ipo. turning over day-to-day control of the company. for more, i want to bring in bloomberg's shelly banjo. why is he leaving and why now? >> that is a really good question. this departure took a lot of people by surprise. he still owns a large percentage. by some estimates, 20% of the company. he is going to focus on

long-term projects. late last night, early morning china time, he sent a letter to employees saying, managing is hard. it is not something i want to do. i am not good at it. i don't like being social. i want to focus on the technology and engineering and the innovation, what made this company what it was to begin with. emily: well, i guess it's fair. what does this mean for the ipo? will this make investors less excited about it or not? >> i think it is not going to make investors less excited about it because he is not going anywhere. and if you really read between the lines, you can see he has the biggest financial stake. he has the biggest mind share. people know who is still in charge here. he might not be running the specific day-to-day operations, but you have to know if there is ever a big decision, it is still going to come up to him. this comes on the backdrop of a bigger issue in china, which is that the government is going

after these big ceo's of tech companies because of their wealth. with him about to make a lot of money with an ipo, he could become china's richest person or at least one of china's richest people. it kind of lowers the temperature if he does not have the ceo title. emily: we have a quote from the memo you mentioned. i feel like i did not achieve as much as i had hoped to on my previous objectives. organizational management and social responsibility. you have been reporting on tiktok for a long time. how does this tie into what you have been doing with your podcast and what you have found about tiktok, which is of course one of the crown jewels of the bytedance empire? >> our last episode aired today. what timing it was because it was already set to run and we got this news last night i -- night and i definitely

freaked out when i heard the news because i was worried about it. it really plays into everything we talk about in this podcast, which is that the biggest thing against him was he was not in touch with the human side of his business. with the people who worked for him, with the users who worked for him. all the areas where they would get in trouble, like kids on tiktok, this was the type of thing he could not connect with. the big things, the long-term issues, the innovation driving this company to keep changing, that is where he excelled. this move does make a lot of sense, but it will be interesting to see with this human resources chief weeding the company, what this does to the future. emily: we will check it out. last episode of shelley's podcast, which i'm sure will live on for a long time. an excellent piece of work. thank you for joining us. coming up, capital pumping up the jam. taking the mobile gaming company

public. we will talk to the chair and ceo about the deal. this is bloomberg. ♪

♪ emily: the spac surge saw record like tech companies come to the market. the popularity faded quickly. what was a popular investor vehicle now seeing some seller pressure. kriti gupta looking at that. what did you find? kriti: if you thought tech was underperforming at the start of the year, let's take a look at

ipo's and spac's. going into not just negative territory but by a huge margin. we are talking about 10% drops and more compared to the nasdaq, which is pretty positive on the year even though they have had major tech under performances. it speaks to the fact you are seeing this massive boom really fading. it brings into the question, how much are ipo's or spac's going to be used for fundraising purposes? emily: thanks so much. we are going to talk about a new spac now. it is in the gaming world. let's take a deeper dive into a deal done by jamcity, a developer behind mobile games. the chair of dcpm and ceo joins us from miami. good to have you with us.

i know you have been looking for a deal. why jam city and why now when some people are saying the spac honeymoon is over? >> jam city fits the profile of what we told people we were going to do. we told them we wanted a founder like company that had a long-term outlook that was not looking for a short-term hit from a spac ipo. and one that was changing some dimension of how we lived our lives. turns out "cookie jam" and the games they have in their portfolio, people spend 45 minutes a day on those games. it really is one of these huge and growing products for mobile gamers. why now? the last two months have been tough in the spac market, as you said. the companies making it out now have been through the test. the test is, do they have real revenues? does the management team work well together and can they run a public company? you will see a lot more quality coming out the next few months. emily: i guess the question is, is this the beginning of a longer-term spac slump we are

seeing and how does that change what happens over the course of the next year in terms of the volume and speed of spac's we saw a lot of earlier this year. -- year? >> one way to see it, is there going to be a slump or was there a spac bubble? i would argue people were looking at spac's and assuming every one that came out was good. market forces are going to bear intel companies you are not worth spac's but you are worth y. you will see a spike in companies that come out through the spac channel. emily: the last time we spoke, you were feeling critical of uber and its failure to buy grubhub. since then, uber has bought

drizzly. uber has done a partnership with go puff. what do you think of uber's strategy now, especially after having seen doordash's numbers? -- especially after having seen doordash's numbers for delivery results really strong? is uber on the right track in your review? >> i think uber is on the right track when it comes to getting drivers back on the road and knowing that is critical to getting that part of the business on track. in the food business, i think they have a ways to go. they have a team thinking differently about deals. the last thing is with grab going public and dd going public and uber owing 15% of these companies, it is going to be 15, $20 billion worth of liquidity or a stock they have the market does not appreciate yet. emily: you're joining us from miami.

you have been there for a while. other tech folks are just discovering miami. there is a bit of a rivalry between miami and old-school silicon valley. do you think miami can be the next silicon valley having worked where i am for many years? does miami have what it takes? >> i definitely think miami can be one of the top five tech centers in the country. people five years ago might have questioned whether austen could have done that, l.a. or new york. all three cities have become part of the top five. miami can be part of that in the next five years also because it is starting to get capital. it is starting to get engineers. engineers could be anywhere now. what you need is executives and entrepreneurs to start companies here. every day, there is three or four starting in miami these days. emily: one of the top five but

not the top. is that what you are saying? >> having been in silicon valley for 20 years before i moved to miami, silicon valley will be a special place for a little while longer. it is going to take a whale for any city to catch up to the bay area from a tech standpoint. emily: all right, well, you will have to keep us posted on how that is shaking out. dpcm chair and ceo. thanks so much for taking the time today. coming up, chip crunch. the global shortage extends and looks to be far from over. arm ceo simon seagers joins us next in an exclusive interview to share his outlook on the chip crisis and the new shipping record, next. this is bloomberg. ♪

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♪ emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. a semiconductor shortage continues to disrupt automakers and consumer electronics companies and much more and shows no signs of slowing down. a summit hosted by the u.s. commerce secretary to address the crisis has been happening all day long. invitations were sent out to multiple companies. an official list of attendees has not been released, but we understand apple, google, amazon, samsung, amd, qualcomm,

toyota, ford, and more all plan to attend. ed ludlow here. what can you tell us? ed: equity investors are happy about something in the semiconductor space. there has been a lot of volatility in semiconductor stocks relative to the s&p 500. not as much as a couple of months ago when the whole crisis was at its worst, but it is still there. names driving the index higher -- nvidia, broadcom, texas instruments. eat your heart out. this is the ultimate supply/demand story. and we heard from ford's ceo this morning.

this is how he reads the situation currently. >> we think second quarter is the trough for our chip supply shock. we have seen production increased almost 50%. the situation is complicated, but the facilities that impacted us in japan, they are back up and running. they had a fire burn the whole plant down. they are backed up and running and we are confident in the second half we will get most of the chips we need. ed: long-term demand is still there. demand right now in this quarter very strong. remember, that's the company that builds the machines that builds the chips. -- that's according to applied

materials, the company that builds the machines that build the chips. the stock is a little lower in after hours, but it has seen an incredible run-up, and that is what i want to end on. if you look at the stocks at the top of the philadelphia semiconductor index, it is applied materials that has outperformed the index, but those other names are the companies building the machines that make the chips, and that is where the money is going. that is where the fix is, except it is not a quick fix. emily: not a quick fix indeed. thank you. for more, we are joined by arm's ceo, simon segars. it just announced its partners have shipped a record number of arm-based chips in the fourth quarter, roughly 90 chips a second and 70 million a day. thank you for joining us. really impressive numbers. we will get to that. more broadly, there is a chip crisis happening. i have heard sort of conflicting descriptions of just how bad it is. is it a disaster? would you describe it as such? would you even describe it as a crisis?

simon: there is no getting away from the fact that demand is now outstripping supply, and it is an issue. you were just saying that it will take time to resolve. it will. the equipment from people like applied materials -- these are massive pieces of equipment that take time to build and deploy, so it will take time to resolve itself, but i would not call the situation at the moment a disaster. i have been at arm for 30 years, and i think this is one of the most interesting moments in the semiconductor industry's history because the demand that we are seeing is not just from one sector in the market. it is an expansion encompassing multiple markets simultaneously, and that is an incredible situation where companies are going to innovate and bring these solutions to market, so i think the next few years will be fascinating once we see all of this play out. emily: right. it is not just consumer electronics in phones and laptops but cars and microwaves and washing machines and refrigerators. when do you think this will be

behind us? i have heard from others we will get more supply in the second half of the year, but others say it might be a couple of years before there is a better balance. simon: yeah, as you said, demand is all over the place. there will need to be a lot going into infrastructure. right now, everyone is working really hard, but i think some of the longer-term investments will take some time. you don't just quickly put up a fan and fill it up with equipment. at the same time, people need to plan out investment thinking over the long-term. we are talking tens of billions of dollars, where the payback period is not short-term. you have to think about depreciating that over many years. everybody in the supply chain needs to think about what those longer-term forecasts look like, how much capacity to put in.

because as we solve the short-term issue, we don't want to break the industry and end up having way too much supply that subsequently drains profitability and no one can afford to invest in the r&d. it is a carefully balanced thing. emily: the commerce secretary is holding a chip summit today. multiple different companies involved in that to talk about what they can do short-term and long-term to alleviate the crisis. i recently spoke to amd ceo lisa su about what she thinks needs to happen. take a listen. lisa: we have incredibly innovative and strong capability here. it is on us to make sure we maintain that leadership. i would not say i worry about it. i would say that i am determined

to do our part in ensuring we are doing the right thing and investing in the right areas and developing the right talent to continue that leadership. emily: by we, she is talking about the u.s. more broadly and the u.s. investing in r&d and the current manufacturing needed. you are based in the bay area. are you concerned that the u.s. and europe are falling behind in competitiveness in the chip industry compared to china, compared to taiwan, and what do you think needs to be done to prevent that from happening? simon: well, you know, over the last few decades, we have seen the industry become very efficient in the way manufacturing and r&d is done, and that has helped drive innovation, and it has driven down the cost of the electronics we rely on every day. the last year has shown that there are some fragilities in that situation, and it is good to see that governments are realizing the importance of

semiconductors to everyone, and are looking for ways to make sure that we have a robust industry for the future. the challenges ahead are significant. it's going to require a lot of r&d, and it is good to see that is the focus of where government funding is going to go. i think this is a positive trend. as i said a moment ago, i think it is important we do end up making sure we design an efficient industry that can keep driving the industry and expanding capacity in the right way. emily: now, let's talk about these massive shipping numbers that you have put out. i'm curious what this means for arm's finances. you said in the past arm would be investing heavily to increase its footprint and capabilities. where are you in that process?

simon: softbank gave us the opportunity to invest and look for technologies that will be needed in the market. we anticipate we are going to grow, and we are now seeing growth and expect quite significant growth in the future. i am really pleased with how the investments we have made have been playing out, and we have seen that come through in our numbers. you mentioned some of the stats at the beginning. it really is quite incredible. for us also, when we picture the numbers internally, what i'm really pleased about is the growth in areas like networking -- actually, in automotive where we have seen significant growth year on year, and the continued arm technology embedded in the iot space. emily: you mentioned softbank.

of course, there was a softbank deal a few years ago. now, you are the subject of a $40 billion acquisition attempt by nvidia. we are all curious about the approval process. where are we in that process, and when will we have a deal or are we going to have a deal? simon: we are confident there will be a deal for sure. we are working through it very fast and as i say every time we speak, we set a timeline in september last year, so it would mean about a year from now. we are working with regulators around the world, answering questions, explaining where we sit in the supply chain, which of course is incredibly topical right now, but for us, that process is on track. there's a lot of work within it, but we are confident we will get to the end and successfully close this deal. emily: arm chips are very strong

in the markets that you are in. i know you have been pushing into pc's, pushing into servers, but you have seen less progress there. where would you say you are regarding your targets and what progress have you made getting in that market in particular? simon: you mean data centers, the general computing market? emily: yes. simon: we have really seen progress over the past year. we have seen strong growth, strong progress in our technology in aws. we are seeing innovation among some partners. just yesterday, one of our partners announced a 128-core arm-based design and a number of customer wins they have with that. we have seen great growth over the last year.

like i said, double-digit growth for us in terms of units and revenue in our results. in the pc space, windows 10 runs nicely on arm. i have been using a windows 10 pc this entire period of working from home, and it works just great, and we anticipate more innovation in that space, use in that space, use in chromebooks to allow these general-purpose solutions. emily: all right, always good to have you, simon. thank you so much for giving us your perspective on all of this. ok, coming up, investors poured 69 billion dollars into venture-backed companies in the first quarter of the year, up 93% from last year according to a report from svb financial. the ceo joins us to talk about his outlook for the industry and startup ecosystem in a post-covid era. this is bloomberg. ♪

♪ emily: a new report finds that the spac market started off with a bang this year with a record $83 billion raised before the end of march, exceeding the total amount raised last year. mega deals of over $100 million, once more uncommon, are now quite popular as the pandemic recovery takes hold. you have an interesting perspective as to how startups

are doing, a sort of startup barometer, if you will. are startups rebounding or are they still suffering? greg: overall, startups are doing really well. it is not every single startup, but the best companies are raising the most money, getting the most extension, performing exceptionally well. if you look at the top 1% of the companies that are venture capital backed, they have commanded 30% of all the money that was raised. more money being raised by venture capital through these companies, so i would say overall, the innovation economy is doing incredibly well. emily: how easy is access to capital? going into this pandemic, it seemed like there was more money than ever chasing tech deals.

yet of course, when it happened -- i remember that memo from sequoia warning consumers to pare down, telling how to do more with less. greg: going back to when the pandemic started last year, i think it was a really interesting time. there was about a 30-day period where everybody was very concerned about what this would look like, so it was conserve cash, be very cautious, stop hiring -- all those things you normally see when you have a dramatic market shift or economic shift, but then it very quickly shifted from we

will never do a deal over zoom, to, we did our first couple deals and it worked really well, it actually worked better, and over the second quarter, you saw momentum start to build. the second half of 2020 was truly remarkable. that has carried 2021. the level of venture capital has been incredible, and the outlook is based on fundraising by venture capitalists. new fundraising has also been exceptional. that combination we think will carry us through 2021 and for a period of time into 2022. emily: what kind of deals are you doing, and what kind of deals are you shying away from? greg: we have four businesses, so we kind of have four different things we do. nominally, we are a commercial bank, so we work with roughly 50% of venture-backed companies, roughly 60%, 65% of commercial companies. lending to startup companies which most banks shy away from all the way to multibillion

dollar companies, so we kind of cover the entire deck of capabilities, but then we have private banks. you will see an acquisition announcement soon. hopefully, we will close those numbers so our private banking capabilities will expand. investment hearings, and then we invest in venture capital. we invest in debt equities, helping companies become public, so it is across the board, and we think that is what is so compelling, kind of one-stop shop for the innovation economy. that is what gets us excited. emily: you just celebrated 10 years as ceo. congratulations on that. you had a huge quarter -- three quarters in a row, actually, of double-digit revenue growth. the first quarter of 2021 was your best quarter in history. what is driving that growth, and is it sustainable going into a new normal, whatever that means? greg: it has been great 10

years, and i always tell people i'm confident i have the best banking ceo job in the world and maybe one of the best ceo jobs. mainly because really two things. one is the brands we get to work with. the startups, the innovators, it is incredible to work with them and partner with them. that innovation economy has been really doing so well. so much money has gone into it, that has really been the catalyst for the growth over these last three record quarters, and if we look out into the balance of this year, you know, as we are tailoring our outlook for the balance of 2021, it was a particularly positive outlook because as i said, money is flowing in. exits are picking up. all of those numbers are very strong. success in the industry is what is fueling growth in the business. over many years being on the show, the innovation economy --

i have said the innovation economy is the best place to be. i cannot say what will happen from quarter to quarter, but i believe over the coming years, that is the best place to be in the industry, and we are fortunate to be right in the middle of it. emily: we will have to see what the next 10 years holds. silicon valley bank ceo greg becker, thanks for joining us. thanks for being here on the show. coming up, apple and epic are in week three of a high-stakes antitrust trial. apple's top executive prepares to take the stand on friday. that, of course, is tim cook. we will have details on what you can expect. this is bloomberg. ♪

♪

emily: today, an ongoing antitrust trial between epic games and apple. on friday, apple ceo tim cook will take the stand to convince a judge, not a jury, that apple is not a monopoly. our mark gurman has been following all of the courtroom drama. what can we expect from tim cook tomorrow? mark: you are unlikely to see any new facts or evidence or claims coming from tim cook. what i think you will see is him explain in his opinion is why the app store has been an economic engine, why it fits consumers, why it benefits the economy globally, why it helps developers, not just at capital, but at rivals. he typically comes at things from an economic perspective, so he will probably say this is a boon to user privacy as well.

emily: now, tim cook has not ever testified in a courtroom setting before, at least on aplle's behalf. he has testified before congress a couple of times. will he be able to influence the judge? that's the big question. mark: this will be a first for him. typically when you have a big personality for someone of such importance as tim cook, you will want a jury because you have a better chance of influencing more people. perhaps people who are apple fans, business fans and such within those 12 men and women, where with a judge, she sticks to the facts, and it is a one-on-one situation, but tim cook is going to be the last major witness to testify, and the judge likely already has a good idea what she is going to do. it is basically up to tim cook to not shake things too much out of apple's favor, or if the

judge is currently siding in epic's favor, try to inch things back to apple's favor. emily: so, when can we expect a decision, mark? these cases can drag on for years. mark: i think we can expect a decision next month or the month after. i don't think it will drag on more than that. the judge said she is working through several cases. this is not the only one she is focused on right now, so i think it will take a little bit of time, but not terribly long. emily: right, i believe she has a criminal trial coming up next. so, she does not want it to run into that. thanks for joining us. that does it for this edition of "bloomberg technology." tomorrow, the man who has a lot to say about everything that happened this week.

we talk to dan ives of wedbush securities. we will also be at the court house talking about epic and apple on the day of tim cook's testimony. i'm emily chang. this is bloomberg. ♪

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