it was striking to me, his statement in establishing the urgency of this issue and fighting some of the perceived assaults on him. romaine: it will be interesting to see what the administration can do and what congress will do. stay with us. "bloomberg technology" is starting right now. >> heart of where innovation and money combine in a silicon valley and beyond. this is "bloomberg technology" with emily chang.

emily: we will have the latest, plus what the biden administration plans to do about it. and so if i makes its debut via spac -- sofi makes its debut via spac. we will talk to the ceo. plus, is it even worth it? that is what workers are asking amid orders to return to work. those stories in a moment, but first, u.s. stocks came in lower today while zoom earnings are out after the bell. shares dropping quickly after the close. recovering now. >> it was a pretty quiet day on markets. the s&p 500 basically flat.

tech and semiconductors also fell, and if you were looking for a bright spot, you found it in energy because that sector rose about 4% after opec stuck to its output plans. it also gave a bullish outlook overall for the oil market. speaking of bright spots, bloomberg news reported that kkr and cdn are are closing in on a deal to buy cordero at a deal that would be valued at $16 a share. that sent shares flying up about 24%. you saw stocks rallying today. we also got earnings after the bell because hewlett-packard falling after hours. that is after quarterly earnings actually rose 11% on a quarter over quarter basis, but its profit forecast, analysts are

calling that tepid. zoom is an interesting story because it beat on revenue and eps. you initially saw shares fall, but clearly traders are looking at that earnings report and finding some things to like. emily: we will look at that earnings story and see how it plays out. meantime, another week, another hack. this time, and attack the forced a shutdown -- an attack that forced the shutdown of several meat plants across the country. >> the question is how do we up step our defenses? one of the things the biden administration is doing is try to get federal government and vendors to put in much more

robust system. emily: i have to talk about the target. first, colonial pipeline and oil supply across the country. do you think hackers intended for food to be the target? >> thank you. we believe hackers are almost blind when they choose their attacks. on the gbs situation, we believe it was just another ransomware attack coming from russia. we believe the russian government can find, that they can no who is basically behind those hacks, and we believe that right now, we are in a war situation against those ransomware groups that exist out there. emily: a war situation against

the ransomware groups, or would you say some sort of cyberwar with russia? >> ransomware right now is basically a business model. as long as hackers keep making money -- for example, the colonial situation, they collected -- not just from colonial, but in general, in less than a month, $19 million. as long as they are making money, it is a business model, and as long as this is a business model, they will keep hacking. it is not just about companies ending cyberattacks, but the government basically putting pressure to solve this. emily: gaba -- jba determined it was the target of an attack.

when you say hackers are blind to the target, do you mean they are just looking for targets anywhere, no matter what kind of services they offer for what kind of company it is, or do you think they pick targets that will wreak havoc? >> we have a group that tracks them and understands what they are doing and how they conduct their business. we believe they are not choosing targets specifically. if they want to maximize on the -- but they want to maximize on the capability to make money and they do not carry -- they do not care about supply of gas for meat. they care about money. this is the reason they are blind and not choosing carefully the target. usually, they are going after big companies that can pay.

emily: if russia is not stopping this, what should the u.s. be doing to try to mitigate these attacks? >> many companies today are still using ancient technology that used to repel hacks from 20 years ago, but right now, the security industry has the capability to stop these types of hacks. we can do it. other companies can do it. it is not a phenomenon that we cannot fight against, but we have to choose the ways we are thinking about the problem together with the federal government. emily: with the federal government. strong words there. we will keep following the fallout from this particular hack. meantime, amazon has updated its

terms of service saying customers can sue the e-commerce giant following thousands of complaints alexa has been collecting voice recordings without permission. what do we know about this? looks like we are having some trouble hearing matt. we will get back to that story. obviously, a really important one. amazon is saying customers consume amazon itself over issues with alexa improperly recording your voice. we will dive into that a little bit later in the show. coming up, hoover and l -- uber and lyft riders reportedly seeing a rise in prices as demand spikes. this is bloomberg. ♪

emily: uber and lyft prices are getting to some jaw-dropping levels according to a "new york times" report. this is all part of the new normal. we got analysis from an analyst at wedbush securities. it is not necessarily unexpected with the economy starting to get back up and running, but is this

a bigger problem, and could it be a persistent problem? >> when we see price increases at surge levels in some cities, up 50%, 60%, 70%, if that is driver shortage, we could say this is roaring 20's demand coming back. ultimately, price increases are a dark cloud over the stock. emily: why is it happening? are there enough drivers? if there are not, how do they get more drivers? >> drivers in some cities could be down as much as 50% relative to where they need to be. it is a problem because the drivers need to come back. there also need to be incentives to bring drivers back. more promotions, and this is an issue for lyft and uber.

some could say it is a high-class problem in terms of demand, but this is a time when consumers are starved to come out. they suddenly go on the app for the first time in 15 months, and prices are double what they are used to seeing. this is exactly the wrong time. what is starting to be a bigger problem, right at the wrong time. emily: there are also long wait times, and i can testify to that personally, and i wonder how long you think this problem will continue. >> yeah, i personally did an uber, and i could have had a five-course meal waiting for a driver. i think this could last throughout the summer. right now, at uber headquarters, they are trying to figure out ways to bring more and more drivers on. there starts to be that balancing act when you are

comparing taxis or other firm -- other forms of transportation, you look at wait times and pricing, it could be a killer of the business model. that is something they are really going to grapple with, and at a time when demand is starting to come back, it has been a great trend, but surge pricing and wait times seems to be an almost chronic problem. emily: what are you seeing that they are doing to try to get more drivers on the road, and are they doing enough? >> i think there needs to be more. in terms of promotions, bonuses, more incentives to bring back drivers, and it almost has become a bit of an arms race in terms of bringing back those drivers. if one ultimately wins, they will get more market share, and

this is coming at a time when consumers are just starting to come out. we talk about roaring 20's type of demand going into the summer. that really becomes some false positives, and that becomes a problem, that they need to figure this out quick. otherwise they lose share. emily: something to follow. always good to have you here, dan. meantime, back to the story that amazon has updated its terms of service regarding alexa recordings. we get back to matt, who covers amazon out of seattle. what is alexa accused of doing? matt: alexa is accused of doing something it does by design, which is just store your voice recordings. a bunch of lawsuits are alleging that storing those voice recordings for any purpose without explicit consent of whoever is speaking violates wiretapping law in a few states

across the country. emily: what does this mean for amazon? could there be a flood of lawsuits if there are thousands of complaints already? >> -- matt: there have already been 75,000 complaints with arbitration with customers seeking redress from the company, so it is something that is already on the radar and has been the last couple of years. i have not told us much of anything on their expectations for liability and we are not getting much in the way of dollar figures, but it is certainly a hotspot in terms of people taking amazon to court. emily: is alexa just doing her job and what she has been programmed to do? >> -- matt: amazon says so. there are plenty of options to toggle how long amazon stores your information. you can go in and delete your information in ways you could

not years ago. clearly, that does not bridge the gulf. emily: practically, how big a threat do you think this is too amazon? matt: it has clearly already compelled them to change some of the ways alexa does business. the harder question to answer is -- how much does amazon need to store that data? forever? the argument they will make is they are fighting to create the next artificial intelligence speaking software right up there with google and apple, and they think they need to hold onto these recordings to be in that race, so i think the jury is still out on how much they actually need this stuff, but they claim it is useful. emily: we will expect you to keep us posted on this one. coming up, a new covert phenomenon. companies might not have seen coming. -- a new covert phenomenon companies might not have seen coming -- a new covid phenomenon

companies might not have seen coming. employees are quitting their jobs if forced to return to the office. we will tell you why next. this is bloomberg. ♪

emily: with the covid-19 pandemic receiving -- receiving, the push by some employers to get workers back into the office has cost them some workers who have embraced the new normal. many ceo's have publicly touted the importance of being in the office, leaving employee use to

threaten quitting or actually quit. your story opened with an anecdote about a 33-year-old mother who has two kids. she was enticed to the job with the promise of remote work, but as the meetings begin to pile up, she has a meeting on the calendar, goes to work and decides to quit. how often is this happening? >> we are not sure how often this is happening, given that it is ongoing, but it is definitely top of mind for thousands of people out there, and response to the story has been really great, and it has not been difficult to pick up chatter on social media, even in my group of friends, there are many people weighing precisely these questions. i have been working remotely a year. it works. my boss knows it works. why am i being called back into the office? emily: this is dinnertable conversation everywhere.

i wonder what other scenarios are you seeing? obviously, quitting is the most extreme form, but, you know, there are a lot of options, and technology is enabling a lot of options, so how are employers debating these options? >> right now, i feel like we are in a little bit of everybody watching everybody else, gauging what to do. more remote flexibility options are being rolled out, companies going with hybrid options, working some days from the office, some days from home, letting workers decide, and that feels like a route a lot of companies are taking now, and just sort of wait and see, but you have also had certain ceo's come out and say on record, "i'm tired of zoom meetings. i'm tired of not being in the office. i want people in."

especially junior people need to come in. emily: talk to us about the people you talked to, the reasons they gave for quitting and how employers could perhaps think about that, here that feedback and integrated into their own plan -- hear that feedback and integrate it into their own plan. >> the story you opened with speaks to that, a 32-year-old mother of two, the pandemic is not over, and does not know if her employer is taking it seriously or if coworkers have been vaccinated or not. she ended up leaving and is now in a fully remote position.

other people site stripping out the week the commutes. other people want to have more flexibility in their days and being able to work the hours they want to work, perhaps being able to go for a walk in the middle of the day. childcare is always a problem for parents. emily: do you get the sense this is a generational thing for some of these people would feel differently if it was, say, a year from now and the pandemic was safely in the rearview mirror and children were vaccinated? >> there is definitely a generational component to this. it is hard to say how great it is, but we had a survey in the story that shows younger workers tend to push even harder for working remotely and are even more prone to quit their jobs. this is just playing out on a sort of anecdotal basis in terms of certain ceo's that are older

that have come up pretty strongly and advocated for an in-office model, but i think it is fair to say the general aspect is definitely there. it is and underlying one. emily: how do you expect employers to react? you mentioned everybody is waiting for everyone else react. i know people who work at facebook are waiting to hear from facebook about what their marching orders are going to be. obviously, it could go in a number of different directions. >> it can, and i think one way companies are using this is the ones that have made a decision and said, we are going to be remote first. we are going to be flexible for workers, they have an opportunity to come out ahead of the curve and attract employees who feel strongly about this and who do not want to go to work, and they might end up forcing the hands of these larger employers that might just be waiting to see what everybody else is doing.

i think a lot of that will shape itself out over the summer, especially as we go into the fall when companies might be even more -- you know, have to come down to a decision. are you going to call people into the office or stay fully remote with some flexibility? emily: right. i get the sense september is going to be decision time. thank you so much for joining us. great piece. you can definitely check that out at bloomberg.com. coming, fintech darling sofi debuts on the public markets via spac. sofi's ceo with us next. lockheed martin and gm partner up to develop an electric moon buggy. we learned when we can expect to see it on the lunar surface. this is bloomberg. ♪

emily: welcome back to "bloomberg technology." let's get a check on the always entertaining meme stock movements of the day and where crypto landed as well. >> it was another huge day for meme stocks, largely thanks to amc surging another 23% today. initially there was news amc sold shares that started this rally. then bloomberg news reported they sold their stake.

its shares went higher. it is driving the rest of the meme universe along with it. the real action was not amc. that is because call activity has been so large in this stock. as we learned in january, and february, when a dealer sells the call, they have to buy the underlying stock to hedge their position. when you are seeing call activity go straight up like on this chart, that can create a bit of a feedback loop. amc's rally has been so intense that it is making bitcoin look boring. amc is now up 1400% year to date, even higher than gamestop. bitcoin is only up about 25% on the year. as we know, it had a couple rough months. it looks like it is starting to bottom, but still a lot of ground to make up. emily: hard to make bitcoin look boring, but amc has done it. thanks for that comparison. sofi gained in its first trading

day following a merger with a spac led by an investor. sofi offers a range of services from civil investing and kinds of assets, including crypto. the spec merger has seen and lackluster performance over the last couple months, but there is hope fintech spacs could revive the industry. anthony, thanks for joining us. nice day. big pop. not too big, not too small. curious how you are feeling about the decision to go public via spac when it seems the spac honeymoon is waning where is the traditional ipo window is open. anthony: history has shown there are a number of ways to go public. a direct listing, now with a primary offering, an ipo, and a spac merger ipo.

the spac merger was the right choice for us. i was an investment banker at goldman sachs for a number of years. i covered the media sector. i have seen dozens of ipo's. every country has different facts and circumstances. as relating to sofi, we had a couple unique things to solve for. one, a large share of capitalization needed to change to both be a licensed national bank united states, also to be a public company. we had to raise capital, which we were working on privately to pay off a sellers note in 2020. we wanted to capitalize the company for the long-term as part of our bank application process. we were raising money privately. along the way, our business continued to accelerate into the fall and holiday season. we were in a great position to

have a lot of options. we decided to execute three legs of the stool. one was a private investment from t. rowe price at $375 million of investment we closed on at about december 27. we launched a pipe from december 28 and announced the spac on or about january 4 and in total raised $2.4 billion, got off the note to galileo and i the company for the for siebel -- and capitalized the company for the foreseeable future. a really great outcome for our shareholders, team, and partners. i could not be happier with where we are today. emily: sofi is helping to empower a new generation of retail traders, taking stocks like gamestop and amc to high highs and low lows. do you prefer to steer clear of

the potential volatility that could involve? anthony: i would first say we focused on giving access to investing to sofi members. we want them to be long-term investors. we want them to consider all the investments they make to ensure they are suitable for themselves. i think a broad-based diversified approach is the long-term. when you say retail trader, on the back of my mind i instantly think day trader. we are fortunate in that less than 1% of our brokerage accounts have more than three trades in a day. we are trying to educate our investors on recurring investments, a functionality we enabled on a number of stocks. we also have robo accounts, under the to drive diversification. we introduced five sofi etf's, a low-cost way in terms of dollar per share. the gig economy, we have the sofi gig economy etf and others.

as a relates to the retail trader mentality that is talked about on television quite often, i do think it is important in this world in which we have a significant sector of acceleration and people accessing public markets in an educated way. it is the responsibility of the brokers to make sure the assets being bought is suitable. >> on that note, is there anything that concerns you about the current day trader rally we are seeing in the markets, especially at these levels? anthony: i don't try to take a perspective on the markets. we are in the business of providing our members with products that help them get their money right. we are doing that more broadly with reducing their cost of debt, giving them access to unique investments, with the sofi branded etf's or robo accounts we created, that is what our responsibility is. we provide education as a

relates to volatility of markets, but we are not taking a position on the market. >> you recently said your clients are asking for crypto more than most other things. i would love to know the numbers. how many people are trading crypto on sofi right now, and how much has that crown? anthony: to your first point, when i first arrived in 2018, i had of you that we need to offer -- had a view we need to offer a broad range of products. there was an opportunity to differentiate by offering a broader set of products, one of which is cryptocurrency. we offer single stocks on commission. i mentioned etf's, robo accounts, and cryptocurrency. when we surveyed our members to see with they wanted, in the top three was cryptocurrency. we provide a very clear warning every time they enter an order that cryptocurrency is highly volatile and you could lose all of your money. we have not disclosed the specific percentage of our

invested numbers in crypto, but it is one of the fast-growing areas. we are also seeing growth in brokerage very strongly. emily: sofi offers an alternative to apps like robin hood. robinhood also offers crypto trading services. with robinhood planning to go public we believe in the next few weeks, what do you think sofi has on robinhood? anthony: generally, we are competing against traditional banks. there are 500 million accounts that are legacy banks that do not provide a comprehensive suite of products. we are offering lending products, savings and spending products and protecting insurance products on one mobile platform. we are the only place that you can buy single stocks, fractional shares, etf's, robo and cryptocurrency. if you wanted to be three of those five products at a time and you did not do it on sofi, you would have to use two other

apps. you can use it all on sofi. if you use your sofi money account, you can put your direct deposit into sofi. it easily transfers into your invest account without you doing virtually nothing. it is sitting in your checking account. it is seamless. we are trying to make our products broadly appealing, but also make them better when they are used together. sofi money and sofi invest is a perfect example. increasingly we are seeing that with other products. when we launched sofi critic art, we double the rewards -- sofi credit card, we double the rewards when you invest in cryptocurrency. we wanted to show the value of one plus one is more than two. >> just a week ago we saw elizabeth warren drill into the bank ceos for overdraft fees. i'm wondering if you think lawmakers have a reason to be concerned when it comes to the banking system and the fees consumers face when they are

charged among typical banks, the contender banks. anthony: i absolutely think the lawmakers should focus on those fees. we do not charge for overdraft fees. overdraft -- we have free overdraft action on our sofi money account. we think you should get the same interest rate on all of your cash. the industry is using legacy frameworks a nd legacy approaches to modern-day. digital provides a permutation of what we can create. banks are still somehow open from 9:00 until 5:00. trading is somehow only open eight hours a day, monday until friday. cryptocurrency is 24/7. why am i getting charged fees because i go a little over my account when i have direct deposit with you? why is my money not available as soon as you get access to it? we enabled two day early paycheck on sofi money if you do

direct deposit with us. it is invaluable to days early. we have to put our members' interests first. it is a simple axiom. it has proved to serve companies over time. lawmakers should focus on fees and ask these tough questions. emily: you are in partnership with a company, and i am curious how valuable that partnership has been to you. if you look over the long-term, its share are underperforming on the market. how much advice is he giving you on a daily basis? anthony: he has been a phenomenal partner, as has social capital. they raised a spac with $805 million. along the way, we were offered opportunities to combine that with merging into a public company. his team provides us strategic opportunities that are beyond the spac.

his company is called social capital, our company is called social finance. there are things we can do strategically well beyond the spac. the second important element to the relationship was we knew they had a robust team that could do the due diligence required to provide credibility to the pipe investors to credential lies us with them -- credentialize us with them. we have gone through that process with t. rowe price. chamath and his team doing that was an additional element of credibility. that diligence process was quite thorough and frankly more thorough than an ipo. not only were the underwriters doing the diligence, the vast network of capabilities he brought to the table was doing that to make sure we are ready to being a public company. he has done five spac's successfully through the de-spacing process.

i am not talking about valuation, but the process of giving us an opportunity to emerge with a public spac, have capital on our balance sheet and do it successfully was an important component. we were a consumer brand. ensuring we had certainty was important. a great partner. now to be a great shareholder. emily: anthony noto, ceo of sofi . thanks for joining us. coming up, lockheed martin and general motors teaming up to create an autonomous electric moon buggy. we look at the new rover and when we can expect to see it driving around on the lunar rock. that is next. this is bloomberg. ♪

emily: space exploration is getting a big boost. president biden's 2022 budget proposal gives over $24 billion of fresh funding to nasa in the largest amount ever to the space agency. the amount paving the way for more opportunities for space related research and deep exploration. on calls for nasa to make a lunar vehicle, lockheed martin and tenor motors teamed up to make an all-terrain lunar terrain vehicle that can deliver people and supplies to the moon's dangerous south pole region. joining me is lockheed martin's commercial civil space vice president and general manager. this is fascinating. talk to us about had this test how this lunar -- how this lunar rover proposal is different. >> excited to be here.

the artemis program is going to take humans back to the surface of the mountain. what is different than the apollo days is we are going there to stay. we want to have a sustained presence on the moon and use the moon as a leaping off point to go further into our solar system with humans to expand our understanding of the solar system, which will help us on earth to understand what is happening on our planet. one of the things you mentioned is we just last week announced our partnership with general motors to build a mobility platform for nasa and others that want to explore on the lunar surface. we are excited about that partnership. emily: the space race is heating up among private companies. what makes you think lockheed martin has an edge to win this lunar rover nasa contract? lisa: we are excited about the contract -- about the partnership with general motors

because it is taking two different industries and bringing the boast of those together. this non-aerospace industry partnership is something i think you will see more of into the future. if we are going to have a sustained presence on the moon or other planets like mars, it will take industries beyond aerospace to make that happen. what i think is unique about this partnership is taking the 50 plus years that lockheed martin has in building exploration spacecraft that explored every planet in our solar system with the innovation and technologies that general motors is investing in in battery technology and autonomy, and bringing the best of those companies together to build this mobility platform. for nasa, for the artemis program and others in the commercial industry. emily: biden's funding for nasa definitely gives commercial space a boost. what should investors be most excited about?

lisa: one thing i'm excited about is the continuity of the artemis program moving forward. the biden administration has been incomplete support for that program, and -- been in complete support for that program, and i think that is exciting. there has been an increase in the budget for nasa. we are seeing an increase in the investment into the space domain in general. investments last year in the billions of dollars that are coming into this industry. it's not just the u.s. government dollars, but investment dollars making space an exciting time to be part of it. that is why you see the excitement around space and what the possibilities are for the government as well as the commercial economy on the moon and other places. emily: let's talk about the artemis project. nasa's artemis project is planning to send astronauts back to the moon.

lockheed's space capsule is an integral part of that. give us an update on the space capsule and when we might see something like this happen. lisa: the orion spacecraft, or what they call artemis 1, was handed over to nasa at the beginning of the year in january. she has been going through her launch processing with the ground system right now. she's completely fueled. we are ready to start the -- start to put the launch aborot system on -- abort system on. it is a lessons learned from previous shuttle missions and the challenger disaster. the launch abort system is on the spacecraft for safety reasons to take the astronauts and entire crew module away from the rocket on the pad as well as during the ascent phase should there be an anomaly during that timeframe. it would eject the crew module so he can land in the ocean. once you get the launch abort

system stacked on the orion crew module, we will bring the full capsule with the launch abort system to the vertical assembly building, where they will put the orion capsule on top of the space launch system, which is the most powerful rocket ever built. the lunch system will then carry orion -- launch system will then carry orion towards the moon. we will launch in the november-december timeframe. that will be about a month long mission, where we will go around the moon. the spacecraft which is designed for deep space will go further than any spacecraft has done. it is about 30 days worth of putting her through her paces to test out the systems on board, and then she will come back to earth safely. shortly after that, we will be

ready to start to fly crew. this is an uncrewed mission. emily: we opened the show with yet another massive cyberattack, one happening after another. our guest said hackers don't care who the target is or how much havoc they wreak, they just want to make money. how are you thinking about space related cyberattacks given the stakes in space are incredibly high? lisa: that is a great point. at lockheed martin, we believe we have one of the best cybersecurity infrastructures in place. that is no effort for our operational systems. we think -- we take cybersecurity extremely seriously so we can be careful in making sure our spacecrafts and astronauts are safe. emily: tell us more about what is in lockheed's pipeline the next one to three years. what else should we be watching

for? lisa: we just announced a partnership with gm for the mobility piece. we think mobility is a critical element for the artemis program. when the astronauts arrive on the surface of the moon, and we are excited we will see the first woman and the next person of color land on the moon in this decade, but once they get to the surface of the moon, they can only explore around their spacecraft. one of the things i think is interesting for viewers to know is when you want to land something on the moon, you want it to be as flat as possible. where people want to explore and get great science is in in the area where it is rocky. for astronauts to get to that area where we can get the science we are looking for, they need a platform that can give them that mobility to get to those areas on the lunar surface. the other piece i would mention is as we are looking to stay on the surface, there is

infrastructure that needs to be there. you will see investments in areas where we might look at how we leverage the lunar infrastructure. there is frozen ice on the surface of the men. can we use that -- of the moon. can we use that frozen water to turn it into oxygen? there is science that needs to go on to understand how it can be used and what contaminants are on there. emily: fascinating. lisa, we could talk about this fo rhours. -- for hours. we are heading into a commercial break, so we have to leave it there. lisa callahan, lockheed martin commercial civil space vice president. we will follow your journey to the moon. instacart uses robots to replace in-store shoppers. we will tell you about it next. ♪

emily: instacart has a plan to

replace its army of gig shoppers with robots as part of a long-term strategy to cut costs and involves building automated for film and centers across the country where hundreds of robots -- fulfillment centers across the country where hundreds of robots will store cans of soup. tomorrow we have electronic arts' ceo talking gaming. ♪

haidi: a very good morning and welcome to daybreak australia. shery: i'm shery ahn. haidi: oil hits a two year high as opec-plus says they are bullish on demand, sticking to their easg