joe: from new york, i am joe weisenthal. romaine: i am romaine bostick. let's look at where we stand. another listless day. the s&p 500 down. joe: the question is "what'd you miss?" romaine: the market board was the overall story. amc got everyone's attention. stock dropping 40%, then into the green, closing down by 18%.

i don't know what is going on. maybe you can explain, joe? what is happening? joe: you know, people are dancing. it was a wild day. people sold it. down 18% on the day. for more, let's talk to our cross asset report appeared -- reporter. you don't often get companies saying our stock does not have any connection to our company. let's bring in our report appeared romaine: that was it --

reporter. maybe you can explain the wild day? >> there are so many factors moving the stock now, the share sale, the massive move from retail traders, but i imagine there is some institutional money riding the wave. if you did see institutional money hop in on the upside and downside, and you have those short positions sticking to their guns, so i'm sure it is a saga that will continue, until someone is blowing up and someone is on the downside of this. romaine: this is a lot of fun. i brewed for the little guys. what is the play here?

certain elements are pure speculation. some people truly believe there is a fundamental rebound story in a movie theater chain that was not doing well before covid. kriti: we keep going back to the gamestop example. there are parallels and differences. there is this retail mania, volatility, but they are doing what you have seen professionals do with the broader stock market , this idea that the momentum play. you hop into what you see is working. we have done this for the past year, tech stocks, cyclical stocks. the idea is this is a trade that is working, let's hop into a trade focused on battered stocks, amc, as we come from the need the pandemic shadow, it has the feeling of a fundamental

nature, the margin might crazy, but what valuation really make sense across the board now? that is an argument. sure there is volatility, speculation, but look at this. we have not seen any of those gains come all the way down to that crazy volatility on a percentage basis and they are still outperforming the s&p 500 year to date on a percentage basis, so something is working. joe: after that first spike in february, everybody thought it would be over. the persistence is remarkable. you mentioned the general stock market. stocks closing lower today. we saw this in early february when we had the gamestop mania. it seems like on these days were something crazy goes on that it seems to happen on credit days for the markets. it sucked some out of everything else. kriti: let's go back to gamestop one more time. at that point, it was a different story.

can anyone get caught in a short squeeze? the question was about investor confidence. you are seeing the same dynamic. amc soars, in the market moves in the opposite direction. that is something to keep in mind. we are waiting for someone to get caught, and no one has yet. it does say something about how people are playing this into the sentiment story. romaine: i want to go back to the start of the segment. this idea that this volatility, the current market dynamics, has no connection to the underlying business, in its words, macro, industry fundamentals, and we do not know how long these dynamics will last. it is interesting they would put that statement in their, but the ceo seems to be leaning into this retail crowd. he has no institutional investors. he has to do it.

i am curious how these companies are squaring the circle where we will embrace these people but let them know there is no connection to reality. kriti: they are not the only ones doing it. this is interesting. this is a different dynamic than gamestop. even across the earnings stories , the idea they are and bracing them. this is something that we have seen in other parts of the world. china is well known for retail mania and volatility. it looks like it is becoming more and more part of the american story. romaine: when was the last time you were in an express? kriti: i can't admit that in good faith. joe: did anybody talk about the jobs report today? kriti: that is part of the story. a lot of it will be positioning,

but there is a wait and see element that amped up the chatter a little bit more. romaine: thank you for helping us break it down. we will catch up with you soon. coming up, we will focus is on crypto and discuss this with the ceo of a platform that allows traders to trade. he is joining us next. this is bloomberg. ♪

joe: it is time for the business flash timelines -- headlines. united airlines placing the first order for boom technologies supersonic aircraft. united will buy 15 jets, valued at $3 billion. the airplanes are expecting to carry passengers in 2029. a media company meredith accepting an offer to buy 17 tv stations. $2.8 billion. the sale will allow meredith to focus on its magazine division. update news from general motors.

the automaker will boost output at two plants allowing it to meet its first-half forecast of $5.5 billion in profit. it is expected to hit the high end of its full-year target. those are the business flash headlines. you heard the general motors news. may be a good sign some of the production bottlenecks are beginning to ease. romaine: if demand holds up, and demand has been through the roof , dead at some point, they will find a way to capitalize on that. joe: exactly. but look at one of the movers today. splunk falling after earnings. i want to bring in the ceo to join us. how much do you see the disappointment in something that

is specific, versus is this year that spend and incredible growth in some of that starting to taper off? >> first, thank you for having me on the show. we were excited about the quarter we just posted. we showed strong growth. 83% cloud growth. 877 million cloud ar. over 200 customers paying $1 million more a year and cloud to complement the 540 customers paying us overall for our services. superhigh growth. 39% ar growth. 3% -- 83% for cloud. i focus on customers. i cannot control the stock. i can control customer service. we are doing well in the market. romaine: let's talk about those customers. you did shift a lot of those

customers to the cloud services you are offering. some concern is doing that here. when do you expect to see rightsizing with regards to cost versus the revenue you will be taking in from the new services? >> we have taken our cloud margins from very low to over 60% in the past two years. we remain committed to a 70% target this year. we are driving efficiencies. some of the spend this quarter was pull in on cloud infrastructure. we had a good quarter that surpassed expectations and had some commissions expense, which ultimately is a positive sign, right? they are doing better than planned. i think there is a blip on the

spend side based on the strong q1. joe: but the stock has faded for a while. i go back to thinking about this time last year, this incredible boom in anything related to tech, cloud. are you seeing general slowdowns , or is it full speed ahead like before covid? >> we actually saw a bit of a slow down. more q2/q3. we are seeing the continued tailwinds post-pandemic, the realization you have to be digital and have to get online, and that has to happen quicker than people thought. some general loosening as we see the shortages and supply chain issues, as economies are opening

backup. the shift to cloud is propelled by data. we are the absolute king bringing data to help cyber security teams, infrastructure management teams, application development teams do that critical work of getting their business online and staying safe , which is harder and harder with everything happening. romaine: with regards to your own employee base in recruiting talent, what challenges have you seen? >> that was another highlight of the past couple of quarters. we added one of the best go to market leaders in the history of the industry. she took the public sector from zero to $10 billion. we just announce the addition of a leader on top of the data products. again, $10 billion plus

business, world-class product leader. that is two of the 15 to 20 executives we have been adding, salesforce, vmware, from really great companies that are cloud savvy, as we continue to meet the demands of scale as we grow this company. joe: i am glad you brought up cybersecurity. there have been several incidents lately about ransomware and other vulnerabilities. do news events like that, how quick is the feedback between awareness of that, everybody realizing they are more vulnerable, that anyone can get it, and more spend on areas related to security? >> pretty quick. pretty quick. people are tuned into the news right now. with the pipeline and ransomware issue, we are seeing companies

that may not have been as focused realize everybody is foldable and there are significant impacts if you don't have the right data framework to give you visibility pre-and post attack. most have been able to get through this much more quickly. it has resulted in an increase as they realize i did not have that going through splunk. maybe i should add those also as i wade through one of the other horrible incidents we have been reading about in dealing with in the news. romaine: we appreciate the time you took with us. the ceo from splunk. we will have the ceo from a big trading platform after the break. this is bloomberg. ♪ his is bloomberg. ♪

romaine: today we are focused on the meme mania, including gamestop, amc, and the like. we talked about robinhood and the use of that platform. there are other platforms out there. joe: all kinds of platforms. crypto's, meme stocks, a massive date come up tickly amc, but the coins bouncing back. check it out. the volume for amc. remember gamestop? nobody talks about it anymore. joining us to discuss the rise of retail trading and its impacts is the ceo and founder of etoro, arrival to robinhood that allows you to trade stocks and crypto, and is expected to

go public later this year. thank you for joining us. how much in your view is crypto and meme stocks the same thing, the same people, the same trade, more or less, in the same chapter room, the same message boards, all fueled by the same story, or are they really distinct? >> every asset is distinctive, and every asset class is different. i think there are circumstances that are combining both of these very interesting trends, and that is a generational buying moment where you have customers from 100 different countries, we see customers from 100 different countries interested, whether meme, facebook, apple, bitcoin, or doge, so we see these global

movements about people talking about markets and understanding their impact on the market as a group, and in general, it is caused by the fact there are zero interest rates and there is a wide knowledge and discussion over the fact that people now understand better what is inflation and that governments are printing money. joe: people are buying doge because of that? >> different trends, different communities. we have seen an increase in q1 this year. we saw 3.1 million new registered users into our social investment platform in q1 this year, versus the best year, 2020, when we sell 5.2 million registered users, so there is a trend from retail investors all around the world who want to find interesting investments. some of them are around values

like renewable energy, and some, it is hard after 25 years and capital markets and now 10 years in crypto markets, it is time to understand the phenomenon c alled dogecoin. romaine: what do you say to the critics? you mentioned dogecoin. there are those who come from a different generation saying these retail investors need to be protected from themselves and you need more regulation. do you have an argument against that? >> we had been promoting for 14 years, 20 million registered users, the democratization of wealth management and investment. i believe it is important for

retail investors and the public to invest in the market and participate in the market. the fact that more people are participating in the markets and we see arrives in the volume of retail investors in the market come with that is a positive thing for the markets, education , people learning how to trade and invest is part of their education. they also need to understand risk management and diversification, key elements that we are promoting. joe: so many aspects of meme trading are wrong, misconceptions, conspiracies about faults, short -- halts, shortselling and things like that. do you think if they lose money that will leave them with the sour taste of the market and the educational end up backfiring? >> i think there should be a general concern about what happens in case of a bear

market. i think all the trading and investment platforms that have increased in growth are thinking what happens if this bubble bursts, right? we are in a different place today then the year 2000. i fell in love with capital markets and started trading in 1996 and 1997 and traded through that era. today, we are able to communicate with people and most important is people need to remember diversification. bitcoin is an interesting trade, but you need to make it part of a diversified portfolio. i admit, because my portfolio is public as well, so you can see it on etoro. i bought gamestop, amc, and

dogecoin to follow that trend. romaine: we will see how it goes. the founder and ceo of the trading platform etoro, set to go public in the u.s. joe: that does it for "what'd you miss?" bloomberg technology is next. romaine: this is bloomberg. ♪ mberg. ♪

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announcer: this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco. this is "bloomberg technology." coming up, banning u.s. investment in 59 chinese