announcer: from the heart of where innovation and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco. this is "bloomberg technology." coming up in the next hour, president biden bands u.s. investment in 15 native chinese companies including huawei.

what it means for tech and the u.s.-china relationship. plus i will talk to the founder oof kraken. last time he told us bitcoin was going to infinity. we will get his read on it now. rent the runway enters the retail market. i will speak to the ceo about how the company is positioning itself in a post-pandemic world. all those stories in a moment. but u.s. stocks faling on the first, -- falling on the latest jobs data. kriti gupta has the latest on that and what is happening in crypto. kriti, take it away. kriti: we have to talk meme stocks first. amc, front and center, roller coaster. look at the chart behind me. it was down, it was up, it was all around. ending down 18%. this is after the issue. the company is taking this

retail rarely and using it as a funding opportunity after a seventh day straight of rise. some of this did take a cue from the broader sentiment, really a risk-update. technology getting the brunt of this. s&p 500 down. 3/10 of 1%. the nasdaq is where it took some hard selling. down over 1%. part of that story is going to be tesla down 5.3% after a story , out of china. in particular, china orders have been halved in may. it tends to have an extreme reaction to other tech stocks. tech taking an extra hardheaded. it does tend to have a more extreme reaction to the other tech stocks. when talking about volatility. crypto on the other hand, not so much, actually in the green today. it tells you more broadly that it was in the green.

during the day, it was in the green, rising even though tech was falling apart. emily: kriti, thanks for the roundup. in other crypto news, investors just got a new way to buy and sell coins here in the u.s.. kraken brought their exchange here in the u.s.. the company is stating that investors will be able to trade over 60 tokens straight from their phones. joining me for more is the founder and ceo of kraken, jesse powell. this is a big day. what is the outlook for growth in the u.s. given the extreme and high interest in crypto right now? jesse fisher obviously, it is a superheart market now in the u.s. we are excited to offer a retail market product. our pro has been available.

this allows people to buy directly from their bank account . that is a huge convenience from people. they have been asking for it for a long time. we think the opportunity in the u.s. is awesome. . we have been pretty successful in the rest of the world, so we are just planning for more success here. emily: the story the last couple of months has been relatively. you told us bitcoin would go to infinity, $1 million in the next decade, or, my favorite quote from you, "one lambo, or about $200,000 by four the end of the year." do you still think we can get there? jesse: i stand by that. you can buy for delivery the lambo now. at a discount. lots of people are buying the dip. personally, i am googling, like, how to sell my kidneys at this it is illegal. point. so much for my body, my choice, but, i think people are getting ready to go and buy bitcoin at

these levels. right now the excitement around the space is so hot. it is growing massively. not worried about this little dip. we have seen this over and over. crypto's roller coaster, you need to have an iron stomach to tolerate the ride, but the gains are massive for those who can handle it. emily: but is going off-site a wise idea? i thought people were only supports to invest what they can afford to lose? jesse: absolutely. don't invest anything more than you can afford to lose. don't gamble your rent on bitcoin. the price is up and down 50% any given week. so you have really got to be able to think about this investment and hold for five years to 10 years. don't think about this as a week-to-week swing trade. people should not be betting anymore than they can afford to lose. it is a risky investment. obviously over time, if you look at the chart, you know 10 years

, ago, bitcoin was one dollar. today, $36,000, so long term, it is a fantastic investment. from my point of view. i absolutely would not put 100% of my portfolio into bitcoin. . i would not put my rent money into bitcoin. emily: and definitely not your food money. we don't want people trying to survive on cup of noodles, ok? [laughter] i want to ask you about elon musk. he has had some incredible influence on the ups and downs , and i wonder how you feel about one individual having that much power? jesse fish it is really interesting to see the reaction to one person's tweets and what they can have on the market. just goes to show that the power of memes is real and it people are looking to nontraditional figures to get investment advice from. we realized that we can't trust the guys that are running the

system now. so who else is smart out there and has the interest of humanity at heart? those guys have proven to be more trustworthy. i certainly would not be making fundamental decisions about my investments from one person's tweets, but if you look at crypto, you can develop a thesis , you can kind of weather these market reactions to tweets, memes, and even regulators. we are constantly hearingm there i always some country in the world that is bbanning bitcoin, then undoing it days later. i think those things are more subdued and you can ride it out. the people who don't understand what is happening and are just along for the ride, are the ones that are reacting to these tweets. emily: tell us what your fundamental thesis is, given we have not had major regulatory action in the u.s.. but biden's sec has indicated

some more regulation is coming? jesse: i think regulation will open the floodgates. i don't see it as crushing bitcoin by any means or the ecosystem broadly. there are huge players waiting on the sidelines, pension funds and other investors that are waiting for that stamp of approval, that level of certainty, where there is a lot of gray area now. people just don't know how regulators are going to treat this. so they are in wait-and-see mode. we have no indication there will be a crushing blow to the ecosystem. all of the large players are already fully regulated. so it is nothing new for us. i think just additional clarity would be really helpful. emily: what are your plans at this point to go public? do you have bankers on board? are you thinking about a spac or an ipo? jesse: we are probably not going to do a spac?

we are too large for a spac. we are looking at the second half of next year. we are in a readiness reparation mode right now. we will decide later if we want to pull the trigger on it. things have been weaker than expected for another recent crypto company direct listing. whether we go to the path of the direct listing or ipo, it has yet to be decided, or even to stay private as an option. i think the markets don't really understand the value of these businesses right now, and they may not understand the value until it is too late and we fully replace the legacy systems. emily: you are referencing , obviously coinbase's direct , listing there. does that make the picture murkier for you, has that impacted kraken's evaluation? jesse: a lot of things are driving the price down. personally, it is undervalued

right now. i think it is because it is new. they did a direct listing so there were no lockups. it is different from an ipo process. the street doesn't really know how to take the management forecast, whether to take it as conservative or aggressive. there is not much analyst coverage yet. i think a lot of people still don't have the vision. they don't know what is coming with bitcoin. if they did, bitcoin would already be at $1 million per client. so it is a reflection of the overall sentiment and lack of awareness about what is coming. i think it will be like it was with the internet. there will be people that don't get it until it is too late. so, i think there are a lot of things in play with the corn stalks. we look at that as a company. we try to understand why this is so undervalued right now. it has not deterred us from our

path. we will make the call when we are ready, on the listing. emily: good to know. jesse powell, kraken cofounder and ceo, got to have that iron stomach. thank you. coming up, another ban on chinese companies, this time president biden expanding the list to 59. we have all the details. this is bloomberg. ♪

emily: president biden has signed an order to amend a current ban on companies linked -- current ban on investing in companies linked to the chinese

military. the order made up of 59 now blacklisted companies, including defense, surveillance companies, a policy dating back to the trump administration. let's bring in bloomberg's peter coy for more. biden's executive order now increases the number of blacklisted companies, correct? what else does it do? peter: it also moves the authority over to the treasury department from the defense department. the treasury department has more experience with this because of the office of foreign asset control. the hope is this will create more legal stability and fend off some challenges that the defense department ban had been subject to, some of the chinese companies not happy about being delisted. emily: what does this mean for investors? peter: obviously if you are an investor in one of these companies, you have to get rid of it. the ban takes effect august 2, so no new investment after that date, 60 days from now. if you already own shares, you

have a year to get rid of them. that should be ample warning, since a lot of the companies are already on the list since last november. it is definitely an example of the tearing apart of the fabric that once knit together the chinese and american economies. the so-called chimerica. emily: we are talking about defense companies, surveillance technology companies. what will this mean for relations with china? peter: well, we have already had the chinese authorities coming out and saying they are really unhappy with this, claiming that the u.s. is not following the rule of law, and yet, there is not a lot they can do about it, because the u.s. is claiming this is a national security matter, as indeed, it arguably is. these are companies -- companies

that have been cut off our companies that are connected to the chinese people's liberation army as well as to surveillance companies that have done work such as video surveillance of the uyghur population in western china. emily: all right. something we will continue to follow especially as the biden's administration continues to shape its policy on china. peter coy, thank you for that update. coming up, twitter goes blue. we are looking at the new subscription service and what features users can expect to get, next. and before we had to break let's look at some of the tech earnings out after the bell. broadcom, docusign, boosting revenue forecasts that beat analyst estimates. we are going to continue to watch. this is bloomberg. ♪

emily: tesla a-shares file after a report published that chinese orders for the electric car maker's vehicles dropped by half in may. irregular is recalling 5500 tesla model 3's on faulty safety belt fasteners. we will continue to follow that story. meantime, twitter has a new option for users called twitter blue, a long-awaited subscription service. the company is offering paid customers exclusive features for removing tweets and organizing posts. this all part of a push to ease the reliance on advertising revenue. with me now for more, naomi nix, who has been covering the rollout. what does twitter blue do and what does it not do?

naomi: essentially it is targeted at the most prolific tweeters on the social media site. so, for roughly three dollars a month, twitter blue subscribers get access to an undo option, meaning they could quickly recall tweets if they want to edit it in some way. they also get the option to better organize marked tweets into folders and more easily, read long twitter threads they may come across in their feeds, also, they will get customer service support claims processed more quickly. so all those are add on features the subscribers will get for this. emily: anyone who uses twitter regularly has either sent a tweet they regret or wish they could edit, but you can

basically just recall the tweet -- you have 30 seconds before it posts to do that? i wonder, how much do you think this is really going to change the platform? nail theresa may yeah. twitter users have -- naomi: twitter users have been asking twitter to allow them and edit option, not necessary to delete tweets, but edit it. but twitter has really been reluctant to do that. they think it would change the platform. think of all the tweeters that go viral -- think of all the tweets that go viral from politicians and public figures. if those public figures were allowed to edit a tweet, it might change the new cycle and have real-world consequences. and so twitter has been reluctant to do this. but what they say is that this undo option will give those subscribers the ability to make

quick edits if they spot them right away. the way it works is you will set a predetermined window in which your tweet is not visible to anyone and you can recall it. but after that window expires, after, say, 30 seconds, then your tweet is out there and your only choice is to delete it. emily: how much do you think this will diversify revenue? certainly, it will, but will people pay for this? i can imagine businesses will love this. i imagine there are some power users who might be willing to fork over three dollars a month. reporter: it is likely to provide a small but consistent revenue stream for twitter. certainly, some of the people you mentioned social media , managers at various businesses and organizations whose job it is to manage that organization's social media presents, they

might subscribe. journalists might subscribe. people who get their news from twitter all the time and are constantly pontificating on the day's news, might subscribe to something like this. and this could be critical for the company. more than 85% of the company's revenue is based on advertising. this is one way to kind of diversify that. so it is not so reliant on just advertising. and it is a little bit protected from the ups and downs in that market. emily: ok. naomi nix, we will continue to follow how this plays out. thank you. well, it is back to work for apple. ceo tim cook saying that in early september, employees should be returning to the office for at least three days a week. in a memo obtained by bloomberg, cook said staff should be in the offices mondays, tuesdays,

thursdays at a minimum. for details, we are joined by who else but our very own mark , gurman. tim cook pretty specific, but also allowing more flexibility than some would have thought for a company like apple. what is the plan? mark: so, work sent out -- cook sent out a very long email, may be the longest email i have read in my life detailing the return , to work of the procedures, encouraging employees to get vaccinated, and he did outline this hybrid work environment , like you said, employees will come in on mondays, tuesdays, and thursdays, and have the option to work remote on wednesdays and fridays. he also said apple's remaining closed retail stores would be open across the month of june, so, this month. he also indicated that lots of staff have already returned to apple's offices in australia, other parts of the asia-pacific.

i should note, this is basically saying, ok, time for you guys to come back. that is for remaining people, because a lot of people have already been back in the office already in the u.s. emily: it makes sense that he would specify days that everybody would be in the office at the same time, but why monday, tuesday, thursday? mark: that is a good question. i am not sure why it is monday, tuesday, and thursday. my assumption would be that right after the weekend, monday and tuesday, they want people to come back and jump right in and have two consistent days in a row. wednesday would be dead set in the middle of the week. they probably did some informal polling. and that works best for scheduling. they may have done informal polling. friday is a day that a lot of people in the office and if they get to pick one day of the week, k to work from home, i am sure many people would pick friday,

because you want to give yourself time to get ready for the weekend, so they went from a logical perspective there. the other thing i should know is they are offering two weeks across the balance of the rest of the year of additional remote work, if you get approval from a manager. they also said that many hardware-related roles, so people who need to be in the office to do their jobs, people working in labs, testing, and in-person meetings, you are expected to be there for a five-day workweek. emily: 30 seconds left. he also said this is an experiment. this could change next year, right? mark: yes. this is a pilot program. they will reevaluate it in 2022. what it does not solve are the likely hundreds if not thousands of tech employees in silicon valley who want to work remote, not because they want to work from home, but they want to work remote because they don't want to live in silicon valley. we will see if that gets addressed. emily: right. mark gurman who covers apple for us, thank you so much. ok.

coming up, with lockdowns lifting and offices reopening, women are getting dressed again. we will hear from the rent the runway cofounder and ceo about how she navigated the pandemic, plans to navigate a fashion rebound, and a potential ipo, next. this is bloomberg. ♪

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emily: welcome back to "bloomberg technology." i'm emily chang in san francisco, talking u.s. retail and apparel sales, experiencing -- seeing a huge pickup. let's find out how that is playing out in the markets. kriti gupta. kriti: pajamas, sweatpants, leggings -- that means we did not have to spend much on work clothes. that story seems to be changing, though. you are seeing a rebound lately

as people go out, as people commute, get those drinks, go to restaurants, go to work. they need new clothes, and that is where we are seeing that show up, in retail sales in particular, but we are definitely seeing that translate into retail stocks. tapestry and gap doing well on a year on year basis. and it doesn't look like they will stop anytime soon as we see those sales getting bigger and bigger, more people going back to work, more growth, and even a pickup in the labor market could help this sector. that is the retail side of things. now let's get to the luxury side of things, which have been outperforming even more. who would have thought that some so many people would think now is the time to invest in those clothes? take a look at how the stocks are doing. luxury stocks skyrocketing. not just compared to u.s. stocks, but to global stocks. look at the acceleration. let's see if that sticks around. that will be the real question in the back half of the year. emily: all right, kriti gupta,

thank you so much for the roundup. we will stick with this topic. when the pandemic hit and lockdowns began, rent the runway faced an uncertain future given its business is built on getting women dressed out of the house. the company says it is seeing a rebound faster and bigger than even they expected. to talk about women getting dressed again, we are joined by cofounder and ceo, jennifer hyman. we are talking about the rebound, but first, i want to talk about the journey. because brian chesky, the ceo of airbnb, said as a travel company, the pandemic felt like being hit by a tornado. -- by a torpedo. what did it feel like as a fashion company when you wondered if women were ever going to leave the house again? jennifer: i knew they would leave the house again, but you had complete uncertainty as to when. it was really a fight to save this business i dedicated the last 13 years of my life to and built alongside thousands of

people who also dedicated their hearts and their lives. it felt like we were immediately going into a fight mode, and that kind of led to us being unbelievably decisive very quickly. by the time we got to april, we were actually able to shift gears and focus on who do we want to be coming out of covid, and how do we prepare the business to come out of this financially stronger and strategically stronger. so i am really glad we made the decisions we wanted to in march to make sure we had the financial runway to make it, no matter how long covid lasted. emily: talk to us about fight mode and those decisions. i know there were some layoffs and budget cuts and store closures. how did you make those decisions to get to where you are now? jennifer: i was making decisions, probably dozens of decisions per day, and it was really about shoring up our

balance sheet. making sure we were cutting anything in the business that we knew wouldn't be a priority over covid, so we cut 51% of our capex, our inventory expenses. we shifted our inventory model from one where we purchased inventory to one where we partnered with our partner brands on a revenue-sharing model, so we developed and accelerated our platform, and we did have to make some difficult people decisions. because the cats we made in other areas of the business, we didn't think that would be enough to give us the desired financial runway that we really needed. we really believed that covid would last for a very long time, so we were trying to build a -- trying to find runway for a couple of years. emily: now you say business is rebounding faster than expected. what are women doing right now? what trends are you seeing? what do they want to wear? jennifer: what we're are seeing

is unbelievable. i have been in this industry for over a decade and i have not seen anything like this. from our perspective, our business is up 100% to where it was in our covid low, and that continues to accelerate day over day. we are seeing dramatic acceleration of geographic diversity of our customer base. we are seeing completely new use cases of why they are using rent the runway. they are really renting for those kind of everyday moments in their lives to amp up. they are an up a dinner. they are going to brunch with their family. it is really this philosophy of carpe diem that we are seeing, out, where people are appreciating their lives in a completely different way. we are also seeing that double the amount of customers versus 2019 are saying that the reason why they are signing up for prescriptions to render the

runway is because they want to consume more sustainably. so we are seeing a real value shift happen, which i think is going to be the greatest accelerant that the economy has ever seen. if you know -- as you know, rent the runway is based on the thesis that experiences and assets are more important than ownership. so i think our data is really a great foreshadowing of what i is going to be the biggest growth period ever for businesses and industries that provide an experience to their customers. so i am very bullish on hospitality, entertainment, travel, live events, things that enable you to connect with your community. and, at the end of the day rent , the runway is an experience. emily: you are also getting into the resale market which allows you to buy some of this secondhand stuff that women love to rent. i am curious how big a market youth think that can be, as a know you are preparing for a

potential ipo. jennifer: we saw something interesting at the beginning of covid, that our resale business double. we have always offered subscribers the ability to buy clothing that they fell in love with. overnight, we saw that women were very interested in buying more secondhand clothing from us. so because we had conviction that coming out of the pandemic, the secondhand economy would be even bigger than it ever was before, we wanted to position rent the runway as being the only global platform that enabled the customer to have the flexibility to rent, buy, or subscribe. so we see this as providing that flexibility to the customer. for us, the resale business increases the funnel of new customers into our business. you no longer just have to have an event or want to have a subscription to fashion to, to rent the runway.

emily: speaking of joiners gwyneth paltrow recently joined , the board. how did you get her, and what does she bring to the table? jennifer: well, in terms of what she brings to the table, she is just a massive consumer visionary. i think she has been one of the very best in marrying content and commerce. i have known gwyneth for over a decade as we have been building our businesses at the same time, and we just have developed a friendship. we are seeing in our data that the world we are entering into in 2021 is not some continuation of 2019. we are literally entering into a world where the customer has completely different values. so we wanted to bring on board someone who thinks about that all day, every day, like gwyneth, so we are really proud to welcome her. emily: quickly, are you still planning on an ipo this year? jennifer: well, i read the report yesterday on bloomberg. which was fun. [laughter] you know, i feel that we are at a point where we are talking

about our business being up 100% from that covid low and our daily subscription numbers being back to or far ahead of where we they were in 2019. we are just building a long-term sustainable company, and we are going to continue to make the best decisions for the long-term of rent the runway. so nothing is off-limits. emily: all right. jennifer hyman, ceo of rent the runway, good to have you. good to know you are reading bloomberg. thanks so much for joining us. [laughter] all right, coming up snowflake, , the rising cloud software giant and 2020's biggest ipo is u.s. ipo, is now under even more pressure to perform because of its initial success. the ceo tells me in an exclusive interview. he also talks about going headquartersless, moving to bozeman, montana, and his controversial views on diversity , up next. this is bloomberg.

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emily: it was the biggest u.s. ipo of 2020, but snowflake shares are now down from their december peak. though still up almost 100% since ipo day. the company reported stronger-than-expected first quarter revenue but wider than expected losses, but it is snowflake is holding its own, as it competes against giants like amazon, google, and microsoft. in an exclusive interview, i spoke with the chair and ceo frank slootman, as he gave his outlook on growth and keeping up with those great

expectations. frank: we are a very high growth company at our scale with a valuation to match. there is steep pressure, but we are under the influence of secular megatrends, you know, things that are fundamentally changing the face of computing. we are helping enable that, but we are also swept up in it at the same time. it is very rare to see the kind of growth that a company like snowflake is experiencing. we see many times that customers go from spending one year to the next year, the budgets grow 20x, and that's just crazy. you never saw it in software, and now it is becoming routine. often times we are being told we are the second largest line item itself. the perception of this class of software and the consumption that goes with it is changing. people are adapting. this is a much bigger bucket than it used to be. emily: speaking of cloud, you compete and partner with amazon, google, microsoft.

they are also trying to do what you do. how do those friendly rivalries, if you will, shake out over time? frank: it makes for an interesting day. [laughs] because you never know which version of those three will encounter partner, competitor, , a or customer? our relationships with amazon and microsoft have been very productive. amazon has always been productive and is becoming even more so. it is 80%, 85 percent of our platform deployment. microsoft, our fastest-growing platform, and we are very bullish on those platforms, generally speaking. but they have gone through changes over the last couple of years. everybody is getting used to these new models and these strange, seemingly contradictory dynamics that are showing up. but, you know what, we just deal with it on a day-to-day basis. but we have escalation

protocols. we have qbr's, so we have the ability to work through the friction in these relationships if it one day emerges. emily: let's talk about amazon specifically, aws redshare. are you still winning customers from them, and if so, what customers? frank: typically, when we get into amazon cloud, redshare is already there. it is already understood, and were it not for them, our company would not even exist. but amazon has many more ways to play the game. they are not lost for opportunities just because redshare may not be the play to run. emily: do you have any thoughts on andy jaffe as the amazon ceo, given you are a partner as well as competitor? frank: i personally have the highest regard for andy. i just am mesmerized by what he

has accomplished at amazon web services, so i can see why he got picked for that role. [laughs] emily: you recently moved your headquarters to bozeman, montana. you are joining us from there. looks pretty nice out there. what does bozeman have on the bay area, and what is the strategy here? frank: the strategy was for snowflake to go headquarterless. we thought the whole notion of a headquarter was outdated. companies today don't operate with a central, single physical place for the company, because we are a global distributor company. that is in terms of our employees, and our customers. our headquarters is where we connect for whatever period of time. i sometimes say headquarters is between my ears. it is hard to trying to get away from it, by the way. but that is just the reality. it became extremely apparent to us during the pandemic that we never set foot in our so-called

headquarters anymore for well over 14, 15 months. our headquarters was the same way you and i are talking right now, through a network connection. we also have become much more purposeful in terms of our hiring strategy. sort of happenstance. we take them where we find them kind of strategy. we are hiring for shortened positions in engineering but also in general administrative roles. we have locations, including in india, for a lot of our back-office operations. we need to do that, 8, 4 ability, v, for talent, and see, for economics. the bay area is a heck of a hard place because you are up against google and they spoke for every single engineering hire. emily: does that mean you are ok with remote work? can snowflake employees work wherever they want or no? >> no is the short answer.

every single snowflake employee is what we called tethered to an office. not that you are physically tethered, but you belong and you associate with an office and managers can call people into offices for meetings. it is a big change from the previous office paradigm, is we don't really want the office to be your daytime home. a place where you mindlessly go whether you have a reason to go or not. commuting is probably the biggest productivity killer of all time. you are associated with an office, with teams. we still have that. but you come to the office for a specific reason. emily: i read in the past some of your past comments about diversity, where you said something along the lines of it's not that you don't care about diversity, but you are hiring for the job. i am curious if you are

concerned that with that strategy, you miss having certain voices in the room and how that has played out over time. frank: we are actually highly sympathetic to diversity, we just don't want that to override merit. i start compromising the company's mission, literally. that is not what my employees want from me, because they are there for a reason as well. we do a lot of really constructive things around diversity, creating real opportunity for real people changing their trajectories, and , we love doing that. i am not the person who is going to make a lot of public pronouncements and have indictments about what is wrong with the world, but we are going to do very specific things that help real people connect to opportunity, and we can. for example, we work with universities to help them shape their curriculums so that the people that graduate can be employed either by our company or others. a lot of people don't know how to shape their curriculums so that people connect with

opportunity. these are very constructive, real things that have effect, and that is what i like to do. that's sort of how i, this whole set of issues. emily: you are not worried about the pushback from liberal silicon valley? frank: well, i mean, i will tell you from my own experience talking to you many ceo's or all , the names that you know, privately, we are of the same mind. just publicly, they find it difficult to be that way. there have been some voices recently where people are speaking more precisely to what other people are thinking and leaving. i think we need to come to a more moderated, real place. there's really no room for the hysteria and outrage. you know, we are ceo's. ok. we run companies. we have to produce results for our employees and partners and our investors and our customers, right? so you can't get distracted in that mission. when you do, you might as well

hang it up and let somebody else take over. emily: just part of my conversation there with snowflakes ceo and chair, frank slootman. you can catch the full interview at bloomberg.com. coming up, amc spiraling downward, upward -- depends on the moment. how the so-called meme stock is shaking up a 40% plunge and pocketing $500 million in fresh cash, next. this is bloomberg. ♪

>> you've got the meme stock movement. you have seen a lot of excitement go back into the meme stocks. >> amc and gamestop are the two top stocks in russell 2000 value. >> the speculation is intense. >> the appetite is there as long as the speculative fervor is there. >> plenty of money chasing.

chasing ideas. >> amc is not something i would lay at the feet of the fed. >> it is very much a social media phenomenon. >> people need to think about what is the fundamental value. >> as we said back in rocket january, ships go back to their launch pads. >> buyer beware. i guess that is the way i would put it. ♪ emily: say what you want about meme stocks, they are attracting capturing quite an audience between retail and traditional investors alike. one of those meme stocks is amc. thursday, amc's share price plunged after the company disclosed plans to raise money by selling more debt. but afterward, shares moved up again. let's bring in our guest for more on the wild ride of amc. bailey, what is happening here? bailey: amc came out this morning, as you said, with a filing that they have the

potential to sell about 11.5 million shares. obviously, this is a very highly traded stock. hundreds of millions of shares changing hands every day the last few weeks. then about midday, they came out and said, we completed that share sale. they went ahead and sold 11.55 million shares, profiting roughly $587 million in fresh cash, and investors at least initially responded well, , sending shares back up to being actually in the green before the stock fell yet again. emily: can retail traders actually save a company that seemed doomed just a few months ago? bailey: it seems like it is becoming more and more a reality. anyone who looks at the stock on the fundamental basis seems to agree that that stock really has more issues than it can even fix

, but the company announced this evening that they are looking for permission to sell another 25 million shares in 2022. it will be interesting. emily: will they have diamond hands tomorrow? i mean, when does the tide change again? bailey fish it seemed like today could be that capitulation movement for these retail investors. friday could be more choppy. but the reddit crowd and retail traders on twitter and reddit stocks seemed just as strong and proud as they really ever have been. emily: all right, fascinating. we will keep watching this wild ride. bloomberg's bailey lipshultz, thank you so much for that update. that does it for this edition of "bloomberg technology." be sure to tune in tomorrow when we will be joined by the ceo of pager duty, alex edelman, ceo of the bitcoin rewards platform lowly, and much, much more.

that does it for this additional "bloomberg technology." i am emily chang in san francisco. thanks for joining us. this is bloomberg. ♪ ♪

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