>> from the art of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. takes down large swats -- large

swaths of the internet. amazon and google go dark. even though they are back online, we will examine just how vulnerable we all are in a digital world. plus, bitcoin tumbles again as experts warn of a looming technical breakdown. talk to an angel crypto investor. and, california and the west are bracing for another year of raging wildfires. how bad will it get, and how are officials preparing? i will talk to the california commissioner of the environment on the heels of massive funding to combat climate change. u.s. stocks hovering near a record on tuesday. breakdown the day. >> kind of a flat session today which is why i want to dive into the nasdaq 100. just a few weeks ago, we were talking about some major selling pressure.

now you are starting to see it in shay little bit higher. really tells you that some of the defense of trading is coming back into vogue. while we are talking about tech stocks, i want to if it to the meme stock mania. take a look at these price swings. you saw wendy's join amc and gamestop. clover health was really that outperfomer up, a whopping 86%. this comes on the backing of a spac jubg making comment -- of a spac king, making those comments. a massive digital outage. perhaps a negative risk event, not stopping from doing too poorly. a 19% gain despite those outages. it is interesting to see that tech is still en vogue even though we have a lot of these

risks still kind of circling the waters. emily: thanks for the breakdown. the host exerted -- the hosting service outage affecting a number of websites including blueprint.com, the new york times, reddit. the company has not yet said what caused the issue. a lot of people to not even know what it is. what exactly do they do and how can the impact such a giant portion of the internet? >> fastly is one of a handful of companies that have content distribution networks. it is a company that allows enterprises and governments to oust a lot of data. they disseminate it very quickly, high amounts of data very efficiently across various servers around the world. what happened today really underscores how fragile this interconnected internet infrastructure really is.

given the amount of data that we are handling today. emily: it sounds like fastly has not disclosed why this happened. what do we know? could a hack attack have been responsible? >> there was no indication from the company and they said there was no evidence that this was a cyberattack. they chocked it up to being a configuration issue. this could have been anything as simple as human error, or just a glitch. really what is at the core of that, these systems are much more vulnerable than they appear. they are very high-tech but they are also very fragile at the same time. a small issue can really reverberate across thousands of servers in a short amount of time. emily: we will continue to follow what exactly happened

here. bloomberg's jackie davalos, thank you so much for that update. the chief executive of the pipeline company hit by the ransomware attack last month has apologized for the incident that paralyzed the east coast's flow of gasoline, diesel, and jet fuel. the ceo said that pain the ransom was an almost impossible choice. >> it was the hardest decision i have made in my 39 years in the energy industry. i know how critical our pipeline is to the country and i put the interest of the country first. i kept the information closely held because we were concerned about operational safety and security, and we wanted to stay focused on getting the pipeline up and running. i believe with all my heart that it was the right choice to make. emily: the u.s. has now

recovered almost all of the bitcoin ransom paid, a signal that law enforcement is capable of pursuing these online criminals, even when they operate outside the nation's borders. thank you for joining us. lipstick tracks cryptocurrency, especially as it relates to financial crime. you have been looking at this incident in particular. how exactly did the u.s. government get this bitcoin back? >> it is a very interesting topic. we are in the business of tracking the blockchain. what we have seen here unfortunately is just another event in ransomware. some work -- some keywords in order to label the addresses used by the darkside ransom team on the colonial pipeline. this information ultimately led to law enforcement being able to trace the funds into bitcoin's

blockchain and ultimately identify which wallets were used. emily: in a ransomware attack, how common is it to get the money back, whether paid in cryptocurrency or not? >> it is not frequent and very rarely publicly known. in fact, the payment on the ransoms that sells are very rarely publicly known. in this instance, amazing work was done by the fbi, the department of justice, able to catch the bitcoin as they were moving to trade into a wallet. whether we will find out remains to be seen. emily: so, does this ransom being paid in crypto, how does that change the equation? i know there are concerned about bitcoin in crypto transactions being anonymous but clearly this

proves they are not untraceable. >> absolutely. cryptocurrency, there are different shapes and sizes. not all crypto assets are identical. bitcoin in particular, we are operating on a public ledger, public lodging. anyone with an internet connection can see what transactions are going on. adding some flavor to those transactions to understand where exactly they are flowing to and from. the focus on our research team, identifying the addresses effectively listed -- effectively lifted that sense of anonymity that can come with bitcoin. emily: i wonder what this means in terms of hacker strategy going forward? will this discourage hackers from doing this at all or asking for the ransom to be paid in cryptocurrency? >> it is definitely a big blow

for ransomware attackers, which is good for our industry and the economy at large. whether this will put an end to these practices is definitely not certain. the professional opinion is that gone are the days where ransomware required advanced technical skills. today, these attackers operate under a ransomware as a service model, where one developer manufactures the code, and responsible for penetrating the infrastructure and deploying that code. i think we will see a tug-of-war between the simplicity to run these attacks and also the strides made by law enforcement to control them. emily: how big a blow is this to bitcoin, given that much of the audience, investors, supporters

are excited about the fact that it is antiestablishment and perhaps outside of the traditional realm? >> i would say that maybe that position has evolved, over the past few years. i think for the adoption, it is good news, the fact that tools like elliptic's are here to make sure that customers are protected but also the evidence we provide enable exchanges and other businesses that work with crypto to be protected. i would not necessarily see this as bad news. i think ransomware has been around for a long time. this latest piece of news from the fbi, the doj certainly indicates that bitcoin is not

necessarily the place to carry out these. emily: fascinating, what you were able to uncover here. elliptic global, a company that tracks cryptocurrency's p thank you for joining us. coming up, we will stay with bitcoin and dive deeper into its two-week low. why are analysts pointing to a looming technical breakdown? that is next. this is bloomberg. ♪

emily: bitcoin slumped to a two-week low with analysts pointing to a quote unquote technical breakdown as well as the recovery of the colonial pipeline ransom in bitcoin, showing that bitcoin is not beyond government control. what do they mean by technical breakdown? ed: we have come a long way from this mid april i have around $65,000. it's the past month, a clear downward trend. a lot of people asking, what happens if we touched $30,000? does it bounce back aboard continue to fall? in terms of it being in overbought territory, one technical indicator, it is in overbought territory? what is going to turn the corner for bitcoin? it cannot catch a break in the words of michael mcglone. i found something else.

take a look at this chart. the blue line is amc, a meme stock. it has been on a bit of a tear recently. the white line is bitcoin. down at the bottom panel, there is a negative correlation. when the meme stocks are going up, we see bitcoin fall away. it raises the question, who is in this market? are these the same people selling bitcoin to fund their purchases of meme stocks? the shine has come off bitcoin. orange line, fallen away. it is underperforming now the bloomberg commodity index. it is on its way to having similar year to date performance to gold. the shine is really worn off. emily: bloomberg's ed ludlow, thank you. i want to stick with bitcoin. more losses. joining us now, an angel

investor who focuses on cryptocurrency and a former ceo. the volatility has been going on for several weeks and it is not necessarily just because of elon musk. why has this been happening? >> bitcoin has always been volatile since 2013, 2014. that is kind of how bitcoin is. if you zoom out and look at this ovary multi-year timeframe, it is a pretty unmistakable trend of being up into the right. bitcoin through the ceiling for the past six months, so i think it would only be natural that it is not going to do that forever. i think it would be natural that we had some sort of pullback. i think there is a technical level around 30k, we will all be watching that. emily: the question, will this be a multiyear down cycle like

last time or will we kick out of this sooner than we think? lily: i am not sure we will have a three year down cycle. to me, what is really feeling this is what folks are doing in macro economic policy. we have had trueness of dollars being printed and spent, i think something like $6 trillion alone in the year of 2020. institutions coming down to ordinary people, they thought, maybe i should find a hedge against them. typically, that has been gold. bitcoin, this looked a little bit like digital gold, updated a little bit for the digital age. i think that is the narrative that took hold last year and even now. i also do not think we will have

this major peak and trough like the last cycles. this time around, a lot of the applications use cases, we are starting to see. emily: i mentioned elon at the top. i wonder what you think, given how his comments helped propel volatility, do you think is influence on this market is unhealthy? lily: i think elon is having fun with this. i think his comments and their substance are hard to take seriously. for him to come back after a month or so of saying, i did not know it has an energy profile, that is disingenuous. that is like saying you don't know where meat comes from. i don't think many people are taking that comment seriously. he probably was triggering an upswing, a little bit of a downswing here.

i think that bitcoin has things that are sort of driving the market dynamics. i'm not too concerned about elon musk longer-term. i think this has been kind of the industry's maiden voyage. i think there has been a lot of people in the industry that have stopped listening to what he is saying. emily: meantime, you just came back from a massive bitcoin crypto conference in miami. still, a massive amount of people and still it feels like mainstream audiences are trying to understand this. do think we are at an inflection point or have we passed that? lily: i think there is still so much potential for the broader blockchain cryptocurrency digital assets industry. i think where we are even now is still early. for a while, there was this

whole ico boom from a few years ago. now we are really seeing something that has the potential for different folks to get into this industry. one thing that is substantial, decentralized finance, we call it de-fi for short, there is like $60 billion today lost into various centralized finance platforms. that is real. it is not just purely speculative, up and down, again and again. there is actually real utility coming through this ecosystem. emily: you are investing across the crypto landscape. i'm curious where you are putting your money and how you stomach these wild swings. with the micro on these big price swings, it is a reminder of how hard your iron stomach needs to be.

lily: i am not going to lie, it is not fun. two weeks ago, there was like a 50% drop over the course of a week. that is absolutely hard to stomach. for me, where a lot of value will be created in the future, value is something -- decentralized value is something i find to be exciting. you have liquidity pools that previously have always been managed and priced and so on and so forth. now, you essentially have the ability to do this. with computer code, which is so crazy to even think about. you can eventually -- a large amount of money even in your browser, and do pretty complex transactions with it. that, to me, is really the start of something phenomenal. that is where i am spending a lot of my time in looking at

different platforms and applications to facilitate that. up until now, a theory on, which is fairly prominent, deplatform for a lot of decentralized finance. i think there are a lot of other decentralized competitors making strides in that space. no question, when you wake up and there is a 20% drawdown, it does not feel great. but we have to stay focused on the long-term. emily: thanks for being honest. lily liu, angel investor, thank you for joining us and taking the time. coming up, securing the supply chains. president biden's latest plans to boost chip production in the united states. those details, next. speaking of chips, micron shares slumping tuesday. researchers saying it could be due to concern over memory chip prices and demand for pcs in the

second half of the year. this is bloomberg. ♪

>> we really wanted to bring more transparency to crypto. we were a company that had our controls in place, management team in place, that had thought really hard about what it took, and the journey started much earlier than 2021. we were on this path for over a year but ultimately decided it was time that crypto had emerged as an asset class that was broadly ready for the public market. >> the hardest part of a direct listing is connecting the supply and demand. you are not allowed to ask your investors what they plan to sell so you go with a lot of unknowns. that creates volatility. that creates a bumpy path. we spent a lot of time educating our employees. the market does not understand

these dynamics as well as i would like them to. over time, as there are more direct listings, i think there will be changes that enable more supply. emily: coinbase cfo alesia haas speaking at the bloomberg deals summit. sticking with crypto, an update on a story we continue to follow. microstrategy has boosted the size of its junk bond sale to fund more bitcoin. it will now issue more -- no issue $500 million. the ceo michael taylor is renowned for asian -- renowned for his bullish views on cryptocurrency. coming up, california governor gavin newsom proposes a record spending budget of more than $11 billion to fight and adapt to climate change. we will talk about that historic proposal for the california secretary for environmental

protection, next. this is bloomberg. ♪

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emily: welcome back to bloomberg technology, and emily chang in san francisco. back to the markets, big movers with ed ludlow. what are you following? >> tesla, opening up 3%. by the close of play, down almost through 10th of a percent. two big pieces of news, the first, one man, a longtime leader at tesla, one of the core pieces of the management team left the company on june 3. it was unexpected. he was recently promoted to lead

the semi truck business, heavy trucking project tesla is trying to get off of the ground. a lot of questions about why, given his recent sideways move. as you can see, tesla rides -- tesla relies heavily on elon musk. a lot of questions about what happened. the other big thing is china, shipments rebounded in may, up almost 30% from april. there was intense focus on china. look at this chart, one of the reasons tesla continues to grow while revenue from the likes of north america to europe plateaus somewhat. it's a positive sign for investors, they are seeing that ramp up from shanghai. tesla has done a lot of the supply chain. localizing the boosting margin. really it has been a lackluster year so far. underperforming in the s&p 500.

an incredible run in 2020. a lot of headlines, tweets from elon musk, investors willing to see a on execution. emily: ed ludlow, thank you for the round up. i want to stay with ev's and clean energy. gavin newsom has recently proposed an $11.8 billion package over multiple years to combat climate change challenges. the proposal includes resources to fight wildfires and droughts, and to accelerate the goal of developing the zero emission vehicle market. jared blumenfeld joins us for more. thank you so much for joining us. as you and i have discussed in the class, the problem with climate change, it's just so massive. can even this amount of money make as big of a dent as you wanted to? >> is a good down payment. i think, the governor came out clearly and said we need to move

away from the internal combustion engine by 2035. that takes a lot of investment. part of that picture, three point two billion dollars in adjusting to ev market. really looking at heavy-duty sectors. looking at things like school buses. looking at the electric school buses. trucks that go from the ports of l.a. and oakland to warehouses. looking at transit buses as well as boosting the passenger vehicle market. the 11 billion as you mentioned, feels like a drinking water drop which we are now in the middle of, two things, the impacts of climate change which would be in the resiliency space, everything from the impacts of heat to wildfires to drought, then

looking at how to reduce and mitigate greenhouse gas emissions. everything from recycling to electric vehicles. it really, i think pushes california to the forefront of action in this space. at the same time, the governor has assets to do things like look at setting a emily: date and oil extraction california. emily:right. what is real solid is that commitment, on the outside chance that governor newsom doesn't stay an office. >> he will stay in office. i am abetting man, i know he will stay in office. i think his commitment to these issues is clear. and so is the legislature. we have a super majority in both houses. on the example of electric

vehicles, 3.2 billion, they are now suggesting can be pre-.9 billion. i will go even further in the direction of combating climate change and taking this issue seriously. emily: the wind leases are a key part of the renewable energy plan. a lot of controversy because the federal government has control over them. how do you ensure california gives that power? >> it has been a four-year fight with the lassen administration, often people feel like administrations don't make a difference. it is clear in the climate and equity space, the biden administration is making a huge and drastic difference. one of those, the department of interior secretary told us we need to ramp up offshore wind. there were issues with the department of defense around where exercises could take place. we now have a really important first step, to say we are going

to put 400 square miles of california coast in the middle part of the state and northern california towards wind resources. that has to be a play between federal and state regulators. the offshore wind part is a federal order. in order to get the cables, the power on the transmission in order to make the upgrades, all of those things have to be in play between the state and federal government. at the moment, it is going incredibly well. emily: the governors go to a gas powered cars completely is an ambitious one. how optimistic are you that that will happen? and on deadline? and, what can consumers do to help? >> we were all a little nervous last september, where you have gm saying they will all be electric by 2035.

the president driving the lightning f-150, numerous countries that have now overtaken california in our ambition to move away from internal combustion engines and zero emission by 2035. what was seen as beyond the stretch is now something that others are competing. it is a great competition. in terms of the milestones, we are setting the year-by-year. what we need to do, with the car companies need to do in order to get to zero emission targets. that is also helped by the biden administration reinstating our authority which we believe we always maintain. read starting -- reinstating authority to set regulations for our vehicles. emily: in the meantime, we are focused on the carbon footprint of big tech. jeff bezos had $10 million to fight climate change.

and, the online commercial economy in general generating so much waste. what more could company like amazon be doing? how concerned are you given online shopping only seems to be increasing? >> today is world oceans day. unfortunately, 10 million tons of plastic still goes into the world's oceans. we can pat ourselves on the back, but the reality is, things like plastic, we have way too much of. you see the oil companies moving from transportation fuels using gasoline, petroleum to plastic industry. we want to make sure that we are not replacing one probably than other. you are completely right, is a little bit insane and got expanded because people were at home.

smart shopping to your point about what consumers can do, think about one that has helped our local businesses. so many were hurt by covid and the economic impact goes back. i collect vinyl records. and i was like i'm not going to shop online, i will go to a local place here in sacramento. shopping local helps bring back the economy. gets rid of some of the plastic, the boxes. that's what we need right now. emily: if you want to listen to good music, we know where to go. the california secretary for environment, thank you so much for taking the time. >> thank you, take care. emily: coming up, the automotive did start up joins the spac way to go public in a $1.1 billion deal. we will speak to the founder and ceo next about how he plagues to use this opportunity to make our

roads, cars and traffic all better. this is bloomberg. ♪

emily: welcome back. let's take a look at some stories we have been following. further details emerging about the cyberattack on the world's largest producer, gbs. researchers say hackers or potential attack in february. there were months when the company's location in australia and brazil. three former gbs employees told bloomberg the meat producer declined to spend more on cybersecurity because it wasn't considered a priority and it was too expensive. president biden has come out of the plan to secure a supply

chain, products ranging from medicine to microchips. a task force will focus on supply demand mismatches and deals that could affect the economic recovery. the administration noted in its success meant -- in its assessment, technological changes did thinking to ensure more local manufacturing. meantime, battery-powered electrical car sales surge to more than 2 million, doubling the number from the before. more ev's, means more pewter's, more semiconductors and ultimately more data generated by these cars area a british startup backed by gm uses this for infrastructure design, we are joined by the ceo and founder richard barlow. thank you for joining us area you are planning a spac, why spac now and why not do a traditional ipo? >> we have raised over $150 million from the private market

area by the least amount from globally, delivering more product. public markets do a special raise. emily: so, you pull together trillions of connected data points. i'm curious, what are you selling your services to and how do you make money on it? >> we provide into the likes of the apartment of transport, traffic and area we often prove those products. stated curbside parking behavior. 20 factories have better understanding of how the cars are being driven and treated. emily: i'm curious how you feel about cars and increasingly connected world. are you concerned about cyberattacks and the new level your -- level of threats you are seeing are not just every company but all of us? >> i set up we journey.

this is focused on data, something we have made from day one. where i said 27,000, but we are more than that, we work with how they protect their data, we work with how we protect data from cyberattacks. something we very much are aligned with as an industry. we have not had, protect consumers data. emily: i'm curious how potential regulations when in fact a company, given that we saw europe, increasing focus on data in general. i am sure that will also leave -- ultimately expend the data generated by cars. >> that is becoming federal.

the right to prepare act, that is big there as well. the privacy act, we now complied with all the standards. we go way beyond compliance. we have this amount of data, society will be regulating the light -- the right from the consumers. the right for everyone, how data has been treated. not abuse. -- not abused. emily: we will keep an eye on your spac. thank you for joining us. coming up, amazon preparing for its next venture. they offer six-month prescriptions for reasonable price. we will talk about the company's latest move next area and, stitch fix shares shoring -- soaring after they expected better than -- both better than expected third-quarter zones.

assigned it we are starting to get out and about again, and caring about how they will get. this is blue bird. -- this is bloomberg. ♪

emily: whether it will be a rally in the crypto world or a spac yield, they have made their mark in how companies operate and look ahead to the future. we spoke with them about what is next for the company at the bluebird virtual event. >> we are debating something we are pretty excited about, turning the incubator to focus very heavily on crypto. which is, i think a really exciting future in a lot of different categories.

>> why are you so excited about crypto? >> it reminds me of changes like web and mobile which were so fundamental to how certain categories evolve. not changing the dynamics of the categories. just a better way to deliver. internet was a better way to deliver services. or travel, really every category. obviously now internet is fundamental to delivering a service. that next phase was mobile and tender came out of our mobile incubator. that was designed to build mobile businesses. right after the iphone came out in the app store came out and all these apps are being developed in the app store. let's build in this area, focus on business in this area because we think it's a better way of doing things in a fundamental way of changing the way people

interact. i think, the same thing could be true for crypto and how it changes the way industries operate. it just makes them more efficient. some of the fundamental underlying things are better ways of doing practices that have existed for decades or centuries. just going to be more efficient when done on a blockchain. >> tummy that your philosophy on spinning off businesses -- there has been expedia. tell me what you do this? >> at some point, each of these businesses can probably do better on its own. it has enough stability and its business, a unique currency for that business. and has enough of a trajectory, that a unique currency starts to make sense. vimeo, the most recent one you

mentioned is in that category. enterprise software as a service that is in the category, very attractive to investors right now. vimeo has certainly been aggressive in that category in terms of expansion with employees, looking at acquisitions and things like that. to have a currency competitive with others in the category i think is going to be valuable for the business. >> will you spin off any companies into a spac? what do you think of spac's? >> i'm not a spac fan. i'm a spac fan and i'm glad that other people are doing it. i'm glad there's a market to get these companies public. a lot of companies will be under the public light, which i think is healthy for a lot of people. people can invest in these things. people can bet on them. people can bet against them. that is all healthy for the echo system.

-- the ecosystem. i don't think we are likely to sell accompanies or do a spac. some of the fun of metal components of a spac don't resonate with us. we spent a lot of time building companies and people do unbelievable work to build a company and get to a point where it is creating real value and is worthy of further investment, or being in the public markets and all of that. i don't see why you go through all of that to build a company and then hand over the keys at a critical point to somebody else. emily: iec ceo there at the bluebird deal summit. meantime, amazon will now offer six-month subscription starting at six dollars. part of the company's latest attempt to move consumers to buy drugs online and not in the store. we will get details from spencer soper.

most insurers won't even cover six-month prescriptions. talk about amazon strategy is a way in? >> amazon is targeting people who buy prescriptions with cash. this will be people who are uninsured as well as people who have insurance but also have high deductibles with their insurance. cash paying customers as well. you end up with a pretty large market, the overall prescription drug market is about $350 billion. a large slice of that is people who pay cash for their drugs. a six-month prescription, people who buy in bulk, pay cash for their drugs, and it keeps amazon's cost down when it's on a monthly delivery. emily: what about prescriptions that crop up on a daily, month-to-month basis? >> this is more people on

longtime maintenance medications. things offering, high blood pressure medications. high cholesterol medication. managing diabetes, that sort of thing they are not looking for somebody who got an ear infection and needs a quick antibiotic. it's more of the long-term maintenance. emily: as much as it is convenient to order online for many people, you can't go down a block on any main street without passing a pharmacy. how hard will it be to break into this market? >> that's the key challenge. emphasizing the convenience factor when so many people have pharmacies close by. it was abundance, gas stations and food joints. that's the thing -- getting

people to change this behavior. the pandemic was a good opportunity, but people worried about going to others, amazon has to try to dislodge people from their existing routine. which is difficult, especially with prescriptions. you have to shift paperwork over, that sort of thing. emily: amazon bought pill pack, the out -- the online pharmacy in 2018. >> the difference here is pill pack specialize in people taking multiple dedications. it would send them all of those medications in a daily packet. this is more for folks who are not on a big medication regimen. taking the daily regimen like the blood pressure then you talked about earlier. this would appear to a broader customer base. emily: bloomberg's spencer soper, thank you so much for bringing us that story.

that does it for this edition of bloomberg technology. tune in tomorrow, we will be joined by kevin mantia. you don't want to miss it. that is all for now. i'm emily chang. this is bloomberg. ♪

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haidi: good morning, welcome to david custer you. shery: from bloomberg's world headquarters in new york, i'm shery ahn. top stories this hour -- u.s. equities closed near records. yields fall as we await data. for more clues on the fence

policy -- the