>> from the heart of where innovation, money, and power clyde in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i'm emily chang in san francisco, and this is "bloomberg technology." coming up in the next hour, an intolerable level -- that is how a cybersecurity firm describes the volume of ransomware attack in the u.s. while testifying on capitol hill.

we will hear from the ceo. plus, crypto concerns we will speak with u.s. senator elizabeth warren about what she things about the flood of digital currencies in and out $2 trillion market. her taken what regulation should look like. -- her take on what religion loo regulation should look like. and we will hear from a ceo eyes is coming caps off $15 billion. first, big news out of gamestop. not only did the company report first-quarter earnings, but a name a new leadership team and it has details on an sec probe. a new ceo for gamestop, a longtime amazon executive. >> we know that ryan cohen has been gung ho about being able to compete with amazon.com, and he kind of got his wish list. the ceo and cfo are both amazon

veterans. keep in mind that investors don't have the full picture of what it looks like, just that we are on the way. one piece of good news for the folks who were expecting gamestop to enter this new digital age. net sales for the quarter topping analyst estimates. i'm going to skip to a bullet point, right to the make sales numbers, increasing by a whopping 27% year-over-year. keep in mind that a year ago, no one was going to malls, no one was spending this kind of money. that is a crucial number to see if they could keep up that kind of momentum. there is bittersweet news here. let's start from the bottom up. sec trading, that is the probe they are looking into, the thing at that gamestop bi -- looking at that gamestop bid, see if there is anything sketchy going on. there are not the details on what the requests look like, but they could be hitting more details in the earnings call

which is going on right now. this is weighing on the stock puts market. they are issuing up to 5 million new shares sales full amc took a hit from this a few weeks ago, so seeing that gamestop is seeing the same reaction, not a great sign for this particular meme stock, but let's look at the other meme stocks and for that here is katie greifeld. katie: letting up the message boards and ending the day 30% higher, but yesterday's favorites not faring as well. clover health, wendy's, all ending in the red, and that is a 13% drop for wendy's, the worst since march 2020, and that comes a day after it hit a record high. what of the reason you are seeing so much turnover is that traders are trying to capture the magic of the original meme stocks. amc is up over 2000% this year. gamestop falling after hours. still, up 1500% this year as

well. similar story with blackberry. if you are a whelp-diversified-- well-diversified meme trader, you are having a great year. bloomberg's index of retail trader favorites is 30% higher in 2021, crushing the s&p 500's 13% gain. emily: and gamestop investors today are euphoric about this news. katie greifeld, thanks so much for that update. kriti gupta as well. at the top of the cyber news charts, a ceo detailed the gravity of the cyber threat facing the nation and the pressure these criminals used to extort their victims. >> the majority of today's intrusions by financially motivated threat actors involved multifaceted extortion. threat actors apply to immense pressure to coerce victims to pay extortion demands in the

seven-eight-figure range. emily: he spoke at the homeland security meeting today, where he was joined by the ceo of colonial pipeline. i would like to bring in the ceo of the cybersecurity eight firm fireye for more. what is the solution to stopping these attacks? how do we do it? kevin: first off, emily, thanks for having me on the show. you have to have risk or repercussion to this. we will stop the efficacy of these attacks, but that is just playing goalie every day you have to impose risks because even a blind man if they can go outside every day and shoot is going to hit something sooner or later. we have attackers operating with impunity with no risk of repercussions. let's impose risks and respond as a nation to the threat. emily: how much do you think the

fact that the u.s. got the money back from the colonial pipeline hackers will deter them from doing this again? >> i don't think it will deter. it is good to see it happen because we are making it more expensive for them on offense to steal money. but we got part of it back and i commend the effort to do that, but we are going to be reading about these ransomware attack every single day. we cannot play goalie all the time. i think getting the money back is another means to shrinking the target area of how to monetize computer intrusions. emily: does that mean the attacks are going to keep on coming? we were speaking with a guest last week who said that the hackers don't care what the target is, they just want money. they are coming out of russia and russia is it stopping it. effectively we are at war with russia. would you echo that sentiment? kevin: i don't know if i would use the phrase "war," but there is a bargaining chip now. at the very least, all the

ransomware activity coming out of russia is condoned, period. you can operate out of there and it is a safe harbor for these criminal actors. at some point in time if you want to be part of the global economic community, you have to abide by certain rules, and some of those are don't harbor the criminal element as obviously as russia is doing today. emily: so, what would you expect to see, given what we have seen so far in the first six months of the year in terms of the volume of the attacks in the second six month of the year? kevin: the heads of stable have a conversation and i think there is a chance there will be a reckoning here where we can come up with some kind of arrangement where there will be some dialing back. maybe russia will take steps to stop some of these activities, but it might be a tit-for-tat or trade that needs to occur. i may cybersecurity expert, not a diplomat. we cannot solve this problem with technology alone.

you have to have diplomatic ways to solve it, economic ways to solve it, and operate outside of just the technical domain. emily: ok, so on that note, i know the goal is to never be breached, and we need to shore up our defenses, but once you are breached, do you think that the victims should pay the attackers or not pay at all? kevin: you know, i think every ceo doesn't want to pay. in the same timeframe, it is more complex situation depending on the industry you are in and what is at stake. if you are a hospital and you have a bunch of iot devices, stop working. these are devices critical to the help of the patients in the hospital. i think you will have a different risk calculus than some other organization. it is not as cut and dry as most people think. a lot of folks are saying, "we will never pay the ransom," and then when something happens, they realize, wait, let's look at some of these things. what is the impact on customers?

is there anyone in arms right?-- harm's way? there is a lot of risks and things to way, but everyone starts with -- sometimes through deliberation, people come to a conclusion that may be the best thing for customers and employees and, quite frankly, a nation. emily: when you look at the threat landscape, what scares you the most? what is the worst case scenario on the horizon? kevin: i would hate to give the bad guys ideas. i'm not sure it is so bad that we have lights out overnight. the next modern war will have a cyber component to it and i'm not sure everyone can accurately predict the effects of what will happen. emily: are we in a new form of modern war? i know earlier you said you did not want to use the word "war," what is this what we are seeing? this is a new kind of warfare?

kevin: i don't know. it is deftly going to be a new component of war, but the silent intention of nations is seen in cyberspace first. i cannot tell you that what we are seeing is a predecessor to war. wherever money goes, crime fathers. wherever information goes, espionage follows full to wherever command-and-control goes, communications go, that is worse harbor warriors -- that is where cyber warriors go for the things you do with proximity, you can do from 10,000 miles away in safe harbors for all conflicts, whether geopolitical or armed, will have a cyber component, and we have just got to be more coordinated and better prepare for it. emily: kevin mandia, thanks so much for that. coming up, messages democratic senator elizabeth warren on -- massachusetts democratic senator elizabeth warren on bloomberg

radio for the she will be joined by my colleague joe weisenthal. i am emily chang. this is bloomberg. ♪

joe: welcome back to "bloomberg tech." i'm joe weisenthal. i want to welcome back for more senator elizabeth warren of massachusetts. senator warren, thank you so much for joining us. let's start with the digital currencies that are going up and down every day a lot. you started a hearing with harsh words, saying they failed to deliver on the promises of a more inclusive financial system, they are volatile, they are not good for spending. in your view, do they need to be regulated further? is there something specific in mind that you have that would

bring this area under control? sen. warren: this was our first hearing on digital currencies, and we had a chance to talk with experts and bring in a lot of senators around it. but the bottom line was what is happening right now in cryptocurrency, like bitcoin and dogecoin, it is wild west out there. and it makes it not a good way to buy and sell things and not a good investment, and environmental disaster. do we need regulation around this? you bet we do. joe: in your view, whose purview should this fall under? when you say we need more regulation, do you have something in mind or a conceptual framework for how regulators should approach this burgeoning space that you say kind of has a wild west vibe? sen. warren: well, right now what we need to do is the next round of hearings and investigations, since these

cryptocurrencies have gone everywhere, then that means we need to bring in the people who have different responsibilities . when we are talking about the investor aspects that people were buying bitcoin for speculation, if you were buying stock for speculation, you would be protected by rules against things like pump and dump. but not when you are buying bitcoin for speculation. we need to talk to the sec about that. on the other hand, when we are talking about the question of bringing it into our monetary system and banks either holding bitcoin, that becomes an issue that we need to talk about with the bank regulators. there are a lot of different pieces to this, and i think the answer that we saw today is that right now, our regulators and, frankly, our congress is an hour late and a dollar short, and we need to catch up with where these cryptocurrencies are

going. joe: let's talk about the idea of a digital u.s. dollar, the idea that someone could hold a digital dollar in an online wallet or wallet on their phone in some way. lots of talk about it. still unclear to me of if something like that were to be implemented, what the goal would be. what do you think about the idea of a central bank digital currency, and what do you think the purpose would be if the u.s. were to have that? sen. warren: that is one of the things that came up in this hearing multiple times today, is that i understand how a digital currency would work instead of the united states government printing dollar bills or minting coins, it would, for example, pay a social security check by just putting digital money in your wallet. but the question was what is the problem is trying to solve. because as we all know, most of what happens today is digital in the sense that my bank does not

hold those dollars physically. it has a number in the ledger. and when i transfer money to pay off my credit card, they make a transfer that happens electronically, so you really have to think through this. on the other hand, we had some really thoughtful experts who are saying, you know, you may want to integrate this into other systems for payment, for international payment, and there are questions about whether or not the united states maintains competition with china that is looking deeply into digital currency. the chinese want to be able to track all the purchases of all of their citizens, something we are not looking to do in the united states. but i think the answer there -- here is what troubles me, is that cryptocurrency, the private version has swept the earth. digital currency is not really

out of the starting gate yet. and so you have got this situation where we kind of need to figure out, are we going to try to give digital currency a little boost here, but we really need to keep an eye a digital currency while we are doing that. joe: i want to ask you a question, and i think it applies to cryptocurrency and the idea of a national digital currency. i am glad you brought up china and the idea of monitoring everyone's transactions, because right now if you and i wanted to transact online, we would do it through, i don't know, paypal or something like that and it would be an entity that could look at it. do you think private transactions should be preserved in some way? this is something that people worry about with physical cash disappearing, the idea of transactional privacy. is this a value that you have that in some way we should find a way to continue to allow that to exist in the digital space? sen. warren: so, i understand the idea behind privacy, and i don't want the federal

government tracking how i spend my dollars. on the other hand, inc. about the key feature of a crip -- think about the key feature of our cryptocurrency, and that is secrecy. it is pretty clear right now that that secrecy really is helpful for drug dealers and for crypto warriors who are hacking into systems around the world and demanding ransom, because it is a secret way to make payment. the united states has dealt with this traditionally by saying that what happens in checking accounts is the secret until someone goes before a judge and gets an order to be able to look at a checking account. that means the checking accounts are not a great place to transfer money between drug dealers, they are not great ways to collect ransom. this is one of the concerns about cryptocurrencies. there is no equivalent to be able to say, ok, you can be

private nearly all the time, but not so much that you have created a haven for the criminals. joe: just want to remind viewers and listeners, we are speaking with democratic senator elizabeth warren of massachusetts. senator warren, another theme that runs through all of this -- a lot of talk in progressive and conservative circles, frankly, on corporate power and particularly tech corporate power and the power of the big four, apple and facebook. one of the things about digital currencies is they are these decentralized networks. do you think this is something that should be potentially -- you could be enthusiastic about, the idea of digital decentralized networks that are not necessarily under the control of any one company? sen. warren: wow, you took a turn i do not expect you to take there. i thought you were going to go in the other direction. does it make you at all nervous that amazon and apple is

collecting an incredible amount of private information not only about your purchases with them, but every place you spend every single penny? that makes me really uneasy, and it makes me particularly uneasy because there is no consumer protection in any part of this. right now if you use your credit card, you and i both know that if you get scammed, the most you lose is $50. if it gets lost, the most you lose is $50. not so if you use a cryptocurrency, one of these, as you call it, decentralized, but we could also call it wild west, no rules, no protection kind of currencies. when you loaded the information of all your purchases with other information aggregation that we know amazon is engaged in, we know apple has engaged in, and look at the power that is

becoming concentrated in one company and the ability to be able to exercise influence politically, economically, that really makes me uneasy. joe: a lot of people are uncomfortable with this level of corporate power for all of the reasons you just described. it seems like the main tool that people talk about for going after it is antitrust, but it's not the classical sort of monopoly pricing power issues that you have just laid out. is there a better tool out there in the toolkit to address what you have identified than the sort of antitrust approach that is commonly taken here? sen. warren: so, there are two ways to think about antitrust first, and one is to say let's take and i to its roots,--let's take antitrust back to its roots, where big is a problem, and it poses a threat economically and it poses a threat politically.

so that's one part. another is to say maybe it is time to added it to our antitrust laws to make sure that they are covering the kind of platform approach that has created so much more concentrated power. but the other is to say, hey, regulators, get up and get in on this. we need to the sec, we need the fed, we need others to say if you are using this like a currency or you are using it like an investment, then those agencies have a responsibility to step up and make sure that we have some basic consumer protection, that we don't threaten our entire economic system. joe: all right, really appreciate you joining us, massachusetts democratic senator elizabeth warren. much more coming up on bloomberg television and radio, so stay with us. this is bloomberg. ♪

emily: let's take a look at some of the other stories we are following. amazon's advertising rates jumped more than a half inmate from your earlier, a sign that the rising profits should continue as it takes on facebook and google in the digital ad market. the rate hikes they give lawmakers and regulators momentum and effort to make amazon pay higher taxes. sticking with amazon, the tech giant replace jp morgan as the issuer on its popular cobranded credit card. amazon express and synchrony are said to be among those bidding on the portfolio. in recent years, banks have loaded up their cards with big perks, but in the world of cobranded cards it is harder to turn a profit when revenue is shared with the merchant's partner. coming up, a successful trading debut giving a whopping value

of $16 billion. the founder and ceo joins us to talk about the big day. later, president biden's $52 billion effort passed by the senate. it is a heavy pledge, but will it be enough? this is bloomberg. ♪

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♪ >> welcome back to bloomberg technology. an online card and payment company jumped above its ipo price following a wave of listings over the past year by fintech firms. square accounting for 70% of net revenue in 2020. joining us now is the founder and ceo. a big day for you.

how are you feeling about the day? >> i'm feeling great. it's been a wonderful day, thank you for having me. emily: tell us about what makes the company unique. >> early 2015 is where we found public market for. -- fit. they found that this solved real problems for them at scale or allow them to design -- disrupt entire industries. doordash uses it for dashers. it reduces fraud significantly at the point-of-sale. instacart uses it for shoppers

to buy groceries especially during the pandemic when that was an essential service. companies later, we operate in 36 countries. it has been an incredible journey so far. emily: any plans to get into crypto? many companies are making crypto rewards cards now. >> we power the coinbase card. we also power the coinbase equivalent shake pay and canada. we saw today, i'm sure you reported el salvador legitimized crypto as legitimate to spend. the pico pay system does not let you pay directly at the point-of-sale so mark had a has stepped in. emily: square is your largest customer.

we heard jack dorsey say that square is building a hardware while. >> square is a phenomenal company. we focus on that relationship with technology and innovation and our ability to operate at massive scale. they use every inch of our platform. emily: given that you do have a leg in the crypto space, does that expose you, are you concerned about the volatility? as a company do you face risk given that we are seeing not just a lot of volatility, but we have yet to see regulation and as we just heard from elizabeth warren, there is lobbying for the u.s. to put a stake in the ground here. >> we are all talking about crypto and different forms of crypto and blockchain.

it's going to get regulated. what we see today is we don't take risk in the volatility. we create the last mile so consumers and businesses can spend crypto at the point-of-sale. the fact that we are all talking about it, that even janet yellen is talking about it, we're going to see regulation. it's another form of currency. like a dollar or a peso. we are just creating the ability to spend at the point-of-sale. we have seen were visa and mastercard have gotten into the stable point games supporting the u.s. pc settlement, that is something we are very interested in. again, we see it as another form of currency. it will get regulated and we see the future is being spent at the point-of-sale. emily: how big of a growth opportunity could crypto be you as well as other further opportunities out there? >> the growth opportunity is immense. $6.7 trillion of carded volume

in the u.s.. $74 trillion in what we call global money movement. we are processing only $60 billion in the u.s.. only 2% of our revenue is from out of the u.s.. we already have a tremendous opportunity within cards only. if you think about global money movement and our ability to not only build our way but service companies that want to get into the crypto space, we see the opportunity as per mendez. one thing that will never go away is the exchange of value through consumers, businesses and other form of payment we will be there. emily: jason gardner, ceo and founder of marqueta, thank you for joining us. let's get back to the financial markets. we have two pieces of news in the chip world. ed ludlow has been following this. >> the market is struggling to

find direction. chip stocks down. this ended the day unchanged. the story of the day is about a potential lifting, another stock that could join is global foundries. it is ramping up tonight hiring the biggest name banks according to sources to target a $30 billion listing at some point over the next 12 months. we already had morgan stanley in the bag. why not add bank of america and j.p. morgan chase to work out the details? this company has been at the heart of the global chip shortage because it is the smallest of the players that make chips on behalf of those that are behind them.

it's about what it can do to ramp up domestic production. look at the semiconductor index, this was tuesday when joe biden and the senate made the $52 billion commitment to improve u.s. domestic semiconductor capacity production capacity. $52 billion if it's even enough, we started the day brightly tuesday than nothing. negativity for the next two days. his biden even doing enough to bring domestic capacity back to the united states? emily: thank you so much. steve -- sticking with the chip ambition from president biden, our next guest is with us. is $52 billion enough? >> our position is that it may not even be needed. the shortages that we are going

through right now are not a function of the industry not wanting to invest. there's plenty of private capital the available will into invest in the semiconductor industry. the reason we are in this situation is because no one knew the demand was going to be the strong 12 months ago. when we were coming out of covid, everyone expected effective last much longer. shortages we are having right now are a function of not being able to predict where supply needed to be as opposed to the industry not willing to invest. emily: do you think the chip shortage is overblown? >> it's not and it significant. you are already seeing steps by the industry to add capacity. you will get more capacity into

next year and it's not a situation that the industry isn't willing to put the money in place. one of the arias of greater shortage is putting that capacity in place, they are bringing capacity to the u.s.. the problem that you have in semiconductors, it takes a very long time to add the capacity. when last year in june, the automakers that are in the biggest deficit in terms of availability of supply, they were canceling orders. now, they have shifted that by the end of last year, we realized demand was going to be better than it turned out. it takes time, it takes longer than a year to add capacity and some conductors. for the next six months, we're going to be in a tight supply situation. emily: will we be in oversupply at that point?

we heard this thing comes in cycles. will there be too much supply at the end of this answer result of these efforts? >> semi have historically been a cyclical industry. right now, we have had a number of semiconductor ceos at virtual meetings two weeks ago and the consensus was this is the biggest gap between supply and demand that some of them have seen in their entire careers. it remains to be seen of whether the capacity that is going to be added the end of the year will be too much. that is one of the concerns we have with government intervention. because as happens many times when government intervenes, it sends capital to places that are not the right places to be.

we do worry that if the government intervenes too much and starts putting direct incentives in place to add semi conductor production, it could lead to overcapacity at some point. emily: which companies do you think will benefit the most from this $52 billion and ultimately do you think the u.s. will be a world leader in chips at the end of this or not? >> the company that is positioning themselves most directly in this is intel. they are talking about building a foundry business where they would build some conductors for other customers in the united states. there are issues with that. the other side of intel is that their manufacturing technology has fallen behind and error view is that intel needs to get back on track for leading edge manufacturing, that's a prerequisite for having a foundry business. they have a new ceo who is unquestionably the best person

for the job that is the task in front of them. getting the manufacturing back and place than building the foundry business. just the natural investment cycle of the industry will eventually take care of this. one of the concerns that is very legitimate is that there is so much semiconductor in manufacturing especially leading edge in the island of taiwan. there is a geopolitical risk there. what we have seen at pms see has decided to bring fab to the u.s. and there is nothing in place for them to do that. the reason why that happened is that their large customers such as apple identify that risk as well and it is a legitimate concern that global supply needs to be diversified. it doesn't necessarily have to be in the u.s.. emily: chris, thank you so much

for your perspective. coming up, facebook hilliard they will allow employees to continue working from home if their job can be done remotely. employees were also told that if the move to a less expensive region, their salaries will be adjusted accordingly. it will also be encouraged to go into the office at certain times to add hints teambuilding. and, left bank is adding an electric bank -- an electric bike to their offerings. that is next. gamestop declining after hours announcing a shakeup at the time -- at the top. this is bloomberg. ♪

emily: as workers in the u.s. trickled back to the office, lyft announces a new bicycle and its fleet. it started the opening in san francisco. why didn't the last one work out so well? >> if you have tried one of the e bikes in the last year or half in san francisco, chicago, they are all over the country, they do work quite well. it is true that there were some

rough speed bumps in their initial rollout especially with the brakes. this new bike the company says has been thoroughly vetted and tested for international safety standards. it comes with easier to assemble parts so the engineers are able to attend to any issues that come up. other than that, it is quite eye-catching. it is painted the same right white that you will find with traffic signs or crosswalks. that's added as a safety boost. it's nice that there is no gear shifter. it's designed to automatically adjust and it's an e bike so you get that added pedal assistance as your cruising down the street. emily: how did bike sharing work ring the pandemic? we know that uber offloaded some of its bike business.

>> a mixed bag story for the broader micro mobility industry. that's the term for e bikes, scooters, i'm sure your viewers will be well familiar. there was a lot of industry activity, sales and mergers going on. you mentioned who wear dropping its bike subsidiary. the market is reemerging now as vaccines rollout and people return to the office. a number of new startups coming to new york city could get a piece of the action with people still not taking the subway as much as they did pre-pandemic. commuters there are looking for alternatives. they also may not own cars. that's part of the story in san francisco and other cities with sharing systems. bike sharing did not see the ridership that it did before the

pandemic. as people return to the office and economies reopen, i think these companies are hoping to capture a slice of that transportation alternative search. emily: what is the rollout schedule? >> the first 100 bikes arrived in san francisco earlier this week. that is part of a multi-week public beta test. the plan is to roll them out next in chicago. and other cities including new york by the end of the year. emily: thank you so much. meantime, el salvador has welcomed bitcoin with wealth -- open arms and become the first nation to adopt the

cryptocurrency as legal tender. that means that bitcoin can be used as legal tender or any transaction except in businesses that don't have the technology to support it. they hope that it will cut the cost of sending remittances. a small company, but a big statement. coming up, gamestop ceo. this is bloomberg. ♪

emily: a company has tapped

sophia to help run its ipo's. each expects to offer 5% of its shares via the platform. gamestop has announced hiring two former amazon execs to lead the company. let's get more on the developing story. what do we know about these two new hires? >> one ran the australia business. they have talked about how he is seen a rapid growth there from amazon and they wanted him to bring the e-commerce experience that gamestop is moving toward. not just by doing more online, but changing the offering into products and services that they are selling. a similar story with the ceo --

he was the cfo of amazon prime. these are really well-known guys but they have experience. one was at procter & gamble before amazon. the biggest take away is the new man at the top. it was the current ceo last call and he kept it brief. 11 minutes, he said his peace and he was out of there. emily: he wants gamestop to compete with amazon so i guess is one approach. gamestop also disclosing an inquiry from the ftc. >> yes they made contact on may 26. it is a typical request. they want documents and information about the movement in their own stock and other company stocks as well. gamestop is up 1500% in 2021. a number of wall street firms

and analysts stopped covering the stock. this is a rally that has been driven to the meme stock traders. according to sources, they have been scouring social media for months trying to work out what on earth has been going on. that disclosure came from gamestop but they have said this inquiry is not expected to impact us adversely. >> we have been waiting for this call for some time. you have been listening in. what have you heard? this a lot of momentum behind gamestop. a lot of people love it. others say this stock is not worth it or anything close. >> for all of the frenzy, it was incredibly dull earnings call. the real focus was on financial prudence. the company has paid down its

debt early, boosted its balance sheet. it is focused on the transition away from and mortar to sell video games, consuls, memorabilia to a wider range of services. it will offer 5 million shares at the market which is a typical way to do it. it says it's going to use the funds for general corporate purposes and for the growth initiatives that it is undertaking. it's a real set piece. give the investors they want to hear kind of earnings call. emily: we will see if these two new executives can give investors what they want not just what they want to hear. that does it for this edition of bloomberg technology. tomorrow, we will be joined by the cofounder of reddit. talking to us about his new other projects. thank you for joining us. i'm emily chang.

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♪ >> a very good morning and welcome to "daybreak: australia." >> the top stories this hour. g7 leaders promised to offer one billion extra vaccine doses. they're also preparing to call into