>> from the heart of where innovation, and power collided in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪

in the ceo of spotify, we have wild price swings. plus, start your engines. apple has hired a former bmw executive for the rebooted car project. a sign that the iphone maker is determined to build a self-driving electric car to rival tesla. more on this bloomberg scoop. and blue origin will announce the auction winner who will a ride -- who will ride aboard the rocket to space along with the bees oh's brothers. -- bezos brothers. u.s. stocks coming to our record. let's get the latest from new york. >> we will get to ed in a second, but emily, you are seeing green on the screen. an intraday record high with big tech leading the way higher with the exception of apple. take a look at the board behind me. s&p 500 in the green, a broad

rally. the nasdaq doing even better, and semis doing even better than that. it was interesting that we see the defensive bid come back because treasuries are following the same pattern. you are looking at yields that are dropping lower and lower. dropping below that range. they have been trading sideways and taking a firm drop lower. he defensive bid pricing and what comes after this reopening when the economic momentum slows just a little bit. that brings me the other pockets of tech. you have the nasdaq i/o tech index doing pretty well in line -- biotech index doing pretty well. and you have the dragon index with big tech names. it holds a lot of the chinese adr's. electric vehicles down .5%. this is the notable underperformer not trading in line with tech, but trading in line with apple, which is an

interesting tidbit. for the micro look, let's get to ed. ed: sounds like a nice day in the markets. gamestop down 27%. the biggest drop since march following earnings on wednesday. it will come back to market with a stock offering of $1 billion. it will disclose an sec investigation, something the market doesn't like. but we know this is reddit traders, a meme stock. insiders selling $5 million worth of shares on wednesday. when we talk about volatility, come to the bloomberg terminal and take a look at this chart. volatility for amc and gamestop. that blue line is bitcoin. wild swings in bitcoin? no. not compared to the meme stocks. when it comes to the news flow, it has been a roller coaster

seven days. take a look at this trough. this is where we were talking about a technical correction. how far bitcoin fell from the april peak. it's when people started to consider and have doubts about where bitcoin could be used in this world. rally, seven days. we are up around 36,000 because the global banking regulator is thinking about it. banks that deal in cryptocurrency should have capital reserves. and just the recognition that an institutional regulator has their eye on cryptocurrencies is enough to boost the market. emily: ed, thanks for the context. sticking with crypto, you may remember u.s. senator elizabeth warren's comments on wednesday when she called for more hearings, more oversight, and new ways to help protect consumers. take a listen. senator warren: banks are either holding bitcoin -- it is a combination we have talked about with 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. emily: for reaction and the outlook on crypto and the recent volatility, let's go to ceo zach -- thank you for joining us. senator warren called the crypto landscape the wild wild west. zach: i was able to tune into parts of the hearing yesterday and i think that the overarching theme that we should keep in mind is that this is part of the natural evolution of new technology. the fact that we have hearings like this and start to talk about cryptocurrencies and a digital dollar is a very positive trend overall for the sector. i appreciated the former cfc chairman's comments where he encouraged us and regulators to

think about not just what could go wrong, but what could go right as we build structures and think about what is leveraging this technology and how to help society and the financial standing of the american economy. sometimes, folks can miss the forest through the trees a little bit. i agree with elizabeth that there are a lot of things going on. i would encourage not to forget some basic facts. this is an asset class that has generated substantial wealth for millions of americans. it has been the best performing asset class of seven of the last 10 years. the cryptocurrency sector is a thriving sector creating lots of jobs across the country. this is something we want to continue to happen in america. emily: let's talk about the forest. the imf spokesperson saying the adoption of bitcoin is significant and raises a number of macroeconomic issues on the other side.

we also have these ransomware hacks that have ransomed to be paid and cryptocurrency. it has increased skepticism around cryptocurrency itself. not that cryptocurrency is to blame. there will be regulation. how do you expect that to impact your business? zach: i expect that to be boz it if -- positive. it enables countries to continue -- companies to continue innovating. it enables consumers and investors to participate with the utmost confidence. and from the early days of block if i -- blockifi, we use cryptocurrency as a collateral. that is one area where we work hand-in-hand with state, federal, and enforcement agencies to help facilitate education and create structures that work for this industry,

just like the structures for traditional financial markets. emily: you launched a new institutional investor platform that clients were asking for. this background has a lot of volatility. how many of the customers are making money? how many are losing money? and how much? zach: on average, our customers do very well. on the retail side of blockifi's platform, the average retail balance for a client that held assets was $10,000, and today it is $15,000. that is folks getting comfortable in depositing more funds, but that is also the performance of the assets that we enable people to hold on the platform. and blockifi prime is something that is really exciting and will enable institutional clients that have been borrowers coming to blockifi to promote capital

currency and to trade with us. it will create better liquidity and better pricing. it will help us expand the market to the types of firms that we can work with. emily: there is a report that investors are excited about a report that you're raising money at a $5 billion valuation. what can you tell us about that? zac: unfortunately, i can't comment on the specifics of what we might be doing in capital markets. we are generally very active and we have a very exciting future at blockfi. there are things we're working on including products i am most excited about, the bitcoin rewards credit card. it will be the first corn rewards credit card in the market that is rolling out publicly. and in addition to anything we might do in private capital markets, we are excited about potentially entering public markets and enabling folks to participate in the phenomenal growth we have experienced as a company. emily: thanks for the demo

there. zac prince of blockfi, thank you. apple has hired a bmw executive for the rebooted car project, a sign the company is determined to build a car to rival tesla. a former senior executive at bmw ag's electric car division will be with mark later this afternoon. the company sharing few details about the turnaround planned. it will have the latest, next. this is bloomberg. ♪

emily: a stock drop and an unclear strategy, the recent story of gamestop. the retailer tapped a pair of amazon executive to lead the country. it may sell millions of additional shares to convert the videogame change into an e-commerce powerhouse. it did not seem to sit well with some current investors. others were clearly excited, but shares falling 27% on the day. michael packer is with us to talk about the moves. -- michael pachter is with us to talk about the moves. michael: i am pretty impressed by them. we haven't been told the strategy, but clearly it's to expand the e-commerce offering. recent the one of the new hires have been e-commerce background. three from amazon. very capable executives. to his credit, running a $20 billion company is probably a bit more complex than running a

$300 million company. he is out with the old, in with the new. these people are 10 years to 20 years experience. they will be fine. i am optimistic they will execute well. emily: your target is $50, well below the $220 it is trading at now. explain the gap between michael packer and the investment audience. -- pachter in the investment audience. michael: in the case of a company like tesla going from 500,000 cars a years to 40 million is possible. -- plausible. they probably won't do it, but they could. for gamestop, they will transform the business and become some sort of blockchain platform that trades nft's. i'm not sure how they get there. e. ryan cohen is not going to

reinvent the company and turn it into amazon. i know he has posted tweets of softserve ice cream and ted the teddy bear hidden bond. i don't expect they will serve cannabis or softserve ice cream. maybe they grow revenue by 20% or 30% more than the model. maybe they make two dollars a share instead of a dollar. you might get to $75, but you can't get to $200 unless you think revenues will triple and quadruple. and i don't see how they get there. and he tells us the strategy, maybe i will accept it and agree with it and endorse it. but i can't base a fundamental valuation on something i don't know anything about. emily: my favorite is the twitter account called ryan cohen is my dad. you have been covering gamestop since 2002. how are you watching this

incredible investor reaction? michael: i think it's healthy for the market for people to be excited and bring new entrants into the market. when i got my covid vaccine, the woman who gave me the shot asked me what i did. i said i work in the market and she asked me about gamestop. and her kid is invested. that is awesome. anything that makes the average joe aware that investing is an actual thing you can do is great. i hope everybody that is long the stock he gets out before they lose money. but stocks go up and go down. i don't really care. emily: we are talking to the cofounder of reddit and who is a gamestop investor. he believes in it. what is the best case scenario? the best case scenario that gamestop can get to? michael: i need to be practical

here. if ryan cohen has a transformational strategy to get into the blockchain business, why did you need to buy a chain of 4700 stores? what's the point? he bought the stock at eight dollars and 12% of the company. why didn't he buy all the company if he thought it was worth $300 a share? i think there is a disconnect. i think he bought gamestop at eight dollars sinking he could take it to $20 or $40. that was the original thinking of the thesis. i think it got away from him. i think his ego has gotten in the way and he will prove to everybody he knows what he's doing. if there were a strategy, it is shocking that he hasn't told us. we were supposed to hear about this five months ago. what is the secret? i am blown away that he has a strategy that involves brick and mortar and anybody that thinks

it will take revenue four times or five times -- it's just not going to happen. emily: we will get details on the strategy and let you know when we get them. michael pachter, thank you. as e-commerce continues to store -- sure, shippo is valued at $1 billion. solving the industry's biggest problems. we will speak to the founder and ceo in annex was of interview next. the chinese ride-hailing company intends to list in the u.s. on the nasdaq or the u.s. stock exchange. they have operated in 4000 cities, counties, and towns across 15 countries. this is bloomberg. ♪

emily: an update on the

cyberattack of the world's biggest meat producer. jbs paid out $11 million to the hackers that shut down operations in north america and australia. the fbi attributed the incident to a russian-linked group. the admission coming days after the u.s. recovered the ransom paid to the hackers that hit the colonial pipeline. writing an e-commerce boom driven by the pandemic, shippo's mission is to provide an amazon-prime like experience for people not on amazon. we are joined by the cofounder and ceo in an exclusive interview. you work with merchants that are not on amazon. why should they choose shippo? >> that is right. there are a lot of e-commerce companies not selling on amazon. they have their own brands, their own website. companies like shop if i and

stripe -- shopify and stripe. they compete with amazon and the expectations amazon has set. these are our customers. we make sure that they can ship like a retail giant. that shipping is not too much cognitive overhead and that they are competitive. we have smaller customers and larger e-commerce brands. emily: obviously, we have just been through an incredibly difficult pandemic. even giants like amazon experience shipping challenges. how did you navigate those challenges? is everything back to normal? are there still difficulties and lays in the system? -- delays in the system? laura: during the pandemic, everyone started buying on the internet. i think it is an interesting opportunity for a lot of independent businesses.

there were a lot of independent businesses where it is moving online for the very first time and amazon is starting to see some shipping delays. consumers have a lot more awareness for wanting to buy and support -- buy from and support independent retailers. we saw a lot of customers ship more than before. we saw in the shipping industry that a lot of existing shipping providers were having a little bit of a hard time keeping up with this new capacity. we have seen some delays, especially around christmas. this gives the opportunity for new shipping providers to emerge. we see a lot of funding for new shipping options, smaller shipping providers. that will give the customers more choice, more options to be able to do use -- be able to use different shipping providers. emily: what do you see in terms

of e-commerce trends? do you see shopping online starting to plateau now that the world is opening up? it is only going to increase now that these habits have been formed? laura: it is a good question. the world has started to reopen again. we are seeing that our customers are doing really well. these kind of customer habits are here to stay. the good news for e-commerce is that this trend of selling and buying on the internet is not a trend that happened because of the pandemic. the industry was on that trajectory already. more and more people were buying on the internet. these new habits we believe are here to stay. e-commerce reached a customer segment harder to reach initially like my parents. everyone is buying on the internet and experiencing how convenient that is. shipping is a way for the

product to reach the consumer. the consumer is no longer walking into the store. you have to find a way for the package to arrive at the consumer's doorstep. emily: let's talk about growth opportunities outside the u.s. you are in the u.k., canada, france, australia. where are you going to expand? this is a global market. laura: exactly right. our vision is to make sure that with our platform, it doesn't matter where you are. it doesn't matter who your customer is. you should be able to get your item from a to b without any geographical boundaries or concerns. we are in america, canada, a bunch of western european countries. really doubling down on the international expansion. more western europe. starting to think about latin america as well. we want to build a global business.

it is an infrastructure component in terms of the global shipping network. it doesn't matter where you are or where your customer is. we will make sure the package arrives. emily: shippo cofounder and ceo laura behrens wu. thank you. a new wave of vc's. i caught up with an internet entrepreneur to talk about where he is placing his bet. gamestop, crypto, and more. plus -- and the winner is? the chance to join jeff bezos on blue origin's first passenger flight. we will have the details, coming up. this is bloomberg. ♪

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emily: welcome back to bloomberg technology. time to look at some shakeups in the semiconductor space. >> you probably haven't heard of them, but intel has come in with a more than $2 billion bid to take over the company. them of the mother details are interesting. we're hearing from sources that some of them are takeover and some of them are offering investment.

someone's the firm to stay independent. this is a company that has come out of nowhere and grown really fast. why am i talking about this chip company that you have never heard of? it designs and licenses the designs of chips. does that ring a bell? the same arm of softbank that nvidia is trying to buy. if we look at them versus intel, you can clearly see there is outperformance versus intel and versus the philadelphia semiconductor index. the reason there is so much interest in this deal for intel to buy sifive is that they do the same thing. one of the concerns around nvidia is that if it is successful, it may not share the capability with other customers that are already using chip design, open-source platform. incomes -- in comes sifive. emily: great scoop.

alexis is from a venture capital firm, 776, picking up steam. raising $150 million in the first fundraising effort. i spoke to the 776 co-founder about where he is putting his money to work. alexis: i have been fortunate in the last six month to nine months when we were still really building the firm out and the team. great founders sought is out and we have been putting capital and to great companies. and pretty sector agnostic at the end of the day. my best investments have always come from great founders that told me what the future is going to be. it usually doesn't come from investors. we are looking to back great founders solving big problems in large markets. any kind of start up goes. emily: a key detail is the makeup of your lp's.

50% women, 15% black or indigenous investors. do you see yourself as part of a new wave of vc's doing things differently? alexis: i think so. we are really just responding to what the very best founders are asking about. they want to know who we are making money for. they want to know what investors will be able to do for them. that is why we build software that way. that is why we thought about who the lp base would be. at the end of the day, we serve a community of founders. we serve a community that is our team. we serve a community of investors. in order to be our best, we should have a community that's reflective of the country. it seems like an obvious thing to do. we are excited that we did the work to look at these numbers. emily: we just had all of her on

the show from the big bitcoin conference in miami. -- we just had oliver on the show from the big bitcoin conference in miami. there is a tie between bitcoin and these ransomware attack's. does that concern you? alexis: at the end of the day, we have to take a global perspective. as a country, the united states needs to be a leader, especially for something as important as digital currency. as more countries adopt bitcoin, we see more momentum towards what is ultimately a better user experience. at the end of the day when you realize how much money it costs to send a wire, that's preposterous. i think we all should be leading into the fact that as a technology -- leaning into the fact that as a technology, the experience crypto allows is better. so i would like to see the way

that we approach this as being a way that we can capture more of the upside of the innovation that will be built on crypto and blockchain technology. the momentum is only going to continue and i want the u.s. to win. emily: i have had crypto founders on the show that's a bitcoin is going to the moon and if you own one, you will be a millionaire. where are you on the speculation spectrum? alexis: i have never been a bitcoin maximalist. i own some bitcoin, quite a bit of ethereum. i think there are emerging technologies and protocols that are worth looking at. at the end of the day, do your research. the reality, though, is that the technology -- there is a tipping point that has happened were

enough people have bought in that it is not going away. bitcoin is always going to be here as some kind of store of value. digital gold. i am more interested in what are the technological applications built on top of the blockchain? maybe involving bitcoin, maybe not. that is where i think the biggest and most enduring wins are going to happen. emily: meme stocks are extending gains and new meme stocks are added to the list of meme stocks. gamestop had a new announcement with -- a big announcement with a new leadership team and a new cfo. some people say this company is not worth anywhere close, no matter how many amazon executives you add at the top. what do you think about gamestop? alexis: full disclosure, i have shares.

i have held shares for a minute now. in the private markets, i spend my time thinking about the underlying technology and the sort of potential of companies. in that regard, you have a brand that is well-known. you have an executive team that is getting increasingly more professionalized. like he said, amazon folks. -- like you said, amazon folks. i know people are dismissive of the phrase meme stocks. but momentum investing is nothing new. the story that we see play out since january will continue. it will become more normal as more and more people get access to investing. as more people spend their time online socializing and sharing ideas. this is a new normal. this is a community of supporters that love the stock. and i think with that base and

with the fact that gaming is still a pretty small -- relative to its potential size. there is a lot to like. the part that i hope folks take away from this, this is part of a much bigger trend where capital is going to be deployed in ways that look very different from the way my dad and granddad did it. whether it's investing in trading cards, stocks, cryptocurrencies, the portfolio of our generation and especially gen z, digital natives, will look very different. emily: 776 founder there. catch the full interview at bloomberg.com. in china, more than 1100 people have been arrested in a crackdown on the use of cryptocurrencies for money laundering. government authorities say they

busted more than 170 criminals laundering money. searches for cryptocurrency in china are currently being censored. switching to high gear as the company adds an automotive veteran to leave the car project. we will have the scoop next. this is bloomberg. ♪

emily: as we mentioned a bit earlier, apple appears to be ratcheting up efforts to develop a car to compete with the likes of tesla and other electric cars . according to a person familiar

with the matter, the tech giant has hired a former bmw executive to help lead the self-driving car project marking one of apple's most significant automotive hires to date. we have bloomberg tech mark gurman. who is this person and what will they be doing? mark: apple hired ulrich brand. he worked at bmw for 30 years, ultimately becoming in charge of the electric car division which produced the i3, the boxy looking bmw that is a hybrid as well as the i8, over $100,000 electric car hybrid from bmw. neither of those models have become smash hit. the design of the i3 was criticized. the i8 for all intents and purposes is not a very good car. but they are well-designed. those are cars that probably inspired apple to go into the

field. more recently, the cofounder and ceo of the self driving electric car company called canoe spent a few months as the bpo of faraday future. emily: what is apple's relationship with bmw? i wonder if there is a back story. mark: apple has a good relationship with bmw. bmw was apple's first partner 17 years ago on ipod. they were also apple's first partner. it allows the iphone to double as a digital khaki for newer bmw models. there is also a picture that floated around of tim cook testing out the i8 in front of apple's cupertino headquarters. and there was a meeting between executives in europe. emily: you last reported apple lost some significant folks in

the car department. where does that leave that department now? how far along is apple developing a car? mark: i don't think anything has changed. i think this car is five years away at minimum. i would say five years to eight years is what we had reported back in january. the car team has many former tesla executives including former tesla vice president in charge of key car components like the autopilot self-driving software. they hired steve mcmanus years ago who was in charge of interior design and has a massive team of people working on car hardware. they also hired the former head of manufacturing engineering from tesla as well. and doug fields, the person that runs the project, was the chief engineer at tesla and oversaw

the development of the model three. you can't really get much more evident than that that apple is looking to build a test arrival down the road -- tesla rival down the road. emily: we will continue to watch your reporting on this. the videogame giant behind the battlefield and madden franchises says it is the victim of a cyberattack. according to ea, hackers have stolen name source code and related internal tools. no player data was taken. we will follow this story especially as he three kicks off -- as e3 kicks off. a startup on the scene is complete the reimagining how rockets are built. it is aiming to take on industry giants like spacex and blue origin. we will talk to the ceo of relativity space next. this is bloomberg. ♪

emily: blue origin will announce the auction winner that will be able to hitch a ride with jeff zo's on the passenger ride -- jeff bezos on the passenger ride to space. it will be able to ride with the billionaire and his brother mark. here is a look at the journey of the rocket ride of a lifetime. ♪ that is blue origin's last test flight of the new shepherd rocket on april 14, one of 14

successful launches from the west texas had orders in the last six years -- headquarters in the last six years. the next one will carry jeff bezos himself right before he steps down as the ceo of amazon. >> you see the earth from space and it changes you. emily: he delivered a grand twist, announcing he will be on the first flight carrying humans into space on july 20 along with his younger brother mark. the cofounder of a private equity firm that has been more low-profile than the richest man in the world. if all goes to plan, this will make bezos the first of the space billionaires to travel to the great beyond, beating elon musk. auntie of astronauts have been shuttled to the international space station. and richard branson takes his first flight to space later this year. the new shepherd will carry the bezos brothers and the winner of

an online auction for an 11 minute flight. at 47 miles above the earth, the capsule will separate from the rocket and the passengers will float three minutes. the rocket goes 13 miles to the edge of space before plunging back to earth. >> look at that smooth landing. >> there are all sorts of problems we are about to face because for the first time in our history, we are big compared to the size of the planet. we can fix that problem. we can fix it in one way, by moving into the solar system. emily: what are the chances the unthinkable could happen? there have been 15 total new shepherd launches. only the first was considered a partial failure with the booster crash landing. the capsule landed safely. boosting the chances that bezo s'boyhood dream will come true. staying with the private space

race, rockets built and flown in days instead of years is the mission at relativity space, a 3d rocket printing company working to disrupt decades of aerospace technology. the startup raise $650 million if you will plans to take on other private space giants like elon musk, spacex, and blue origin. joining us is tim ellis who is a former engineer at blue origin. it is hard to believe that blue origin is almost two decades old. the company has been around for a long time and we are just now getting to the first humans flight to space. how would relativity be different? tim: thanks for having me on. relativity was five and a. we have raised over 1 -- 5.5 years ago. we have raised over $1.3 billion. we have built our own rocket

engine. we've done over 500 test with that engine. we plan to launch from cape canaveral at the end of this year. even in the six years of the company's founding, we are launching a rocket orbit. so we are not just launching satellites, we are building a whole new tech stack for building and iterating rockets based on 3d printing. we 3d printing 95% of the rocket. there is an inevitable shift for software manufacturing that will increase the rate of innovation. i founded this company with a long-term vision of making humanity multi-planetary on mars. somebody has to develop an industrial base. no one had done it since spacex was founded in 2002. there need to be more companies going after this part of the vision and future of humanity. emily: we are watching

incredible video of 3d printing in action. you are setting out to build and 3d print an entire rocket. break it down for us in a nutshell. how can this happen? tim: 3d printing is a technology that can build metal parts. we invented the world's largest metal 3d printers at relativity. we started with a company or. -- with a combinator. we customize them to build functional rocket parts. the fall rocket is 110 feet tall, 7.5 feet in diameter. we announced a fully reusable rocket that is 20 times larger. it is 216 feet tall and 16 feet in diameter. it is these really big westworld looking 3d printing machines that we have invented that can build a rocket from raw materials coming in the door in about 60 days.

and 60 days later, do a better version. in 60 days later, do a better version than that. it is shifting the paradigm of every aerospace factory around the world. building rockets one at a time by hand with hundreds of thousands of individual piece parts and a complicated supply chain has resulted in the aerospace industry slow to innovate and create new products. we are seeing the underpinning of a huge new paradigm, the future of the development of rockets and the industry at large. emily: were you surprised that jeff bezos decided to go on this first flight carrying passengers into space? and what are the odds that this will all happen safely. your mind goes there. i know it is unlikely. francine: i have the good -- tim: i have a good fortune to

work with jeff. the first metal 3d printing, we remained with jeff through the years. we have taken a rigorous approach to development and i think that he will be safe. it is a big vote of confidence in what they are building. i think it will be a fun ride. i think it will be intense. you're launching yourself to space. this is not for the weak hearted. i think it will be successful going back to 3d printing. we will be able to build more reliable rockets.

emily: i know there is a much longer answer here. if you could put bets on virgin galactic, spacex, or blue origin, which do you pick? tim: if you look over the last few decades, spacex has been the dominant force and docked with the space station. we are fortunate at relativity that we have a lot of people that built revit space 1.0. -- private space 1.0. they launched over 10,000 rockets with relativity. i think there will be successive generations that you see really making this future happen in a big way. emily: a long and eventful space race to come. tim ellis, fascinating what you're working on. thank you for joining us and that does it for this edition of "bloomberg technology." we will be joined by the acting

sec chair and the ceo of -- we will have a special preview of this weekend's e3 all-virtual conference. thanks for watching. this is bloomberg. ♪

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>> a very good morning and welcome today break australia. we are counting down to asia's major market opens. >> good evening from new york. the top stories this hour. u.s. equities climbing to a record and yields extended declines to the lowest since march. investors betting the fed will keep policies moving even after