from the heart of where innovation, money, and power collide. in silken valley and beyond, this is bloomberg technology with emily chang. emily: this is "bloomberg technology." d.c. goes after big tech. the house unleashes antitrust legislation aimed at amazon,

alphabet, google, and facebook read plus, no thy work -- facebook. plus, no thy work -- know thy work. we will talk to him now that his company is valued at more than $45 billion. we will highlight the top three predictions for this year's e3 event to read u.s. stocks rising to a record with the focus turning to next week's fed meeting. ed: choppy trading in friday and then a late but solid rally in tech stocks. a slight outperformance in tech shares. the nasdaq, up over 3.1%. democrats putting out a number of -- there is growing concern

among investors about what kind of a headwind antitrust will be, not just in the u.s. but in other jurisdictions like europe. the most pronounced outperformance in semi conductors. the philadelphia some conductor index up 0.4%. protect -- the philadelphia semi conductor index up 0.4% but the biggest -- the nasdaq i/o tech index down, around 0.5 -- biotech index and 5%. bitcoin, higher above the 37,000 mark. the theory him down as much as 2%. other coins, slightly higher, had been lower. bitcoin is at the heart of what

is going on in cryptocurrencies right now. think about the bigger picture, emily. if you look at cryptocurrencies alongside tech stocks, so much with tilly in cryptocurrencies. it is steady eddie -- volatility in cryptocurrencies. the nasdaq, the fourth week of gains, the highest since april. emily: the house judiciary committee is cracking the whip in big tech, announcing legislation aimed at apple, amazon, google, and facebook. what can you tell us about the most significant aspect of the new bills? >> the measure that is getting the most attention is the one that would prohibit these companies from having a business that competes with other businesses that use their

business. apple music would be a problem because apple also lists spotify. there are certain ways it would require the breaking up of big tech companies. having said that, we are a long way from these bills actually passing. these are proposals that are put out there as kind of aspirational policies. we will see where they actually go when it goes down to the markup. emily: democrats and republicans are concerned about big tech but for different reasons. our republicans on board with this -- are republicans on board with this? >> it surprises me republicans signed on to all five of these. there were proposals by a rhode island democrat who chairs the house antitrust subcommittee. i think every single republican in his subcommittee signed onto these bills. he has a good partnership with

ken buck, the colorado republican who is the ranking member on that subcommittee. they have done a lot of work coming up with these proposals. there is bipartisan agreement something needs to be done. republicans do have different concerns. especially given how conservatives are censored as they say on these platforms. emily: how likely are these to become law? >> the bar for passing legislation is really high. it is hard to get a bill from the house to the senate. around the filibuster that requires at this point at least 10 republican senators to sign in. i would look at these proposals more where the policy discussion is going to read the more immediate risk is going to be coming from the antitrust agencies. the doj.

they will be watching future proposals. we are a long way from them impacting the bottom line. emily: thank you for the roundup >>. -- the roundup. tesla has shown off its newest vehicle, the model s. to mark the start of deliveries to customers. elon musk talked up the engineering prowess, telling the audience it can go from 0-60 miles per hour in less than two seconds. look at the company -- a look at the company website -- >> that is quite important to the future of sustainable energy, which is we got to show an electric car is the best car. hands down. emily: that was elon musk about

the new plaid model. we are going to speak to the head of europe's most valuable fintech startup, next. this is bloomberg. ♪

emily: e-commerce is booming as

buy now pay later companies are seeing major growth. the firm ceo to this success to the pandemic -- the affirm ceo o attributed this success to the pandemic. >> it is such a simple, transparent way to pay for services and goods. emily: one of their competitors is now valued at $45 billion, thanks to a recent funding round. the cofounder and ceo is joining us. i don't know if we can call you a startup anymore. last time you joined us, you said you wanted to disrupt the financial services industry just

like tesla has disrupted the car market. >> i would like to think that is true. the credit card industry itself, it costs low income households $70 and transfers $700 to high income households. recently, consumers have started realizing this. debit has grown five times. the pandemic has further accelerated this. we have seen billions of dollars of credit card debt paid off. that is why, by now pay later comes in. -- buy now, pay later comes in.

emily: your competitors like affirm our public companies. isn't it time to go public at $45 billion? >> we are proud and happy about this and what our colleagues have done. we are seeing massive momentum. $18 million -- 18 million users. we are lagging fiscal -- we have another company, founded by one of the electric guys. beyond that is a credit card industry to go off. we sincerely believe that. maybe we will make an ipo at some point but it is not immediate to us right now. we are focused on the u.s. and the growth. emily: does the funding postpone

and exit? i assume at this valuation, there is pressure for an exit and the pressure is going up. >> i am extremely proud, i have been working with sequoia for 12 years. i didn't realize how extremely long-term they can be. they are amazing. they are genuinely long-term. they have been on my board for 10 years. they have been supporting us. what i have started doing is try to find other very long term shareholders. to try to make sure our cap is long-term. i don't feel that pressure. i feel maximum support. make a big dent. i have been mostly -- consumers have mostly been thing about pocketing money in their own pockets.

we would like to shrink this industry but hopefully our shareholders will benefit by us having a slightly larger part of a smaller pie. emily: last time we spoke, your position in crypto was clear. you said you are worried. you are concerned about the risk, about people losing money. now that we have seen this volatility, has that changed your position? is it a better bet now that it is lower? >> i always want to be mindful. if you say something about bitcoin, the second there are 2 million tweets about it and it is promoted. i think maybe this technology will prove to be something interesting and disruptive. i hope that is the case. there are some interesting promises of it. at the same time, with

advertisers, like bitcoin is being advertised, i would probably be fined or put in jail. you are not allowed to advertise especially with high risk without proper disclaimers and i think that is for a good reason. i'm a little bit worried when i see people advertising that coin. in the metro in london, the subway, there was an ad saying it is here now. it makes me worried. emily: you are launching in new markets. what we you do with this new confusion of cash? what is on the road to this great ambition to disrupt finance like tesla has done with the car industry? >> we launched france this week. we are very proud of it. we cover 20 countries. we want to continue that. the traditional retail banking

has been more local. more specialized. we want to be around every day purchases. also, what we have found is a lot of amazing fintech stars have these amazing products, save them time, save them money. they are lacking distribution. banking has been able to sustain these barriers of industry because it is a skill game. it makes it very difficult for new services to come in and compete. we think part of this could be us merging with companies and partnering to distribute fantastic products. to further reduce costs. every human being in the planet pay $350 a year to the cost of financial services. that does not make sense.

we have to take that down. that money could stay with consumers and society. emily: thank you for waking up for us. appreciate you joining us from the other side of the world. thanks for stopping by. coming up, u.s. senator rcep blackburn in tennessee on potential disinformation being spread on big tech platforms. her concerns and we will challenge them. we are getting closer finding out who will join jeff bezos in blue shopper -- in blue origin's first flight. the winning bid will be announced saturday. the money will be donated to blue origin's foundationing chie stem-based careers. this is bloomberg. ♪

emily: republican senator marsha blackburn of tennessee has been highly critical of dr. anthony fauci, saying he knew more about the origins of covid-19 and he stated publicly. she told me she believe big tech companies like facebook held back covid-19 information. take a listen. >> one of the things we are looking at is the coziness between dr. fauci and mark zuckerberg. the chain of emails there. and then you look at what big tech did. what facebook did saying we are going to disallow any of the

posts that have to do with the wuhan lab leak theory, which was definitely plausible because we knew our diplomatic scientists had complained about this lab. we knew there were concerns in 2018 about this lab. and some of their practices and processes. when it comes to big tech and the fact that so many people receive their news over social media, big tech has a lot of's in with the american public can say and hear and say. this was one of their overreaches. because of the email exchanges, we know what they were doing is working with dr. fauci on a pr campaign that would cherry pick information they would choose to push forward. emily: are you asserting for

certain covid-19 came from a lab in wuhan? >> i am not asserting for certain. we know the province was locked down by the chinese communist party. those individuals in wuhan could not go somewhere else in china. but they could go out to the wuhan international airport, get on a plane, and fly anywhere else they wanted to fly. we know research was taking place in this lab. we do know there were concerns over this lab. their practices. -- concerns over their practices. we know there were three researchers who became ill with a mystery illness in november, 2019. all of us leads us to say it is important we find out exactly what happened. you know, emily, 3.5 million people lost their lives. we have hundreds of thousands of

americans, families, that experience loss of a loved one. we have loss of livelihood that millions or hundreds of thousands of americans have experienced. we have so many children that lost a full year of learning that are now having emotional issues because of a lack of socialization. because of all of these reasons we need answers. emily: who in the democratic side is working with you question market seems like both democrats and republicans want to take action in big tech but for different reasons. >> senator blumenthal is the chairman and i am the ranking republican on the consumer protection data security subcommittee. earlier today, he and i did a roundtable together, focusing on this. there are good conversations and

a good bit of synergy around holding big tech accountable and looking at these and choose -- these issues. i think you will see us do something this year. emily: you are also pushing a bill preventing big tech companies from discriminating against users for political views, what you believe is happening. it is hard for many to believe conservative voices are being censored when so much of the capitol riot was planned on facebook. what is the evidence this is happening to the extent you believe it is? >> one of the things you can look at is this lab theory. they decided they were going to block. sometimes i will put up things and they will block it because content moderators do not agree with whatever it is i am putting up. what we know is tech said they

were going to be the new public square. they should be the new public square. that is why reforming section 230 is important. getting two things that would cause personal harm, eliminating that. changing some of that language around section 230. that is an important thing we are going to be taking up. i think you will see us work on this in a bipartisan basis which is how it should be done. emily: back to the lab leak theory. you are concerned about dr. fauci's conversations with mark zuckerberg. he was talking to president trump at great length. why didn't president trump pursue this lab leak theory if it is true? >> would like to know dr. fauci and his team, how much

information did they share with president trump? and vice president hence? we wanted to know why there were career bureaucrats that were trying to slow walk the investigation secretary pompeo was doing. we would likewise like to know why president biden decided to end the state the part meant investigation but saying to the intel committee, we want you to come back to us with a report. emily: marsha blackburn of tennessee. coming, 10 u.s. editors -- senators are proposing a bipartisan $2.1 billion -- trillion dollar if a structure proposal. in it, broadband. plus, the tesla plaid elon musk

says will prove the superiority of electric cars. ♪

♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network.

emily: welcome back to "bloomberg technology "bloomberg technology -- ed: stock has been bubbling along for a couple of days. and then friday, woosh. they are considering options including selling itself. let's bring some of the details off from the board. we have seen private equity look

at the space a lot. buyouts including companies like cloudera. it could choose to remain publicly traded but it is interesting to read the next story, over in france with amazon. it has won the rights to broadcast the top flight of french soccer. it has pushed out a mainstay of french broadcasting. the details of the deal, fascinating. according to one source, they are playing -- paying $333 million a year. the french offered 300 games to amazon. canal turned them down because it was not happy with the deal. interesting example of

disruption, amazon coming in and disrupting live sports, traditional broadcast. emily: over to washington. a i partisan group of senators is pitching a $1.2 trillion -- a bipartisan group of senators is pitching a 1.2 joined dollar infrastructure -- 41.2 trillion infrastructure deal. curious if this is enough to expand rural broadband on either side. >> before this pandemic, someone might have said broadband is just nice to have. the last 15 months have proven conclusively it is a need to have for everyone, everywhere. you see a lot of support. in a bipartisan basis, for broadband being in the next

infrastructure package. i think that is a really good thing. emily: you have talked about the homework gap. talk about folks who do not have access, who cannot do homework at home. you think post-pandemic, it will get bigger or better. >> it is going to get better and here is why. the fcc is starting a big program to help and -- end the homework gap. it is designed to help schools and libraries get laptops, computers, routers, what have you into the hands of students who need them. so they will not ever be locked out of the virtual classroom. i hope this program is just the start. i think the u.s. we should commit to ending the homework gap once and for all. emily: your fellow commissioner

penned a big op-ed -- calling for more into the infrastructure fund. do you think companies like apple and google and netflix should be footing more of the bill? >> it is an intriguing idea. we are going to need ideas because the universal service system the federal communication system runs, it was set up by a law from 1996, when i had a palm pilot and an aol account. it is ok to look at fresh ideas. in the end, those choices are going to be made by congress. i hope we can have a good discussion about it. keeping the universal fund strong is important for making sure broadband helps reach rural america and also to provide support for broadband and affordability. emily: i am going to ask you

this every time. you are still acting chair. president biden has yet to name a permanent chair for the fcc. you have any idea who this person is going to be? is it going to be you? >> this is above my pay grade, but we are getting done a lot. we are mapping where broadband is and is not throughout the country. we have the next big auction of 5g spectrum. we are getting things done and i am proud of that. emily: let's talk about how fast you can do this work. because you are acting chair, the commission is evenly split, two democrats, two republicans. it will remain so until the white house acts. how is it affecting you?

is it slowing you down? >> i wake up every day and direct nice it is bipartisan and bus read so we are getting things done and i am working hard to talk to my colleagues as often as i can about what we have on our agenda. we have work coming up on network security next week. expanding telehealth. work coming up on wireless emergency alerts, reducing robo calls. we will keep moving and find a way forward. communication is too important for the economy as a whole to stop. we are getting a lot done. emily: absolutely. ransomware attack's, it is not the fcc's job to stop them. what can the fcc do to help networks more secure? >> we are connecting more people, more places, more things in our world and our economy than ever before.

as a result, we are expanding the attack fabric. expanding the likelihood of cyber security incidents. i think everyone in the government needs to pay attention to this. the fcc included. we are going to need a whole of government approach. we will all work together so we can make sure security is front of mind. we are identifying it, we are ripping it out. we have a new fund to help replace it. at the same time, we are building a record for expanding open networks which can help diversify network equipment vendors and improve security. we are trying to clean up our networks and also invest in the future. emily: acting chairwoman, always

good to have you here. appreciate the work you are doing and keeping the ball moving. coming up, tesla unveils a new quote crazy fast vehicle which elon musk says is the best car in the market. how good is it really? more details next. this is bloomberg. ♪

emily: elon musk has long touted the superiority of electric cars and now he has a new vehicle to show off. the new model s plaid. shares are down slightly,

suggesting a lackluster reaction. tesla says it is the best car in the world. is it? >> it is definitely the fastest car that has ever been produced or mass-produced. three seconds in 0-60. from investors point of view, what matters is making sure tesla remains on top of ev technology and more importantly, that it can bring affordability to its other vehicles. this is very much a niche vehicle. i think it is very exciting. in reality, down the line what is going to move the numbers is can they sell a lot of vehicles? we think tesla is very much at the forefront of that. emily: what do you infer from that? >> there may be a lot of

reasons. primarily the range, 390 miles, will be more than enough for the overwhelming majority of users. i think to get to the even larger range, they were counting potentially in new batteries, which may not completely ready for mass-market production. i would not necessarily rule it out forever, at 390 miles of range, you can get even better range, 412 miles, more than enough for the overwhelming majority of users. emily: you are hosting the deutsche bank annual global auto industry. what threat to those legacy players posted tesla? -- pose to tesla? >> that will be the crux of our

discussion. we are seeing them adopt different strategies. in the case of ford, for example, they are starting by focusing on vehicles specifically in the truck side. not really moving into sedans like the model three. not moving into smaller crossovers. gm is starting from the very high-end, their first is a hummer. they are moving to cadillac. they are starting as somewhat of a more niche, lower volume and read what is exciting about this, they are catching up. they are making a lot of progress. investors are encouraged by that and so are we. i do not view it as an imminent threat for tesla for a couple of threats. -- for a couple of years.

in terms of battery and cost right now, tesla is the only carmaker that can sell in model three at this price point. also, very profitable for the bottom line. i think there's a bit of work for mass market automakers to get there. they are making a move in the right direction. emily: deutsche bank analyst, thank you so much for stopping by. the chinese ridesharing company -- they may seek a valuation of $70 billion or $100 billion read they have been trading around $95 billion in the private market. i went to get details from liana

baker -- i want to get details. tell us what it means for the u.s. ipo market. >> we have had a great year in ipo markets but we have not seen a megadeal that is going to raise over $10 billion. this is where didi comes in. it is going to be a hot summer with didi, potentially robinhood. it looks like they are going for traditional u.s. listing as opposed to some ipos. didi's biggest rival internationally is doing a spac deal. emily: talk to us about the financials.

what to the numbers look like? >> it is not making a profit. the numbers are pretty staggering, they are bringing in $20 billion in revenue. you might remember, they had a big fight with uber. uber will end up another winter here. they are a big shareholder. there are going to be a lot of winners coming out of this. even though didi is making all lot of money -- not making a lot of money and extending like. uber is the biggest stockholder. we also have softbank and tencent. apple is in there as well. it is the who's who in terms of international tech investing that should see a nice windfall.

it should be a chance for u.s. retail investors to get in on the ipo. we are seeing robinhood on those platforms. trying to make it easier for the regular investor. we will see how the retail investor does. institutional investors, this will be a chance to get a piece of this company. emily: leana baker -- liana baker. a preview of what users can expect from the virtual e3 conference. and chipmaker intel and nvidia both finishing in the ring. this is bloomberg.

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emily: videogame fans will not have a chance to mingle and play with the demos this year. they still hope to keep up the momentum at the all virtual e3 conference. here are top three predictions for the event. >> i cover the videogame industry from new york. here are the top three things we are looking at. what is microsoft going to show? this will be the first e3 since the acquisition. we are -- what are we going to

see from xbox and bethesda? we could expect a look at the halo infinit as as a bua games. we should see plenty more of this coming to xbox game pass. microsoft's subscription service. what is nintendo going to have? you have seen all sorts of rumors including reporting on the upcoming switch pro, a hardware revision for the popular nintendo switch. what will nintendo have to show for it? and of course, what will a virtual e3 look like? traditionally, it has taken place in los angeles with thousands of fans convene in the convention center. will it be just as good watching

it from your home? it remains to be seen. we will find out pretty soon. starting june 12 next week. this is jason schreier reporting from new york. emily: for more on what we can expect from e3, we are joined by doug clinton. what do you think is going to steal the show? >> i think jason nailed it. all eyes have to be in microsoft. it is in the two fronts he mentioned. the game pass is a window into the future of gaming. if we take about where gaming is going to go over the next five or 10 years, it will be more about streaming, multiple devices. not just consuls and pcs. i think microsoft has an opportunity to redeem itself when it comes to halo.

gamers were disappointed with the delays. some of the early gameplay they saw. microsoft has a chance to blow people away with halo incident and get people excited for that launch later this year. emily: what do you think the momentum of the gaming industry will be post-covid? i am one of many people whose family members turned to games on lockdown, but now that the world is opening up, does the momentum continue? >> we think the time spent in games, obviously will go down as the world opens up and people go back outside. it is logical to conclude people will spend a little bit less time in devices. the good news is all the people who were new to gaming, looking for new things to do over the last year and the pandemic, they are not going to leave the gaming ecosystem. we have a lot of new players, a

strong base built over the pandemic. even if the hours spent go down, the money will not be all that changed. emily: the demographics have broadened. listen to my conversation with e.a. ceo andrew wilson earlier. >> video games were for teenage boys and now we see it from 6-60 and beyond. half and in many cases more than 50% of the population are women. i am watching my son who is six and my daughter who is nine get into gaming. the beauty of what games can bring. i am able to connect with my kids. emily: there is no question the demographic is changing, but who benefits? is it e.a.? social mobile games? >> i think it can be all of the

above read what we have is a solid, strong base. the people who pay halo -- play halo are going to be solid. i think what we are seeing, e.a. may be a great example, studios trying to diversify. we are hearing more about hyper casual games that have a low learning curve. i think you are seeing these companies be acquisitive, adding some of these easy games to play as part of their overall offering. emily: is there a sleeper company, party, game we should be watching out for? >> i probably look at this company every year. i always like to see what square enix is doing.

it is not as well-known as some of the u.s. game makers. they are launching a galaxy of the guardians game that is expected this year. marvel stuff always plays well. that has the chance to be a sleeper or maybe a game people haven't been thinking about that could steal a little bit of the show. emily: thanks for joining us. we will be watching the show as it kicks off. that does it for this editiojn. we are going to speaking to brad smith monday. have a wonderful weekend. i am emily chang in san francisco. this is bloomberg. ♪

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david: everything is coming up roses. we are back outside without masks, people back to work, the economy is growing. should we be worried? this is bloomberg wall street week. willett advisors and goldman sachs on investing when so many lights on the dashboard are green. >> we have rarely seen so much enthusiasm, bullishness about the market. >> people are worried that inflation is going to cause higher rates and disturb the equity markets rallies. david: larry summers of harvard on wishing ourselves to success.