>> from the heart of where innovation, money, and power collide. in silicon valley and beyond. this is "bloomberg technology" with emily chang. [please stand by]

-- against facebook. and the biden administration upping its scrutiny of google. we will have complete coverage of all size. plus crackdown on crypto, from china to the u.k. is that a sign the market is maturing? that is what crypto bowls say. we will assess the real and remaining risks. and, how a massive recall in china is impacting tesla and its shares. we will ask an analyst about that and more. all those stories in a moment. first, big tech getting plenty of attention on the attack of a continued antitrust drumbeat. more pressure on google. kriti gupta is in new york with more. kriti: big tech shares have a very risk-off day. s&p 500 kind of a mess. you really see the outperformance of the nasdaq 100. gets even better when you see

the semi conductors index. that really rallying things to nvidia and good signs of potentially softening when it comes to the arm deal approval. let's look at how this has been performing growth versus value in the last month in particular. if you look right over here, you can see the equal weight index, that white line, still making right around the levels of the pre-powell meeting. not a ton of enthusiasm. when you see that kind of hawkish pivot you see the risk-off move. that is really where you see the s&p 500 outperformance. why such a diversions? it is all about the tech shares. june has really been a good month for that sector. let's hit it back to the antitrust talk. that is where a lot of the action was when it came to big tech. facebook in particular rallying pretty hard coming after the company's court case after having a monopoly in social networking was thrown out by washington judge. shares really rallying and taking the benchmark with it. to the downside you didn't have

the google trump era probe, tid doj just -- the doj just extended it. it looks like they have paired some losses and they remained flat on the session. emily: great. we are going to dive into this. i'm going to start with facebook. the social network winning its request to have two antitrust cases dismissed, one by the ftc, another by coalition of states. the judge throwing out the suits with this explanation. quote, although the court does not agree with all of facebook's contentions, it ultimately concurs the agency's complaint is legally insufficient, and must therefore be dismissed. as mentioned, facebook shares jumping after this victory, pushing its market value over $1 trillion, making them the fastest company to hit that milestone. for more of want to bring in adam covid savage, who previously led -- as well as jennifer rie of

bloomberg intelligence. jennifer, i want to start with you. the interpretation of this ruling by the judge is that this is a huge blow to the ftc, to the states, and to regulation and regulatory efforts against facebook in general. how would you assess it? jennifer: i would definitely agree. it is a pretty huge blow to the states because their suit was dismissed with prejudice, which means they cannot really take a second stab at the applecare. the ftc was not. they will be able to refile their case and even though it really was a pretty good decision for them, i think because of some of the problems the judge had been the case are going to be difficult for them to fix, they can replead, they can refile, they can try it again. and the judge actually said in his decision that he does think the ftc may able to fix deficiencies with a new complaint. so it is not over until it is over. a good day for facebook.

but it's not finished yet. i do believe the ftc is likely to refile this case. emily: interesting. adam, what would your interpretation be? adam: one of the things he saw the ftc do is the judge defined it in market for personal social networking and said facebook had 60% of the market, but they did not say who else was in the market. the judge called them out saying ftc failed the first test, which is to define the first market as for who is competing against them. it is like saying the ftc is suing marvel for monopolizing the market for superheroes. what is a superhero? there's a superhero where cape -- war a cape, a mask? they have to define what it is. it does not mean the ftc cannot come back and refile the case, but they have to have that first critical step of defining clearly what the market is they think the company is dominating. emily: facebook saying in response to this victory in a statement today, we are pleased at the day -- at today's

decision any the complaint filed against facebook. we compete fairly every day to earn people's time and attention and will continue to deliver great products for the people and businesses. facebook has always argued the ftc has been asking for a do over, that the ftc approved the acquisition of instagram and whatsapp at the time, and that they have never explained why they want to reverse that decision at this point. you would think their first objective would be to prove that facebook is a monopoly. why did they fail to do that? jennifer: i think part of the problem is this is a very difficult thing to lay out. in a complaint, you cannot just make a bare allegation. when you make an allegation, you have to at least provide enough facts to back that up, to make it plausible, that that is possibly occurring. and here, you know, i completely agree with adam, that they just

said it is personal social networking services. they did not say what that does or does not include. when they laid out a 6% market share, they were inconsistent, because they said they had 60%, yet they have no other competitors. it is just facebook and instagram. well then who makes up the other 40%? the judge observed this, the judge saw this. this is a very first step in a monopolization suit. you have to show monopoly power in some way. you have to show some power to control price or control output, or you have to show them market share that suggests you could do so, and you cannot just make a bare allegation, you have to back it up. they failed to do that. the judge will give them a chance to try and do it, but this could be a very difficult task for them. emily: interesting. you wonder if they will have a better approach under lena con, approved as the new chair of the ftc. adam, how do you see this in the context of the increased scrutiny coming from lawmakers,

the house looking and debating those various antitrust bills last week. my interview with senator amy klobuchar, counterparts in the senate saying they will also be doubling down on tech antitrust scrutiny. taken together it certainly seems like congress is determined. but the big question is will lawmakers actually be successful at proving these cases? adam: i think there is clearly a desire on the part of most people for the government to scrutinize big technology companies, to regulate them appropriately. and that is something that has a lot of support. that does not mean that the government does not have to go through the necessary steps to really build a strong case. and i think that his attention that you are going to continue to see here. there is a lot of desire for the government to do something against the big technology companies, but those arguments have to be based in facts and law, starting with what is the relevant market. sometimes there is an instinct

on the part of regulators to define a market narrowly to bring a case. i think we see in rulings like today that if they really want to bring those actions, they really have to be based not on facts and -- based on facts and law, not on identifying a political target. emily: you worked for google for years, helping defend google guesses kind of criticism. what do you make that that doj case is moving forward? they are scrutinizing other parts of google's business. this doj suit is now the biggest threat to big tech across the board. how big a threat is it? adam: i have lost track of all the suits against big tech companies. there are so many of them. again, i think it is actually appropriate for government to scrutinize. i think most people want governments to be playing that role. this topic of advertising technology is already the subject of a lawsuit against google by the texas attorney general that was filed last year.

that is working its way through the courts. i think we will see what happens. in some ways, i think the ruling today in the facebook case is a good reminder for regulators that they really need to be sure that these kind of cases are based strongly on the facts and law of the market. there is a lot of competition in advertising technology. if they decide to bring a case there, it needs to be based firmly on the markets as the regulators assess it. because this is unusual for a case to be dismissed at this stage. that is not something that most regulators and law enforcement want to have happen. so the need to bring strong cases if they are going to do that. emily: talk to us about the lobbying going on behind the scenes. obviously these tech companies are very well resourced, they have huge teams in washington trying to make sure that they prove their case, whether it is behind closed doors or in public hearings. talk to us about the lobbying efforts happening, and why haven't we seen as much scrutiny of microsoft, for example, which to be fair, has a $2 trillion

market cap? adam: absolutely. it makes sense that the companies are saying, look, some of these proposals in congress that would potentially ban amazon prime or amazon basics. amazon wants to have something to say about that. they want to say that could have a really negative impact not just on business, but their users. it makes sense for companies to do that. so sure, you are seeing companies speak up. you are seeing a very different approach. you mentioned your interview with senator klobuchar, who has taken an approach of approaching antitrust relation from an industry agnostic, company agnostic approach. while i do not love everything in her bill, i think it is a very different approach than what the house has taken, which has been to single out apple, amazon, google, facebook and microsoft, and that is a very different approach. emily: interesting. so many lawyers here. we are going to keep covering this story as the drumbeat

continues. adam kovacevich and bloomberg's jennifer rie, thank you both so much for having us -- helping us break that all down. meantime, two million people watched movies at amc theaters in the u.s. from sunday -- thursday to sunday. that is the biggest weekend since the company closed its theaters in march of 2020 at the start of the pandemic. another 500,000 moviegoers went to amc locations in europe and the middle east. that is also a post-pandemic record. coming up, bitcoin and other cryptocurrencies back up, even after a ban on finance markets in the u.k. an affiliate of the massive exchange worldwide finance. we will have the latest next. this is bloomberg. ♪ is bloomberg. ♪

emily: bitcoin rising despite the regulatory crackdown in the u.k. the financial conduct authority banning finance markets from doing business in the country. thta's a -- that's an affiliate of the top crypto exchange finance. joining us is bitwise a cio matt hougan. why do you think bitcoin is bouncing back, given the continued regulatory drumbeat, the crackdown in china, now here in the u.k., and no answer from the u.s. yet? matt: i think it is actually bouncing back because of that regulatory clarity. i think crypto investors realize that the path to a bigger crypto future lies through institutional adoption, and the pathway to institutional adoption lies through regulatory clarity. what we got with the finance announcement in the u.k. and

also in ontario was a little bit more regulatory clarity. people think that regulation is bad for crypto. it's actually the single biggest driver of the bull market. more regulatory clarity means good things for crypto, and that is what we are seeing today. emily: meantime, we saw huge volume over the weekend. i am curious, who is trading crypto over the weekend? why did we see so much activity? i know it is trading seven days a week, but the weekend in particular seems to be quite eventful. matt: well first, i think it is wonderful that crypto trades over the weekend. i think it is a strange anomaly that most capital markets shut down for the weekend. so it's that greater price discovery. it's a mix of retail traders in the u.s., u.k., and internationally. a lot of asian retail trading taking place on the weekend as well. it is a slightly invest -- slightly different investor mix then you see during the week. you can see slightly more volatile movement on the

weekend. but it's part of what crypto is. it is a global market, a 24/7, 365 market, and you can see more volatility and slightly different investor type on the weekend then you do during the week when institutional investors like bitwise come into the market in a regular way. but it is part and parcel of what happens in this 24/7 market. emily: on friday i spoke with microstrategy ceo michael thaler, who of course will ultimately own one in every 200 bitcoin ever minted if he never sells. he doubled down, you still bullish, he thinks the china crackdown is a huge mistake. we also saw bitcoin move down about 1.5% during that interview. i want you to take a listen to what he had to say about china's so-called mistakes. take a listen. >> i think the primary dynamic is the china exodus. there is a forest and rushed exodus of capital and mining from china that was a bit of a

surprise that kicked off in may. and that is driving the dynamic in the market right now. emily: now met, again, bitcoin dropping 1.5% during that interview. do you think his comments drove some of the trading we saw over the weekend, some of the movement we have seen the last couple days? matt: i think what he is talking about is what is driving this. again, what is happening in crypto right now is you have short-term negative news leads to long-term positive results. china is a great example. china banning crypto mining leads to short-term volatility because crypto miners in china may sell some of their holdings to deal with the economic uncertainty, there may be a short-term dip in rates. long-term, the health of coin improves as the mining activity spreads around the world, as more of it comes to places like the united states, as we get less geographic concentrated in

china. i don't know if it was his explicit interview that led to that price decline. the market is relatively volatile on a moment to moment basis. but i think what he is pointing to is sort of the real story in crypto right now, which is news is driving short-term volatility, but almost all that news, china banning mining, crackdowns on leverage, increased regulatory activity, all of that is driving long-term good things for the crypto market. all of it is contributing to what we think will be the next leg of the crypto bull market. short-term negative, long-term positive. emily: we are still waiting for the potential approval of a bitcoin etf by the ftc, but the longer we wait, folks i talked to are saying they do not think that is going to happen this year. meantime, just today kathy woods filing to create a bitcoin etf of their own. what exactly does that mean? matt: well, kathy is a pioneer

in many ways, and for good reason. i think it is a sign that u.s. fund companies, bitwise among them, but obviously kathy and others are confident that we will eventually get a bitcoin etf. we are closer than we have ever been before. there are still a few regulatory hurdles, but i think it is still a matter of when and not if. kathy is yet another indication that we are getting closer. will it be this year, will it be early next year? i don't know, but will we eventually have a bitcoin etf? absolutely. we are seeing institutional capital moving into this space, we are seeing greater regulatory clarity, and those are exactly the development we need. so i see that as a strong endorsement, a strong signal, and a strong sign by kathy of just how important bitcoin is to the disruptive technological future that she talks about. emily: ok. matt hougan, always good to have you. bitwise asset management cio. thank you so much for joining

us. coming up, is the delta variance causing nature turmoil around the globe? we will bring you the latest on covid-19, next. stay with us. this is bloomberg. ♪ s bloomberg. ♪

emily: u.k. is reporting a setback in its fight against covid. they are reporting more than 23,000 cases of covid-19 monday, the most since january. more than 84% of adults in the u.k. has had at least one vaccine, and nearly 62% of adults are fully fact tended. let's bring in michelle cortez with more. why is kobe steel reading so much havoc there if so many people are vaccinated? michelle: we are learning so

many things even 18 months into this pandemic. one of the things we are learning is you really do need to get both of the vaccine doses to get protection. not only that, the more time between the two injections you get, the more protection you have. so the point is it takes longer to be fully protected, and if you are rushing it and trying to get them quickly, you are going to have less protection. if is one thing. the other thing is this delta variant, the one that came out of india. it is just really scary. it is more transmissible than any of the other variants that we have had, and we are seeing it get into people, particularly those who are not vaccinated at all, at an unbelievably accelerated rate. so when you are into place in the u.k. that does have some protection, you see the pathogen get into those people were still vulnerable, and there are some other places like in australia where the entire continent is

vulnerable, it is really going to start causing some problems over there. emily: we are seeing the world shut its doors to the u.k. hong kong planning to ban flights from the u.k., it is difficult to get into the u.s. without quarantining if you are coming from the u.k. how widespread is this variant in the u.s.? and if you are fully vaccinated, how susceptible are you? michelle: we are seeing about 20% of the cases in the u.s. are the delta variant. at this point the numbers are increasing. you're right, everyone is trying to keep the delta variant out no matter how they can. specifically with these lockdowns, although in all honesty we have seen again and again that is a pretty weak approach to handling it. the bottom line is we are all going to have to live with these variants. that is why it is important to do things like social distancing and masking, which do work against this delta variant. as far as how concerned people should be, if you have been doubly vaccinated, you are significantly less likely to

contract the virus, the delta variant. and if you do get it, very, very unlikely to have a significant -- to be hospitalized or die if you have been fully vaccinated. if you have not been fully vaccinated, then you are very vulnerable to this virus, and it is accelerating much more quickly than what we have seen previously. so, if you are concerned about it, take some precautions, and really at this point, everyone should be vaccinated. emily: all right. michelle, thank you as always for breaking it down for us and giving us your indication of the severity of this. bloomberg's michelle cortez, appreciate it. ok. coming up, tesla plans to recall more than 285,000 cars sold in china due to an autopilot system malfunction. we will have the latest. plus, the unexpected stock reaction, next. and, fired by bot. we're looking at contract amazon

workers whose manager is a machine, and an algorithm that determines when you are let go. that is next. this is bloomberg. ♪ s bloomberg. ♪

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emily: welcome back to "bloomberg technology." i am emily chang in san francisco. electric vehicle stocks handily outperform the broader market monday as investors piled into tech. tesla shares rising, despite a massive recall and china. ed ludlow has more, and the surprising reaction, you will have to explain it to me. ed: it basically affects everything google -- every vehicle tesla is ever built in china, as well as imported vehicles. regulators say it did not like how autopilot could be

automatically activated. tesla is going to patch this virus software for free, but it is the latest in a string of tension regulators in china, which is the world's biggest easy market. -- biggest ev market. although tesla is trading at their highest level since the end of april. look at this chart. this is why china is so important. the blue bar is our revenue growth, year on year revenue growth. the white bars is u.s. growth, the blue bar is china growth. i know you have a guest coming up who i think shares that thesis. the problem is the setbacks that is evident to consumers who look at other brands in china, there have been issues of crashes and china, there have been consumer complaints with local authorities about their employees owning tesla due to security concerns. there was some positive news on monday. the chinese sell supplier extended its agreement with

tesla through 2025. that deal would be expiring in 2022. elon musk talked about how crucial it is for ev makers to secure that supply. so a mix of good and bad news. you can see tesla still trailing the s&p 500 significantly today, although a massive run-up of 740% last year. what will it take to bring that orange line backup? emily: well, let's find out. ed ludlow, as always, thank you. i want to bring in the analyst who said the recall and china is tesla's quote, black eye. dan, i want to talk about the stock in a moment. let's first talk about this recall because it sounds like a big deal if it is affecting every car tesla has ever sold in china. what does this mean? dan: i think ultimately this is the end of the chapter, ripping the band-aid off. this has been long going for the last year with china regulatory. i think the stock reaction is

investors are just happy to be putting in the rearview mirror. we call it a moment of truth because ultimately they talked about china is the linchpin to tesla. we think 40% of deliveries next year will come from china. they cannot have these issues again and again. no doubt if you look around the corner, this news could be put in the rearview mirror. emily: are they right to give tesla the benefit of the doubt right now, given that there have been multiple issues with china and it is a market that is critical to the future growth of the company? dan: yeah, and big brother is watching. i think that is what you have seen from beijing. if you look at tesla in terms of giga, the build there, and the massive success in terms of ascender very -- of a cinderella story up to this year. now you are seeing some issues come to front and center. you have a lot of competition, gm and others.

right now i think it looks to be a very strong month of june in china, and we are looking at over 200,000 units. but ultimately this stock does not continue to go higher unless china goes with it as part of the growth story. that is why i call this a fork in the road. i believe tesla is now going to push and push with regulators and put this dark chapter behind them. emily: interesting. do you think at all we are continuing to see some of the bitcoin issues in tesla play out here? we know china has cracked down on bitcoin. we know elon musk initially said he would accept bitcoin for tesla, then said he wasn't, now says he is reconsidering. does that have any impact here? dan: i think it as added to the noise and volatility of the story. even at a time when investors, you are seeing more of a risk on trade across ev's and you are seeing not just on the chinese plays, but the u.s. as well.

but i think the big question mark here is what is the write-down potentially do in terms of what you are seeing with an impairment of bitcoin. that is the biggest question i got from investors. now it just comes down to delivery and a smoother path for china. it is all there for the taking for tesla and that overall green tidal wave. you cannot have safety issues like this continuing to pop up, and that is something the competition will use against them. emily: i want to move to facebook, because huge news for facebook. a victory today, at least, with a judge dismissing the ftc antitrust suit against facebook, as well as a suit filed by states attorneys general saying that the ftc can refile, but they have to prove that facebook is indeed a monopoly, and they apparently did not do a good enough job of that with their initial suit. how big a victory is this for facebook, or is it only a matter of time before there is another crackdown? dan: i think it is a victory,

but to your point, the beltway versus tech is going to continue. it is not just facebook. apple, amazon, alphabet as well. this is going to be a long, protracted battle between the likes of facebook and other big tech players. in the beltway as well as brussels. this is clearly a win, but you don't put that victory flag up yet. there's still a lot more wood to chop, as you see more big scrutiny of tech, facebook front and center. emily: so, look, and we saw the house debate multiple different bills, we heard from the senate, senator amy klobuchar told me she is working on companion bills in the senate, plus her own legislation that she has already pushed forward. how concerned are you more broadly that the government is going to come knocking? and even if it does take years, lawmakers and the federal government seem to be determined to do something here. dan: no doubt.

there is a groundswell towards big tech, especially coming out of the pandemic or the strong have gone stronger. but that is the issue in the beltway, five different bills, all different versions. the lack of consensus, that's ultimately bullish for big tech. so i think you're going to start to see more and more scrutiny of m&a deals. i think you're going to see more and more of a clampdown there. and i do believe, especially there is a lot of focus on the epic/apple battle, and more regulation on the app store, but this will be a 12 to 18 month battle. even though today was a small victory, we believe right now it is about 7% to 10% overhang on overall tech stock. emily: so with facebook, let's just use them as an example. if they cannot as easily buy the competition -- to be clear, lawmakers have mentioned their

acquisition of giphy as problematic, even though it was approved. but like they did with instagram and whatsapp, is that a longer-term risk? can facebook compete with the properties that it already has? dan: that is going to be the biggest risk. because when they click the parakeet wings, they will not be able to do m&a at the pace. even smaller deals will get more scrutiny. that is also why think microsoft right now not get as much scrutiny. they will be more aggressive on m&a. that is the one thing with big tech here, is that when it comes to m&a, they are really going to be much more of a clampdown, and that will restrict them expanding their tentacles into other markets. facebook especially with whatsapp and instagram have been two of the most successful acquisitions in tech the last decade. emily: all right. with regard to whatsapp, also one of the biggest. dan ives, always good to have you here. thanks so much. meantime, it's you against the

machines. at least at amazon. amazon contract drivers say algorithms terminate them by email, even when they have done nothing wrong. the world's largest online retailer has used algorithms for years, and is increasingly using the technology to take over the role of human resources. joining me now for more on this story, spencer soper, who covers amazon for us out of seattle. you opened your story today with an anecdote from a delivery person talking about how he was fired by bot. tell us that story. what happened? spencer: yeah, it was really interesting. the man's name is stephen, he is in his 60's, he lived in phoenix, arizona, and he had been making amazon deliveries through the amazon selects app for about four years. the amazon selects app is

basically like driving uber, except for packages. he was doing just fine, and he enjoyed it, and was making some extra money. then he just had a string of bad luck. he had some deliveries to an amazon locker that malfunctioned. he had some early morning deliveries to an apartment complex when they were closed, and he could not get a hold of the recipient of the package. he had some early morning deliveries -- he was supposed to make a delivery to a business at 5:00 a.m. when the business did not even open until 8:00 a.m. so he just had this sequence of events that caused his ratings to plummet, and these are monitored by algorithms. amazon just knows when it is supposed to be delivered. he basically got email one day telling him he had been deactivated from the platform and could not do this job anymore, make any money doing. and then he could not -- explain

why he had those missed deliveries. emily: as i was walking into the office today i saw on amazon delivery one using her phone to call presumably whoever she was trying to deliver a package to. she said hi, this is amazon, i'm having trouble finding you. after reading your story, i had so much sympathy for that position these delivery workers are in. how widespread is this problem, and how is amazon responding to this? spencer: amazon is kind of dismissing our story as basically anecdotal. but even people we spoke to inside said, look, this is a huge system, and even if it is very effective and has a low error rate, when you're talking about millions of drivers -- and that is what we are talking about in the u.s., close to 3 million people have downloaded this amazon app, even a small percentage of those drivers can be a lot of people. and to very abruptly have an

income source you are relying on kicked off, taken away from you, can be devastating. and it's interesting that the anecdote you mentioned is a perfect example. even if the recipient of that package is very sympathetic and is just glad to get there package, even though it is late, it doesn't matter. it doesn't require a customer complaining for that driver to get dinged. it's just amazon's measurement of time, even if the customer is completely satisfied. emily: if amazon is saying it is anecdotal, does that mean it is true, essentially? that these folks are being told in an email that they are fired, essentially? spencer: yeah. they have said they have invested in these systems, and if drivers do actually -- [indiscernible] -- and you have 10 days to

appeal. generally they will email information in, they will get a generic response, another generic response a few days later saying we're are looking into it, and ultimately the couple drivers we saw got the same exact response. so it's difficult. [indiscernible] emily: all right. spencer soper, it was a little in and out there, but we got the gist of what you said. we will continue to follow your reporting on this. coming up, how the face of networking and making connections have changed as restrictions left and more people find themselves out and about. that is next. this is bloomberg. ♪ this is bloomberg. ♪

emily: the world is slowly returning to its pre-pandemic roots. air travel passing through its checkpoints is just shy of levels seen just prior to the global cobra shutdown. and just this weekend, the u.s. saw his first cruise ship depart with passengers in over 15 months, indicating that normal may soon be around the corner. this means a big transition on the way for workers who spent much of the last year at home and in virtual meetings. how do they navigate their way back? joining me now, cofounder and ceo of upstream, helping workers make part of that transition. alex, thank you so much for joining us. workers are now going through this awkward three immersion into the workforce, into the

office. and there's some growing pains in doing so. what exactly are you seeing and how exactly are you trying to solve it? alex: we are building a next generation professional network. during covid, everyone was doing virtual events. it sort of exploded for us. we had a really popular virtual events product. but now with the u.s. opening up, mask mandates are going away or they are ending, the cruise ships, july 4, it seems like the theme is like, america's back. irl travel, reconnecting with people, personally and professionally, are the big trends. so we've started to offer irl events. we just did one last week in new york and miami. we had about 200, 300 people at the event. it has become really popular. today we are announcing a new

product called upstream reconnect. and the concept is it will show you who you are in touch with professionally and help you reconnect with them before the relationship goes cold. emily: alex, how is this different from linkedin? i know tech crunch described it as linkedin meets clubhouse. alex: linkedin has had a monopoly for the past 18 years. and they are really good at the digital resume. you go to linkedin, you see where you have worked, where other people have worked. but they have dropped the ball for a few things for professionals. useful tools that help you better manage your relationship. we've identified a few things that they have dropped the ball on a little bit, and we are focused on building a next generation professional network. emily: so, once people do reconnect, once they are back in the office -- and i will say being back on the office, you will be surprised how quickly things back to normal and it feels like no time has passed at

all. what's the benefit of using upstream over linkedin if your network is, at lease the math of it -- the mass of it, is on linkedin? alex: this new product upstream reconnect links with your gmail. it looks at the from, to, duration, and frequency. it figures out who you are talking to and have lost touch with and helps you reconnect with them before goes too cold. so the first question we are asking is who did you lose touch with professionally during covid. basically covid started, at lease the lockdown started march of 2020. let's say the end of july 4, or the beginning of the end is july 4. it is looking at who you were talking to before that, and who you have not talked to during that time, and it's trying to surface those people up and say hey, you used to email this person every five days, but you have not email them in five months. or you used to talk to this person all the time before

covid, but during covid you did not talk at all. we think that kind of tool, that kind of utility will help professionals get back out there. emily: what is the longer-term use case for this? once people do reconnect, is this something that you see people wanting to use when life is normal? or not? alex: yeah no, of course. the first question is who did you lose touch with during covid. it is topical, people are going to care about that. but as time goes on, we're going to start doing weekly reports on who you are actively losing touch with. so if you used to email someone every week, then we notice you have not emailed that person in a few months, surfacing that up should feel like a magical experience. you are going to see that person and be like, oh, i used to talk to sarah every five days, i haven't talked to her in a few months, and that could lead to reconnecting with somebody. so reconnecting, following up, all these kind of utility tools,

we think are really missing in the professional landscape, and we are making it easy for you to do that. emily: interesting. well, we will keep our eye on you guys. alex taub, thank you so much for sharing that with us. coming up, marble's "loki" has boosted disney plus mobile app downloads significantly. we are going to break down the recent surge. that is next. this is bloomberg. ♪ is bloomberg. ♪

emily: disney plus downloads lead the ongoing streaming more

among major providers for the second straight week as its marvel marble series -- joining us now, chris palmeri. chris, why the big response? chris: this is a pretty nice win for disney, but it shows they have now successfully transition to the marvel movie franchise over to their streaming business. "wandavision," "falcon in the winter soldier." this is their third series which is turned into a buzzy, watercooler show. the other big thing is this underscores the importance of having fresh content. so, with a new show, they have now sort of seen this uptick in new app downloads. they have also had "luca," the new pixar movie, come out exclusively on disney plus. all that fresh content pays off into engagement with consumers. emily: meantime, i wonder how

all these new inputs are impacting disney's release strategy. theaters versus disney plus. earlier in the show we talked about how amc had a huge attendance weekend for moviegoers in theaters. and i wonder how disney is watching that. chris: i think the lesson from "f9" over the weekend doing good business exclusively in theaters is we are going to see changes. this has been a year of focusing on streaming services because the theater business is weak. disney has july 9 "black widow" coming out in theaters and for extra on disney plus. a lot of people suggesting maybe next year will be more like a traditional exclusive release strategy. emily: so, what are you watching for? i know there are some high-profile releases coming later this year. are you expecting strategy to change? chris: we have already seen little tweaks. for example, with "loki" and all

the kind of ne original series on disney plusw, they used to release them on fridays, now they have moved them up to wednesdays. they are still releasing them one episode a week, unlike netflix, which of course releases them all at once. so we will see. ironically, the hottest show on netflix right now is "lucifer," which is another marvel bad guy turned good. they released those all at once, they had a back load of echoes -- of episodes. right now netflix is just killing it in terms of streaming of "lucifer." as we get the "loki" data from nielsen we can see how many people are watching those shows, and maybe disney will tweak their strategy and release them all at once as well. emily: for my kids over the weekend it was all about "luca." all these l's. thank you, chris, for stopping by. that does it for this edition of "bloomberg technology."

tomorrow we will have more on president biden's tough stance on google with a former executive of the company joining me tomorrow. thanks so much for joining us. this is bloomberg. ♪ s bloomberg. ♪

haidi: a very good morning and welcome to "daybreak australia." sophie: we are counting down to asia's major market open. shery: the top stories this hour, tech leads u.s. stocks to a record high, extending a rally that has already added $6 truly into the equity market this year. facebook joins the trillion dollar