♪ >> from the heart of where innovation, money and power collide -- in silicon valley and beyond, this is "bloomberg technology," with emily chang. ♪ emily: i am emily chang in san francisco and this is "bloomberg technology." dd opens 90% above its ipo price but loses almost all gains before the close. a live report on the chinese ride-hailer from aging and

investor reaction. crypto evangelist mike nova grants joins us to talk about the ups and downs of bitcoin. also, slack ceo stewart butterfield with new tools on a high-speed workforce. they are of work as he sees it later this summer. first, slow trading and small moves mark the end of the best first half for stocks since 1998. krit gupta. kriti: let's start micro before we zoom out. ford down on the day 1% after nine plants reduced output due to chip shortages and parts shortages hating the industry broadly. this company finally getting unconditional e.u. approval for

a takeover, crucial. and you mentioned didi, ending 1% after $4.4 billion was raised in an ipo. apple higher, but note they are dealing with a legal battle when it comes to their apple watch, mossimo corporation filing complaints the itc, really crucial to talk about when we talk about apple's implications for the s&p 500 index. it is a quiet trading daycare let's look at volume. this is a year to date chart of the s&p 500 and you can see it slow down as we get to summer. today, emily, it dropped, quiet trading session. a lot of rebounds and flows took up a good chunk of the action let me zoom out to broader indexes to show you where we ended the day. the s&p 500 index up .1%, tech

underperformance the story coming ahead of payroll support of the long weekend here in the states. you are seeing risk off positioning, people taking cash off the table. the nasdaq 100 stock index, same story. nasdaq down on the day, a good chunk of that coming from didi. emily: we dig into didi later this hour. a down day for bitcoin, the u.s. subcommittee on investigations holding a hearing on wild swings and potential threats to bitcoin. take a listen. >> the biggest threat to bitcoin is ethereum, the biggest threat to ethereum is doge going and the biggest threat to dogecoin is hamster.

the uruguayan peso will never displace the u.s. dollar, but will ethereum displace bitcoin? will hamster coin displace ethereum? emily: i want to bring in long time crypto investor mike nova grants as well as our own reporter in new york. bitcoin is slightly up at this moment. mike, there is no hamster coin yet. what do you think are the biggest risks to bitcoin? mike: listening to representative sherman in front of congress tells me it going and the cryptocurrency community needs to do a much better job educating officials. in some ways, he is talking nonsense and he is a representative. it is going to fall on us.

we are going to spend more time in d.c., here at galaxy. emily: mike, there has been talk about the impact of the chinese crackdown on crypto would have on bitcoin, but we have seen this before and bitcoin rebounded. in your opinion, what impact do these crackdowns have on the cryptocurrency overall? mike: they are mining, they are banning bitcoin in some places, and bitcoin still survives. and lots of ways, moving the mining out of china would be a big net positive for the ecosystem. i saw the past three weeks as amazing, an amazing test for bitcoin in the ecosystem. we had a crash, the bitcoin dallas index fell 60% from the high.

we didn't have client protection fees, we didn't have lawsuits, it worked out what was supposed to work. it is a robust system that has been built in a small amount of time. emily: some lichen bitcoin to yahoo! in the night -- some liken bitcoin to yahoo! in the 1990's. would you agree? mike: bitcoin has carved out a lane with a digital goal. [indiscernible] it was tailor-made to be stored value. there are only 21 million bitcoin that will be mind. in lots of ways it is a beautifully designed store of value. ethereum becomes the second-biggest or maybe even the biggest cryptocurrency someday, but it is going to be used with a base level of trust.

three-pointer is built on top of it. it has some competitors. it is not certain ethereum will win, a lot of people are excited about other ecosystems. on top of those, there is the creativity, you have stable coins, centralized finance, so this is not us punting coins with funny names. this is a serious approach to rebuilding the base architecture of the world. emily: where are you making money outside of bitcoin? we see people looking to deify, we cd5 blowups -- defy, we see defi blowups, where can you make money?

mike: we have made a lot of money in our venture book if you get into the defi book. we haven't been a big lender on defi yet, but a lot of people have. we want to get our ducks in a row before we really participate. a lot of people are making money lending on these protocols. bitcoin is still up, 13% on the year. ethereum is up over 200% on the year. even though you have had big corrections, zoom back a little bit, crypto continues to be the best performing. the bloomberg galaxy crypto index is 90% on the gear. think of -- on that year. think about that relative said the s&p 500 index. emily: robinhood just had to pay

to finra $70 million, the agency accusing the company of misleading customers. robinhood says they tripled customer support and are investing in the platform. do you think of robinhood is a legitimate platform for trading cryptocurrency? mike: robinhood has done a lot to democratize finance and bring young people into the. space -- into the space. i am tearing anyone on who is bringing people in. robinhood deserves a lot of credit. they have been revolutionary in bringing people in to investing. people have a right to express their opinion on the world with their money, and

[indiscernible] emily: you made this comment about how you think this is going to be the financial system of the future. but there is no way the megabanks don't fight back on that idea. so i am wondering how soon do you think crypto and defi can replace mainstream functions on wall street? mike: gold is already being disrupted by bitcoin. bitcoin is starting to inflate gold. that is not wall street, that is stored value. defi is two years old. banks are fascinated with this. they are starting to invest, experiment, understand it. i was on a call today with one of the bright lights in defi, all talking about working with regulators to get people to

understand. there is huge value in defi, you have instant settlement, you have the ability to create a platform. when we first had iphones, nobody thought to put a camera on it or a gps on it and the next thing you knew, we had uber. the month of innovation that is going to come out being built on one of these platforms is going to blow your mind away. emily: i'm curious, mike, you said your clients aren't scared and aren't selling, but this is a day to day thing. have you had clients that more angsty over the past week, especially what has happened in china and the u.k. a defective bitcoin etf isn't approved in the u.s. and may not happen it this year, is that giving anyone pause? mike: we are so early in this revolution, we still have people moving into this space at a daily basis. of course when china comes out

and says we are going to ban bitcoin, prices go out of the margin. and some opt out because they are traitors. but nobody thinks this is going away. the confidence is that the system is getting better and more vibrant and it is growing by the day. but we know regulation is coming. if you said there would be no regulation, you would be an idiot. so we know regulation is coming and regulation in some ways will make the system chomp, and the hope is that you get smart regulators. what i see clips like the one you showed, that worries me. i need to spend more time in tv. -- in d.c.. emily: mike nova grass, thanks.

coming up, slack ceo stewart butterfield in the future of work as a he sees it. this is bloomberg. ♪

emily: welcome back to "bloomberg technology," i'm emily chang in san francisco. when the world shut down, many offices turned to slack. now, slack is offering new tools for a hybrid work world, unveiling new tools to enable a digital first flexible approach. joining us now is slack ceo stewart butterfield.

tell us how this grows the options people have been using for the last 18 months, what changes? stewart: adding more tools. there is a broader ecosystem. at slack, we use zoom, google docs, and you look at all the tools people are using, all these different means of collaboration and communication. but we still haven't reached every possibility and we end up using tools that were not intended or a specific use. all the zoom fatigue i think is because we are using a hammer on things that are not nails. we need more options. two things we launched, one is an ad hoc, unstructured conversations of the other is

video messages. both are there is alternatives, not replacements, alternatives to the grid of rectangles and video feeds in people's faces that we all got used to. emily: how much did the pandemic influence the development of a digital toolkit? stewart: tremendously. we heard from customers that people really needed a sense of belonging. they missed their colleagues, but it was a very different experience to show up for work. that means you change rooms in your house, you don't get to see all of the people. there is a lot of upside for many people do not have to commute and have to travel so much for business, but they felt less connected. one thing we were trying to do was to facilitate those kinds of connections and make people feel a sense of belonging. but i think scheduling ends up being a really big problem. if i want to have a conversation with you and we have desks a

couple feet apart, i can ask you a question, we have a two-minute conversation, it peters out. but if it is a meeting next tuesday from 11:30 to noon, we end up using the whole 30 minutes i do have to wait a long time and it reduces flexibility. that causes stress. emily: is slack trying to kill the meeting, much like folks think of slack as an email killer? stewart: we are trying to kill some meetings. people complain about meetings a lot. people complain about two-what communication. communication is hardened taxing taxing into vans a lot of people, but those demands are exacerbated if you don't have the right tools. imagine a meeting where everybody goes around and gives a quick update on what they are working on. that doesn't have to be synchronous, doesn't have to be at the same time. if i record my update at 8:13

and listen to yours at 9:57, it gives us flexibility. and i don't have to stay there for the whole half-hour. emily: microsoft, you voiced her concerns about microsoft to the eu. microsoft just announced they are integrating teams into windows 11. how do you feel? stewart: it seems like a pretty familiar pattern going back the last 20 years. [indiscernible] didn't have to be installed on iphones in order for it to get a couple billion users, so i am not sure the long-term impact will be as great as it was in the case of internet explorer. it was a different universe. people were not aware of alternatives. but it is indicative of the approach they have taken to manufacture usage. emily: is this anticompetitive?

should congress be looking at this? will you be complaining again to the eu about teams and office? stewart: we believe leave the termination to the regulators and experts. i think it is great evidence for the tactics. and ultimately, it is not about us and microsoft, it is about the next generation of software and innovation and we have tried to be the 1% of people's software budget that is a multiplier of the other 99% because of the operability and openness of the platform. microsoft just wants to be all your software. emily: given the evolution of software, we are waiting for salesforce to complete its acquisition of slack. i know you can't give us a date. we are on pins and needles. do you expect slack software will be integrated into salesforce software? stewart: great question.

what will be really interesting is slack supporting use cases that are in some cases per referral for salesforce software. there is a loop system, but where the salesperson interacts with a lawyer or finance team or accounting or security, that happens outside the system. and integrating across those functions and bringing functionality of sales cloud or service cloud or marketing plowed into slack and making it more accessible has a profound impact. i think you are going to see a much bigger emphasis on those kinds of integrations across salesforce. emily: i know slack is taking a more flexible approach to work and companies as big as apple

and amazon are taking a more flexible approach and goldman sachs is asking everyone to come back to the office. do you think some companies are getting this wrong, and how does that change the talent war in silicon valley that has always been so competitive? now, you have another thing to compete on. stewart: you almost answered the question. it is ultimately going to be a market driven decision. i could say i have these software engineering jobs i could hire for, but i'm not going to be paying more than $30,000. the market will tell us what they expect. if there are two jobs that are equally interesting and compensation is about the same and one job requires you are in the office five days or three days a weekend the other when gives you flexibility to be there as often as necessary or useful, who wouldn't take the option? who wouldn't want at least the ability to move across the country if you have a family

member with an illness, or spend part of the year in a different location? and not just that. i have a seven week old now. i have been on paternity leave. i may take more leave in the future. but it has been a different experience if i had an hour-long commute, spent the day in the office and came back after the baby was already asleep. the opportunity people have to have different relationships with their families, pursue other interests, create flexibility that wasn't possible before, i think that demand is going to be overwhelming and employees will ultimately tell us what they really want. emily: i hear you, congrats on the seven week old baby. thanks for taking time out of a sleepless and long scheduled to join us today, slack ceo stewart butterfield.

coming up, calls for a ceo to be recused. this is bloomberg. ♪

♪ emily: a story we continue to watch -- amazon wants the ftc chair recused from any matters involving the country because she has a history of criticizing the online retailer is a threat to competition. khan wrote a law school paper called the amazon antitrust paradox. the ftc is reviewing the 8.5 million dollars amazon acquisition of movie studio mgm. tiktok removes 700 million underage accounts that belong to children under the age of 13,

cracking down on enforcement of its required minimum user age. in 2019, tiktok had to pay the ftc $5.7 million for collecting child data. coming up, talking about didi, the big chinese ride-hailer going public in the u.s.. that is next. this is bloomberg. ♪ (announcer) back pain hurts,

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emily: welcome back to bloomberg technology. i'm emily chang in san francisco. let's get back to the narcotics where our ed ludlow following after hour earnings in the chirp sector, what are you watching? ed: out with earnings after the ball, the stocks under pressure after hours, the company giving a sales forecast that basically was back in line with wall street estimates, while d- ram, remember laptops, smart phones during the pandemic, as people return to work, that demand might go away.

they have been spending among covid. the biggest takeaway. they're selling their utah semikunthor factory to texas instruments, $900 million cash and the machinery within it will give morning $600 million in asset value. this is a plant that they used to operate with intel. they haven't invest indeed capacity. you can see the forecast in the fourth quarter, $8.2 billion in sale. speaking of intel, i wanted to go back to them. it's been a bumpy right over recent days. the company set a new vision of its chip would be delayed in terms of production in 2022. intel has suffered again and again from delays in the latest technology and you can see the ride in what investors thought about it over recent days. all of those days talking about, micron, intel, texas instruments different stories this year. they have all trailed the philadelphia semiconductor index, the underperformer, we have been talking, we were

talking about the global supply shortage for soening low, in recent weeks, haven't heard a single word about it. the companies are dealing with tight supply. that when it comes to d- ram, memory chips, supply might remain into 2022. keep your eye on the semiconduct or sector, lots of stories within that. emily: thanks to the round-up. the second biggest i.p.o. by a chinese company ever, that is didi, first was alibaba, the chinese ride hailing giant raised $4.4 billion in its u.s. i.p.o. and lost almost all of those gains. i want to bring in bloomberg's crystal zee with more. what happened? crystal: this is a tricky week for any listing. it's a very, very busy week to begin with, the listings that are expected to start trading this week, so you're already competing with a lot of different deals for attention. the second thing is that a.d.r.

is not really having a good week. yesterday there was a grocery star-up that had to downsize its deal from 13 million shares to 3 million shares, so it's all in all china is not a good theme here. on top of that, china is celebrating the 100th anniversary of the communist party, so a lot of the attention is going to be there instead of the stock market. so it's a tricky week. didi is still above water at the closing, 20 cents above even though it was as low as 10 cents about 14.10. it will be interesting to see whether it breaks issue price tomorrow. emily: you mention the 100th anniversary of the chinese communist party, on a normal day, we would like be speaking with longtime didi president gene wu, or chung wai, the c.e.o., they're not doing any interviews because of the anniversary. what do you make of the timing,

why go out now if there are going to be these restrictions? crystal: the u.s. market is very hard as of today, equity is still up tremendously, so in terms of objectively looking at the equity capital market, this is not a bad time to go public. it's just that this week happens to be full of competition. the conventional wisdom is you do not steal the limelight from the communist party if there any sort of official events. for them to be doing the deal the same week that the communist party celebrates such a big milestone, it is unconventional, it wouldn't be surprising that they got messages from up high to lay low and not do any media sfwuvz. emily: how much didi, crystal, does it compare are other ride hailers. uber is the easiest comparison, didi doesn't have a food delivery business and lyft which is a very different business. didi is kind of its own beast.

crystal: the region is the difference. they are very dominant in china. they did expand during the pandemic internationally and had some food delivery business, for instance, in mexico, they're the second biggest food delivery player, but the main difference here is that they're unlikely to get any new challengers domestically even though there is regulatory concerns, they have to update their filings because there is most recently from the chinese regulators on antitrust issues. even then, they already are a very established player in that market. it's unlikely any new company will challenge them. emily: bloomberg's crystal zeo joining us. i want to bring in emil michael, former longtime executive at uber who joins us from miami beach, florida. you were there when uber was expanding into china. you are an uber shareholder, by

default a didi shareholder, what do you make of the lackluster reception by investors today? >> i don't know if it was lackluster, they raced more than they had. it closed at 16, people would say they left money on the table, closed at 12, it was a fine showing. emily: so let's talk about what happened with uber in china. uber tried to compete against didi in china, ultimately sold its chinese business to didi, tike astake in the company. this has largely in the annals of history a loss, you think it's a win, why? emil: it's simple math. we invested $2 billion in uber china, we got out today, do the math, 12% of didi, $8.4 billion. that's $6.4 billion of profit.

usually most would say that's pretty great, that's a win. i think people just, you know, at the time wanted to show that while we didn't become the dominant player in china which is true, but we decided at the time that the knicks were right to do a trade where we got 20% of the company at the time in exchange for retreating from the market. that was at best economic decision for shareholders and employees. emily: how would you compare uber's as you see it success or track record in china to other u.s. tech companies like facebook which is still blocked in china, google which had to leave the country, airbnb which is still fighting? emil: i mean, there was, if you touch social networking or sensitive areas like google maps or facebook, the chinese government is going to be very sensitive about letting you on app stores which is why you're not in there. uber, because we're more focused on transportation which is a

less sensitive area from a government standpoint, we're allowed to exist, in fact, many of the mayors in china that i met were excited to have us there because we would compete against didi which meant lower prices for consumers and better wages for drivers. but today i think there has been a bit of a cold war between the countries. back in 2016 it was a much more optimistic time in u.s. china relations. they were going to pass a bill to allow investment banks in there, but today it's much more difficult for any company, even like uber, but for facebook to be able to launch in china. emily: you had an interesting tweet storm about all of this. one of my, one that stood out to me, you said while it's not fashionable for uber 2.0 management to praise the achievements of the 1.0 team, shareholders l- have over $10 billion in value to contribute to uber china and uber russia teams. what do you make of the fact that uber 2.0 has pulled back from a lot of the work that you

started and possibly for good reasons, self-driving cars and flying taxis and moon shot initiatives that were going to take a lot of work if they ever were going to work. emil: some of the moves were fine, self-driving car, a line. if you are going to be a tech company and a fang level tech company, you need innovation that drives new products. if you take the acquisitions that uber has done over the last four years out of it, there hasn't as much innovation as there needs to be to be a generational company. that is my criticism of how to think about really the difference between 1.0 and 2.0 from a technology standpoint. emily: now, there are some people who would say uber will never be the next google. google isn't necessarily the right comparison, but uber is never going to be a google-sized

company. others would say uber was never going to be a google-sized company. how would you respond to that? emil: yeah, i would say it would have been if travisnd i were still there, that's for sure. we would have, i think we would have seen the grocery delivery opportunity that instacart has dominated much earlier. i think we would have actually won against door dash in the u.s. for food delivery and they're a $60 billion company, that capital would have acute to uber. from an innovation standpoint, we would have had a much longer road map and transportation is huge. the amount of money spent on transportation, trucking, passenger deliveries is bigger than the amount of money spent on search advertising. i think there was a possibility there. emily: well, it's impossible to provide a hypothetical, we'll never know. i hear your point. at this stage in uber's life, what would you like to see, uber is a holding company for a lot of these other bets, though they weren't necessarily, they

haven't necessarily evolved the way you would have liked to see them evolve, but didi, for example, is one of many bets like self-driving cars in a broader portfolio, it's almost like a v.c. emil: it's a little bit like ia.c., the holding company where it came from, it has a flavor of that holding company strategy to it. i would like to see more innovation, they need a head of product management, they need to get the innovation people in the game and give them license to do some things that are not share holdings in other companies. i mean the stock performance is the biggest measure here, i.p.o., 10% and nasdaq up 120%. i do think to really get back to where these other tech companies have grown, they got to do some innovation in house, not the acquisition alone. emily: emil michael, i knew you

would tell us what you really thought. i appreciate the honesty, good to have you back here on the show, thank you. coming up, more on didi's big debut from the perspective in china, we're going to head there next with a live report. this is bloomberg. ♪

emily: let's get back to didi's u.s. i.p.o. debut, the chinese ride hailing giant raising over $4 billion on the new york stock exchange, the second biggest i.p.o. in the u.s. for a chinese company ever, all while china is celebrating the 100th anniversary of the china

communist party. i want to bring in bloomberg's tomorrow mckenzie from beijing. the executives vice president done any media interviews, what do you make of that? tom: we have been pushing for months for in fact for man a year to try to talk to their executives about this i.p.o. as you rightly say, they have been silent, look, i drove in, full disclosure, i got my didi in this morning. half of the city is in lockdown because of the anniversary around the 100-year celebration of the founding of the communist party of china. there is a lot of political sensitivity as ever here, today more than normally of course. i guess it's not too much of a surprise that they don't want to be grilled on the politics of china on the day that they list in the u.s. as you were saying, moderately successful listing, they raised that $4.4 billion, the estimate is below what some had a few

months, 68 billion, but the opportunities when you speak to investors in the company, they see the opportunities as being significant. they want to double the size of this platform in the next two years. emily: tom, you and i were reminiscing in the break about the times in beijing before didi existed. there were only yellow cabs when i was working there 12 years ago. how much has didi changed the country and can they grow into some of these ambitions like food delivery in a country where there are so many tight restrictions and it is so difficult at times to do business? tom: well, they really have changes the fabric of cities around china, just that ease of being able to call up a didi, the different options they give you, whether it's the cheaper, quicker version or the premier version of didi. this is something that increasingly, particularly in the first and second tier cities commuters rely on now. it's become part of the fabric of the cities. they have 500 million active annual users, about 15 million

drivers. 41 million trips a day, that's almost double uber's. of course, the regulatory challenges are significant. they were one of the 34 countries called in by the government and told to amend what the government says, regulators are these monopolies particular practices and the push by regulators here. they are on watch certainty. they have been challenged also by regulators about some of their pricing. the depth of the market, the size of the market is something that the investors, early investors in didi have been talking to me about as well. the regulatory challenges in china that face didi more favorable than those facing uber and lyft overseas. they are pushing into autonomous driving. the data, that rich pool of data that they've been mining over the last few years in china is going to give them an advantage and they do absolutely monopolize the market here. yes, you have the likes of those

who have their own ride hailing app and service, but it doesn't come close to the offerings that didi has. emily: interesting, we'll watch to see how that plays out, how much the market can expand. bloomberg's tom mackenzie in beijing, thanks for checking in with us. i'll speak with harvey finkelstein at the company's new features of giving merchants pore of their own revenue, that with competition with amazon is next. this is bloomberg. ♪

emily: shopify is putting more power in the hands of merchants. the company has announce add i slew of benefits taking zero percent revenue share for developers making less than $1 million a year and enhancing their online payment options,

joining more with the announcement is harley finkelstein, shopify, good to have you back. shopify is giving more and more power to her chants. you are running a business yourself, a business that makes money. i'm curious how these tools help you find that balance given that there are complaints about how other big tech competitors navigate the very same relationship. harley: thanks for having me on the show, emily. i think if the internet is a city, i think a great way to think of shopify, we are the commerce infrastructure of that city. we already power commerce on the internet. in 2020 alone, 450 million checked out on shopify, 8% of the global population. we sold about $120 billion worth of products in 2020 and now shopify represents 90% of all ecommerce in aggregate, the second largest online retailer in america. it feels more and more like the center of commerce is not only shifting online, but also is happening on shopify. we announced a lot of things

yesterday at unite, they were really aimed at these major platform investments, our largest to date the idea really was to advance that internet infrastructure and give merchants more flexibility and more opportunity to present they are brand uniquely. emily: you also expanded partnerships with google and facebook, in the meantime when you mention the center of e- commerce, a lot of people think of amazon. here is what your c.e.o. told me last year about shopify relative to amazon, take a listen. >> amazon is trying to build an empire, what shopify is trying to do it, trying to go and get to roughly that equivalency through all sorts of different means. emily: harley, do you think the rebels are winning if there is an attempt to sort of disrupt the amazon empire? harley: very much so. if you think about consumer's favorite brands, emily, think of your favorite brands, most of

those brands if not all of them are powered bishop if i. we want to make it possible for every merchant to present their brand uniquely on the internet. that is a stark contrast to selling on a centralized marketplace that frankly imprisons your brands. we're betting on an all together different version of the future of commerce. we think the future of retail is retail everywhere, online, off line, on facebook, on google maps, on youtube, on instagram, on tictoc and pinterest and shopify really is playing the role today of being the internet's operating system or commerce internet operating system, you can sell anywhere you potentially have customers. emily: amazon is in the news today for requesting that the new chair of the f.t.c. recuse herself from am amazon-related issues that the agency deals with. i'm curious, how aggressive do you think antitrust regulators, lawmakers, folks like the f.t.c. need to be when it comes to antitrust enforcement against amazon? harley: i'm not going to opine

on the legal case of other companies. what i'm going to tell you on the supply and demand side, consumers brands and merchants, for the future of retail to thrive, it needs to be in the hands of many, not the few. that's the big reason we're spending so much time right now making sure developers, any developer decides to build on shopify, historically we had a shopify rev share in our app store of 20%. we brought it down to 0% which is unprecedented. we want to encourage every developer to build commerce tools for entrepreneurs. we think that's a great way to do so. the other thing to think about also in terms of shopify, we are best known as being the platform of choice for small businesses. you're also seeing very large businesses also come to shopify. the reason both small businesses and large businesses want to use our platform, they want to own their customer relationship. they want a direct relationship with the people buying their products. they don't want to rent customers from those marketplaces anymore.

i think this idea of direct to consumer being a fad is ridiculous. that is the future of retail. it's happening on shopify. emily: in the meantime, speaking of big brands, netflix recently announced opening an online store using shopify. what does that mean? harley: to one of the things that we're really proud of is we call online store 2.0 which is by far the most significant online update ever. it's a way that a merchant that has very particular needs like netflix did and want to enter e- commerce for the first time of that company was able to build a beautiful online store where they can have customization possible. whether or not you're paying us $29 a month and setting up a store in your mom's kitchen table or all birds or netflix building on shopify, you don't need any limitations in terms of what you want to custom myself, a.p.i.s, all birz is building a

new application to leverage augmented reality and shopify checkout where merchants can customize the check out, upsells, charity requests, what we're trying to do is create flexibility in commerce that otherwise would not have existed. the end result is more of those rebels will be more successful. emily: harley finkelstein, we'll keep watching how you continue to arm those rebels, president of shopify. thank you. that does it for this edition of bloomberg technology, i'm emily chang in san francisco. keep watching bloomberg. this is bloomberg ♪ "bloomberg ty chang in san francisco. keep watching bloomberg. this is bloomberg ♪ ep watching emily chang in san francisco. keep watching bloomberg. this is bloomberg ♪ keep watchin. this is bloomberg ♪

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♪♪ ♪♪ >> good morning, welcome to daybreak australia. >> good evening from new york, the top stories this morning. the chinese communist party celebrates its 100th anniversary. the country faces risks both inside