>> from the heart of where innovation, money,, and power collide in the heart of silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i'm emily chang in san francisco, and this is "bloomberg technology." coming up in the next hour, end of an era. as jeff bezos gets ready to step down from amazon next week, we will talk about his legacy at

the company that has reshaped how we think about buying anything and everything. plus, natural gas fields in texas fueling bitcoin. we will talk about mining and its environmental problems with the key player on the texas prairie. and medical care from the air. drones debut as a way of delivering life-saving blood, vaccines, and we will talk -- and more. we will talk to a ceo about the global supply chain. u.s. jobs figures jumped the most in 10 months. finally some good news. >> absolutely, after two months of disciplining jobs reports from a positive payroll number and that help the s&p 500 closed 8.4% up. we have extremely low volume ahead of the holiday weekend. i want to show you the disparity between the tech stocks, up 1.2% on the day, and small caps encyclicals down 1% on the day.

you are seeing this defensive tone. before i show you the other subsectors, i want to highlight an ipo in the spotlight now. after the 1% gain on their debut, they had another solid dave gains, but today was the first down day after the first two sessions. let's see if the momentum keeps up in the light trading environment can which brings me to the other subsectors up tech. you had the ipo names drop. that picture is just part of that broader move. stock is doing pretty well, in line with the nasdaq outperformance. even to the downside, remember the time last year when we had tech be the bundle trade, meaning everything in tech was doing well? not the case anymore. down 1.9%, and the nasdaq biotech not on the positive tech trade. that is the macro picture. >> i'm taking a look at disney. you can see on my screen,

basically flat. we saw a drop on a report on the information that disney plus subscriber growth slowed in the first half of the year. they cited internal data. you can see what it did, because a pretty significant drop on the day when shares had been higher. a disney spokesperson says the information contained factual inaccuracies that do not reflect the performance of the service. nonetheless, investors paying attention. amazon up 2.3%, the biggest gain since march 9. not much news out there, but it is jeff bezos's last day, last week eight, as ceo before he hands it over to andy jaffe. with me into my bloomberg terminal and look at this. that white line, you don't even recognize it, but it is the s&p 500, a mere 420% gain since

1997 when amazon ipo'd at $80 a share. it is of more than 220,000 present-- up more than 220,000. i'm not making that up. incredible legacy he leaves behind. back to me in this view -- bringing it back down to earth, get it? the broader basket of mecca cap tech stocks -- when andy jaffe gets to his desk next week, he has a big job on his hands. emily: i laughed out loud about five times. thank you so much for that, ed ludlow walking us down memory lane. monday likes jeff bezos's last -- monday marks jeff bezos's last day as ceo of amazon. where do we start with a guy that change the world, for better or for worse? what happened on monday? are we expecting fanfare or

server money is the passing of the baton happens or not? >> they have not said much about what they will do. andy jaffe introduced himself to the troops. it would take a whole lot to mark the 27 years that bezos has had and try to that company. it is an insane run. reshaped online shopping, reinvented for all intents and purposes. heck of a run as andy takes over on monday. emily: jeff is staying on its executive chair, so he is not necessarily going anywhere. how much do you think he is going to try to be in the drivers seat and allow andy to have that role? matt: that can be a tough transition. you saw this with microsoft. jeff bezos says he wants to stay and worker safety is something he wants to work on and invent

new ways to keep employees say. jeff bezos is also about to blast himself off into space in a few weeks, so i don't think you will be watching over andy jaffe's shoulder every day, but he wants to keep her hand on the company he founded. emily: huge milestone for jeff bezos, where he is planning to fly into space. but richard branson trying to beat him to the punch and has scheduled his own rocketship ride about a week from now. do you think that is getting under bezos's skin at all? matt: i think it would be really testy if elon musk were to jump into the frame. that is a guy who has had some words with jeff bezos over the years about differing approaches to space travel and their rivalry and all of that. emily: we will talk about the lipid more in the show and branson's mission itself. how are they feeling about this? excited, apprehensive? matt: business as usual is what

amazon is trying to portray. a lot of employees do not know andy jaffe. a plot of rank-and-filers have not met the guy and never interacted with them much at all. in public i think we are going to hear a lot of the same things jeff bezos has said -- references to giving shoppers happy and staying focused. emily: talk to us about what is going to be priority number one on any jaffe's agenda. matt: great question. andy jaffe has a tougher plate than jeff bezos did. bezos builds from nothing to invent in a shoebox. andy jaffe has a lot of constituencies to satisfy. the company is on a roll financially, but is under the gun for antitrust reasons in the u.s., europe. andy jaffe has to do a lot of messaging to a lot of constituencies. it is not just a pure customer focused and amazon's style by

prefer -- might prefer. he has a lot more balancing to do as he takes the reins. emily: matt day in seattle. thanks so much, matt, for your insight. ibm president jim whitehurst will be stepping down after three-year tenure, sending shares tumbling. the move comes unexpectedly, but signals one of the first major reshuffles under the ceo who took the reins of the company last year. whitehurst was the ceo of red hat, which ibm bought for $33 billion in the deal orchestrated by the ceo. coming up, we will speak to the ceo -- a ceo about how the company is capturing airgas to power crypto mining. this is bloomberg. ♪

emily: bitcoin fundamentals what to the test this week as investors keep an eye on the crucial $30,000 threshold. the cryptocurrency fell below last week. we will see whether we can hold for price action. it coin trading at $33,000. keep an eye on it. staying on top of crypto, crusoe energy is on a mission from montana, north dakota, and beyond. it is financing into power data centers and crypto mining operations. some believe this is evidence of

crypto mining not necessarily being bad for the environment, but incredibly efficient. let's find out more if there is any truth to that with crusoe ceo chase lochmiller. chase, where you stand on the crypto mining debate? bill gates and elon musk have concerns, but when you talk to folks in the industry, they say that is a red herring. chase: i think that is right. crypto mining can be used as a huge benefit to promote very beneficial infrastructure and capture otherwise wasted energy resources like natural gas in an oilfield. it is useful to unlock value in otherwise stranded removal energy resources that are generating power capacity that doesn't have a home to be consumed. when you look at the actual global fit point -- global footprint, it is strikingly driven by a lot of these wasted energy resources. emily: when we say mining, we

mean a bunch of engineers and computers running complex math problems to mind that cryptocurrency. talk to us about what crusoe is doing. how are you using some of this excess energy to power these mining operations? chase: crusoe has a solution and what it does is in the oil industry, there is something that happens quote flaring. fleming persists when oil companies drill oil wells and a natural gas is a byproduct of that production. they don't have the physical infrastructure to transport that gas to a downstream market where it can be consumed, we are stuck in a situation where the best, most economic and efficient think to do with it is to light it on fire. this creates a massive emissions footprint and massive waste of

an otherwise is energy resource. crusoe solved that problem by basically, locating data centers on site with oil production. now instead of gas being flared from we are able to utilize it to generate power and use the power to power data centers that we use for energy-intensive computing applications like bitcoin mining, training large-scale artificial intelligence algorithms, generating rendering for graphics and animation. emily: i'm curious what the conversation was like when you asked oil operators and ranchers and farmers if you could move servers onto their property to mind bitcoin in some people may not even know what bitcoin is. chase: it was definitely a leap for them, but i think as a whole the industry has been very receptive to the idea, largely because they see it as a solution to flaring.

the response early on from a number of operators is i don't care what you are doing as long as you are making might flare go away. that is a huge environmental win for me and benefit to my production process. emily: talk to us about how big your operations are. you mentioned montana, north dakota, expanding in texas. chase: that is correct. we have deployed 45 systems primarily in north dakota and montana. we are expanding to areas called the bakken, one of the largest oil formations in the united system and planning to expand to the permian basin this year. it is geographically dispersed between denver, san francisco, and a big field operations staff in north dakota to support our on-site operations. and that is kind of where we are at today.

we just closed a round of funding led by the equity partners and we had great participation from other climate tech investor groups as well. emily: and also some crypto-focused folks like the winklevoss twins. we have seen a crackdown from china on mining and regular trade action in the u.k. and we are waiting for regulators to take a stand on cryptocurrency in the united states. what have your conversations with regulators been like? chase: generally speaking they are positive. the regulatory climate in the united states is thoughtful around bitcoin mining and flaring. when you look at a state like north dakota, they are sort of between a rock and a hard place where 35% of the state revenue is generated from the oil industry, and flaring is a big problem and they want to do the right thing, but if they

overregulated, they outlaw the industry. coming to the table with an innovative solution that can create economic value and also produce the environmental footprint of the oil industry -- reduce the environmental footprint of the oil industry has been well received. emily: with china cracking down -- well, i guess my question is where do you think mining is going to spread next? if it is not going to happen in china, is that a huge boon to the united states or elsewhere? chase: absolutely. i think it is a great thing for the industry as a whole and the bitcoin network. one of the criticisms has been that mining processes are highly concentrated in china. there is a lot of obscurity and opaqueness to that. with the ban in china, we are seeing that get distributed around the globe and you are seeing the benefits of centralization. the network is continuing to operate and you are seeing a

massive influx of hash rate to areas like north america, central asia, a been beneficiary of this as well. i think at present a great opportunity to build a phone industry in north america. emily: all right, we will keep watching your process unfold. chase lochmiller of crusoe energy, thank you for explaining all that to us. coming up, we will speak to the ceo of the leading home remodeling and design platform about its new service. this is bloomberg. ♪

emily: sheltering in place over

the last 18 months or so has looking at our, well, filters. the demand for home interior design and renovation sword. houzz is the leading platform for home renovation and design, providing people with everything they need to improve their homes from start to finish. they launched houzz pro business management software, which provides an all-in-one software solution for industry pros to stand out. with us now, adi tatarko, ceo and cofounder of houzz. adi, great to have you back on the show. i know i have been staring at my own four walls and been motivated to make some changes. what trends did you see through the pandemic, and what kinds are you seeing now that we are -- that we are starting to come out of it? adi: yes, a great question. before the pandemic there were four very strong trends and we definitely see them continuing. one was the baby boomer

activity, the other would be aging homes in the u.s. and other parts of the world that we care and love and repair. home equity at record highs. and we are seeing limited housing stocks. on top of that, covid accelerated everything. for a minute we got a pause where everybody wondered what is going to happen and we shelter-in-place. and then it accelerated big time . on one side we are seeing owners, 65 million of them on houzz all over the world, we are seeing them doing robust activities. we are at 50% increase compared to pre-covid days of remodeling activities that are here to stay by the homeowners. we are also seeing the 2021

five-your record high activity. what did they do? they want to change every single inch of their home and get much more out of it. that is just one piece of the transformation. on the other side, they have high demand. they want to do it online. they want technology, they want software, they want professionals to provide it here, now. they want to transact online and have everything in 3d and after much more control and visibility on the process. houzz pro is in the middle of this supporting the transformation and adoption by professionals. all over the world we are seeing it. emily: pending home sales in the u.s. increasing by the most in a year. if you are not moving, you are redecorating. how is this driving how desperate down your business for us today. i know you have this pro management software, and you not only support consumers, but

design professionals. adi: we have 2.7 million professionals on houzz. it is definitely a very big part of our community. houzz pro is an intent solution for these -- an end-to-end solution for the professionals were start to finish we provide software to grow the business and manage the business under the same roof. we have 65 million homeowners that can come to houzz to find professionals and get inspiration and shop from houzz, and the entire collaboration is happening there. both channels, houzz pro, exhilaration when covid started to open up things, including trends that were there before, as well as e-commerce, it got an extra push -- these are here to stay. we are -- people are reimagining their homes and we are seeing

biggest exhilaration on --big acceleration on both fronts. emily: what are you seeing in terms of -- i know the renovation business is booming, but things have been slow, things are on backorder, there are supply chain issues. there is so much demand you cannot get people the move fast enough. are those issues working themselves out? adi: they do, and the software and technology are able to do things much faster and better for the clients. this is where we see the adoption, because when you have visibility into what is available in terms of materials and products and labor and cost and where you can get this from and everything is under the same roof, it helps a lot in terms of coordination and also to set up the expectation. the expectation and the demand, you're right, it is high, and you have to provide visibility, what is available,

where, how, in the homeowners are demanding it. they want it to happen here and now. professionals are adopting it. you cannot wait anymore -- if you are homeowner, you wanted now. -- want it now. emily: quickly, adi, what is the hot new design aesthetic? retro, midcentury modern, classic, something else? adi: it is all over, but we are seek trends emerging around the world. whether the traditional, modern, you take something like your backyard or your patio. before it was how can i make this garden beautiful. the trend we are seeing now is how do you make this same outdoor space function in your dining room, gym, bathroom, your

privacy space to get out of the house. much more functionality out of each space is the biggest trend right now. emily: ok. adi tatarko, houzz ceo and cofounder, love to hear. thank you for joining us orlando bravo, next.

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>> it's not important when any of these spaceflights go. what is important is they are ready to go, and that is what you are hearing from us, is we are ready. we had an incredibly successful flight back in may. we announce we are going to run the schedule of four test flights. the one on may 22 hit all of our technical objectives. we did deep analysis and looked across all the ships as we prepared for when the next flight would be. emily: welcome back to "bloomberg technology."

i am emily chang in san francisco. it is the billionaire space-based, and richard branson is--billionaire space race, and richard branson is subject up to my to the great beyond. with us is--set to beat jeff bezos to the great beyond. what we know? ed: july 11 from new mexico -- i just booked my flight. stock rises as much as 25% on friday. we lost enthusiasm over the weekend. it has been a roller coaster. pull this off and you will see why. we found out seven days ago that you got the faa license for branson to do that. another spike on the news that it will be out, jeff bezos. this has nothing to do with blue origin.

handed the data over to the faa. it was richard branson' decisions, they were ready to go. hmm, not so sure. richard branson is going on july 11. his has his faa license to go up. jeff bezos is waiting until july 20. they don't have the faa license. this is turning into incredible story, emily. emily: any chance elon musk takes off between now and july 11 and beats them all? ed: i don't know -- there is the famous quote, he says he will only get on a rocket if he is sure he will die on mars and not on impact. he wants to make sure the rocket will then safely before he goes into the stars. we don't know who the mystery winner of the auction is for the blue origin seat. it is a blind auction.

$28 million. unless you are the winner, emily, we will find out. emily: oh, i wish. i wish i could. i'm enjoying life on earth a little too much. ed ludlow, thanks so much. orlando bravo, founder and managing partner of thoma bravo, the big private equity firm with $8 billion under management, sat down with erik schatzker to talk about crypto and the booming market. take a listen to the exclusive interview. orlando: what these two big movements are showing us is the need for inclusion, and wall street and in the financial system, by individual investors. you take wall street -- i read a blog the other day that there was a sponsor that said my stock is not for retail investors. i'm a retail investor, could it be for me? retail investors are smart,

highly educated, they make good decisions , and they want in the game. talking about one of the arbitrage situations, they are doing that very successfully. so, good for them. take investing on your own hands, have fun at it, and sugars, they will take risk -- and yes, they will take risk and sometimes they will make money and sometimes they will lose money. it is a good thing and it is really inclusive, and people want that. in crypto, you have a world of young people that want their own financial system and their own culture. the is very powerful -- it is very powerful. i'm a big believer in blocking technology is complete -- blockchain technology is completely disruptive. currencies will be worth more if more people adopted them. the bet is it is highly likely

people are going to adopt them than less. erik: when there is a wall street bets-driven short squeeze, whatever hedge fund happens to be short, whatever stock, are you cheering from the sideline? orlando: i'm cheering so much, because i also don't like shorting. like betting against people, i don't like betting against companies. i don't like the short game. you are trying to hope somebody does poorly and spreading potentially bad information that doesn't exist on the company. this other movement makes hedge fund think about that again. erik: sometimes the information is good information. sometimes it is real. sometimes the companies being shorted really are pretty lousy companies and maybe worse than that. maybe they are fraudulent. how do we deal with that problem if there are no shorts? orlando: i would say don't buy the stock. things will figure themselves out.

just don't buy the stock. emily: our erik schatzker with orlando bravo. robinhood cofounders cut their own salaries by 90%, but yes, they managed to become or if robinhood-- or will become billionaires if robinhood's ipo goes well. sonali basak has been keeping an eye on robinhood. some details about how these guys are paid. what do we know? sonali: it's interesting -- while the pay, the salary was cut 94% in april, when you take into account their echo bay awards and what that paid out in the future, they are well over billionaires. they made it into the club of the most rich americans. a lot of this was discovered by my colleague and his really great reporting because the better robinhood does, the better the ceo's do.

the reason it is interesting, emily, is this is the dream, to be paid in equity and have a company do well and cash out on it. i am sure that the employees also want to be cashing out as well here. emily: indeed. and look, it is not unusual for a ceo -- many ceo's of these big tech companies -- steve jobs had a one dollar salary. but of course, they are incredibly wealthy as a result of the equity they hold in their companies. but their payouts, does it not depend on how robinhood's ipo, how the shares perform? sonali: certainly, and it is over a range of time. the current disclosures are $16, but the payouts in the future are based on a range of price targets, and those prices are anywhere from $30 to $300. there is a really wide range here on how well robinhood has to do so it can hit these payout targets. emily: what are you hearing,

sonali, in terms of investor enthusiasm? a theyr excitede about getting into robinhood? sonali: great question. i spent the last two days calling every underwriter i know, every investor i know, to get a sense of how people feel about it. super interesting how a lot of these legal issues are being shrugged off. the lockup periods are a bigger question mark, who is going to sell earlier on. and there be a way to short the stock earlier on? the valuation -- a lot of people are still baking and what this means, especially if growth starts to lateral little bit. a lot of the questions on wall street and the new investors coming in. emily: it will certainly be interesting to see -- it is kind of a meta exercise to see robinhood itself trading on the public markets. you wonder, are retail investors going to set their sights on robinhood like they have

gamestop and others? sonali: it is interesting to ask a question like that, too, and a fun thought exercise. the exposure to crypto you have when you invest in robinhood stock. emily, not for nothing i looked up coinbase's stock earlier this you because coinbase is another company where people are really worried about whether they were going public at the top. they have declined quite a bit after their early rise. is robinhood going to be a similar story, or are they going to be selling these new investors that they can continue to be for they have been for them the last couple of years even with the outages and other hiccups we have seen the last couple months emily: interesting. it is going to be a ride every step of the way to that big date and beyond. you will be covering it every step of the right. sonali wasik, thank you for the reporting. zipline has raised $250 million

to expand its footprint in africa. ceo joins us next to talk about how the pandemic has changed its course of history. this is bloomberg. ♪

emily: california-basement drone operator zipline has raised 250 million dollars to expand operations in africa, allowing the company to fulfill demand for services from donna to rwanda. -- from ghana to rwanda. it has change the way it is responding globally with the massive need to distribute vaccines across the world as traditional supply chains broke down. joining us now, zipline ceo keller rinaudo. great to have you with us, and you are joining us from a production facility in san francisco where there are drones and planes behind you. what are we seeing there? keller: yeah, i'm standing in is

it like's manufacturing -- i'm standing in zipline's manufacturing facility in south san francisco. it is getting ready to head of two places as diverse as rwanda, nigeria, north carolina, or arkansas. as you mentioned, we have seen the pandemic create a totally new kind of demand for logistic services, and we are trying to keep up with that demand. emily: give us the 30,000-foot view. how many drones is zipline flying now? where are they flying and what are they delivering? keller: when we started in 2016, partnering with the government of rwanda, our initial service contract was to deliver a wide variety of products to 21 different hospitals. that service has expanded dramatically. we serve 2000 hospitals in primary care facilities across

rwanda and the united states. toward the end of this year we will be launching in a nigeria, and toyota for logistics in japan. that is the largest autonomous system of any kind on earth. this is a very new class of logistics for health care, where instead of receiving deliveries every month, you can receive what you need when you need it is no way that ensures universal access for patients but also allows healthcare services to save millions of dollars by centralizing inventory and throwing less stuff outcome which is important for precious things like covid-19 vaccines. emily: wow. so talk to us about how the pandemic and subject to change the way your operations have evolved and responded, because traditional supply chains really broke down through the pandemic, and now there is a demand and

need for vital vaccines and so much more that we didn't have before. keller: definitely, emily. that is what we saw. i think we depended on traditional logistics for so long, i think we forget the ways in which they are fragile. good examples -- zipline was already serving 1500, 2000 hospitals in primary care facilities when the pandemic struck. when the things we immediately recognize is that the demand for traditional vaccines -- traditional childhood vaccination -- went up 10x in the first mother of pandemic as quarantines were put into place, and a lot of people were not showing up to work and a lot of traditional logistics for moving vaccines was no longer working. sibling has delivered 2.5 -- zipline has delivered 2.5 million doses of traditional vaccines, making sure that a country in the middle of a pandemic can do the essential

work you have to do to keep people healthy and vaccinated. we merely began delivering covid-19 samples from rural --he immediately began delivering covert 19 temples from rural areas to testing labs. we began delivering the covid-19 vaccine as soon as it was available. as soon as it is available in a country, it is available in every primary care facility no matter how rural and remote. this is the promise of the technology that we can make logistics work for everybody, rather than just certain zip codes. emily: you forged partnerships with pfizer, toyota, walmart in the past year. tell us about the opportunity to transfer the logistics infrastructure, instant delivery not just for the wealthy and developed countries, but for developing countries that traditionally have not had

access to this. keller: that was the other half of this transformation we are seeing as a result of the pandemic. obviously, a really scary new challenge requires new kinds of technology and new solutions. not only did we see the work that zipline is doing multinational in africa really accelerate, but we have seen some of the biggest, most respected companies in the world, u.s. companies, starting to take big bets on instant logistics as ways of particularly providing health care and health and wellness products and making sure that we can deliver those things directly to the home. we have seen every health system in the u.s. -- so many of these health systems thought they had maybe 10 years to enact this digital transformation and caring for people in their homes. a lot of them are exhilarating that and doing that in one year. telehealth is one solution. the other point is instant

logistics and making sure the patient can get the exact thing they need with the thing they need for their kid very quickly after the initial visit without needing to leave the home. emily: i remember when zipline launched, keller, and a lot of people thought it would never work, it was before it's time. you had to do with regulatory government issues along the way to get to where you are. why is it that jeff bezos promised and okta cover years ago and it never happened, but zipline is here and it is big now? keller: for sure there are a lot of companies that made big announcements in this space. we take as a positive. a lot of companies are realizing that instant logistics is a huge opportunity and it will be a big industry, and the thing that is most important to zipline is to build a system that serves all people equally. i think a lot of people are realizing that building this kind of technology is harder than we initially expected. but i think the most important

thing that zipline did differently is we have taken partnering with government very seriously. we know that when it comes to health care, most countries have public health care systems you need to work closely with. when it comes to getting national regulatory approval for these cans of systems in a way that zipline has, that came through them using -- that came through amazing partnerships with countries and aviation authorities that enabled us to get to the point we are today. there is more credit to the government to partner with them to us -- than to us. emily: ok. all right, fascinating. keller rinaudo, we will have to visit you in south san francisco sometime. thank you for joining us. coming up, let the celebration begin. boston pops is back, and we will look at one of the world's most oldest commission warships, the

uss constitution. this is bloomberg. ♪

emily: fourth of july celebrations are underway, in the boston pops is back after being canceled last year amidst the pandemic. to celebrate the return, janet wu took a closer look at one of the most recognized symbols in american history, the uss constitution, the world's oldest commissioned warship, and had a chance to speak with its current chief petty officer about the significance of one of its newly named camps. janet: the uss constitution, also known as old ironside, is the world's oldest commissioned warship afloat. >> we tried to bring the history to life. janet: it turned its nickname

during the war of 1812, when british cannonballs were seen bouncing off its wooden hull. >> you don't get to get fully immersed until you are here and you see all of these guns on our gun deck. janet: one of those 24-pound guns has a new name. >> i was walking the gun deck -- back in 1812 when they had gun teams, they rally behind something like a mascot. janet: most sailors back then could not read. no records have survived for the original gun names on the uss const fusion. some have names based on records from sister ships. >> a little bit here and there, and we named a few ourselves. the idea was to name it in honor of women in the military, navy, and chief petty officer's. janet: wash was sworn in as the

first female chief petty officer on arch 21st, 1917. >> first female to enlist in any branch of service in the first to be equal pay and equal rights and equal benefits, which was unheard of in 1917. her history is what made my history possible. janet: the naming ceremony, which also coincided with women's history month, was streamed on facebook ahead of the ship's reopening to the public. >> people are allowed to come on board and meet our sailors, and they should visit the museum as well. >> the museum is to share the stories of old ironside and spark excitement about maritime heritage, naval service, and the american experience. we are so excited that constitution has more female leaders then she has had en route street--had in her history, and they have banded together and name begun in honor of an early u.s. navy sailor. janet: these cannons are century -old replicas of the original,

and the newly named perfectus is one of only two named by the current crew. >> this is my dream job. having a chance to be assigned to this group is amazing, i am so lucky every single day. i want to realize how far we have come as a military from not just naming, but military in general, and how much women have strived to overcome challenges. our history in the navy has grown. emily: bloomberg's janet wu. thanks so much for that report. be sure to tune into the boston pops july 4 spectacular 8:00 p.m. eastern time on bloomberg television. that does it for this edition of "bloomberg technology." happy friday, everyone. have a wonderful weekend and a happy fourth. i am emily in san francisco. this is bloomberg. ♪

stop -- david: this week, how the biden administration is slowing down the red-hot deals market. >> are people thinking about what may come down the road in terms of policy changes, regulatory changes, tax changes? absolutely. >> and larry summers on what investors may be missing about the second half