>> from the heart of where innovation, money and power collide. in silicon valley and beyond. this is bloomberg technology with emily chang. >> president donald trump -- former president donald trump lawsuit on facebook, google and twitter. we will have details from

china's crackdown on crypto mining. we will have what it means for the prices of mining environment in united states. more on the wheeling and dealing in silicon valley. we will get an update on the meeting of billionaires and powerbrokers. those stories in a moment, but first, u.s. stocks rose to record highs once again. even the nasdaq managing to eke out a tiny gang. we have the lowdown. >> it's interesting because you are seeing the s&p 500 higher than the nasdaq 500. yields are dropping. people are buying that treasury. the risk assessment all wrapped up in a bow. bitcoin higher, now lower, but higher in the previous session. let's take a little bit of a step back here. zoom out and look at the trades doing very well. caroline, you mentioned the nasdaq is speaking up again.

-- eking out a gain. you can see on this chart, starting to slant higher when you compare it to hotel stocks, for example. that recovery trade not doing so well in the month of june. ultimately what is not doing so well, some of the subsectors of that tech trade. it really trickle down all the way to the chinese adr. biotech, stock, none of that is doing well today. shareholders coming back and saying that is not fair. a lot of those early investors not getting the deals that they wanted. that sentiment is tricking down into those subsectors of tech. i do want to highlight before we wrap this up, this one last story, you are seeing shares down in after hours trading this afternoon. several states are suing the company, making it the fourth

monopoly lawsuit. we will see how much that translates into tomorrow's trading session as well. caroline: it doesn't seem to be affecting the market after hours too much. they queue for the lowdown. antitrust charges again against alphabet. this new case will be the fourth lawsuit against google. bringing details as they become available. let's talk to tom giles, who i think if you really dig into some of it, first and foremost, let's stick with google and alphabet. why, with all this factored in? >> there are so many lawsuits right now that are being leveled against google, i think there is a little bit of fatigue that has set into the market. people are waiting to see the details of this. you already have the doj coming against google over its

domination of the search market. what the states are looking at is the way it handled the google play store. this is something a lot of publishers, a complaint the publishers and website owners and aft of a have leveled against apple as well. these two companies are the tsgatekeepers for the wt apps are distributed. the way things are purchased in apps. and, people are fed up with the fees that people -- fees that these companies charge. for the privilege of distribution through the store. and, the fact is, if you are an app developer, you don't have a lot of other ways to get your app out there other than apple and google. the senses they are abusing their domination of this market. caroline: that is the sense. the question is, who gets there

first, the courts or congress? what is interesting, not only is alphabet being attacked by the courts year, but an old president as well. not just alphabet. what do we learn in terms of the suing that is going on of mark zuckerberg, jack dorsey, from former president trump. >> it looks like it is about publicity and fundraising more than anything. we spoke with several first amendment lawyers today. got a lot of inbound commentary on the president, the former president, the former presidents lawsuit against these companies and the chief executive. a failure to understand the first amendment. one law expert called it d.o.a., dead on arrival. in terms of actually getting anywhere with alleging abuses of the law, it does not sound like the former president is going to

make much headway. what it does seem to be is very much gaining attention to himself, to a possible play for the presidency in the future. and, immediately after this, it was turned into a fundraising plea. messaging went out to his supporters to say help me in my fight against big tech. and, donate. which sounds to me like somebody who is at least seriously considering a run for office once again. it does seem like it is a lot more about publicity, about wanting to be in the spotlight. but, these companies have taken -- that these companies have taken away from him. it;xd6c÷i@0ci@0ci@

insight there on all that is going on across big tech. let's divert our attention, not just u.s. big tech but chinese big tech. directors and underwriters were hit with two u.s. shareholder suits. shortly after the june 30 initial public offering. a spring in bloomberg's shery ahn, the coanchor of daybreak: asia. give us the latest on didi at the moment and its management. shery: it has really been tough for them at the moment, such a tough ride for the shares now below $12 per share. as you mentioned, we had that u.s. shareholder suits and the company failed to disclose ongoing costs when it comes to securities regulations. this is what someone had to say in a new york suit, rather than disclose the discussions, they

chose to vaguely discuss china's regime when it comes to securities. on july 2, the chinese authorities started the investigation on didi and two days later, it was removed from app stores. bloomberg has learned that as many as three months ago, didi was to -- was asked to delay the ipo. caroline: it goes so deep. this has to have an effect on future companies wanting to listen the u.s., right? shery: yes, still in effect when it comes to those chinese tech companies. the golden dragon index. we have seen it of course with investors really focused on what china will do. right now, bloomberg has learned that beijing might be closing that loophole when it comes to the ipo's overseas. especially in the u.s.. what they were doing so far, tech companies including alibaba and tencent, they were

incorporated overseas, and places like the cayman islands, british virgin islands, they transferred into an offshore entity and those shares could be owned by ford investors. beijing is looking to have that structure, they need to seek approval from beijing before they go about doing that. of course, that puts a lot of the spotlight on these upcoming potential ipo's. there was a secret u.s. initial public offering, they filed it confidentially. we will watch within might do. caroline: the owner of tiktok, plenty of people wondering on that one. bankers wondering as well. there must've been negotiations, u.s. bankers out there who wanted. shery: when it comes to didi for

example, jp morgan, goldman sachs, morgan stanley where the underwriters. such big profits on chinese companies listing in the u.s.. they are the biggest losers here. not to mention, obviously, the chinese tech companies. this chart on the bloomberg showing how chinese tech companies trading in hong kong have slumped 30% from the february high. about $18 billion were wiped out of didi already in just one stock. valuation, that might be the upside for investors looking to invest in this sector. a lot of that money has flown to hong kong changes for example trading at a three month high. more chinese companies will be listing domestically now. caroline: a fascinating want to watch. we continue to see the fallout from every direction. shery ahn, thank you so much. coming up, we had to crypto galaxy and find out where prices

might be headed amid a china crackdown on mining. meanwhile, apple close at a record high, matching the january peaks. iphone sales are poised to climb. this is bloomberg. ♪ ♪

caroline: companies like coinbase, just a few with a capital portfolio in the vc firm now posting several strategic partnerships. companies that have shown more crypto conviction. of course with blockchain

capital. first and foremost, tell us about your new funds. money that i keep on hearing, institutional money coming to the space. i will point is it going to get in? when will we start to see money put into work? and get a better idea of where prices are going. >> there is a lot of institutional per dissipation already in markets. we have several institutional participants including strategic partners. we have also seen it broadly across the industry in terms of validation through crypto assets directly. a lot of that is being backed up by data showing fractions in the revenue that many of these crypto assets are generating. caroline: are people coming to you, into your fund because they want access to certain new protocols that perhaps they don't want to get into the we on the time to do the due diligence on?

rather than just perhaps bitcoin is the obvious place to put your money. >> it varies a little bit depending on the particular lp we have in your fund. generally on the high level they think about as an easy button for exposure. i believe there is something here, it has upside potential. but, i don't have the time to dedicate a team of 15 people to focus on it full-time. so blockchain capital, why don't you do that for us? some of the differences are our strategic partners. for them, it is acknowledgment that this industry has strong potential for them. they want to build products in the states. they recognize in order to get those products to market quickly, they will need to partner with some of the startups in the crypto industry. to be able to accelerate the product roadmaps. caroline: that introduction, the dd -- the didi they need eyeing.

i'm interested, on the retail side of this. for many, to negotiate, to put your money to work, they want to see an etf. is that likely at the moment? some feel the s&p is not as crypto friendly as they initially thought it would be. >> unclear in terms of the timeline of an etf. in the meantime, that is not inhibiting any flows from retail investors and crypto assets. instead of going through the normal brokerage app, buying a bitcoin etf, they're going directly to coinbase, the crypto app that is direct. for a lot of people, there's quite a bit of additional growth to be put in terms of which i sent you would want to own for a long-term potential. but, that is no different than scouring early-stage publicly traded tech companies or even the s&p 500. caroline: about the recent

volatility we have seen in bitcoin, the sudden highs, the sudden fall to about 30,000 where we have seen the bottom for the time being. has that turn anyone away again from crypto? it is interesting, the guy who wrote the black swan, the trader who saw what happened with the first financial crisis, he did own bitcoin and now he is saying it is too volatile. it is a failure, he calls it. what do you say to critics like that? >> overall to your first question, in terms of does any of the market volatility driveway -- drive people away? sure. we have seen this, block chain capital, we have deploying this for several types of crypto now. we saw surge in 2016 and 2017, that maybe walked off the playing field in 2018 and 2019.

a lot of those people who come in, they don't disappear. when square and paypal coming to build products, they don't makes that product roadmap just because prices fell 30, 40, 50%. these are companies building products over a 10 year time horizon. caroline: thank you, spencer bogart of blockchain capital for your time and insight. coming up, making their mark in the effort to accelerate drug development. we meet the ceo next. and, regeneron, all of showing they gains. this is bloomberg. ♪

>> regarding what you have just mentioned about the united states and other western countries, i would like to say that russia did not participate in such an attack in russia did not stay behind. caroline: russia's ambassador to the u.s. there speaking with balance of power earlier. he intimated that russia was not involved in the hack last week or the fourth of july weekend or -- ransomware attack. the ability to measure protein is still lacking. this company is developing a next-generation platform biochemistry analysis.

joining us now, the ceo. talk to us about this investigation of protein -- why has it lagged? why's it so important? >> we are building a new platform to comprehensively and quickly measure protein in a sample. proteins are important because all of yourselves and your body, 37 trillion roughly an average human, the cells are made of protein and protein does all the work in the body. for the last couple of decades, humanity has made it easy to measure dna in a sample, like a drop of blood. for example, i could take a drop of blood from you, analyze it in a couple of days. the breakthrough that enabled that is never occurred for proteins. if i take that same drop of blood and want to know what protein is in that sample, the

best we can do with weeks and tens of thousand dollars -- tens of thousands of dollars is get to approximately 8%. that has broad implications across precision medicine. it has really hampered the delivery of this personalized medicine wave we have been talking about for the past few decades. caroline: why has this been left behind? is it just incredibly difficult? what is to get people involved, partners are interested, how hard will it be? >> that's an interesting question. one of the things that will be interesting to talk about is that the way that humanity conquered the genome is by borrowing from processes from nature. nature already had processes to copy and read dna. with that, we were able to take dna from a sample and amplify it so you can make a bright enough signal that you can reach. protein, when something is becomes it -- something becomes

a protein in your body, it can never be copied. the technology required to read it is quite difficult. approaches have been slow to develop. about five years ago, my co-founder came up with a very unique idea, which is really an idea at the intersection of computing, data science and biochemistry, to bring a novel approach to not just measuring 8% or 10% of the protein, but measuring it comprehensively, 95% of the protein. caroline: westminster amazing about 2020 is how we have seen biotech reach center stage. what we saw and an nra, -- in mnra. what is this going to lead to? >> that's a great question. i think we should celebrate the

enormous accomplishments of the scientific community with nra vax -- with mnra vaccines in response to the covid next -- the covid pandemic. over the last couple of decades, the rate of new drugs being approved by the fda has not significantly increased. during the two decade period, research and development and pharmaceutical companies, the spend has nearly quadrupled. they need much more information, they can apply machine learning and deep learning to be able to figure out what are the differences, how do i build a better therapeutic? the promise of the technology we are working to bring to the world is you will be able to build better therapeutic's and

less time with higher efficacy. caroline: we are looking at a chart of your share price. you recently went public. why? what has it done for you? >> first and foremost, to understand why, you have to understand what are our motivations for going public? i am a former public company ceo. i know what it is like to be public. certainly, there is a lot more work being a public company. for us, the increased visibility of being a public company and the greater access to capital was important. it is important because our company has transitioned out of the phase of feasibility and trying to figure out how we will solve problems that need to be solved to bring this to the world and now we have moved to a phase of formal development and manufacturing. with that comes a lot of expense growth. being a public company in a number of ways. the second question, why a spac? the last company i was a founder

and ceo went public with the ceo. caroline: unfortunately, we went -- we are running out of time. we will have to get more information on why a spac. coming up, gathering in sun valley. we have it all. this is bloomberg. ♪ ♪ ♪

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♪ >> we got in positive reaction so far. -- we got a positive reaction so far. the at&t team is working hard. we are very excited to bring the companies together. we have a strategy we have developed, now we will see how hbo max does, how we do with discovery plus and we will see if we can come up with something as a best practice. >> joining us on the latest on

what is happening in sun valley, idaho is ed ludlow. what is happening now? >> the narrative is around which media companies need to invest in content. a lot of the discussions are who is short, because scaling up seems to be important. the obvious target are viacom, cbs, paramount plus service which is behind the pecking order of others. then of course comcast. beyond that, you don't just have m&a specifically, it's about other deals.

>> we can see pictures. are there any interesting conversations you can see happening? >> yes, you have this antitrust news at the mike -- the moment. we haven't actually seen the microsoft ceo yet. they tell me that jeff bezos is on his way, but he has not arrived yet. and of course, google is in the freight. imagine -- google is in the fray. imagine them all being in the same room with the data and ios discussion going on. i also asked sheryl sandberg, did she have any comment on president trump's lawsuit? she said no, then she went in

and had her breakfast. i think that more arrivals are expected if jeff bezos comes, there will be questions about blue origin. july 20 is not far away. should he not be preparing for his trip -- trip into space? the keynotes are really about the economy, covid, a lot of health specialists here. what i am hearing is that this is a great time to speed date. [laughter] one told me he has had more meetings investors, customers, business partners in one day than in the last 18 months. you wouldn't think this was a summer camp with all the rain and storms happening around me. they are having a good time and schmoozing with one another. caroline: thank you so much. meanwhile, abet the smartphones

would be the next big thing, now what he thinks will be his next transform -- the next transformative trend. he is looking to build more features in the traditional video software. we were just looking at cool backgrounds you have been developing. everyone is schmoozing in sun valley, but i thought we would all be doing meetings more productively online like this. tell me what was additionally -- initially a joke now becoming a reality for you? i am having technical issues. i'm not sure i can hear you. >> hello. caroline: there you are. what a great background. >> everything in my life is pretty fake at this point. this is not my real background, i wish it was. i am an lovely northwest

arkansas right now. i decided since the world gives us opportunities to live and work wherever we won't, i would try it out. it's working great. caroline: talk to us about the birth of mmmmm you had a go with venture capital, you were helping birth new companies with you can tell by the name. we were really@ ño bored a few h after the pandemic started in lockdown and we are trying to make the best of video. we realized the reason our meetings were so ineffective is because nobody knew how to be engaging or charismatic and we were trying to make people smile. it took off from there. now, we are in this phase where we can choose what to do in

person and what to do on video. video doesn't have to be a poor substitute for being in person. we canuçg caroline: i'm very impressed, but -- because with your background -- everyone wants to have a cool background. but they end up getting sucked into the -- when they are and. -- when they're in it. >> we are about the presenter. video companies inc. the video quality is the most important thing and presentation companies think the slides are the most important thing. most important thing is u.s. the unit. it's your face, plus the materials plus your slides. that's what makes for effective committee case and. that's what gives you communication superpowers. we're trying to make something that is a system to make people engaging on video. caroline: how much are you

finding demand for this. as we all slowly come back to various offices, our people demanding this as much as they were in mid-2020? >> more so. this is the big change. in mid-2020, we were trying to make the best of a bad situation. that's ok, but it's never fun. now, we can transition from inking about how to survive the pandemic to how to thrive in the world that comes after it. our rule is that you should do in person what is better in person. for example, being in sun valley is better in person. you should do on video what is better on video and there is a lot of stuff. namely, all types of information transfer should be done asynchronously on video. it's literally changing the world. caroline: you put such more -- so much more thought into this because you have so many slides to back it up.

at what point did you get serious about this? you have been a serious business leader before. at what point did you think this is going somewhere? >> we are going to get serious any day now. it's bound to happen. [laughter] we learned an important lesson. we did start off by goofing around, but we learned that having fun is a crucial and indispensable part of having fun and communicating effectively. we were forced into video and nobody knew how to do it on video. the idea of letting people have personality, emotion, expressiveness with this new medium, that's the key. we have many great customers, investors, but fun is a crucial element and we are not embarrassed about it. we are about having fun and effective communication. caroline: where are you going to take this? are you being asked about

special-purpose acquisitions? >> that is above my pay grade. the virtual path seems to be public. -- the eventual path seems to be public. we just raised $100 million with someone we have been wanting to work with for years. right now, all that means is we have the resources, we have the ammunition. were trying to make a really great product, trying to get it in the hands of his many people who can benefit from it as possible. caroline: how do you figure out not being mute -- on mute at this point in the interview? >> that was 100% my fault at the beginning of this interview. caroline: we have all done it, and that was a beautiful presentation.

it is so great to be reconnected. congratulations on the new funding round. coming up, apple's push for climate change. how an island in new york city will be, -- will become a living laboratory for climate research. this is bloomberg. ♪

caroline: changes are on the way at the bill and melinda gates foundation. it says melinda could resign from the governing board in two years. meanwhile, they have added $15 billion to the foundation's endowment.

bill de blasio declares the governors island will become a hub dedicated to the impact of climate change. now, competition has been launched. it's fascinating for me, but you are a lifelong new yorker. i have been there a lot with my kids, but i have always been aware that more could be done. what are you hoping to build? >> the playground is fabulous, but what we have been thinking about is the extraordinary momentum that has been built on governors island with the addition of the parking space, the environmental and educational programming. now, we are at this place where we are hoping to take the next steps. we want to breathe life into the buildings and use the island to add value to new york city's fabric.

the idea we have been working on is the concept of dedicating a lot of the space and buildings on the island to creating a cross disciplinary hub for climate research, education, and solution making for the city. caroline: what needs to go in first? >> we thought the right way to start is to begin with the competition. the city has put $150 million behind the effort, with the idea that the island has always been envisioned as a home for education. we are focused on attracting an educational or research partner who will come to the island and either build a new building or revitalize one of the fabulous historic buildings that are there and dedicated to climate adaptation research.

most importantly and why it is exciting to do something like this is to then use the fabric of the island as a living laboratory. when we rebuild these buildings and reconstruct these buildings, they should display the latest and greatest technology about how to do truly resilient and sustainable urban development. caroline: talk to us about what practical solutions you want to see. you have been lifelong in development of cities. how do you want to see new york involved? >> the city has done so much already with respect to climate issues in terms of policy and investment and resiliency. when we did research on this idea, one of the things we heard loud and clear is that climate adaptation has lagged behind. now we are faced with increasing heat waves, increasing storms, how do we make the cities fabric more resilient? governors island has 2.5 miles

of waterfront. that is a perfect place to experiment with new types of flood mitigation protection. can we think about how we harden the energy grid to not just be more sustainable, but also be able to withstand extreme heat waves? by bringing this research hub alongside what new york is so great at, which is talent and young businesses and innovation, we think there is a real opportunity to bring things back into the building stock and into the shoreline to make sure that for new york neighborhoods across the city, we are all much betterja%tected. caroline: we have just been talking a lot about online collaboration rather than in person. how do you see that evolving? >> we have had our eyes opened to zoom or whatever technology there is. there is something to being in person in a collaborative setting that cannot be replaced. ñ

governors island is when you go, you feel like you are a little bit away. you for like you have a chance to think in a new way about pressing issues. you go to the top of a hill and look over the waterfront and you can't help but be confronted with the realities of climate change in a way that i think can't be replaced by a more virtual approach. one of the strengths we see in this concept is that it is new york. we have the opportunity to bring together people from the nonprofit sector, financial sector, as we talk about business and technology in one place in the center of new york harbor to collaborate in and in person setting and hopefully come up with great ideas. caroline: is that talent already here, or are you planning to bring it back? >>. governors island is expected to

create thousands of jobs. it is a place for the city to capture what is hopefully going to come in the green economy. we have a talented workforce space, but it has been widely talked about how across the country across the world, we need to be investing back into talent that can grapple with on the ground climate solutions. this hopefully will take advantage of what we love about new york, which is the diversity of the talent, but to help us also develop and create jobs across the city. caroline: i can't wait to see what you build. on a side note, bloomberg philanthropies helped fund the development of governors island. coming up, we will hear about a new listing in hong kong and why they are not worried about the

competition with tesla. also, amazon shares rose after a pentagon announcement that amazon would share cloud computing contract with microsoft. this is bloomberg. ♪

♪ caroline: huawei technology says it was treated unfairly when the u.s. government said it was considered a threat. a trial began on wednesday in texas following claims that verizon is using its patented networking technology without a license. verizon claims that huawei is using its patented inventions. shares of an ev maker landed

flat after an ipo. the vice president and chairman about that listing. >> having a listing ban close to home -- having a listing close to home has always been our strategy. we have wanted our customers to be shareholders as well. being in hong kong is a set opportunity. >> some are hedging against a delisting from u.s. exchanges. now, it seems like there is newfound pressure from chinese regulators when it comes to data security, data privacy. to what extent do you think that didi is only going to speed up more chinese companies to come home and list. >> overall, the regulatory environment is becoming more and more focused on the data side,

the privacy side, national security side. those were not focused as much. it is something that we anticipate, because we see the global environment gets -- global regulatory environment gets tighter and tighter. data security is a big topic in europe. in the u.s., also people focused seriously on these issues. as a company that operates globally, you have to be prepared to space and address -- to face and address these issues. >> let's talk about the competition. tesla seems to have run into issues in china. other is recalls of all of its vehicles, software issues, does the timing seem right now for you to build your war chest and gain ground? >> last year, we saw tesla lower prices on its product several

times. people asked us about that because we directly compete with tesla on a couple of our models. the truth is we have both grown. ultimately, having a good competition will strengthen yourself. tesla has a powerful brand, great technology and product. whether they will have the dominant share what they had before, that is something we will watch that will probably be difficult to maintain. >> it seems like many companies are trying to raise capital among the ev space right now. how does that bleed into the industry? >> that means that the catalyst for converting to ev will be even greater. there will be more players coming up with better, cooler

looking products. better infrastructure will be built i the ev makers as well as the third-party participants of the industry. at the same time, there will be more advanced technology and the advancement will be faster. investments into the sector will generate higher growth and expand the pie for everybody. >> are you still on track to break even 2023? >> in the next two years, that will lead us to the end of 23 or 24 is the breakeven point. >> what are you seeing as you're outlook of the ev market? it seems like europe is getting a lot of momentum when it comes to ev penetration. do you think that china can still be the leader as -- in terms of the ev market? >> i think that china will be the largest ev market, because unlike markets in the past which were pushed by the government

subsidies, i really see a consumer interest in ev product. more specifically, smart ev product in china. caroline: that does it for this edition of bloomberg technology. join us tomorrow with the tiktok content creator. before we go, expect plenty of celebration in my hometown in england as the country's football team has moved through to the euro 2020 final. england will play italy in the final on sunday. it's going to be me versus jon ferro. as they say in england, coming home. i'm caroline hyde in new york,

this is bloomberg. ♪

♪ haidi: good morning and welcome to "daybreak australia." shery: the top stories this hour. the fed signals it is making progress on reaching the tapered threshold.