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

caroline: i am caroline hyde in for emily chang this is "bloomberg technology." u.s. stocks rose to record highs again. even the nasdaq managing to eke out a tiny gain. kriti gupta has more. kriti: yields are dropping lower so people are buying treasuries. you have a risk sentiment higher. looks like they have restarted it a little bit. let's take a step back and assume out, look at the trade that has been doing very well. you mentioned the nasdaq, it doesn't seem like that growth stocks are facing just as much pressure downward as they did

earlier in the year. it is starting to slant higher a little bit when compared to hotel stocks, really showing that recovery trade. not doing so well in the month of june. what isn't doing so well, some of the subsectors of the tech trade. remember when it used to trade as a bundle? if big tech did well, it trickled down to other stocks. none of that today. gold dragging the index. shareholders of the ipo coming back and saying that is not fair, a lot of us early investors not getting the deal they want. it is strictly down into the subsectors of tech. i want to highlight before we wrap up, this left last story from google. several states are saluting the company. in monopoly lawsuit. let's see how much of this

action translates into tomorrow's trade. caroline: doesn't seem to be affecting the market after hours too much. kriti gupta, thank you so much. let's get the lowdown. dozen of states are poised to lo b antitrust charges against alphabet. this would be the fourth monopoly lawsuit against google. we will keep following the story and bring you details as they become available. now tom is here to dig into some of the news. first and foremost, let's stick with google and alphabet. the price has not moved much. was it impacted in some way, shape, or form? >> you know, there are so many lawsuits right now being leveled against google. i think there is a bit of fatigue that has set into the market. people are waiting to see the details of this. you already got the doj coming against google over its domination of the search market.

what the states are looking at is the way it handled google, the place tour. this is a complaint that publishers and website owners and app developers have leveled against apple as well. these two companies are the gatekeepers for the way that apps are distributed, the way things are purchased in apps, and people are really fed up with the fees these companies charge for the privilege of distribution through the store. 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 through apple and google. the sense is that they are abusing the domination of this market. caroline: the question, of course, who gets the first call? the courts, or congress?

not only is alphabet being attacked by the courts in some of the states, that an old president as9 alphabet. what did we learn in terms of the saluting of mark zuckerberg -- the suing of mark zuckerberg and others? what is he trying to achieve here? tom: it looks like it is more about publicity and fundraising. we got a lot of inbound commentary on the president, the former president's lawsuit against the companies and their chief executives -- frivolous, a failure to understand the first amendment, one law expert called it "doa," dead on arrival. in terms of it getting anywhere, it doesn't seem that the former president will make much headway.

it does seem to be 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 fundraiser. 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 further, a further run for office once again. so it does seem like it is a lot more about publicity, about wanting to be in the spotlight that these companies have taken away from him. remember, it was his twitter and facebook and youtube that he got his message out there. that has gone away. what recourse does he have to get his message out? caroline: seemingly, clearly able to garner large crowds for the time being.

tom giles with all the legal action going on. let's divert our attention to chinese big tech. didi directors and underwriters were hit with two u.s. shareholder suit, after a chinese government crackdown sent the company's shares plummeting. let's bring in bloomberg's shery ahn, anchor of "daybreak asia, " if that's the latest on the woes of didi. sherry: since their listing, this chart shows how out of it has been for the shares. now below $12 a share. we had the u.s. shareholders who sued to say that the company failed to disclose ongoing talks when it comes to cybersecurity. this is what one shareholder had to say in the new york suit, that rather than disclose discussions, they vaguely discussed china's regulatory regime with regard to data security.

remember on july 2, chinese authorities started an investigation of didi, then ordered the companies apt to be removed from app stores. bloomberg's also learned that as much as three months ago, didi was told to delay this ipo. caroline: plenty of? 's. -- plenty of question marks. there has been an effect on future companies wanting to list in the u.s., right? sherry:, the spillover effect when it comes to chinese companies. we have seen a few investors really focused on what china will do from no one. right now bloomberg has learned beijing might closing that loophole when it comes to those ipo's overseas, especially in the u.s. what they were doing so far, these tech companies, including alibaba and tencent, we are talking of places like the cayman islands, they would

transfer their profits to that offshore entity, and that those shares could be applied for by investors. now, beijing is looking to have that variable interest entity, they need to seek approval from beijing before they go about doing that. of course, that puts a lot of the highlight -- of the spotlight on these upcoming potential ipos, like one logistics and delivery firm for example. they had a public offering they found confidentially. . we are also watching what bytedance might do. caroline: and tick. plenty of people -- and tiktok. plenty of people wondering about that. sherry: when it comes to didi, morgan stanley, j.p. morgan chase and goldman sachs were the underwriters. wall street banks made such big profits from chinese firms

listing in the u.s.. they are the biggest losers here. this gtv chart showing how chinese take companies in hong kong have launched since their february highs -- plunged since their february highs. valuations may be the upside for investors looking to invest in this sector. a lot of that money has flown to hong kong exchanges, trading at a three-month high because of speculation that more chinese companies will be listing mystically now. caroline: a fascinating one to watch. we will continue to see the fallout. shery ahn, thank you so much. coming up, we will head the crypto galaxy and find out where prices are settling, and where they will be headed amid the

china crackdown. meanwhile, apple closed at a record high on wednesday, smashing its january peak. analysts forecasting iphone sales poised to claim. this is bloomberg. ♪

caroline: companies like coinbase, kraken and others some of the companies in the crypto space. for more undefined, crypto pricing and regulation, we are

joined by the blockchain capital founder. tell us about the new find. institutional money is coming and it is sat on the sidelines. at one point is it going to come in? get everyone excited about at least the prices of certain assets? spencer: there is a lot of institutional participation in the market. we are seeing that with our find. we have several strategic partners, but you are also seeing it broadly across the industry in terms of allocations to crypto assets. a lot of that is backed up by data on chainsgéi. caroline: are people coming into your find because they want access to de-fi, to certain protocols, maybe they don't have time to do due diligence?

? spencer: it varies a little bit depending on the lp in our find. on a high level, they are looking for exposure. i believe there is something here, i believe there is upside potential but i don't have the time to dedicate 15 people, so, blockchain capital, why don't you do that for us? some of our strategic partners, people like visa and paypal that are investors in refund, for them it is acknowledgment that this industry has strong potential for them and they want to build products in space. but they recognize that in order to get those products to market quickly, they will need to partner with some of the startups in the crypto industry to accelerate their product roadmaps. caroline: almost an introduction, to understand where they can be in the space.

i am interested in the retail side of this, because for many, it is quite laborious to get into the crypto market, hard to negotiate and put your money to work. many want to see an etf. is that likely at the moment? spencer: very unclear in terms of the timeline. meantime, that is not really inhibiting any growth from retail investors in crypto assets. instead of going through the normal way and buying a a bitcoin etf, they are buying other products, or going directly to coinbase to access crypto products directly. there is additional work to be put in in terms of deciding which assets you want to get for long-term potential, but that is no different than scouring early-stage companies, or even the s&p 500. caroline: the volatility that we

see in bitcoin, there was some fall back to about 30,000, where we have seen the bottom for the time being. has it given anyone away from crypto in looking at it? it is interesting, following the guy who wrote "the black swan," who foresaw the financial crisis, he says it is too volatile. it is a failure, he calls it. he is also not liking de-fi either. what do you say to that? spencer: overall, to your first question in terms of does the market volatility drive away potential customers? sure. blockchain capital has been in the industry for several cycles. we saw people that walked off the playing field and then came back during the bear market

years. but a lot of those people who come in the space, they don't disappear. when square and visa and paypal, to build products, they don't mix the -- they don't nix the product roadmap just because prices fall 50%. the companies want to go on that right away. spencer: thank you, spencer bogart of blockchain capital. coming up understanding the complete set of proteins expressed by living beings through biotechnology which is making its mark in drug development. we will meet the ceo next. and gene editing biotech performing well this year. all of them up showing big gains. this is bloomberg.

>> regarding to what you have just mentioned about the reason the united states and other western countries' infrastructure, i would like to say to you that russia did not participate in such attack, and russia did not stay behind the cause of such attacks. caroline: russia's ambassador to the u.s. speaking with's bloomberg balance of power earlier. he intimated that russia was not involved in the hack last week ransomware attack. in order to personalize medicine, the proteins in organisms must be understand effectively. but our ability to measure proteins is lacking. nautilus biotechnology is developing in the generation platform that uses machine learning and chemistry analysis to scan proteins with precision.

joining us is the ceo and founder, sujal patel. talk to us about this investigation of proteins. why has it lagged? why is it important? sujal: not unless is building a new platform to comprehensively and quickly measure proteins in a sample. proteins are important because all of your cells in your body, and there is 37 trillion roughly in an average human, your cells are made of proteins, and proteins do all the work in your body. the last couple of decades, humanity has eluded easy to measure dna in a drop of blood. i could analyze it in a couple of days for less than $1000 and i will have 99% of your dna. that has never occurred for proteins. it is analog. if i take that drop of blood and the want to know what proteins are in that sample, the best we

see after weeks and tens of thousands of dollars, is an identification of what is in the sample. that has broad implications across precision medicine and it has really hampered the delivery of this personalized medicine we have been talking about the past few decades. caroline: what has it been left behind? ? is it incredibly difficult? you are putting money to work, partners or interested, how hard is it going to be to get more than 80%? sujal: interesting question. the way that humanity conquered the genome is by borrowing from processes in nature. nature already has processes to copy and read dna. with that, we are able to take dna from the sample and amplify it so you can make a bright enough signal that you can read. . but when something becomes a protein in your body, it can

never be copied, so the technology required to read it is quite difficult. approaches have been very slow to develop. five years ago, my co-founder, stanford faculty, came up with a very unique idea, and adr. at the intersection of computing data science and biochemistry to bring a novel approach not just to measuring 10% of the proteins but measuring comprehensively 95%. caroline: what has been so amazing about 2020 is how we have seen some of these biotech companies reach center stage. the decade of investment we saw in mrna, in what we now see as crispr development has helped us have breakthroughs when it comes to the vaccine. what in terms of knowing our proteins, what is that going to lead to? push us forward five or 10 years. sujal: i think that we should

celebrate enormous accomplishments the scientific community has delivered with mrna vaccines and with the response to the covid-19 pandemic. over the course of the last couple of decades, the rate of new drugs being approved by the fda has not significantly increased. during that two-decade period, the expand in research and development at pharmaceutical $eáñ quadrupled. if you look at what is going on today, biofarma has picked off many of the drugs were common elements and they need machine learning 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 that, you will be able to build better therapeutics in less time, with higher efficacy

and less toxicity. caroline: we are looking at a chart of your share price, you recently went public through a spac. why, and what has it done for you? sujal: 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, but for us, the increased visibility of being a public company, and the greater access to capital was really important, because our company has transitioned out of the phase of feasibility and research, trying to figure out how we are going to solve the problems to bring this platform to the world. now we have moved into a phase of formal development and manufacturing. with that comes headcount growth, expense growth, and being a public company happens in a number of ways.

last time i went public with a traditional ipo. caroline: and fortunately, we have run out of time i am sorry, i should have given you more guidance on the time. sujal patel, we will have to get more information. coming up, the gathering in sun valley. we have it all. , like, this is bloomberg. ♪ so many people are overweight now

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>> we have gotten a positive reaction so far. so we are hoping, it will be another eight months, could be longer than that, but things are going well. at&t's team is working hard, we are working hard. very exciting to bring the companies together. we have a strategy developed. we will see how hbo max does, how we will do with discovery prior, and see if we can come up with something. caroline: the ceo of discovery speaking at the conference.

for more on the latest of what is happening on the ground, the dealmaking, ed ludlow. at&t, discovery, the deal that was done previously. what deals are brewing up now, do we know? ed: the narrative is around which media companies need to invest in content. a lot of the discussion, a lot of people cite amazon as a wake-up call that if you don't scale the business, if you don't invest in content and different properties, then you will be left behind. the obvious target is viacomcbs and paramount plus, the service is a bit behind the pecking order of others. then there is comcast and its streaming as well. beyond that, a lot of this is not just about m&a specifically, it is about other deals -- financing, corridor talk, where bankers meet and plot their

future plans. caroline: we can see the pictures of the plotting and discussing. any interesting conversations that you can see happening? any awkward conversations that you can see happening? ed: yes, especially with all the news flow. antitrust news in the news cycle at the moment. you also have news about the jedi contract. we have not seen's microsoft ceo yet. sources tell me jeff bezos is coming but has not arrived yet. and google, imagine all three of those men in the same room. also, everyone is praying for a look at facebook ceo mark zuckerberg and tim cook being in the same room, with all the data and a u.s. that has been going on. also, i asked about the president trump lawsuit, but she simply went in and had her breakfast. caroline: anything we should be

looking out for tomorrow? ed: more arrivals are expected. there will be questions about blue origin, because july 20 is not far away. should he not be preparing for his trip into space? other than that, the keynotes are really about the economy, about covid. there are a lot of health care specialists here. i am hearing that this is a great time to speed date. one executive told me this morning, he has had more meetings with investors, customers and business partners in one day than he has in the last 18 months. and, of course, this is a summer camp. you wouldn't think it with all the rain and storms, but the billionaires are out there on their kayaks and golf course, having a great time. caroline: ed ludlow, we thank you so much. stay warm. meanwhile, this app was created in 2007.

the creator was making a bet that smartphones would be the next big thing. now he has a company built around what he thinks is the next trend, video chat. his new company is looking to build more features into traditional video software. bail joins us now. we have just been looking at some of the cool stuff you have been developing. everyone is sc 62a■hmoozing in sun valley. i am having some technical issues, not sure i can hear you. bill: hello. caroline: there you are. is this a real background or not? bill: everything in my life is not real. i just have my wall. i am in very lovely arkansas, northwest arkansas, which is

nice. since the world gives us opportunities now to live and work where we want, i decided i would try it out, and it is working great. caroline: [laughs] talk to us about the birth of your app. you went on to found it after moving on from evernote. you had go with venture capital. you had a bunch of companies you formed, and this is one of them? bill: we literally started this as a joke, which you can tell by the name. we started because we were bored a couple of months after the pandemic started in lockdown. we were trying to make the best of video. the reason our meetings were so ineffective on video, was because nobody knew how to be engaging in charismatic. we were just trying to get people to laugh, and it took off. now we are in the 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 of being a person, we can do the best of both. caroline: i am very impressed. you are not slipping in and out of it. your background. everybody once equal background, but they end up getting sucked into the ether. how are you trying to fix that to some degree? bill: a lot of video companies think video quality is the most important thing presentation companies think the slide is the most important thing but the most important thing is you. the viewer. it is your face, the slides are showing, that makes for effective communication. that is what gives you communication superpowers. we are trying to make something engaging on video. caroline: how much are you finding demand therefore this.

our people demanding this as they were back in need 2020? phil: more so. this is the big change. when we were in the middle of the pandemic, we were trying to make the best of a bad situation. that is ok. now we can kind of transition from thinking about how to survive the pandemic, to thrive in the world that comes after it. our rule is you should do in person what is better in person. if that is being in sun valley, that is better in person so they get to do that in person. you should do nvidia what is better nvidia. all sorts of information -- you should do in video, what is better nvidia. all sorts of information. this is changing the world. caroline: you have got so many slides to back it up, we love

it. at what point do you get serious about this. . you have been a serious business leader before, you have grown a serious business, at what point do you think ok, this is going somewhere? phil: any day now. it is bound to happen. [laughter] we learned an important lesson, because we did start off by goofing around. we learned that having fun is absolutely crucial, in an indispensable part of communicating effectively. we all got good at doing it in person. we were forced onto video and no one knew how to do it on video. so this idea of letting people have some emotion and expressiveness with this new medium is key. we have many great customers. but fun is a crucial element of it that we are not embarrassed about. we are about having fun and effective communication. caroline: are you being asked about special-purpose

acquisition companies, dare i ask? phil: that is above my pay grade. the path to being public, all that stuff. [laughter] we did today announced the newest round of funding, we raised $100 million. i am glad for the opportunity. right now that means that we have the resources. we have the ammunition for the next couple of years, try to make a couple of product, try to get it in the hands of as many people that can benefit from it as possible, then we will figure out what eventually happens later. caroline: glad you have figured out how not to be on mute during the interview. phil: i am really good on technology. caroline: it makes all of us. we have all been there, alternate. that was a beautiful presentation.

so good to be reconnected. thank you, phil libin, congratulations on the new funding round. apples big push for climate change. how governors island in new york city will become a living laboratory for climate research. , like, -- this is bloomberg. ♪

caroline: changes are on the way at the bill and melinda gates foundation. the foundation plans to add trustees to add oversight. and melinda gates could resign in a few years. meanwhile, the former couple added $15 billion to the foundation's endowment. .

last september, mayor de blasio declared governors island would become a habit dedicated to prepare the world for climate change. there is a climate solutions center. joining us now is my guest. fascinating. you are a lifelong new yorker. i went to governors island a lot with my kids. what are you hoping to build here? >> the playground is fabulous, but i think a lot of what -- the extraordinary momentum that has been built on governors island, with the building of environmental programming, educational programming, and now we're ready to take the next step and hopefully breathe life into those buildings and really use the island as a waiter add value to new york city's, as a

waiter add value to new york city's fabric. we have been working on this concept of dedicating space and buildings on the island to creating a new cross disciplinary hub for climate research, education and solution making for the city. caroline: what investment will go in first? the buildings, will that create jobs? >> the first way to start is to begin with this competition. the city has put $150 million behind the effort with the idea that governors allen has always been envisioned as a home for education. we are focused on attracting an educational research partner who will come and build either a new building and dedicate the space to a new approach to climate adaptation research where we put the science along side policymakers, alongside advocacy efforts and environmental justice efforts.

most importantly and why it is exciting to do something like this on governors island is to use the fabric of the island as a living laboratory. when we construct these buildings, they should display the latest and greatest technology about how to do truly resilient and sustainable urban development. caroline: what practical solutions do you want to see? you have been lifelong in development of cities, you were at the brooklyn navy yard as well, how do you want to see new york evolve? clare: the city has done so much already with respect to policy and investments and resiliency. when we did research on this idea, one of the things we heard loud and clear was that climate adaptation had lagged behind. now as we are faced with increasing heat waves -- we all experience those -- increasing storms, how do we make the fabric more resilient? 2.5 miles of waterfront of the

city's's 520, that is a perfect place to experiment with flood mitigation protection. can we think about how we harden the energy grid to not just be more sustainable, but also able to withstand extreme heat waves? by bringing this research have alongside what new york is so great at, which is talent and exciting young businesses and innovation, we think there is a real opportunity to bring things back into the city's building stock and into its shoreline, to make sure that for neighborhoods across the city, we are all much better for it. caroline: we have been talking a lot about online collaboration rather than in-person how do you see that evolving? clare: we all had our eyes opened to the glory of zoom, but there is something to being in person and in a collaborative setting. you have been there. one of the things about going to

governors island is when you go, you feel like you are a little bit away, like you have the chance to think in any way about pressing issues. you go to the top of the hill and look out over the waterfront, and you can't help but be confronted with the realities of climate change in a way that i think cannot be replaced by a more virtual approach. one of the strengths in this concept is that it is new york. so we have the opportunity to bring together folks from the nonprofit sector, from the financial sector, as we talked about, business and technology -- all together in one place in the center of new york harbor to collaborate in an in-person setting, and hopefully come up with great ideas. caroline: is that talent already here or are you hoping to woo it? clare: both. the project of governors island is expected to create over 7000 jobs.

i think it also is a place for the city to help capture a huge part of what is going to come in the green economy. extraordinarily talented workforce base. it has been widely talked about how, across the country and across the world, we need to be investing into talent that can really grapple with on-the -grand climate solutions. we will take advantage of what he loved about new york, which is the diversity of talent but to help us build jobs in the city over the years ahead. caroline: i cannot wait to see what you build, clare newman, thank you. michael bloomberg help fund the redevelopment of governors island. coming up, we hear from the vice chairman and president of this company, on why he is not worried about the competition with tesla, up next. meanwhile, the world's richest

person got a little richer, his fortune reached $207 billion after amazon shares rose after an announcement that it would share a computing contract with rival, microsoft. this is bloomberg. ♪

caroline: china's huawei technologies says it was treated unfairly on the u.s. government called it a security threat. the company is seeking redress in a major fight with verizon. huawei claims verizon is using its patented networking technology without a license. verizon claims huawei is using its patented invention. shares of e.v. maker xpeng

ended flat. we asked the chairman and president and why he decided on the listing. >> having a listing closer to home is always in our strategy. m,yas a china consumer brand, we want to have our customers ultimately be our shareholders as well, so coming to hong kong gives us an opportunity to achieve that goal. >> some chinese companies listed in the u.s. are hedging against any possible delisting from u.s. exchanges. now it seems like there is new found pressure from chinese regulators when it comes to data security, data privacy. how much do you think this didi probe will speed up chinese companies to come back home? brian: overall, the regulatory environment is becoming more and more focused on the softer side

and the privacy side. those were not focused as much. i think it is something we anticipate, because we see the global regulatory environment, not just in china. data privacy and security is a big topic in europe. that is where we are building an effort there. in the u.s., too. as a company that operates globally, you have to be prepared to face and address these issues and regulatory oversight. >> let's talk about the competition. tesla seems to have run into issues in china, whether it is recalls of almost all the vehicles, does the timing seem right for xpeng to build your warchest and gain some around? brian: people were asking when

the impact would expand because we directly compete with tesla. we both grew quite well. we expanded the pie and market share for china. i think ultimately, having good competition will strengthen yourself, and i think tesla is a tremendous, big powerful brand, great technologies and products. it will continue to do well in china, but whether they will have the dominant share like they had before, that is something we will watch. it is difficult to maintain that. >> it seems like many companies are trying to save money or capital among the e.v. space. how does this build into the industry? brian: it means that the catalyst for converting i.c to ev will be greater. there will be more players coming up with cooler-looking

products. the infrastructure will be built either ev makers as well as the participants of the industry. at the same time, there would be more advanced technology, advanced manufacturing. the investments into the sector will generate high-growth and expand the pie for everybody. >> are you still on track to break in 2023? brian: in the next two years. to the end of '23 we look for, a potential breakeven point. >> it seems like europe is seeing momentum building and it comes to ev penetration. do you think china can still be the leader in terms of it is the largest ev market? brian: i believe china will be the largest e.v. market, because unlike markets in the past, pushed by the government

incentives and subsidies, i really ca consumer interest in e.v. products. caroline: that was brian gu of xpeng. make sure to join us tomorrow. we will be joined by a tick tiktok content creator. and before we go, expect plenty of celebration as the country of england's football team has moved through to the euro 2020 final. england defeated denmark to-one wednesday in wembley stadium. england will play italy in the final on sunday, also at wembley. so it will need versus -- it will be me versus jonathan ferro. i am caroline hyde in new york. this is bloomberg. ♪

>> the following is a paid program. the views expressed do not reflect the views of bloomberg lp, its affiliates, or its employees. >> the following is a paid presentation brought to you by rare collectibles tv. >> in a letter dated back to december 27, 1904 to the secretary of the treasury, president theodore roosevelt wrote a short two-sentence letter, in typical theodore roosevelt's direct bravado style.