♪ >> from the heart of were innovation, money, and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: blue origin blessing

jeff bezos into the heavens. the shade being thrown at each other. the first record highs for all three u.s. indices. nasdaq back at it. emily: record highs from the s&p 500 and the nasdaq thanks to big tech leading that charge back to the green. you saw at the nasa drug yesterday. people saw this --- nasa drop yesterday. this is as treasuries see less. i want to show you because this looks very similar before the tech wreck. you are seeing we are at the peak. this is the s&p 500 relative to the rest of the world. we are at a record.

the last time we were at the green dot was right before the massive tech crash in september before the election volatility. dumping you have to remember is we have seen tech help the major indexes. could they bring them back down? something to watch for. it has trickled down to other tech subsectors in that is what i want to find out. what is notable if you have seen the green on the screen and the likes of semi conductor software at the top. 1.7 percent. one of the hardest hit sectors yesterday and remember all the noise about the de ipo? chinese scrutiny? they have seen selling pressure so they are coming back. 2.6% up for the golden dragon. the biotech index not rallying by as much but still in on the green, caroline. caroline: all we need to know in terms of the market news. we also need to know whether president biden is signing that

executive order a few hours ago. to crackdown on monopolistic practices in tech and health care. joining us is emily wilkins. health care issues, whether it be your hearing aids. he was taking on mcdonald's and burger king. there is a lot of focus on big tech and consolidation therein. what did he say? emily: president biden released 72 provisions in this executive order and you are right. a lot of this did touch on technology. asking federal agencies to really closely monitor any potential mergers for tech companies to really look at tech practices. in terms of internet service providers, just to make sure they were being more transparent with customers when it came to their prices and fees. this is coming at a point where congress is stalled a little bit in getting big tech antitrust legislation through. they passed the one house panel

but it has not been brought to the floor. the majority leader says that is because there is still discussion within the democratic caucus about what those bills should look like. you have a number of powerful democrats from the state of california whose constituents work with these companies, who these companies are a big part of their economy, and there are concerns that some of these provisions might be too restrictive and potentially harm the companies in a way that could have impact on these districts. and executive cell over at google or facebook -- caroline: i might be looking at who is flanking you while that happens. how much are we seeing the administration and the ft -- ftc working hand in hand? emily: when you have an executive order like this, if you read what it says, it is a lot of the white house instructing or encouraging or

asking different federal agencies to take on these general tasks like it will tell the fcc to look into one specific thing but it really is up to the head of the agencies and other individuals in that agency to really come up with the actual standards and practices and how that will actually look and play out. the fact that biden was surrounded by these agency heads kind of speaks to their importance going forward in making sure different parts of this executive order are actually implemented. caroline: timeframe geared is one thing to get an executive order done. bypassing congress. another is how quickly the regulation will become a reality. is there a realistic timeframe you can speak to? emily: you have got these instructions to these agencies and they are going to have to figure out how to handle them. some of these proposals asked the agencies to look into certain things. they are not asking them to do

anything more than data gathering at this point on these initiatives. other ones, you see more concrete timelines as far as rules and regulations but even so, this is a period of at least a couple of months getting regulatory items together. this could be several months, maybe years for some of these items, as far as putting them together, getting them implemented, and enforcing them. there is always the chance with an executive order like this that biden signed his name, since the instructions to the agencies, and this is the last we wind up hearing about them. caroline: thanks for bringing us the breakdown on the executive order. plenty of pages to wrestle through. got any big plans for the weekend? virgin galactic founder richard branson heading to space. earlier we discussed the biggest in the space race. that is up next. this is bloomberg. ♪

♪ caroline: richard branson. he builds his reputation with returning to space on sunday with a rocket powered trip up in space. the test drive for the craft would be effective with to get prying. -- ticket buying. many billionaires want to go to space. you are focused on the investment opportunities within space and the applications therein. the shade blue origin is

throwing virgin galactic's weigh the edge of space and a high altitude airplane. this branson like space? >> both july 11 and july 20, when richard branson, the virgin galactic and jeff bezos via blue origin, are traveling to space, are incredibly exciting and monumental. we are getting one step closer to a future where i imagine we travel to space. the frequency in which we travel in an aircraft. space tourism is one segment of a very strong and robust space the economy. satellites. launch vehicles. materials. manufacturing technology. the lead our everyday lives. whether you watch television, navigate us to our destination, and july 11 and 20th are giving us one step closer to adding traveling to space ourselves to that list. caroline: travel is obviously one significant application.

we know were the other billionaire involved in space, working with spacex, they are making a comfortable move in terms of taking satellites into space on a private basis. what are some of the business opportunities, rather than travelers, but real applications you are looking at? >> there is two main business opportunities. watching constellations and satellites -- launching constellations and satellites into space by a sensor. taking photos of the earth and communication are the two big ones. connecting to earth, which spacex is doing with star link. the second one is launch vehicles or rockets, watching the satellites or assets into space. then dragon crew watching doug and bob to the iss last year, a monumental launch. rocket lab, the second private

american launch company. caroline: is that the exit -- when you're looking at having fun with these companies, that seems to be the way every company is going to market whether crypto or space. the special private acquisition companies, the likes of virgin galactic -- is this a good route for an exit from --from your perspective? >> it is another way for companies to go public. at an early stage in their development. they are just like a traditional ipo but with one large structural difference. in the case of a stack, -- spac, they can share long-term projections with institutional buyers. that is especially suitable for companies' ambitions to generate billions in sales. five years out. caroline: i am interested also in looking at where applications are. there is a lot of market

valuation. details of the spacs. what are the more exciting ways to invest and longer-term, busi ness opportunities --when you think about people going into space, it is not a pleasant experience. many of these viewpoints of spacex and elon musk is we need to escape the burning planet we are on and have a plan b but is that the reality from your perspective? is that the option? >> i believe we need it to survive. but this isn't to give up on earth. it is because the technology needed to get to life on another planet will ultimately help life on earth. mri institute was developed during the apollo mission. when we landed astronauts on the moon, we wanted to take photos. that technology is being used in hospitals every day saving lives. caroline: what else --it can be

a byproduct of all of this you are saying. it feels many viewers, when we tune in at 9 a.m. and watch what is the excitement of watching people go to space on sunday and the thrill and almost the story of it, but what are some of the realities you think we need to confront when -- what about positive byproducts that are just a thrill seekers, joy moment? >> space tourism makes up one billion of a global $350 billion space economy market. there are satellites with the possibility of unique sensors being launched into space. those unique sensors are up to entrepreneurs, students, people with imagination to come up with and utilize space for its benefits and eventually for space benefits. i am looking forward to starting

this program with nasa that is going to land the first woman on the surface of the moon appear to these constellations -- moon. these constitution -- constellations can have various sensors. photos and communication are the two most common. there is a company my friend has invested and that has unique sensors. they do a good job at this. time tracking, aviation sensors, and gps applications for weather monitoring and predicting. this information can only be achieved and collected from space. caroline: exciting moments for all of us. expecting longer-term effects. stay well. meanwhile, a reminder that you want to tune in on sunday for our live coverage of the virgin galactic launch. 9:00 a.m. wall street time. 6 a.m. on the west coast.

breaking news. the g20 looks as though it will endorse a global tax bill. it is worldwide, a base level of tax being paid by corporate companies such as big tech companies based in san francisco. they will have to pay 1450 -- 14-15%. those finance leaders based in reading and discussing the key discussions on where tax and inequality might go. we will be talking about crypto venturing into the world and we will discuss the car companies latest move. disney ended the last day of the trading week with a gain of 2.5%. ticket sales for the new marble film black widow broke $2 million. it could set it up for a hundred million dollar hope in weekend. -- opening weekend.

this is bloomberg. ♪

♪ caroline: visa. you know it. credit cards around the world and it is stepping into the world of crypto. crypto assets continued to find the right into people's wallets. it has teamed up with 50 crypto platforms to make crypto spending more acceptable. talking about how it is going, it is great to have time with you because it is interesting watching your evolution of getting into the crypto space, allowing people to spend their crypto and my first question is

when people look at it as a long-time asset to hold and speculate on, how do you spend it? >> well, yes, as you know, -- that is for people in crypto to manage for themselves. they are trying to make crypto available like any other currency. if you have coinbase and crypto in the account, you want that to be useful. you have to deal with volatility issues but it will give you a visa credential -- card that you can use at 20 million merchants and by anything you want. what will happen is -- use your crypto account and currency to buy goods and services. you have billion dollars -- billions of dollars of volume. the goal is to make it useful

like any currency. as far as owning it and the volatility, that is up to you. all we can do is help you use. caroline: geographically speaking, where are you seeing most -- about a billion, which is extraordinary -- being spent? many people talk about the future of crypto, helping countries with volatile currencies that see significant inflation. is that where you're seeing a lot of activity? >> over the years, i think there is going to be more a feel for cryptocurrencies inflations where they don't trust their own currencies. right now, it is a profile of who has accounts like coinbase or crypto got -- crypto.com. it's most people who have credentials and they are using them to buy things they would

buy with normal credentials, traditional visa cards with traditional financial institutions. good and services -- goods and services. product you buy for everyday needs. there is no skew in one direction or another. caroline: interestingly, there has been an ability to be rewarded in crypto, as well. can you talk to us about how people are rethinking whether you are getting crypto back? guest: that is an interesting innovation. they don't give you a visa card. you can earn the usual rewards. you get miles in some cases. you get cash. you get paid in crypto. you get cryptocurrency in your account at block price and you can hold them or use them like

miles or cash. in that sense it's a great innovation that allows people with crypto to get paid in a way they may find appealing. caroline: also, what were you think being spent in terms of the crypto they are spending? i know you said it is to do with your partners and certain crypto assets in other parts of the world but stable coins are something we have talked about an awful lot. as the fed isaac, a much are you seeing stable coins being sent -- as the fed eyes it, how much are you seeing table coins being spent? guest stable coins: take a while to be held. it is backed dollar for dollar with us dollars and you can

relieve them at the same value with stable coin. we are minting people who are minting stable coins and depositing them into their accounts to use them. we allow people to pay out in usdc at the end of each day. in many ways we are bring stable coin into our system like we would any other currency. 25 or 30 we settle every night. we do all the trading we need to do to settle the currencies we need to. stable coins can be important to making digital currency as a medium of exchange. caroline: you are going to do

plenty of do gelatin's on the platforms you're working with -- due diligence on the platforms you're working with. how do you see the regulatory environment catching up? guest: regulators are very active. our brand is paramount. people trust our brand. we only work with entities that comply with all regulations. the regulations are often out there. we only do business with entities that are complying with all regulations today. we have anti-modeling -- manic -- anti-money laundering and other policies. we are looking at their adoption a policy and all the criteria we have to use to ensure that. the security, the safety, and legality is p becausea in the

end, it is whatr our brand stands for. amount -- the security and trust our brand stands for is not compromised. caroline: less than a minute. a billion already spent. how much do you think it will be by the end of the year? guest: i don't want to speculate. caroline: you're not speculating. [laughter] guest: all we want people to know is our job is to help people move money. our job is to help people spend money to wherever they want, whether they want to buy goods and services or pay you and me or a business. we connect to whatever network we need to, including blockchain, to ensure money goes where it needs to go. people use cryptocurrencies in the form of money. my job is to enable it.

we ensure compliance with the rules and regulations to connect them with the financial systems. caroline: great to have time with you. the cfo there. stay well. thanks for joining us. supporting minority families. with morgan stanley. this is bluebird. -- bloomberg. ♪

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♪ caroline: this is "bloomberg technology." >> at the top of the show, we talked about the adr. that the chinese tech companies were taking a massive hit this week. this is the top three performers of the s&p 500 adr index. the index as a whole was down,

but these three companies stood out showing that not only the nasdaq chinese companies but also the semi conductor stocks -- stamps.com, this is a one-year chart. that line all the way on the right, that is not the edge of the chart. that is stamps.com 11 investor announced his plan to buy the company. today, the share price skyrocketed. 67% of a premium is what he is offering for their shares. i want to highlight a few more tech movers.

let's start off with oracle. speculation that they might also be getting a defense contract. member the pentagon deal just split to amazon and microsoft. there might be one in the works for oracle, as well. you see the gain today, but it was not all that great. at the bottom, comcast. net neutrality concerns weighing on the stock. biogen and a potential fda probe. caroline: great moves. thank you very much. meanwhile, my next guest says only 1.8% of venture capital founders are black. my guest is trying to join that now -- trying to grow that.

demo day is the culmination of months where you have been working with entrepreneurs, startups that were initially pitched, then you narrowed it down to 15. >> it's great to be here with you today. it went so well. it is the culmination of five months of our innovation lab. we are offering capital, content, and connection. we have 15 companies present. it was a unique opportunity for them to meet over 800 investors that signed up. to make connections to help them raise money for future rounds and to keep their businesses going. caroline: multicultural founders, female founders, what sort of investors are they across-the-board? >> yes, they are fully

across-the-board. we usually seeing media, enterprise, fintech, health care. you really start to see the founders of color and women who have wonderful ideas that are beginning to open up the pipeline. caroline: where did they say they feel the barriers are? many will come on the show and others and talk about lack of initial money. where do you find the difficulty is for them, in terms of mentoring that they need here and now? >> you basically hit it on the head. obviously, the capital is one of the main barriers to entry. a big barrier that receipt with these companies is access. that is where morgan stanley shines.

in up relationship oriented business, we are able to provide those relationships to potential investors and potential clients, which is what these companies at the early stage need the most. to help them create and improve their traction and increase their flywheel and effectively grow. caroline: it is so interesting. i have been covering tech for a while and my husband has been intech for a while and he is the guy who's getting things on kickstarter. helping these companies raise money, test the product, and you get an application. for some reason, i didn't do that. i don't know why or what's holding me back, now as a busy mother, i don't have time to get involved in the like. what other barriers -- are we

finding that certain entrepreneurs aren't getting the testbed that they need not only the capital that they need? >> that is also an issue. you have the kickstarter's of the world which are typically best suited to consumer-based companies because you are able to buy the product and test the product. we look at enterprise related companies or companies that need to scale outside of the consumer, you need a connection into enterprise. we will see that the best types of investors -- excuse me, the best types of founders are in either sales positions where they can now open up their networks. that gets hard when you find a solution to a problem that may be a new enterprise sale or if you want at a particular company

or your network is small. morgan stanley is able to open up those networks through our platforms to be able to find the connections that help them make the entry points to be able to sell the solution to problems that they are up with. caroline: who wants to come in for demo days? i feel like every venture capitalist feels like they must be aware of the companies. do you get everyone knocking on your door? >> we have been fortunate and effective in making sure that we are opening up the entrepreneurial ecosystem to founders of color and women. vc's come to us wanting to versa fight their own portfolios. they come to us because they want to do interviews as well as attend demo day. to get to know these founders and increase their touch point

to founders of color and women to diversify their portfolio. we also have corporate vc's, individuals, regular corporate clients who come in and say how can we invest and how, get those companies into our platform? how can we become clients of those companies? we get a great subsection of the early stage entrepreneurial ecosystem including founders who also say let me understand what these companies have done so i can follow that pattern to be able to access an opportunity like this as well. we get a nice cross-section of the entrepreneurial ecosystem from investors, corporate, and the connections at these companies need to make to boost sales as well as investing capital. caroline: thank you so much for coming on.

coming up china is cracking down on all things big tech. how didi's ipo sounded alarms. that's coming up next. this is bloomberg. ♪

♪ caroline: here's how the vaccine makers ended the week. pfizer announced it is going to request approval for a third booster dose. there'll health officials say there is no need for boosters at this time and current available vaccines are effective. meantime, the world health

organization says coronavirus infections are rising. the delta variant continues to spread. >> the delta variant is causing disease primarily in unvaccinated populations. the disease that is showing seems to be more severe than the disease we saw in similar age groups at the beginning of the pandemic. if you are unvaccinated, the risk from the delta variant is greater of infection and there will also be a slighter increase in disease from infection. >> where are we on the vaccination process? i saw something age over 12 fully vaccinated -- are you pleased with the rate of vaccination? >> every vaccination is a good thing. i would love to see the

vaccination rates get much higher than they were. we have reached a stage where many of the people who are vaccinated now, they are protected from infection and severe disease. we have not reached those levels that give us a population-based benefit from vaccination. that is the herd immunity that you hear about. it doesn't mean that the vaccine doesn't work against you individually, it helps protect you, but we get to the point where the back -- the virus is so hard to circulate around the population that even the unvaccinated get some protection. that's what i would let to cite -- i would like to set as a goal. >> a lot of talk about what the next step is for those who have been fully vaccinated. pfizer coming out yesterday and talking about the idea of a booster shot. the cdc saying not yet.

where do we stand? >> all of the data so far from the u.s. looks like vaccination with the mrna-based vaccinations is protecting against the delta variant. i like the fact that pfizer has gone forward with a clinical trial to show what a booster will do. i think that is important data to have. i don't see it as an imminent thing in terms of guidance for the population. this virus moves quickly. the pfizer move is good in terms of preparing for the future. if we get a variant that is even more deadly than delta, then a booster would be an important thing to consider. having pfizer complete the clinical trials for that will be a good thing in terms of having us prepared. caroline: the johns hopkins

bloomberg school of public health is supported by michael r. bloomberg, founder of bloomberg lp and bloomberg philanthropies. china is cracking down on big tech and public companies. dede -- didi made its ipo last week. that led chinese -- china to ban users from signing up on the app. you have been following this sense the ipo went up and came crashing back down. what is the future of big tech in china? what does it mean if you are gathering data, but you want to be a global business? >> i feel like tech is facing scrutiny everywhere. china is also talking about it right now. china's big tech means they have a lot of monopoly in the country. this is exactly what it fears is

that big tech has potentially too much power if it threatens the government itself. what didi has is the data of potentially secured locations that china does not want to disclose. that became an issue. since crackdown for didi, we have seen several ipos from china, ones that are listing in the u.s. have not gone through. some of them traffic in the same data that didi does. the future for companies in china is looking grim at the moment. one saw a similar problem listing and hong kong, it did not list at the end. investors have potentially short memories and we could see potentially more deals coming back. caroline: she is going to be a

busy woman with ipos coming to america. coming up, we are team minus today's -- two days until richard branson hands -- heads into space. the company did not do so well at the end of the week. this is bloomberg. ♪

♪ caroline: richard branson's trip to the edge of space this weekend won't be only a personal milestone, it will also mark a step forward in the race toward space tourism for the masses. it is not just billionaires, one

company is working toward sending people skyward in space balloons. >> looking for a vacation and have 100 when he $5,000 laying around? -- do you have $125,000 laying around? this company is changing the space travel game looking to use giant space balloons to take people high up for esther not style views of the earth. tickets went on sale in june and they are slated for takeoff in 2024. according to the company, they have already sold the 200 tickets. the cofounders met while taking place in -- taking part in biosphere two. since then, the pair has served

as technical advisors to elon musk on human spaceflight, built i've support systems for space exploration, and helped set records for the highest space balloon flight ever recorded. when their vessel gets its finishing touches likely in late 2023, it will join the space tourism industry that is finally during fruit after years of hype. virgin galactic got the green light to fly to space from the faa. this company is different from competitors. it doesn't actually reach out -- outerspace. nasa says that boundary is beyond the mesosphere. neptune one gets only one third as high achieving epic views with zero time in zero gravity. the trade-off is a smoother flight that requires no

preflight training for passengers. those who book will arrive on site a few days before the trip. the trips will last about six hours departing well before the crack of dawn in order to see the world's most spectacular sunrise. along the way, space travelers can get out of the reclining seats, eat a fancy breakfast, order from the bar, or chat with the pilot who doubles as a tour guide. the balloon will eventually slowly deflate and the capsule will land in a body of water were special boat will take the visitors back to shore. the goal is to scale quickly and bring space tourism to the masses or at least those who can afford it.

for more on the future of travel, follow us on your favorite platform. caroline: from balloons back rockets, let's get back to the billionaire race for space. joining us now is ed ludlow who will be in new mexico on sunday for the big event. a little bit of shade throwing going on between blue origin versus virgin galactic earlier on twitter. is richard branson going to space or not? >> the debate is a matter of 15 miles, as the video just set out. in previous missions, virgin galactic's spacecraft has gone 54 miles, which is above the line that nasa recognizes for space or the line that you cross

to become an official astronaut. blue origin tweeted that virgin galactic's system is nothing more than a high-altitude plane. their attempts to go into real space, the karman line of 62 miles is more legitimate. richard branson got the approval for this before blue origin. this is just to billionaires racing to get into space. caroline: i wish they could just celebrate each other rather than trying to smite one versus the other. what are you most looking forward to when you go down to new mexico? what do you think will unfold? they must be super nervous. >> this is the 22nd test flight for the virgin galactic spacecraft.

in 2014, they did have a fatal crash during a test where one of the pilots was killed. they have had a number of successful tests since then. attention is in the high-profile man, richard branson, a billionaire going into space. he is not going on his own. this is the first time they will have a full crew. two pilots, four crewmembers. if they are successful, it pushes the boundary for space tourism. it opens the door for travelers. caroline: what has jeff bezos been saying about the blue origin trip? >> jeff bezos has not been saying very much.

he is going alongside his brother and 82-year-old wally funk. she was a product of the mercury program in the 60's, which nasa ran to prove that women could go into space with the same level or capability as man. imagine that in this day and age. then, one final mistry guest who won the auction. -- one final mystery guest who won the auction. jeff bezos bezos will be doing after richard branson. caroline: it's going to be a big day for england all in all. ed ludlow, thank you so much. make sure you tune into bloomberg's live coverage of richard branson and his crewmates going into space or

whatever you call it. that does it for this edition of "bloomberg technology." stay tuned for "wall street week." this is bloomberg. ♪

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david: not so fast. maybe the rebound is in as much as we thought. coming up, the risks for investors as beijing clamps down on u.s. ownership of chinese companies. >> there have been discussions and communication about u.s. investors. david: larry summers from the site of the g20 meeting on with the world needs to do now to avoid the next pandemic.