announcer: from the heart of where innovation, money and power collide. in silicon valley and beyond. this is bloomberg technology with emily chang. ♪ caroline: caroline hyde infra emily chang. coming up in the next hour, we had to texas where emily is at the blue origin launch site. find out what to express --

expect when jeff bezos heads to space. it could be the fifth biggest on the u.s. exchange and -- in this record-setting year for public offering. globalfoundries looking to rebrand itself amid a chip shortage. a change in image and how it could impact the larger industry. first, we've got to get into the stock slump. around the world, warnings from health officials of a resurgence of covid-19. les, an escalation in tensions between the u.s. and china. >> it was a really big confluence. what i called a risk factor's do is what you are seeing. s&p 500 down 1.6%. you sawtek just a little more insulated with some of those other sectors. nasdaq 100 down. compared to the s&p 500 index, not that bag -- bad.

this coming as we start seeing yields down as well. a whopping 10 basis points. where did all the money go? treasury is a given, but where else? it went into the dollar, up 0.3%. there were pockets of tech that did well. semiconductors, at one point the most hit on the day coming off geopolitical headlines, looks like it came back. nasdaq biotech index, somewhere, somehow, people are into health care tech stocks. i want to mention our after-hours earnings story, ibm reporting second quarter earnings with a massive revenue b. their best revenue growth since 2018, citing cloud demand. caroline: we will be going into that ibm story more later. for now, let's go to texas where

the world's richest person is set to launch into space. emily chang is on the scene. how does it feel? emily: it is hot, it is windy, we see clouds ahead, but apparently that is the weather. we just got a surprise visit from the man himself. jeff bezos came to deliver dinner to the press corps. chicken thighs, mac & cheese and black-eyed peas. he said he has finished his training for the day and is feeling excited. he didn't indicate any nerves. someone did ask if it was his last meal before his flight, he said who said anything about last meals? it seems like all systems are go from everything we heard from the company executives to engineers to people on the ground, this rocket is taking off tomorrow. behind me is where the rocket is being stored in the shed they call the barn. a mile beyond that is the

launchpad where the rocket will be taking off. jeff bezos's, his brother, wally funk and oliver damon will load into that capsule. it will take off vertically, and at some point the capsule will separate from the rocket. they will both continue into space past the international space boundary, and all of them will experience three to four minutes of weightlessness. the booster will come back to earth first, then the capsule will descend after with parachutes, and land hopefully safely in a cloud of dust. the big question is whether. there are clouds overhead. we drove through a thunderstorm last night, that's typical of the afternoons and evenings. the mornings are generally clear. launch time is set for it :00 a.m. central. if there are delays, there is a

few hour window when they can delay maybe three hours, but past that they will have to move it to the following day. no signs of that at this point. it looks like all systems are go and we will be here live ready to bring that to you. caroline: of course it was a little delayed when we watched virgin galactic. talk to us about the journey of jeff bezos, blue origin, the money spent. we have taken time to spend -- to talk about the race, but this is a long time coming. emily: he founded this company in the year 2000, before space x. this has been a long time dream in the making. bezos has talked many times about how it was a childhood dream. he grew up watching apollo missions to the moon. there have been bumps along the way. there have been delays, design challenges, and now finally here

we are. what is interesting is that the vision jeff bezos has for space is different from richard branson. different from elon musk. he imagines being part of building the road to space that would allow entrepreneurs and other businesses to create this future space ecosystem. he does not want to leave earth, he thinks it is the best. he doesn't want to go to mars, but have the capability to live outside earth to protect earth. he says we are going to run out of resources and we need to get to space, move industry to space so it can be powered by solar. we can use water from the moon and turned that in our rocket fuel to keep missions going. that is very much his vision. richard branson is focused more on space toryism. elon musk has talked a lot about getting to mars, colonizing mars, that is where jeff bezos imagines blue origin fits.

it will be interesting to see whether his journey up and down changes him or that vision. caroline: emily, amazing, so much more throughout the show. now, let's talk about other corporate news. robinhood hopes to raise $2.3 billion in an ipo. the trading app at the center of a mean stock frenzy. robinhood expects the ipo to price between $30 and $42. the company would have a market value of $38 billion. it is ironic it is a company that has dined out on the story of meme stocks. >> they were banking on -- to the moon. meme stock, the main suggests it could be a short-lived phenomenon, but it seems to have gone on for more than a year now. during that one year, it really

had brought a lot of new audiences, and a lot of users, a lot of trading volume. the meme stock has benefited them. what they are wanting now is because of the retail participation, it could have a lot of volatility. essentially becoming a meme stock. we will see on the 29th when they list on nasdaq whether volatility will be an issue. caroline: give us a sense of your -- whether this is good timing. we are still near record highs. crystal: take everything into context. this is a good year for ipo's. just in terms of volume. in seven months, over $200 billion raised through ipo's. volume eyes it is doing well. the majority is still up. last week was bumpy, today was not the best. the valuation won't be set until

next week. from then on, it is just the beginning. as they trade, valuation could change. $35 is what i would say could be a full price. caroline: -- crystal: robinhood itself is raising primary proceeds but existing investors could benefit from the valuation they get from the first day of trading at public markets. there will be a -- it is an ipo, not a direct listing even though they are doing a very public investor day. all of the lockup -- is high, but the company will be raising money. caroline: remind us of just how much retail shares are being offered to those who use the app? crystal: 20%-30 5% of the ipo is set aside for investors -- for

users of robinhood, which are usually the retail guys that have been behind the meme stock frenzy. it is unusually high. most ipo's reserve less than 10% for retail investors. it is very unconventional. the bank will tell you that long-term investors are not only the -- they are there to save the long-term, therefore there -- they are better investors. this is an interesting experiment. it could work out for other companies. caroline: there was another company that was seemingly filing to go public, runway. the ceo previously talking about going public. >> i read the report yesterday in bloomberg, which was fun. [laughter] i feel appreciative that we are

at a point where we are talking about our business being up 100% from the covid low, daily subscription numbers being back to or ahead of what they were in 2019. we are building a long-term, sustainable company, and we are going to continue to make the best decisions for that. nothing is off-limits. caroline: back on june the third, jennifer hyman was not disclosing whether they would go public. but, it seems they are. what do you expect? crystal: i am glad our reporting was -- and they are going public. they confidentially filed to go public in the u.s. it could be a few months until they actually go public. right now, no indication of how much they are going to raise. this is a another one that is banking on the reopening. as we go out again and go back

to -- maybe there will be more interest. caroline: certainly. thank you so much. all over the initial public offering and spac market. coming up, back to texas as we count down to blue origin's flight. zoom shares -- expand offerings from their popular videoconferencing app is workers had back into the office. -- uses ai to help companies answer questions and interact with them regardless. this is bloomberg. ♪

emily: welcome back, live in texas where jeff bezos will be taking off in his rocket tomorrow. he and three fellow crewmembers taking off from the launchpad behind me. it looks like all systems go. i sat down with blue origin's senior director of design, the person who focused on the design of the rocket that will be ferrying bezos and his crew to ask him about his confidence level. take a listen. >> i am feeling great. we are going to have a safe launched tomorrow. i am proud to be a member of the team. emily: tell me what your level of confidence is that tomorrow will go 100% as planned. >> we have high confidence. not just because we have flown

it successfully 15 consecutive times, a rarity for a brand-new vehicle. we have done so many tests and analysis on the ground. the public sees the flight test, and we describe that as the tip of the iceberg. below the water, we have done hundreds of tests on components, the engine, simulation, and it gives us high confidence it is going to be successful. emily: where are you on your safety checklist? >> in terms of what we need to do before i launched, done. right now, final preparations of the vehicle. we have cleared all flight constraints. we are going to be rolling out tomorrow and executing by the books. emily: the big question is whether. many space launches do not happen exactly on time. yesterday we were told the weather looked good, but

thunderstorms have been rolling in. what is the weather looking like now? >> the forecast is looking good right now, but that could change. we will continue to monitor the weather. if it becomes unfavorable, there is a risk of delay. emily: then what happens? >> day by day. emily: given you were so involved in the design, tell us about the design itself. what is it that makes you believe this is the absolute safest vehicle for jeff bezos and your first human flight? >> the foundation of the new shepard system safety is --, the idea that if something goes wrong, anything you need for safety, there is a backup system for that. in most cases there is a backup for the backup. meaning, we can suffer in most cases and a random combination of two failures or human errors and still get people to the

ground safely. i will give you examples, the most prominent one is the crew escape system. if there is something wrong that is detected on the booster during ascent, in a fraction of a second weekend fire a rocket motor that will send the crew away from safety. there are three parachutes on board. they have always worked. we have never had a failure, but just in case, if only one of the parachutes open, we can still land safety -- safely. every mechanism, battery, computer, every wire has a backup. caroline: -- emily: as he was speaking, there was lightning in the distance behind us. again, that is normal for west texas. i want to bring in sean casey, managing director of the silicon valley space center who has been

in this business for a long time. you heard the level of confidence there, how confident are you that blue origin and jeff bezos will pull this off? sean: i have actually been down to van horn previously on one of the earlier flights. my first-hand experience has been that the team that jeff has put together is extremely professional. coence in the faa. this is the the faa issued a certificate for human spaceflight that was issued about seven days ago. what we have been talking about is the fact that these flights have both been certified as part of the faa certification process. this is a new process that has been developed over 15 years. what virgin flu, and what blue is flying tomorrow are all part

of that certification process. it is a big milestone for blue, and a big milestone for the faa. [indiscernible] this is a great milestone for blue and i would say for the rest of the industry. emily: what is interesting is that you don't have to rely on government craft to go to space, you can go through private companies but you need to get that faa certification if you want to fly. one thing gary told me was the thing that keeps him up at night are the unknown unknowns. they have walked through every possible scenario they can imagine, but one of those they can't imagine? what are the risks? sean: that's the $64,000 question.

the unknowns are putting the whole system together and flying it. the thing about the vehicle that blue is flying tomorrow is that it actually had two successful flights with normal operations. this is actually the third flight of the new shepard vehicle. they retired a lot of unknowns you get when you pull the systems together. 's from blue -- from blue's perspective, they probably retired a lot of risk. but, we do uncover surprises. new shepard three was actually flown seven times as part of just regular payload experiments , or for academic programs. the blue origin team has a lot of experience under their belt.

they have done repeat flights with a singular vehicle and we will probably see a safe level of success with new shepard four that we have seen with new shepard three. emily: blue origin will compete directly with virgin galactic on the space tourism front. they are also working on an orbital rocket, and with that they compete with spacex. how do you see blue positioned with respect to spacex, seeing as how spacex have one lucrative government contracts? if bezos pulls this off, will that change the perception nasa has of the company? sean: i think nasa has a fairly good relationship with blue origin. as i mentioned, the flight opportunities program. jeff and the team is clearly focused on operations and low-earth orbit.

as a student of princeton may he is part of the o'neill community, talking about large habitats in low-earth orbit. we have a number of companies that are coming online with a lot of nasa experience, thinking about the next generation of space stations in low-earth orbit. clearly, blue has some catch-up to do with regards to -- space x has delivered both cargo and astronauts to the iss. blue should be in that position. i believe blue will be in that position in the years ahead. once they begin more flights. emily: sean casey, silicon valley space center. thanks for joining us. we will be right back with moral bloomberg technology. ♪

♪ caroline: let's take a look at tech stories. the white house along with the u.k. have formally blamed the chinese government for its cyber activity. they say beijing's leadership has been the mastermind behind an array of cyberattacks. the microsoft attack exposed tens of thousands of email systems, including those of energy companies and state and local governments. chinese authorities have yet to comment. the ride hailing service is more than doubling the number of cities with delivery is available. uber has partnered with a major grocery chain to give access to more than 1200 stores including safeway and randles. tamia, we spoke -- coming up, we

speak to -- about plans to face the global chip shortage. we also get reaction to reports intel may make a bid for the company. and of course

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♪ caroline: this is bloomberg technology, in for emily chang. let's bring in kriti group to -- gupta. kriti: zoom video had a massive stock rally with the work from home era. now, putting cash to use, trying to expand the market of real-time recording and reporting for a $15 billion acquisition.

of course, we are seeing the massive reaction to a pretty traditional deal like this. we want to show you what is going on with stay-at-home names. peloton, posh mark, all in the green. on a day that was very risk off, very accelerated selling. this is a little like the pandemic trade from last year. it may just be making a comeback. i want to show you what the stay-at-home basket looks like relative to some of those hotels which we were using as a proxy for this return to normal. you can see on the right side, a little bit of a pickup. i wonder if this is just a temporary blip, or something that may last. caroline: good question. kriti gupta, always on the money. let's talk about expansion plans for chipmaker globalfoundries, looking to expand its production facility here in new york as a

means to address the chip shortage. they hope to focus in on the u.s.' need. thomas caulfield joins us. quite a day. you have gina raimondo there, chuck schumer, you're trying to refocus your branding. tell us about what you're hoping do in malta? >> if very exciting day today. first, we brought ceos in from around the industry, the entire ecosystem from manufacturing companies to equipment companies, partners for design and so forth, to have a discussion with senator schumer and secretary rio mondo about what we need to do as an industry. that was a backdrop to us announcing our bold move to expand our campus in new york. caroline: you want to create come about, 1000 new jobs? focusing on an investment model.

how was your invest in model different? how does it really give returns to the united states in terms of chip manufacturing when so much has gone overseas? thomas: maybe a decade ago, u.s. manufactured 30% of the world semiconductors. today, 12%. even though 48% or so of the demand is generated through u.s. headquartered companies. that is the dynamic washington and the u.s. wants to fix and we need to do that in partnership. it marks the beginning of a new economic model we need to have to fund this expansion. our supply shortage is not going to wayne soon. it will get better, but what we are trying to do as an industry is double in the next 8-10 years what took 52 grow. that requires a different economic model on partnerships,

including governments participating, customers participating, that's the only way we are going to make this work. demand is there a society needs semiconductors, it needs to continuously be connected, a whole host of applications at the core of a $91 trillion work farm. caroline: you have been seeing investment in singapore. i am interested in where your expertise lies. what makes you different from the rest? thomas: thank you for that. it really goes back to where our industry was 15 years ago and where it has evolved. 15 years ago, semiconductors were predominantly computer centric, compute processing. with the advent of the smartphone, the industry shifted. all of the features we see in smartphones, we want it everywhere. we call it pervasive deployment.

today, 30% of the world is about compute centric technologies. 70% is the ubiquitous deployment of seven conductors -- semiconductors in almost every place. what you are seeing is this 70% is where we play an important role in these feature-rich technologies. rf connectivity, things like that. caroline: i am interested in what you said a couple of years ago, you are interested in aiming a public offering as 2022. there has been reporting that you may well be being bought by intel. what do you make of those? thomas: there is nothing there in that discussion. as a company like -- plays a

more important role, you will expect a lot of speculation. more important is where we are headed as a company and an industry. we talk about 2022, we haven't backed off of that. that type of strategic move is really about when we want access to public markets because it will change the trajectory of the company. we always have that in our sites as something we want to do, but for now our focus is to continue to grow a footprint globally as well as the u.s. and continue to solve the problems. every day the semiconductor industry is in the news for what happens when we don't do enough. that is the task at hand, go fix that. caroline: that's why you get companies eye you. so, you haven't heard anything from intel? thomas: all speculation. caroline: it is untrue? thomas: it is our plan to be

standalone. caroline: you're a standalone backed by a key wealth fund, have they said anything about your trajectory? thomas: they think this asset has become a star in their pro-folio. we are thought leaders in understanding the world of semiconductors. 12 years ago when they entered this space, what you're seeing is they are going to see this payoff. this visionary view of the semiconductor industry, the role they can play, and what they have accomplished and what they have done for amd, and now for -- caroline: they wouldn't be interested in selling echo -- selling? thomas: i'm sorry? caroline: they wouldn't be interested in gf being acquired? thomas: i think they are interested in holding onto gf. caroline: when we look at the supply chain issues, whatever industry we look at has been

affected in some way, you said you are trying to fast-forward now what has taken 50 years to build over five years, how soon do we stop talking about supply chain? thomas: fundamentally, the big gap we have we will close. if we're going to do in 8-10 years to do with the industry took 50, that's a lot of capacity. by and large we will be chasing supply for the next five to 10 years, rather than having too much supply. it will get better, but we will be chasing supply. that is why we need to make these investments now. caroline: thank you so much for spinning time with us. questions not only about your own trajectory, but speculation. tom caulfield. let's get back to the earnings we have been having.

to ceo says the pivot to the fast-growing market -- shares jumped in late trading. we are of 3%. -- up 3%. the story of hybrid cloud, it seems to be working, right? >> certainly appears that way. it is a long road for him. he has been pursuing this since before he became ceo last april. he spent quite a bit of money and acquisitions, about $3 billion in the first half of the year. 14 acquisitions since he started. he has been pushing for this hard, and it is starting to bear fruit. caroline: the big acquisition we all know of, the red hat acquisition integration seems to have gone well. they have waved goodbye to a key member of that team. was that any concern for the investor base? are they more focused on innovation? >> initially it was a concern in

that, was the hybrid cloud strategy going to continue given jim whitehurst was such a chief architect of the broader strategy at its execution thus far? from what we are hearing, it appears two years into the acquisition, this strategy is in play. -- seems to be putting other pieces, whether it is international expansion within the segment in europe and latin america as well. it does not appear to be like it is going to really sway the strategy at all going forward. caroline: were convinced that hybrid cloud is what clients want, we are seeing revenue increase, at what point you think there is any talk of this global focus they have? i think of what is happening in terms of covid abroad. is that a boon?

help or hinder? jackie: i think it is going to be a total boon. some of what we have been seeing in climate demand -- client demand even before the pandemic showed promising sat -- signs that this was going to be sustainable. what we have been seeing more recently is that a lot of consumer spending has ticked up as more economies reopen, especially north america and europe. i think they are really trying to capitalize on that by continuing this hybrid-cloud and ai focus, which should play out given the way they have been going so far. caroline: asia, -- in america and latin america, a focus on europe. what is left for him to have to prove now? jackie: i think execution is key.

they have been talking about keeping this momentum. businesses coming out of the pandemic are hungry to shift into the cloud. for them as a company, going into this full force and not relying on support confidence ease -- grew them into the tech giant we knew them decades ago. keeping that focus is going to be key, even while their global technology services unit is going to be finished off at the end of the year. keeping the focus will be key. caroline: it was a beat for ibm. meanwhile coming up, the new -- helping businesses return to the office while protecting employee privacy. we hear from a san francisco

start a san francisco startup proxy. this is bloomberg. ♪ this is bloomberg. ♪

caroline: as businesses encourage workers to return to the office, they need to respect safety. when san francisco started created an app to verify health without sharing information. proxy's ceo denis mars joins us now. how are you making it that i can get into my office in a safe manner, they know i'm not carrying covid, but they are not actually getting access to my own data? denis: the way we do this is simply use the smartphone as the digital version of the vaccine

certificate, where it stays locally on the phone and all that is being shared when you check into a building is the verification that says ok, this person is verified as vaccinated, recent negative, or past health screen, therefore no information is shared. it is kind of like going to the bar and sharing your driver's license to see that you're over 21, it basically just says you are over 21 and it doesn't show your address. that is essentially how we build out our designed to make sure privacy is always preserved, it is kept on the smartphone. caroline: i have a feeling or a pretty busy man. how much has business been scaling? is this what you had been destined to be making proxy for? denis: this is an acceleration of what we were building. we started using the smartphone to replace employee badges and

corporate axis passages -- access passes. the whole idea is since we are already carrying smartphones with us, can we do this in a private way without sharing information? but that we can maintain people's privacy while at the same time give people a better experience making things simple for them. we are all carrying around a smartphone. because health has become a big concern of our customers making sure they are reopening in a healthy environment, a lot of our customers have asked how do we also ensure people are healthy? we introduced the health capability just as another -- of your employee badge, but something you keep locally to verify you are vaccinated. the goal for a lot of our customers is to think about how we reopen safely and keep everyone healthy. we leaned into that direction

because we are asking the same question. how do we reopen our office in san francisco? we don't want anyone getting sick. at the end of the day, we don't want to be looking at anyone's health records, so it is important for us to use this technology in a way to help businesses reopen. caroline: what are you having to fight back on? why would a company be nervous? denis: it is adding friction in some cases. when everybody wants to get back to normal. a big question that comes up and that we ask a lot of our customers is what are you reopening to? that always leads to more questions. while everyone has a perception of reopening back into the old days, the reality is we are moving into a new world of reopening to a new healthy environment. trying to understand what the best way to do these things to keep businesses open, to not

have to shut down and make sure if someone is sick, measures can be taken to limit the exposure, or recorded in a way where you don't have to shut down the whole building but you can inform the right people to let them know that somebody is not feeling well and maybe you don't want to come in tomorrow. those things are important and the pushback is, can we do this in a simple way so that people's privacy is -- caroline: denis mars. unusual background he had there with that rocket because that is what we are talking about next. van horn, texas, home to blue origin and will launch the world's richest person. that is next. it is also a busy week back on earth. look at these earnings coming up. that flicks tuesday. texas instruments wednesday. thursday, microsoft and twitter. this is bloomberg. ♪

>> we don't think of it as a race at blue origin. we are in this for the long term. long-term, it don't mean five years, 10 years, the vision of blue is generation expanding. i may not see it in my lifetime, or my children's lifetime, that is how long the horizon of blue origin is. i am excited to be part of this early step, but it will keep going. caroline: senior director gary lai talking about the future of blue origin, the changes they hope to see. it might not happen in our generation, but perhaps there are children -- our children's children will get to experience this future space ecosystem.

jeff bezos, his brother mark, while the funk, oliver daemen have concluded training involving various simulations. they are done for the day. they're going to get a quick refer sure -- refresher in the morning. ed ludlow is on the ground in a van horn, texas, in a tiny texas town that jeff bezos brought this company to. this is a big moment for this place. talk to us about the impact blue origin has had on vanhorn. what have people been saying? there are murals and signs, people are excited to -- excited. >> more than one person has told me it was the most exciting thing to happen in their lifetime. this is a community built around ranching. there was mining, irrigated farming.

blue origin has been a neighbor for a long time. bezos acquire the land in 2005. they didn't build a launch pad 2014. finally, the company is fulfilling its original mission statement, to send a paying customer into low orbit space. it is crazy it has taken this long. further crowd, they hope it will -- for the town, they hope it will put them on the map. emily: let's talk a little about what we can expect tomorrow. you were on the ground with richard branson at the virgin galactic launch. two different missions, two different kinds of technology. blue origin is going straight up and down, two times as long as a roller coaster. the virgin galactic experience is over an hour. from what i have been told, jeff bezos will feel three times the weight of gravity on them. they will be pushed down on their seat as they go in the air and overtime that feeling of

pressure will lighten until they get to zero gravity. they will be up in zero gravity for three to four minutes, then dissent. how will that differ from the experience that richard branson and his crew had on virgin galactic? >> i love this part, it is not a new debate. capsule-based technology versus winged technology. virgin galactic was taking an -- taken up on a plane, then the spaceship detached. it is basically a rocket engine that is attached to an airplane. this is rocket technology at blue origin. the combined booster and capsule leaves the earth with a hundred 10,000 pounds of thrust. extreme forces on the way up. once they cross the line, they don't actually escape earth's gravitational pull. they start to come back to earth. the flat bottom of the capsule experiences extreme heat. it distributes it evenly,

slowing itself down with their resistance. on the way down, their crew will experience five times gravitational force, 5g. they had better make sure they buckle up. it is an incredible experience but it is over in just a few minutes. it is three or four minutes of weightlessness in space. caroline: i understand they get a 30 second warning to buckle up. blue origin has made much of the fact that their windows are bigger. 3.5 feet by 2.5 feet wide. perhaps they will have a better view of that spectacular view from outer space. thank you so much. caroline, back to you from van horn, texas. 14 hours from launch. we will see you here bright and early in the morning. caroline: stay cool, stay safe, good luck. make sure you tune in tomorrow for our special coverage of blue origin's spaceflight, a:30 a.m.

-- 8:30 a.m. wall street time. that does it for this edition of bloomberg technology. this is bloomberg. ♪ (announcer) back pain hurts,

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♪ >> welcome to daybreak australia. in hong kong, -- >> getting a new york. the reopening -- reverses global stock slump as growing virus worries fuel a rush into havens. >>