>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. >> i am caroline hyde in new york, in for emily chang. coming up in the next hour, bitcoin jumps 32,000. both tesla and spacex, this is just a day after crypto's drop of about 50%.

let's talk about the volatility. the copy further transitions into the digital first world. we talked to brett taylor about the future of hybrid work and how slack fits into the overall business model and what to do with will smith, odebrecht him junior and kevin durand. we will see what they all have in common. we will get to that in a moment but first, let's get a look at the market. >> a green on the screen kind of day. the s&p five -- s&p 500 is up. tech was still in on the rally. you always want them on your side when it comes to a broad valley. the yield is higher as well. that bid we suffer treasury did

not really last today. money is coming out of treasuries and going into stocks. all of that green on the screen has to do with tentacles in particular. the s&p 500 is bouncing up. i believe we have a terminal chart that we can show you. that pink line is that 50 day moving average right on the right. you start to see the s&p 500 dancing off and it has been a trend. a very crucial indicator not just for the breadth of the rally that when you see this mentality. i want to show you the other parts of tech. it was a broad valley. we have the semiconductor index up a whopping 3% at the bottom. even chinese take adrs up on it, over 2%. it was not such a great day for nasdaq. they were in the green. let count that as a win, -- let us count that as a win, caroline.

caroline: bitcoin rebounding today after elon musk, jack dorsey and kathy would disgusted. >> and believe that bitcoin will be much more environmentally friendly. certainly more than traditional gold-mining. in many ways, it already is. >> what about twitter advertisers paying in crypto? any form of payment they want to use, absolutely. i am more focused on how we create economic incentives without having to rely on it. >> the lineup has everyone talking across social media. music to your ears offering

bitcoin payments and the like. what does today's panel mean to you? what is currently the mood music around coin to you? -- bitcoin to you? >> i think we are having some technical difficulties. we will be getting other bit more from him in a minute. we will redial. next, we will be g -- we will be joined by brett taylor. this is bloomberg. ♪

>> salesforce has announced it finally completed its

acquisition of slack. the buyout will help create digital recorders anywhere in the what. it comes as corporations transform into a more hybrid model post-pandemic. taylor joins us now. it is wonderful to have some time with you. it was really interesting, finally this deal being done but painting the picture of what will work in the future. you are saying this is a once in a generation opportunity to rethink and reshape how we work. how do you feel your approach is going to achieve that question mark -- achieve that question mark -- achieve that? >> we bring together the digital hq that slack represents. the salesforce customer 360, the platform for digital sales, digital marketing and digital customer service and represents this operating system for every company to get back to growth in this all digital world.

certainly, despite setbacks from the delta variant, growth is the number one thing on every ceo's agenda. we are so excited to partner with our customers and help them take advantage of this unique moment in the economy and get back to growth. caroline: get back to growth. talk to us about how companies are innovating, using your platform, being able to talk with clients and their own employee base. are there ways in which it is being deployed the best? bret: the interesting thing for me is the breadth of it. traditional sales is going on an airplane and selling in a conference room. now that is happening over slack or zoom. a call center used to be a building, now it exists in the cloud. how do you resolve cases digitally? slack. talk to any retailer in the world about cyber resets, the most important week for sales for every retailer, their command center is in slack.

i think we are seeing companies take advantage of this command -- this and these are the companies growing right now. they are transforming their cultures around new digital technologies. i think the most interesting thing is because of this pandemic, every company is going through this. it is a digital imperative because in 2020 if you did not have a digital business, you didn't have a business. i think this pandemic accelerated the digitization of the economy. i think slack and customer 360 are more relevant now than ever. caroline: how do you continue to innovate? how do you keep products up to speed with the need that is here? bret: it is hard to the future. -- hard to predict the future right now. on bluebird, some ceos come out and saying we are all going back to the office. others say we are not going to have any officers -- offices anymore. the future of the workforce is being written right now.

what i can tell you is we have the most relevant technologies to help our customers navigate the new normal. the interesting thing right now it is not just the technology. we are truly changing the way we work. you hear about things like zoom fatigue. what it means to have a digital hq is the new way of working. what i am excited about is seeing every industry reimagine their businesses, recognizing the shift from doctors offices to telemedicine. the shift from the commute being on the freeway to being on the hallway, these are incredible opportunities. our goal is to invest the best and brightest engineers, the best and brightest product makers so that we can be partners. trusted digital advisors to every company in the world as they navigate this. caroline: there's plenty of competition. how do you see that environment, that ecosystem? is it winner takes all? how do you see continuing 12 all

-- to evolve alongside the likes of microsoft? bret: software has never been winner take all. software is a growing opportunity for every industry, just as the economy digitizes. our competitive strategy is simple, focusing on customer success. we have unique value to our customers. no company has more complete solutions for the new digital economy. digital sales, digital customer service, digital marketing. the number one digital platform for the new way of work is slack. our strategy is how do we package up slack to help our customers navigate this new normal? we think by focusing on customers, we don't need to worry about competition and we can continue to grow. caroline: globally, how are you looking at growth and expansion? bret: international expansion has been a huge part of the salesforce growth story.

we have focused on all the major markets, this is no different. the one interesting thing about this pandemic is how it has impacted different parts of the world unequally. recognizing that every one of our major customer hub is in a different stage of reopening. we have to remain agile as a company to match that. i will say this digital imperative to be a truly global phenomenon is impacting every industry and every segment in every single geography of the world. caroline: it is interesting what you say to help make worklife simple, more pleasant, more productive. talk to us about making it more pleasant when people are going to be more remote. some people thrive in the situation, and for others it is harder. how do you go about trying to help that? people using your screens and getting fatigue.

how are you looking at that? bret: i like to say digital translation is different from digital transformation. when many of us were first asked to stay home, we did a translation. we took every meeting in a conference room and moved it to videoconferencing. digital transformation is about transforming your culture around digital pools. as you look at one of the things that we can accomplish, it was impossible before. maybe we can recruit more talented people from different places. maybe we can give employees more flexibility so we have higher retention and better mental health. maybe we can reach our customers and get a competitive edge on competitors by embracing new digital channels. what i will say is i think the next few years when working from home is no longer imposed upon us for health reasons, forward leaning companies will say how do we transform our culture? take what was great about these new digital tools and embrace

them. that is not going to look like a translation of the analog way of working. that is the real challenge for leaders right now. caroline: great to have some takes for you. president and coo of salesforce. thank you. let's get back to bitcoin and bring in sonny singh. chief commercial officer. the technological issues amongst us, talk to us about the volatility we have seen in crypto of late. crypto offers ways you can pay with your bitcoin. how much are people willing to spend it? >> you do see these volatility spikes. that is the crypto issue. we do see a drop in bitcoin payments and or merchants like microsoft, at&t and that. overall, the upward trend is that it is long-term crypto and

these merchants believe we may get 1-5% through crypto. three years from now, it could be 10, 20, 30% action. everyone is trying to get in the space for payments. jack dorsey said in the previous segment it is about accepting payments from any courtesy -- currency in the world. he believes that crypto is the currency for the internet. caroline: -- is that a competitive threat? sonny: i think that's great. the more people that have crypto and hold it securely, the more they will spend. crypto has a lot of different use cases. some people use it just to store value, some use that as a way to hedge against government currency, some use it to spend money online, repentance, cross-border payments. the more use cases, the better it is for the ecosystem as a whole.

caroline: how much is elon musk a help or a hindrance? sonny: elon musk, jack dorsey, kathy would -- kathy wood, a triple crown of speakers about crypto. they all have their different beliefs. crypto has a different leaf depending on where you are in the world. all three had a different vision as to why they loved crypto. that makes crypto so great. caroline: many we have talked to here, the arrival of institutional money and how you need institutional adoption, and in some analogous way you need to centralize it to have everyone take forward the centralization mantra that is crypto. we had scott minerd on earlier, key man at guggenheim. he is saying bitcoin is going to go to $15,000. this is in the right time to buy. how much is this a worry when institutional money is still on

the sidelines? sonny: fairpoint, but three years ago when bitcoin had its big drop, everyone thought this was the end of bitcoin. the sky is falling. now we just had this drop, the institutions that got in six months ago like fidelity, none of them have sold. all of them have reiterated their belief that we are long-term holders of bitcoin. we don't mind this recent price drop. that's why i believe -- i think by this year bitcoin will break its all-time high again. it might not get to $100,000, but it may break $70,000. caroline: is bitcoin the future? scott minerd has been thinking about this, maybe ethereum is more viable. you had elon musk talking about how he is not so enamored by bitcoin, but is holding ethereum. what becomes the ultimate

currency? sonny: currency has different use cases. bitcoin is -- a cold alternative. with it become used for payments? we will see. you see a lot of talk around stable coins. circle announced an ipo last week that's all about stable coins. as stable coins get more popular, that will drive more payments use case. each currency has a different use case. you start seeing use cases devolve more and stable coin is going to be a big buzz word. caroline: bit pay's chief commercial often are -- officer. thanks for joining. later, we hear from a fintech start up that's got big name backers including hollywood a listers like ashton kutcher, jerry lehto -- jared leto,

sporting stars like kevin durant. find out what's got them all interested in this company. a reminder, we have a blockbuster day of earnings thursday. intel, twitter, all out. make sure you tune into the details. more of those earnings after the break. this is bloomberg. ♪

>> when we came out with the pricing for the vaccine, we identified the lead candidate, we discussed early on about offering it not-for-profit. we did not want cost to be an issue for folks considering getting vaccinated. that will come to an end towards the end of the year. caroline: johnson & johnson ceo speaking with bloomberg after the company posted a strong quarter.

he said it was too early to tell how the shot will perform next year when they will be selling it on a for-profit basis. johnson & johnson and three distributors have agreed to pay $26 billion to settle government lawsuits over the opioid crisis. the settlement marks the investigation of the highly addictive drugs which have been blamed on 500,000 deaths over two decades. ivf has been around for almost half a century. as technology advances, so too are improvements in this delicate process that gives people the chance to create life. one company, tmrw life sciences, has developed the first system to store, track frozen embryos throughout the process. they have finished financing. joining us is tara comonte.

how do you like to say it? >> tomorrow. caroline: you been raising money. congratulations. $100 million, in excess. what you want to do with the money? how do you want to continue to spread the word about what you are trying to achieve? >> this is a part of the ivf lab. it really hasn't seen innovation over that entire period you talked about. almost 40 years. we are at a point now with the growth and the speed we are seeing in demand for fertility services, whether it helps with infertility or help on a proactive basis with preservation and freezing eggs. the sheer scale and demand of specimens that clinics are having to keep up with is

unsustainable in terms of how the existing infrastructure can handle it. we are talking about millions of frozen eggs and embryos today being managed by ivf labs, which will evolve into hundreds of millions over the coming decades. you just showed a shot there of the manual analog outdated process. you saw the -- and the labels, it is still in place today to deal with this. tmrw life sciences brings the first automated platform for tracking the storage and monitoring of those millions of precious frozen eggs and embryos at the heart of nearly every ivf procedure and replaces those outdated systems. it breeds technology and innovation and brings this piece of the lab into the 21st century. setting a new standard of care

for these precious eggs and embryos. caroline: it is extraordinary that over 40 years it has not been discussed more. the taboo in some ways was that i was an ivf child. how much -- we now know so many people, friends, family members who are depending on this technology. how much of a hard or easy conversation is it to have with venture capitalists? tara: we are at a stage today, and this will increasingly continue, where we all know someone. you are an ivf child, there are going to be more. i am a co-ivf mother. we all will know someone going through the process or thinking about going through the process. social media helps. we also live in a world where transparency is demanded. it didn't used to be the case, but transparency is now demanded by consumers. the investment community, the investment banks and so forth, i

think everyone sees a human being is a potential patient. it is understood, and becoming better understood. i think this generally -- there is generally -- the surprise that the extent to which existing infrastructure hasn't kept up with demand. we are at the point now where it is an inflection moment. everyone is talking about it, and it is great, but now we've got to help these clinics bring this lab into the modern day. it is time. we can't be dealing with a system that was ultimately borne out of the barnyard. the current system can't cope. caroline: fascinating conversation. wish we had longer. amazing to see female leadership

raising money for key backers . coming up, texas instruments stirs concerns over demand the global chip shortage continues. we will get to the numbers next. this is bloomberg. ♪

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caroline: this is bloomberg technology. another risk on day but on individual basis it was a mixed picture. a less than ideal subscriber forecast but analysts saying 5.9 million new subscribers, they only came up with 3.8. you are seeing netflix shares down. we will see if they can recoup some of those losses tomorrow. this will be two days out from their stock but it looks like

it's serving them well, up 4.3% in trading today. we have earnings for intel tomorrow, trading in line with market action. let's talk about semiconductors broadly. we know there is a global chip shortage and semiconductor stocks have been high in demand, those chips can take three months to make and eventually it up in your iphone, your car or airplanes or whatever. you're not seeing the major gains that we saw in the previous year. maybe they could possibly change that. the story for texas instruments, it is under pressure after hours. the idea that inventory fell below levels, down 3.8%, likely to translate into tomorrow's action as well.

caroline: we will dig into it a little deeper on texas instruments. uncertainty about whether a jump in chip demand caused by the pandemic will actually continue. the tangibility and reliability of the demand, is it there? >> that's what texas instruments executives were asked continuously on a conference call for 45 minutes, and their answer was, we don't know. revenue up 41%, that's great. the analysts and investors who cover the chip sector are like, we have seen this picture before, it cannot be sustainable. caroline: why wouldn't it be a reality at the moment, is everyone so hurt by the fact that they have run out of chips?

ian: that is the underlying concern, and that's what we've seen in the past where you have this phenomenon they called double ordering. ui order twice as much as i need to make sure i get what i need? then you end up with apollo -- big pile of unused chips and stop ordering them. inventories are going down, you don't have to worry. caroline: it felt like today there was a wall of chip related news, the makers of jeep saying they've seen customer supply chain issues because of this ongoing chip shortage and it will remain an issue for them. and chips that go into the likes of washing machines, every area is being affected. what is ti doing, are they

doubling down, looking to expand their overall supply base? ian: they are kind of unique. we've seen a concentration in taiwan but ti is bucking the trend. they bought a plant from micron and they will continue to increase their capacity. they are saying that gives us control, when we sell something we sell it directly to the consumer. we're not going to be caught out as badly as some of the other companies, just called in the --a cog in the wheel. that said, there are even more shortages than we had. caroline: do you think we will get into a similar level of -- get a similar level of capacity?

ian: intel is way more upfront, talking openly -- openly about competitive tragedies -- competitive strategies. i think we will get a clearer picture out of them. but intel is a much different story. there stock is lower than what -- their stock is lower than what the market is doing. people are concerned about the direction of the market. caroline: such a mixed picture. thank you so much. coming up, gearing up for the games. we will take you by the scenes in tokyo as japan prepares to kick off the olympics. this is bloomberg. ♪

caroline: honda became the first japanese automaker to publicly say it will go all electric by 2040. the company is distinguishing itself among its rivals. more on how it plans to meet its carbon neutral target. >> our ultimate goal is to achieve complete carbon neutrality 2050. in order to hit that target, we must make our new cars all

non-gasoline by 2040. course we pride ourselves on our engines but were now focused on our new targets. we're putting our resources into ev and fuel cell technologies. i realize u.s. and european carmakers are leading the way in these markets but we still have time. i think we are well-positioned to compete with our rivals as we pursue the best ways to achieve our goals. >> when you look at other global auto giants, do you think the goal honda has of going electric by 2040 is early enough? >> earlier targets were set by the e.u. and other countries after we set our target to be carbon neutral by 2050. we may have to reconsider our target if we have to achieve it earlier, but now we try -- we plan to stick with our target. >> how has the partnership for -- with gm to make electric cars enter rollout to new models in 2024 -- how do you plan to utilize the partnership?

>> we are discussing the possibility of partnerships in different areas combining our technologies. general motors leads in larger electric vehicles so that's where they take the initiative. honda takes the initiative for smaller ev's. nothing has been decided yet but we will talk through all kinds of scenarios to see where we can benefit each other. >> you've shown a pretty open attitude toward forming alliances to write out this. what kind of companies are you interested in talking to and what new alliances are you seeking to improve your position in the global market? >> we still want to discuss with different companies from different areas. we can create new value by automotive and entertainment coming together. the concept of connected cars will progress further if we combine with information technology companies.

i believe in create a new value by becoming partners with non-auto companies. >> are you talking to i.t. giants like google or apple? >> we cannot name them specifically. >> the olympic games kickoff later this week in what is expected to be deaf there will be no spectators in the japanese capital remains under a state of emergency to prevent the spread of further infections.

a behind-the-scenes tour of this very different olympic games. >> those are vending machines. i'm going for the teacups today. ♪ the new olympic million -- village and other venues in tokyo, the district actually sits on artificial land. the islands were created in the 1930's. there is a gymnastics center and volleyball court behind that. three on three basketball is over there. we made it to the main press center. what is he doing? maybe next time. going through security. i am in.

the opening ceremony is friday, but unfortunately, more athletes and officials continue to test positive, including a member of the u.s. gymnastics team and three players of the south african soccer team, so we all have to try to stay as safe as possible. i am inside the pcr tests center. i have this kit and now i have to submit my saliva test. at the airport they give you pictures of lemons to help you salivate. here, there are no pictures. last but not least, i got my press kit. inside is a media handbook with tons of info, super important. a reusable seat cover that keeps

you cool. lemon flavored salt tablets. japanese summers are hot and humid. here is my desk. time to get to work. caroline: what a great piece. we thank her. sticking with the olympics, brisbane has been selected to host the next summer games. the process was overhauled in 2019 to prevent bidding wars. coming up, a new value of $450 million. all about the fintech company. netflix suffered its worst drop in three months after the streaming giant gave a disappointing forecast for the quarter.

they are hoping new offerings including video games will keep subscribers loyal. this is bloomberg. ♪

caroline: nasdaq wants to establish a trading venue with other companies. we spoke about the development of it. >> we've been operating the nasdaq private market for seven or eight years. however, as we've looked at the

evolution of the private markets, the companies are looking to really bring more private companies, staying private longer but also being willing and interested in providing more liquidity opportunities for investors and for employees. as we've developed this partnership we really thought about what do we want to create? we want to bring early and middle stage private companies into the platform. we have a lot of relationships with later stage private companies and we also want to bring large institutional investors into high integrity market place. that's why we chose the partners that we have joining us in this venture. in terms of the long-term impact on nasdaq, of course we are always happy when private companies choose to go public and then list on nasdaq and having relationships earlier in their lifecycle makes us the venue of choice for that. we also see huge opportunity in private company equity landscape

as well. anywhere from 500 million to 1.5 billion. it's hard to know exactly what the total market opportunity is, but it is very large. >> will the marketplace look any different or feel any different with the bank's involvement? >> we have been doing this on our own but talking to the banks, they see more institutional investors being interested in private company shares. the private companies themselves are accepting the notion of liquidity as part of their life as a private company in new ways. we've been seeing continuous market program for companies that might be thinking of going public for direct listing, all of which the private companies are getting more engaged in. before they were happening behind the scenes and now private companies are saying let's create a fair and high integrity and efficient way to allow that liquidity to occur. >> in terms of going public,

you've got to read listings and ipos. the first half of the year was amazing in terms of all that. what is your pipeline look like and where is the interest right now? >> the pipeline for companies looking to tap the public markets is a strong as it was six months ago, if not stronger. companies are looking at the opportunity to continue to grow and expand their businesses and raise capital in the public market context. i would say that we've raised one hundred $11 billion on 111 -- 111 billion dollars on nasdaq for companies that came to nasdaq in the first half of this year, but still the number of companies on file to go public is as high as it has been in the last six months. >> are some of the company's not going to be chinese companies after the crackdown on foreign listings? >> over the last couple of years we've seen a high number of companies from china coming in tapping the public markets.

the new rules in china now make it so that they have to seek approval before they come to the u.s. markets. that is likely to have some impact in the short term as they are developing those criteria in helping the chinese companies to understand what they are looking for before they come to the u.s. market. we continue to have very active dialogue with chinese companies, expecting them to come to the u.s. markets in the second half of the year. caroline: they are talking about private market access for investors. there's another way to talk about this. we have a listers in the first round. the fidelity for millennials. joe, it's about actively managing your investments. is it kind of like a wealth management offering for those who don't actually have any

wealth? >> you hit it on the nail. we've seen a lot of proliferation in the last couple of years. the elephant in the room right now is consumer financial technology. it is precisely what we aim to do. caroline: fidelity is offering a product for 13 euros. are you worried it can get with the program to take on your title? >> we don't worry about it too much. a brand needs to pick who is their core demographic. the interesting thing is it is not just necessarily offering a product or certain demo, but how

you build it on the underlying technology. it's going to require some hard decisions at scale for those businesses that you mentioned. caroline: who have you got on board and what kind of talent have you got? who have you brought on as your cofounder and engineers to make sure you're building the best product? >> fundamentally people in software and chip technology. we founded the company in 2018. most of the big consumer technology platforms are on the west coast. it's amazing for us to be a talent magnet here in new york city. caroline: i'm sure your -- you're targeting gen z and

millennials. we've had gin influencers across tiktok and the like. quite a few of them are women. how are you looking at that diversity to be able to attract the demographics that you want to come on and use your platform? >> it starts from the top. we are diverse. it's worth starting at the bottom, brick brick, building -- brick by brick, building this to be a diverse enterprise. finance and technology have been dominated primarily by men. you just need to start right from the bottom at the ground floor and build up from there. caroline: what about female investors? you have some well-known investors, sportspeople and actors. they will be amazing at helping market this product.

ashton kutcher, kevin durant, did you want a diverse set of investors as well? >> is predominantly why the first board member we chose is a woman. it was important to make sure we had a woman at the top. we are super excited to have a very diverse complexion immediately at our company's inception. caroline: a stellar array of investors. where do you take the investment now? is it about marketing or scaling? what do you want to do with the business? >> the way we summarize our business, the mutual fund was a really important piece of technology that's been around for decades. we think we can innovate and bring the new chair of -- future of investment

management forward. it's what we call internally rebuilding the operating system that powers the whole category. caroline: and you also want to be launching a crypto product. crypto in and of itself will be revolutionizing access to financial investments as well. how do you see that fitting into your model? >> we weren't planning to launch a crypto product until later this year. our engineering team built the first actively managed crypto product in history in a matter of 75 days when hundreds of of our clients were asking how crypto could be part of the portfolio. folks are shying away from saying here is how you should think about crypto from the wealth side. we felt we had to be there and play that leadership role for our clients.

caroline: thanks so much for your time. that's it for this edition of "bloomberg technology." tune in tomorrow when we are joined by dan morgan to break down the earnings of intel and twitter. this is bloomberg. ♪ and there you have it -

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