♪ >> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology," with emily chang. ♪ emily: i'm emily chang in san francisco, and this is bloomberg technology. coming up in the next hour, in full swing. intel reporting a lackluster third quarter sales forecast.

what it could mean for the ongoing chip shortage. plus, penalties for dds. china continues its crackdown with regulators seeing the ipo as a challenge to beijing's authority. how badly could it hurt investors in the company? elon musk confirms that both spacex and tesla own and why they are continuing to pump and not dump. we'll get to that in a moment. but first, let's get to those tech results and let's see how the markets are reacting. lots of numbers rolling out over the last hour. how is it shaping out? >> a whopping near 16% gain for snapchat. emily, take a look at those shares. they are skyrocketing and continuing to climb. let me get you some numbers here.

293 million. that's how much the company reported last quarter, just shy of the 291 million estimates from analysts. seeing them beat in terms of ad revenue and active users with twitter, as well, you did see them get a higher bump, still up a whopping 5%. nothing too shabby there, but i want to point out that the revenue has jumped 74% year-over-year, emily. that big advertising glut that we saw last year, it looks like they're getting a comeback. intel not coming out with great numbers as they deal with capacity restraints, doing it in a cost-effective way without losing that market share. what -- but it's really their data revenue that goes back to where the shares start to go into the red. but i want to zoom in on the

social media companies because that seems to be the after hours story. snapchat and twitter, respectively. the orange line will be facebook, google, other social media companies around the world . and you can see that snapchat and twitter have actually been been outperforming the benchmark . they're leading the group forward. competitors, with good earnings, it translates into some positive share action for pinterest. you may start to see that ad revenue, it's coming back. it could possibly affect their line too, emily. emily: all right, thanks so much for the round up. appreciate it. we're going to get more on those results with dan morgan, the senior portfolio manager. so dan, a few things not working in intel's favor here sales . following slightly short --

favor here. sales are falling short, and the server chip business up, down year-over-year. what's your take away? dan: i'm more optimistic than i think the street is. they also beat in their data center group. they did almost $6.5 billion in revenues. i think what we have to do is kind of take a step back and realize that intel is in transition right now. they're trying to get into the production delays with those 10 nanometer high-end chips. one that comes to mind is the sapphire rapids chip that's been delayed into the second order of next year. so they've been a little slow in terms of bringing out chips and i think that's why the street is kind of like your guidance in the third quarter isn't what we

expected. but i still think that there position going forward has to involve more time to ramp up and take advantage of the strength i'm expecting coming out of the infrastructure as a service area, which is the data center space. emily: pat has laid out a big vision. how optimistic are you that he can actually deliver on that vision? dan: well, i hope so, emily. you're right. the two new plants in arizona with the possibility of acquisition in the space, they're going to be in there with taiwan and samsung. you have the department of defense with a lot of companies in the u.s. saying look, intel, if you're serious that you want to build foundries here, will we use you to build out the chip? so if they can pull it off, it would be unbelievable for them , along with this return on growth i'm expecting in the data center.

a lot on the plate, no doubt, for intel right now, but they are at a crossroads. emily: indeed. the industry is at a crossroads. we are continuing to deal with this chip shortage. there are all different kinds of chips and they all have different outlooks. is there anything you're seeing in the numbers that give you more clues about when the shortage more broadly will let up? dan: you're right, emily. at the -- emily. at the beginning of the year, i thought it let up by now. it's been pushed out into the first and second quarter of 2022, so many sectors, it's unfair to say it's just a shortage. obviously, the automotive sector is having the most difficulty and the biggest delays.

swinging into other sectors that are not as bad, it's on a company by company, sector by sector basis. from the aggregate aced on my estimates, things are coming into full throttle by the second quarter of 2022 and hopefully we won't be hearing about these shortages anymore. emily: all right, well we're going to be speaking to the intel ceo. in the meantime, i want to turn to twitter. the numbers look good. what's your take away on these results? the last quarter was more bumpy. dan: you know, emily, it was a great quarter, 87% increase from last year, above my estimate. it came in with daily average that were 206 million. the estimate was 205 million. last quarter, they did 199 million, and that's been a real sticking point for them. and they've had trouble growing the daily average users. you mentioned the snap, estimate 291 million. just to give you the next board

look at facebook, for their second quarter, is looking at 1.9 billion daily average users. twitter had a good number and it beat on the estimate for revenues. and it looks like, to me, emily, they're finally starting to be a little bit more successful targeting small businesses, getting into video to increase the amount of time that people spend on their site, it all leads to more advertising dollars and more revenue for them going forward. but all in all, emily, the report looked pretty strong. emily: what are your thoughts on twitter spaces? clubhouse came out swinging, but the numbers there haven't been looking good. twitter spaces is looking more promising, but not adding the kind of traction i'm sure

twitter would like to see. and i wonder, is that a big potential growth area for them or not? dan: i think it is. a year ago, they were going to get into sports, telecasting sporting events. they've done a lot of things to try to get not only the daily average user up, but to increase the amount of time the people are on there. the average time for people on facebook was about 30 minutes per use. twitter was one or two minutes. the new product and service you are talking about, anything they can do to get people to spend more time on it will drive the revenues. i think you're right. i think the jury is still out on them regarding whether it will be successful for them. emily: we're getting some headlines from my colleague's interview with pat gelsinger on the phone. he says he believes chip shortages will bottom out and that the industry will take one to two years to fully catch up. what do you make of that?

dan: well, he knows better than i do. he was in the trenches. i was a little bit more optimistic than that. again, emily, it's really sector specific. you know, the auto industry is likely going to be the last one to get there. but other sectors, like memory, pc chips, artificial intelligence, all of these different sectors, they might come along a bit later. but obviously he is going to know more about how the patterns are coming, when they're able to deliver, and how it's contracting. so, i would listen to his forecast. emily: again, i'll be speaking with pat elsinger and nick siegel tomorrow. tune in for that. dan, i want you to stay with us, .

we have more to talk about, including what to expect next week. and as we head to break, not a cyberattack, tweeting that the service disruption that affected several widely used websites on thursday wasn't the result of a hack. instead, it was because of a bug update. among those impacted in the outage were amazon, airbnb, home depot, and moving swiftly and afternoon trading. this is bloomberg. ♪

♪ emily: all right, getting back to big tech results, lots more companies scheduled to report next week.

it starts monday with tesla. tuesday, alphabet. wednesday, paypal and qualcomm and facebook. thursday, amazon. back with us is the senior portfolio manager at synovus. dan, you're looking at microsoft, soaring past the expectation. what are you going to be watching? dan: well, again, emily, the key figures will be the infrastructure software service and the data center product. i'm looking for that to grow by about 50%. also, the intelligent cloud, that's the cloud group everybody focuses on, looking at strong growth in those areas. then there's always gaming and other services. one thing that could be a surprise is their overall operating system service, windows on their pcs. we've had good strength in terms of data showing volume growth in the space being very strong.

so, wouldn't be surprised if that trickled in like it did in the last quarter. so i would expect, emily, good numbers coming out of microsoft going into next week. emily: meantime, cyberattacks seem to keep nipping at microsoft's heels. the u.s. has blamed china for the hacks. china denied this. i spoke to a guest last week about this raft of issues and he calls it a new pandemic. take a listen to what he had to say. >> we have a pandemic, but there's another one. which is cyber. and that's going to be there with us. at the same time, i think what's really now much more in the consciousness of people is the

level of attacks for sure have increased. but the need for a response to be top-notch, also increased. emily: dan, microsoft purchasing risk iq to help them build up their defenses and help protect their customers. but how big of a risk is this to microsoft customers? dan: i think it's a big risk, emily, since microsoft is so dominant in the desktop space and in so many areas where they interface on a daily basis. it's interesting that they would call it a pandemic type situation and elevate it to that level. i saw the news on that and i don't know if frankly that's going to impact the next earnings report. but it's obviously something we have to keep an eye on. hopefully, it won't lead to anything that's a privacy issue like we saw with facebook. so we'll just have to kind of monitor this situation and

hopefully, like said, they will be able to stop it from being a big issue going forward. emily: right, you're also looking at facebook who has been dealing with reputational issues. but of course, ads, user quotes continue to happen, despite bad press. what are you expecting? dan: well, emily, i kind of think facebook is like the wobbles-weebles. you knock them down and they get back up. i was expecting 1.9 billion in terms of daily average users. i would expect them to be north of 55% to 60% in year-over-year ad growth. twitter coming in on the advertising revenue jump. i would expect to that into not only facebook, but google

coming out next week. i would expect big year-over-year advertising rates to go up for facebook and google as we go into next year's figures. emily: alright, we will continue to listen to those intel earnings calls and we'll be all over those results next week. i will be speaking with the ceo of intel tomorrow, as well as the cfo of twitter, joining us at 11:00 a.m. wall street time to talk about their third-quarter forecast, second-quarter sales. a couple of hours later, i will be speaking to the twitter cfo about a better-than-expected forecast. now, china is considering serious penalties for didi after the ridesharing giant ipo that went public last month. the cyberspace administration had pushed back and among the

possible penalties for didi, a fine, suspension of operations, and the introduction of a state owned investor. shery ahn, the cohost of daybreak: asia, joins us now. shery, this seems unprecedented. what are some of the penalties that chinese officials are considering? shery: it could be as bad as delisting, so we know it isn't surprising that didi shares hit a record low after the listing in june. and of course, this coming at a time, as you say, the cyberspace administration has pushed back on that listing in the u.s. they weren't necessarily against the ipo. they were against the data practices of didi. sources telling bloomberg that some of the penalties could be harsher than what we saw for

alibaba, for example, which was a $2.8 billion fine. nothing is set in stone right now, so we still have to see how this will happen and how the chinese administration could react. emily: they're down, how could the impact hit their growth out again what does it mean for investors? shery: yeah, it's certainly one of the worst performing ipos this year, right? when it comes to the growth outlook, if the crackdown entails how they use consumer data, it could inhibit their ability to officially grow the or mobility and also introduce new products. so, bloomberg intelligence says that when it comes to domestic markets, they're probably going to be fine. so they're expecting strong expansion in terms of

transaction on this platform. still, when it comes to the international market, they're burning cash, recruiting drivers among lots of global players, right? so, the takedown on those many programs could acutely impact third-quarter growth. emily: meantime, you've got a lot of companies wanting to go public in china. what does it mean for those other companies in that ecosystem? shery: the outlook is souring for them, right? one of the medical data companies was forced to pull the plug on their plant listings. this as we have already 3,700 chinese companies listing in new york this year, raising $13 billion and the shares are mediocre at best, averaging below the ipo prices. these are the worst performers

on the screen, and full truck alliance. it's not surprising there the csi 300 underperforming on the broader u.s. markets. saying it could be a good opportunity to invest in chinese tech. emily: alright, well we'll certainly have to see how this plays out. shery, thanks so much for joining us. ok, coming up, the future of shopping could be sooner than you think. after the break, we'll find out who instacart is teaming up with as they look to get groceries to your door more quickly. and snap still rising in late trading after increases in daily active users. it seems that investment in content and creative tools managed to lure new, young users and the advertisers trying to reach them. this is bloomberg. ♪

♪ emily: a few other tech stories we are watching, u.s. senator amy klobuchar introduced a bill to make online platforms like facebook and twitter legally liable for misinformation about health issues, including covid-19. the proposal coming less than a week after president said that misinformation about the vaccine is, in his words, "killing people." the bill has no republican cosponsors at this point. teaming up with a tech startup to equip warehouses with robots, part of the effort to speed up delivery and cut costs as

it prepares for an ipo, instacart -- for an ipo. instacart plans to build new standalone warehouses and fulfillment centers. and plenty more still ahead on "bloomberg technology," including bitcoin. the cryptocurrency rebounds after comments from elon musk and kathy wood like this. kathy: the idea that it's a hedge against confiscation of wealth. and that can take place in a myriad of ways. but inflation, especially hyperinflation in emerging markets, is the primary way. ♪

♪ emily: this is "bloomberg technology." i'm emily chang in san francisco. let's get another check on the markets with our kriti gupta. kriti, intel, twitter, snap moving after the bell. what are we watching? kriti: i'm going to take the macro point of view because you did see a lot of positive earnings stories. you saw this tech outperformance but still not enough to make any meaningful gains in the s&p 500,

closing up to 0.2%. the nasdaq 100 gain is three times that in percentage terms. we didn't do so well is the small caps. we want a healthy rally. today, you got the tech performance. and of course, yields just a bit lower, as well. a small bid for treasuries. a defensive day. let's look at what else performed well. i want to show you the new york faang index to highlight the point big tech was at the top of the leaderboard. then your faang index holds a lot of the social media companies. but also the likes of apple and cheney adrs in the green. what didn't do so well, those chinese adrs, the broad index that we like to look at. regulatory scrutiny. a lot had to do with the didi sentiment. we might see a turnaround going into tomorrow just because there has been so much selling pressure in the chip space. but that's just something to wait and see for. speaking of a bounce back when you're seeing selling pressure,

i do want to finally end with bitcoin because this has been a one month chart. there has been this downtrend for bitcoin until the last couple days. i'm not sure if that's indicative of a longer-term trend. we'll have to wait and see. emily: alright, kriti, thanks so much for giving us the big picture. at this weekend's event, elon musk -- elon musk confirmed spacex owns bitcoin. top that off with kathy wood and -- off with cathie wood and jack dorsey chiming in. jack: i think the resilience is there. i think it's important to have fun, as well.

any way folks can express themselves, that goes back to the main idea, how do we create native currency? anything that goes toward the path, whatever fun we can have along the way, that's going to make it a more enjoyable and people want to use it. emily: cryptocurrency trading around dirty $2000. joining us to discuss the outside influence of musk on bitcoin is met. matt, every time elon opens his mouth about crypto, it moves. what do you think it means, and is a healthy? -- is it healthy? matt: elon is an iconic leader and a smart person about the payment in fintech. so i think people are smart to listen to what he has to say. he has thought about bitcoin a lot. he sees its potential for the future. long-term, the story about bitcoin is more than elon musk. even the impact of these comments are bigger than just him. it shows that he was concerned about environmental issues.

he investigated them. he saw that bitcoin is a net positive. so i think it's positive in that light. emily: ethereum rallied more than bitcoin did on his comments, up 4% vs. 2%. what do you make of that? matt: well, i think it's news he has allocation to ethereum. it's moving to a more carbon neutral way of securing the blockchain. it has a major technological upgrade coming in august that's going to make it more like a consumable commodity. it's going to make it easier for individual investors to understand what ethereum is. many are calling it the asset of the summer. so i think it was primed to rally, and his excitement of it was just a catalyst for an analysis -- for an asset that was already going to move higher. emily: so, talking about catalysts, obviously the bitcoin market has been quite sluggish.

and you see much more volatility when it comes to stable coins. talk to us about the trends you're seeing, the volume. are people taking a pause because of the china crackdown? what's going on here? matt: great question. i think you still have to look big picture. crypto is still up 250% over the last 12 months. to some extent, we shouldn't be surprised it went through a pullback. there have been a number of news items, the china crackdown on mining, his original concern about environmental consequences, news that regulators are focusing on the space that have caused people to take a breath. but the secret about those news items, emily, is while they're short-term introducing volatility, long-term, they're seeding the next new bull market. environmental focus is good for crypto. china moving mining offshore and decentralizing the mining

network is good for crypto. so, i think this may be the pause that refreshes. the seeds of the next bull market are being born. and we'll see how it pans out. emily: i wonder how many investors are also waiting for tesla to start accepting bitcoin again, or to see whether tesla will indeed do that. take a listen to what elon had to say about that. elon: we're going to do a little more diligence. renewable energy usage is at or above 50%. and that there is a trend towards increasing that number. and if so, tesla will resume accepting bitcoin.

emily: if that happens, matt, is that going to catalyze a whole other market cycle here? matt: well, i think what will happen is that a lot of institutional investors took a pause when elon made that tweet. we certainly heard more concerns about that. knowing that bitcoin has gone through a diligent process and come out the other side would be an important signal for those professional investors to move forward with allocations that were on pause. so i don't think there's anything about tesla accepting bitcoin that specifically catalyzes a rally. but the fact that it's been subjected to environmental diligence by one of the leading environmentalists in the business community and come out looking good i think will be important for professional investors and institutions who are thinking about bitcoin anyway as a technology play, as one of the best-performing asset classes the past few years. so, i do think it's important in that light. emily: meantime, i want to talk about volume because when you look at trading volumes of

bitcoin and ethereum, they all must work to buy trading volumes in some of the other trading assets. tether, for example, has a host of legal questions looming over it. what you make of that? matt: yeah, i think that there's a special case in that. there are concerns about its commercial taper. a lot of investigations going on in that space. tether is the largest stable claim. it's moving toward a more regulated future like the rest of the crypto market. the sooner we get there, the better. i do think investors will be back to mainstream crypto assets soon. i think whatever pause we've seen the past few months is natural after the rally we saw in the past 12 months. a lot of concern about tether. i think there's a bigger story. yeah? emily: and what's your outlook on mainstream crypto? let's say ethereum versus bitcoin. by the end of the year, how do they look different?

matt: well, i think investors should probably be in on both. the thing about crypto is it's hard to know how it will play out in the future. anyone who tells you they know exactly where it's going is probably a little full of themselves. the safe answer for investors is to be on both. those are two different things. bitcoin is digital gold. it's great for hedging inflation long-term in a portfolio. it's great as a nonsovereign store of wealth. ethereum is the rails for the new internet of finance. they both use blockchain technology. they're both crypto assets, but doing very different things. investors who are excited about the big picture as part of our new financial future probably want exposure to both assets. emily: alright, matt hogan of bitwise, always good to have you on the show. thanks so much for sharing your outlook with us. ok, coming up, an ev maker goes public.

we'll hear from ceo carsten bright felt next. he expects shortages to bottom out by the end of the year. but it will take one to two years for the industry to fully catch up. we'll keep following these developments, and again, i'll be speaking to him tomorrow. this is bloomberg. ♪

♪ emily: mercedes benz has presented plans to electrify a -- electrify its lineup to spend $47 billion this decade. it helped defend its position as the world's leading luxury car

maker by aiming to launch three all new electric vehicle platforms in 2025 and set up eight battery factories with partners. the german carmaker has stepped up its game after years of criticism for being late to adopt purely battery powered cars. and sticking with autos, la-based ev startup not so much of a startup anymore. began trading on the nasdaq. my colleagues spoke with carson brightfield a bit earlier. >> yeah, this is, of course, a great day for us. we're excited. i'm excited to be here at nasdaq right now in new york city. our first big milestone. we became public today. and now the next big milestone is, within 12 months, we are

going to deliver the ff-91 to the market out of our california plan. >> talk to me about the market you're going after. i mentioned a tesla but you're kind of in terms of price point and the style of driver, i don't think that's the market you're going after, right? you're going for the much higher end, the bentleys and the porches of the world. >> correct. we are building a top premium luxury brand. we want to find what luxury and premium means. the way this works is you always have to start at the top. we have to come up with the product everyone is talking about. many people are desiring it and almost no one can afford it. so, this is how you build a brand. and once this is understood by the market and set the move down any other segments, we will have

the other segment, which is a little smaller version 18 months after the ff 91 that will compete with the tesla model s. and then there will be a third product, an ff-71, starting around $45,000 and competing with tesla. matt: so the idea here is you want to have a bigger interior space than anyone in your segment. you want to have a digital , kind of like apple digital experience, better than anybody else. but you're also going to be trying to reach a thousand horsepower, zero to 60 in 0.6 seconds in this vehicle. are we going to see that in dealerships in 12 month's time? are you going to be able to make it in volume? what kind of figures are you going to put out? >> yeah, we will start with an addition of this product. fully, full expect at the high price point. and this will be a limited

edition. the first edition will be limited to 300 cars. it requires a $5,000 down payment. and we've got some downpayments in. and then we will launch the base product, which you can then build to your specs. you will see it in 12 months. the brand has three dna elements. one is great futuristic design . the other is the driver seat, 1050 horsepower, 0-60 miles per hour. it's fun. it really drives like a race car. for all the passengers, they have gray seats, as well. they have space, comfort. they have the greatest digital experience with 27 inch displays. >> the road to where you are right now has not been a smooth one. there have been a lot of bumps

along the way, including a fallout with the company's cofounder. missed deadlines, delayed plans. here you are today when public investors can access your story. tell us why they should trust the plans you have going forward are more likely to come true than the one over the past couple of years. >> for now, everything which happened in the past is past and it's water under the bridge. i had this experience from the past. i built a team of people who know how to do their job. we did a lot of work on the company structure. we introduced a governance that meets the capital market standard. and capital was the last item missing. and we are glad, very happy now we can go through this merger transaction and become a public ly listed and funded company now. so everything is in place and we will deliver in 12 months from now.

emily: that was ceo carson breitfeld. uber is looking to expand its business by acquiring a company owned by cgp capital. the deal is the company's biggest that so far on the trucking business. the bridge deck of ruffalo's -- bloomberg's jackie problem joins us now. uber has offloaded so many of these other more tangential businesses. you sometimes forget they're still in freight. why is uber doing this? jackie: well, it's a key move for them in that they're trying to position themselves to capture more market share of the $4 trillion freight industry. this deal, they started this segment in 2016. and since then, they really sacrificed market share with pricing, or pricing to gather with more market share. so, this deal is expected to bolster that unit and help it and organically capture more stake.

and with regards to some of the other segments, this goes hand-in-hand with the recent push in last mile delivery that they've been making, so it's a pretty deliberate move for them. emily: what is uber's trajectory in freight? jackie: i think they have partnered with a company like trance place. they have over $11 billion in freight under management. uber's ads help connect with truckers. but it hasn't ever really expanded past this comprehensive logistical space. and so its trajectory going forward is it doesn't just want to be a paring service. it wants to be an end to end logistics platform.

emily: and talk to us how this builds on some of the early bets uber made under the former ceo. travis kalanick, one of them buying auto. jackie: well, this is certainly going to be -- it's expected to be very profitable acquisition for them. they're expecting this unit, which hasn't been profitable for them in various years, to really turn around. as it relates to some of the other units, the delivery space, outside of mobility, which has really taken a hit during the pandemic. this is expected to help the business overall. it's not expected to be a drag on its bottom line even though freight is a relatively small portion of its overall business , generating $300 million in the first quarter, to 10% of the company's overall revenue. it's expected to benefit from synergies.

it's a really profitable company. it's expected to generate $100 million in the next year. so they're looking to benefit not just for the unit, but the business overall. emily: all right, bloomberg's jackie davos, thanks so much for joining us. we'll see how this one plays out. alright, coming up, mark gurman shares details on what new devices we can expect from apple later this year, along with everything else you need to know. that's in our power on segment next. this is bloomberg. ♪

♪ mark: this is mark gurman from "bloomberg technology." in this segment, i'll be taking a look at how covid is impacting apple's return to office plans,

apple's work on new tools to replace your bank, as well as the company's plans for new iphones, ipads, apple watches, and more. apple is delaying its plan to bring back all employees to its global offices by one month at minimum, pushing back the return from september to october at the earliest. the company is making the change in response to rising covid case numbers, both in the u.s. and globally, as well as the delta variant of covid. it pledged in an e-mail to staff that would give them a one-month heads up on when they will be required to return to offices. apple's return to office set up hasn't changed. it's still asking staff to come back to the office for three days per week, but it's offering up to two days per week of remote work. apple wants to continue to replace your bank and other financial services with new tools developed alongside goldman sachs. the company is working on a new service called apple pay later.

this will let you pay off any apple pay transaction made on any credit card in the u.s. with installments. the company is working on two variations of this upcoming program. the first one is called apple pay in four. this is a four installment program, with installments made every two weeks with 0% interest over eight weeks. the other program is called apple pay monthly installments. that's for pricier items, allowing users to pay off transactions over several months. however, it will include interest via loans with goldman sachs. these loans will directly rival other financial software companies. of course, a lot of the attention is on the phone. look out for four new iphones, with smaller notches, screen technologies, faster processors at enhanced video recording features. the new phones in addition to the significant upgrade to the apple watch. the biggest revamp at macbook pros and entry-level air pods.

i'm mark berman, this is power on. emily: and that does it for this edition of "bloomberg technology." make sure you tune in to us throughout the day tomorrow. we're going to have a host of big-name guests starting out with pat gelsinger. we'll be talking about the earning results, his outlook on the chip shortage. we've been listening in to his comments on their earnings call. there's speculation about a foundry related deal happening. he says he isn't ruling it out . i will be speaking to the twitter cfo on the back of their strong quarterly sales and a better forecast and you won't want to miss big tech tomorrow. we will be joined by the spanish prime minister to talk about his visit to silicon valley. i'm emily chang in san francisco. this is bloomberg. ♪ >> the following is a paid

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