>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: coming up in the next hour, tesla shares up in late trading after reporting second-quarter results. strong demand for its electric cars continuing as elon musk's company suggests this year's deliveries might exceed its projection for 50% growth. they continue to china crackdown

-- the continued china crackdown rocking investors throughout the day, sparking questions about how far president xi jinping is willing to go to tighten his grip on the massive economy. robinhood reshapes how traders buy and sell stocks. now it is trying to entice them in companies that go public, including its own. the unusual decision to make its roadshow presentation public for all to watch. let's take a look at the markets with our own kriti gupta. mega cap tech leading the way. kriti: as you start to look at the surface level, the s&p 500 just closing up 0.2%. some yields higher, coming out of treasury. real yields hitting an all-time low. all of the action was in those tech stocks. take a look at the next part of the chart, the golden dragon index, holding all the chinese listed companies or u.s.-listed companies from china, really

taking a massive hit. another massive hit after having its worst day since 2008 back on friday. a lot of this has to do with orders from beijing in particular, saying that you should maybe turn into a nonprofit company and not focus so much on the prophets. -- on the profits. the push to pull some of those ipos in the united states back to beijing. sentiment that brought down the new york faang index, some of that sentiment pleading into -- bleeding into american tech. let's see how they did on a one year basis. the usually trade side-by-side but then they started to diverge. you have seen it with some of the growth outperformance in the states. the global tech trade not so global anymore. regulatory scrutiny starting to weigh on those adr's. tesla after hours, they also came out and said, they are also doing great.

a major boost after hours, up almost 2%. a $23 million bitcoin impairment, supply chain issues, unless regulatory credit. -- and less regulatory credit. even with all of them, they say they are expecting their car deliveries to grow by 50% by the end of this year. emily: thanks so much for that round up. sticking with tesla second-quarter results, i want to bring in our analyst. tesla beating across the board, expanding production on three continents. what are your headline takeaways? >> i think one of the big takeaways, that shanghai is a big export hub for them. i think that will help them on margins. i also think this is what the chinese government wants. they have wanted to be an auto exporter for years. tesla is making that possible in

electric vehicles. the areas they really have been focusing on. in my space, we also saw that the data was recently rolled out to customers. videos looked good, not perfect. dense urban areas like san francisco, still tough for the system. in suburban streets, it is pretty good. i just put out a medium piece. we think that the rideshare opportunity is an 11-$12 trillion opportunity and we think -- emily: the ridesharing opportunity, when do you see that starting to play out? tasha: i think over the next year or two, we could see the first implementation of autopilot. i think the beta program is sort of the early innings of that.

elon has said that by version 10 or 11, we are on nine right now, he will make the release available to all customers. but we think this could be extremely profitable, totally change the business model, become a revenue stream. if tesla were to fall short of meeting that deadline, we actually think they could profitably run a right health -- ride hail service today because they have better economics than uber and lyft. their cars are cheaper per mile to drive and i think the verticalization, the tesla strategy could really help them. emily: tesla saying the chip shortage is still problematic. how much of a challenge do you think that will be for tesla in particular? tasha: i am glad you asked that. i think one of the other really

interesting things, they said they are working on 19 new variants of controllers. i think tesla is set up well to deal with this shortage because of the talent they have and how both the software and hardware teams they have allow them to explore those new opportunities, write new firmware, and make decisions quickly to adopt new strategies when you have a chip shortage. while they are affected by it like every other automaker, they are better set up to handle it. emily: the company reported a $23 million charge against bitcoin holdings. everyone wants to know when tesla will start accepting bitcoin again. elon has given a few hints but has not confirmed anything. how concerned are you about tesla's bitcoin decision and would you like the company to start accepting it again? tasha: ark invest has done a lot

of work on bitcoin. my colleague is an expert on the area. in general, we wrote about this in our big ideas presentation earlier this year. it is 1% of all s and p companies devoted 1% of their cash to bitcoin, this could up the price by about $40,000. we think this could be a smart thing to do. if you are a company like tesla that wants to operate in many different markets, instead of hedging that foreign currency, you could accept bitcoin. tesla did pause accepting payments. elon has said that he was looking to be sure that the energy that was used for bitcoin is clean energy. recently, last week, the b-word, which cathie, our ceo, participated in, he seemed positive on bitcoin. he said they are looking to make

sure that a certain percentage of mining will meet that clean energy requirement but it sounded like he thought more likely than not in the future they would begin to accept those payments in bitcoin. i think it is a smart move on their part. i think the accounting treatment might be reconfigured in the future. cathie has said that in the past, the way it is treated now as an asset. but for transactions, it could be a smart move. emily: i want to talk about the china story. production and shanghai remains strong. the mix is changing a little bit. we are seeing more lower-value cars being sold. what are you looking for specifically when it comes to china and how do you expect that story to play out? >> i think that will definitely come up on the call. that is something i am looking at here.

specifically for china, the big news is it is an export hub. i think that is something key to look out for. in terms of the average selling price, and our valuation for tesla over the next five years, we do think that as they expand, as volumes grow, they can only penetrate so much of each price segment before going down to the next segment. it is not a surprise to temporarily change things. i think one of the bigger things we are looking for is how sort of autopilot is working in china. right now, if you look at it compared to competitor systems, it might not be quite as good as the chinese-owned companies. i think they are focusing most of their effort on the u.s.. that is also not a bad idea to focus on the u.s. because we think it is a larger opportunity when you look at how high ride-hailing is priced here, about two dollars per mile.

in china, you can get rides for about $.50 per mile. there is more to exploit their as economists bring down the price of point-to-point travel. i would like to see how that develops in china, how autopilot is comparative to the systems. i think they have been very cautious on that, which is a good thing is we have seen the regulatory environment change there. emily: tasha, i'm going to let you go. tasha keeney of ark invest, thank you as always. we will be listening to that call. more tech earnings coming up. tuesday, results from apple, microsoft, amd. wednesday is paypal, grubhub , and qualcomm, and facebook. and amazon on thursday as we round out the week. of course, we will bring you all

the details on every sickle one. -- single one. make sure you stay with bloomberg throughout the week. the largest maker of semiconductors is considering expansion. taiwan semiconductor says they may build a plant in germany in addition to the one they may build and japan. chipmakers have been cranking up production to deal with shortages for carmakers like tesla. coming up, china's crackdown on the booming education industry raises questions about how far beijing is willing to go as it tightens its grip on the world's second-largest economy. this is bloomberg. ♪

emily: bitcoin mobile says the crackdown by chinese authorities will probably intensify and may even lead to an outright ban on holding the token. the founder and ceo of a crypto wallet maker spoke on bloomberg television. >> at this point, i do fear that in 4-5 years, the country might outright ban and. -- ban it. but it is too early to tell. basically, the regulators always have that final step but so far they have not put that nail in the coffin yet. it is a wait and see approach. emily: meantime, china has announced a broad set of reforms for education and tutoring businesses. the chinese government wants to decrease the workload for students, and overall a sector it says has been hijacked by capital. education companies have been banned from making profits, raising capital, or going public.

that sent shares of ed-tech companies plummeting. china listed companies in the u.s. are seeing back-to-back losses. bloomberg's shery ahn is joining us with more. the biggest back-to-back losses in a decade for these companies. shery: since 2008. we are now seeing beijing get into the market, whether on beijing, the crypto markets, even profit management companies under the gun at this point. this is the biggest two-day drop since 2008. it is sort of a tale of two tech trades at the moment. you are seeing the chart, showing the onshore chinex gaining. the nasdaq golden dragon index down in the double digits.

when it comes to those education stocks, analysts have been slashing profit forecasts. companies like tal could worsen -- the operating losses could just worsen from here. the cost cuts one keep pace with revenue decline. some of the largest investors like cathie wood have gotten out of the market but traders have been piling into these stocks. emily: meantime, the crypto crackdown. the interview you did with the founder of ballet. you mentioned some new regulatory issues. shery: this has been another leg of the regulatory concerns in china. seven different agencies in china now releasing new guidelines, saying that online food platforms have to respect the rights of delivery staff and ensure workers earn at least a local minimum income. during the pandemic, they had been under scrutiny for allegedly mistreating its riders and workers.

now, they are already under a monopoly investigation, so we have already seen a 50% hit in their stock price since february. this chart on the bloomberg showing, since march of last year, they have outperformed other tech giants, which is not sand much given that they have been under pressure as well. we have seen this huge fall this week given the latest on the food platforms as well. chinese tech and education stock losses now exceeding $1 trillion. emily: this is leading to a much broader discussion about financial decoupling between the u.s. and china. on your side, of the pacific ocean, what is it seem like beijing is actually going for here? what is the endgame? shery: that is the hundreds of millions of dollars of questions. so many are wondering, what is the endgame for china? there is a really good bloomberg opinion column saying, does

beijing not want foreign money? are they antagonistic? are they closing china inc.? not really. they don't care that foreign investors are losing money but they have their own priorities. it is more about reining in tech tightens, protecting social equality. you don't want the social unrest in china. you don't want to put the chinese coming as party under threat. these regulatory risks are nothing new in china. something investors have to keep in mind, the chinese market, as big as it is, $7 trillion, the second or third biggest markets behind the u.s. everything moves so fast, so you have to bear that in mind when you go into that market. emily: shery ahn, caused of bloomberg "daybreak: australia," and "daybreak: asia." thank you.

i want to look at some headlines around the world. indonesia's most valuable startup in talks with investors to raise as much as $2 billion as part of a dual listing at home and in the u.s. the company was created in may three merger and is part of a group of companies taking advantage of interest in the region. jaguar land rover, owned by an indian company, has said it has set up what has called a full-time control center to limit the damage of the chip shortage. jaguar land rover saying it is taking board level reviews of the chip issue a couple times a week. the carmaker has also blamed one supplier for its shortage

specifically but has not identified which company that is. coming up, boeing will put its battered engineering reputation on the line again this week when it's star liner spacecraft blasts off from florida. the challenge of the company as it competes with spacex and blue origin. that is next. this is bloomberg. ♪

emily: space ambitions for boeing are getting a take 2. but will their engineers be able to handle the mission? the company is getting ready to launch its reusable space capsule, the boeing starliner, on friday, after its first trip in 2019 almost ended in disaster. they also may be having challenges retaining employees. joining us, our opinion columnist brooke sutherland. it looks like the space race has heated up.

over the past few weeks, successful launches from virgin galactic and blue origin taking humans to space, talk to us about where boeing fits into this race. obviously it has been a more troubled road for them although they are a historic competitor here. brooke: they had this market cornered for a while but then you have really seen success on the parts of the upstarts. for boeing, it makes you question where they fit into the competitive landscape going forward. where can they be a leading player in this market? emily: where are the talent challenges they are facing? are they losing engineers to spacex, blue origin come or elsewhere? brooke: it seems like they are. looking at linkedin data, you can see a pattern of them losing people to these companies. and it is not just space companies. amazon is a big drop. they do have that seattle

connection. you can understand the appeal. it has not been fun to be a boeing engineer in recent years. a lot of the company problems have been engineering-related. the company has had to cut thousands of employees to try to keep the ship afloat during the pandemic. they are not really looking to do very many innovative engineering challenges going forward. there has been a lot of talk about whether they might come out with a new jetline but they have to be conscious of cost controls. you can understand how they want to work for other companies that are putting innovation at more of the forefront. emily: there been 110,000 job cuts across the aerospace industry through the pandemic. why exactly is that happening especially if it seems like from the outside, the aerospace industry is accelerating? brooke: they had to. during the pandemic, some of these companies were losing

money, others were barely getting by. they were really taking a hit. up until a few months ago, people did not expect air travel to come back in a meaningful way for years. it ended up being much stronger than anticipated, especially in the u.s. a lot these companies will be looking at a serious hiring crunch because they will be competing not only with other industrial companies but tech companies, who have been doing much better during the pandemic and have actually been hiring workers. it will be a challenge to the entire industry to get those skill sets they need to keep up with demand. emily: can both also needs to sort of evolve its reputation. i guess it is the u.s. government or nasa they really need to impress. what is your outlook on whether they can pull that off? brooke: i think they have to do a reputation overhaul where everybody is concerned, from the faa to nasa to customers, to investors.

they have a lot of work to do to get back on the right foot. we keep seeing these challenges. they keep having problems with their planes, spaceships, some of the military project. it makes you wonder, have they learned all the lessons they need to have learned from the 737 max crisis? are they putting an emphasis on quality over cost control? are the engineering voices being heard to the extent they need to be? emily: we are going to be covering every aspect of that star liner launch on friday. brooke sutherland, thank you for sharing your insights. coming up, a roadshow for all. robinhood throws away conventional ipo standards and opens a roadshow to the public via livestream. what to watch as the company hits the market later this week is next. first, the ceo talking about the company's focus.

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>> this is a very special moment and we are humbled by the large number of customers accessing the markets for the first time. we believe in democratizing finance for all and we will continue to change wall street forever. emily: robinhood ceo vlad tenev talking about sectors in the live stream presentation. robinhood taking the unusual steps of making that event open to the public. our guest joining us to talk

roadshow. this fits into the idea of robinhood trying to democratize investing. what do you make of the fact they opened this livestream to the public and what they had to say? >> robinhood is trying to show it is doing its ipo different than other companies. one way it tried to demonstrate that was by posting a public roadshow anyone could livestream where management was talking about the business and taking customer questions, which is different from how you would normally do it, when it would be a presentation for institutional investors, one way they are trying to show that there ipo is different. emily: how excited or apprehensive are investors that buy into robinhood's ipo, given the potential, but also controversy? annie: one thing that came up is how worried the company is about payments, a key way that it earns money based on transactions that come into play in washington.

investors asked about that. robinhood said they will monitor that closely, but at this time, they are not that stressed about any regulatory action on that front. it also came out with a question about how the company might grow in the future and vaguely they talked about areas they might grow into, looking at debit and credit card payments. that was another thing that came up in the roadshow. emily: i had a couple chances to sit with vlad tenev, where he addressed gamestop mania and how investing it should not be limited to a certain group of wealthy people, but it should be ubiquitous.

take a listen to the earlier part of that conversation. >> i think you can look at our vision broadly and say half of u.s. households invest. we would like to get that number up to 95% plus. investing should be as ubiquitous as shopping online. it should be something people do. moreover, there is an opportunity to expand that beyond the u.s.. there is no reason why the greatest financial system the world has ever seen should only be available to americans. we can make that available globally and not just to high net worth individuals and the wealthiest 1% globally, but for the mass market. that is a huge opportunity. emily: meantime, robinhood is setting aside already 5% of its

-- 35% of its shares for its own traders. what is the likelihood robinhood becomes a target of investors responsible for some of the mania, such as in amc or gamestop, over the last couple months? annie: a great question and one on everyone's minds thursday when robinhood goes public. robinhood made mention to the fact there has been volatile trading by certain names, the ones you mentioned, and robinhood may not be exempt from that trading activity in the retail market. that is something we will have an eye on. emily: we are expecting that ipo to happen later this week. annie massa, thank you. another company going public, ev

maker after merging with churchill capital. they spoke to my colleagues earlier. >> we are doing production this year. we are on track for this year's production schedule and next year's the $4.4 billion means we can accelerate our growth of the company and mitigate execution rates. -- risk. >> production can start this year. i am sure stockholders are looking forward to that. you did have to make an appeal to get this transaction done because a lot of the shareholders are retail investors. what does it mean to have such a large retail base own your shares? >> isn't it wonderful the range of our mission has reached so many in the sector? we have an illustrious roster of

traditional, institutional investors as well. we have this guy mention, this -- this dimension, this diversity, which is attracted to our technology and mission. it is a great situation. >> in terms of that, it feels it will set you up for a lot of execution risk in that. you have to meet your target. the valuations you have, the retail base you have, you have to meet the target to deliver. what are the question marks you have to be monitoring to hit those numbers? >> execution is everything. i tell my team that every day. we have not achieved a thing as a company until we have delivered our car to customers. i spend time in the factory every week making the teams operate cohesively. this is a huge push in execution mode.

the main factory is just getting the quality right. we started building our run of production cars. we already started that. our quality validation run. once the quality is right, they will be sold to customers. >> within that, if you are in the factory every day, you must see supply changes. we saw a delay in production. how bad is it? >> the supply chain has been hit by covid, that is undeniable. our quality people have not been able to see certain suppliers, which is not the norm. we rely on 260 suppliers around the world for 3000 parts. this is a significant logistics operation. many of those suppliers have produced wonderful results. we are having to support some of

those suppliers that need extra help to get across the line in terms of their component quality, but we are getting closer every day. we will have a fabulous motorcar in production this year. >> it is not just chips, but cobalt or lithium, the guts to make the car. longer-term, there are resource problems. will you bring that internally? do you have to shore up the supply chain? >> that is not a major solution. regarding the chips, we are pretty good because we bought ahead for the nearer term. longer-term i think the problem will go away. the medium term planning the beginning of next year we have risk mitigation strategies, including sourcing for some chips and alternative designed to accommodate those.

i think we are in a good position. we have a number of backup plans in place. it is not like we are going into true mass production. we will scale up production on an s curve. because of that we do not have demands in the near term that a major automaker would have and we played that to our advantage. >> can you get more specific? what will production look like this year when you begin, if it is a ramping up approach? >> we will move up to 10 cars a day, 20 and so on. we will be limited by our ability to make the quality right. if the quality is not right, we will slow things down and get it perfect. this is what our discerning customers rightfully demands. emily: lucid motors ceo peter rawlinson earlier today. bitcoin tumbling after amazon denies a report it will start

accepting digital currency. another volatile day in cryptocurrencies. this is bloomberg. ♪

emily: bitcoin retreating from its high after amazon denies a report it plans to start accepting the cryptocurrency this year. amazon saying it is not planning to launch a crypto coin next year, but continues to explore. bitcoin going way up after that amazon job posting focused on cryptocurrency. amazon dashing the speculation. tell us how this played out.

>> before we dive into specifics, let me show you the macro environments, because it plays together. it was not a risk on day. when you see bitcoin surge, you see riskier investments surge with it. we saw yields higher, the real yield at an all-time low and gold and the dollar down on the day. in this background bitcoin was poised to thrive. to the extent it did was the shocker. the one-month chart, 40,000 is a massive change. we have seen this downward trajectory. that surge all on an amazon job posting. let me tell you what the posting said. they are looking for a digital currency and blockchain lead. it did not specify crypto or bitcoin, just at that it was looking for it and that is what the job would entail. saying after the close it denied

the idea not only will it not accept bitcoin as payment, amazon is not planning to launch a cryptocurrency in 2022. let me show you what it did intraday. other players highly exposed to bitcoin, the bloomberg galaxy index up. taking into the asian trading session, it was surging. marathon digital had blockchain up over 20% on the day. bitcoin surge continues tomorrow, you will see that affect. -- that ripple effect. emily: thank you for that update. amazon web services announced a way to connect customers faster and more efficiently than ever. many businesses are pivoting to the remote work world and need to process data at a finger snap.

i want to bring in mai-lan tomsen bukovec, the vice president for amazon web services. put into context how much data aws processes and how much did that increase over the course of the pandemic? mai-lan: the pandemic has been a crash course in why all companies in all industries need to be on the cloud. if you think of the customers on aws or starting to be, companies like zoom, that were able to scale incredibly quickly based on demand surging. just like companies where the industry was contracting, like tourism, those customers were able to save money on a dime. if you look at the growth and data, analysts are predicting digital data grows at a rate of 40% year-over-year.

every business leader, no matter what industry they are in, one of the most important decisions you are making is where to put that data. block express is one of the latest innovations from aws in a long history of cloud computing to help you put that data in the right place. emily: talk to us about block express, and improvement of aws services. how well this better meet businesses' needs for a remote work world? mai-lan: they have had traditional hardware appliances for networks and lock express is the first in the cloud. enterprises are spending just this year alone over $22 billion on just them. on block express they have a much better option, you have the performance, but the pay-as-you-go capability that

aws used to. -- gives you. unlike the old model where many enterprises overbought, they overbought because they did not want to get stuck what they did not have for growing data. you pay for what you need and can increase or decrease in minutes based on what your business data is doing. emily: andy jassy was the ceo of aws for many years and is now the ceo of amazon. i am curious what your new boss has communicated to you about his priorities and strategies in this new world where cloud is ever more important. mai-lan: adam was in aws before. i have been with aws for 11 years now. the mission remains the same. we are here to provide the most

comprehensive platform of cloud technologies for companies all over the world to drive the innovation they are doing for their own customers. that mission has not changed. the innovation in aws is in our dna. block express is a result of 15 years of innovation. adam will be taking it into the coming years. emily: this amazon crypto posting had a lot of people talking and crypto markets moving. i know amazon dispelled speculation, but there is no denying there is a great intersection between blockchain and the cloud. i know aws has been exploring there. are you more optimistic about the future of crypto and block chain as it relates to the cloud, given the exploration you have done so far? mai-lan: 90% of the aws roadmap

comes from customers who ask us for specific capabilities. cryptocurrency is no exception. we will listen to what customers are asking for and look at technologies and innovate and deliver what they need. emily: mai-lan tomsen bukovec, thank you so much for joining us, vice president of aws. tesla's earnings call underway, elon musk has been speaking there. he said chip supply was the limiting factor on the company's output saying, it is out of our control. it does seem it is getting better, but it is hard to predict. he thanked suppliers who he says had many midnight phone calls to face shortages in the company. meantime, it has been a sad summer at the u.s. box office. despite theaters reopening, box sales are below previous years.

potential moviegoers watching online instead. a second straight weekend of falling ticket sales. the latest installment of the g.i. joe franchise, and a horror flick brought in $30 million combined, less than the previous week debut of "space jam: a new lega this is bloomberg. ♪

>> public sentiment toward ev's are at an inflection point. everyone agrees these vehicles are the way forward. emily: elon musk on the second quarter earnings call. talking about the current chip shortage. while out of tesla's control, it

is getting better. musk saying the chip shortage seems to be improving, but is still hard to predict. what are we supposed to take away from that? >> this is the most candid tesla has been about anything. he said the supply constraints, their ability to build cars, is impacted by it, even though they were able to be number about it. -- to be nimble and do things other automakers couldn't do. it is crazy because this quarter was their best ever, best ever deliveries, financial performance. here they are recognizing it was really hard. emily: and still predicting 50% growth in deliveries, which is huge if they can hit that target. >> shanghai became important. a shiny factory taking on the burden. it became their main export hub. the problem is, the cars they sell out of there are lower than the average selling price. they were still able to meet

margins. just incredible performance. what it comes down to, they are getting better at building cars. emily: they are expanding on three continents, and in texas and berlin. bitcoin, what does elon plan to do? they were accepting it, and the price has suffered. >> you have this ev company reporting earnings. they still hold $3.1 billion bitcoin on the balance sheet. when we found out about tesla holding bitcoin, it was at a higher price. it has fallen from $65,000 to $40,000. the loss has not that big of a deal. it has not dramatically hurt them. it has boost their popularity.

-- their profitability. but they have said nothing about what it means to customers. emily: i am curious how much uncertainty this is factoring into. our investors nervous to accept -- are investors nervous to accept or not accept bitcoin? >> how many people think to themselves, today, i shall buy my electric vehicle using bitcoin? we cannot quantify that. it opens up markets to people not comfortable paying in cash or using traditional credit, or people worried about security. he has always been a leader of the new, whether it is electric vehicles or space. it brings in a broader audience for him. it does not help their bottom line much. emily: what are the weak spots? >> delays. look out the window, there are a lot of ships in the bay area. there was a backlog at u.s. ports.

it has been delayed some time in 2022. there is also a shortage of cells affecting semitruck's and others. they say we do not know when it will happen, it will happen in model y, which will happen sometime this year. emily: speaking of texas, i was impressed by the supercharger -- there were charging stations everywhere in the middle of west texas. >> 46% growth year on year, supercharger stations. and the actual number of connectors. tesla wants to be the number one ev player. emily: thank you for the roundup. we will keep listening in. that does it for this edition of "bloomberg technology." earnings this tuesday, alphabet, microsoft come out with quarterly results. we will break it all down.

i am emily chang in san francisco. this is bloomberg. ♪

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yousef: this is "bloomberg daybreak: middle east." manus: engine stocks rise as china and hong kong stabilize from a tailspin sparked by beijing's overhaul. a record close on all street. -- wall street. yousef: the leaders of north and south korea agreed to restore relations.

a breakthrough ove