>> 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 "lumbar technology." it is a super tuesday for tech earnings. apple beating on the strength of iphone sales, this ahead of new

iphones expected in september. plus, as it rebounds massively, alphabet turns in a strong quarter as advertisers and google cloud division seeing a spike. the search engine workforce growing 13% despite a hiring freeze. much of that growth in cloud. u.s. health officials recommending that even fully vaccinated people wear masks in public, indoor settings, places where covid-19 is spreading rapidly. what the cdc is saying about the about-face later this hour. first, a look at the markets with kriti gupta. major benchmarks all ending in the red. i wonder how much that cdc kind of had to do with it. kriti: that was part of the story but a lot of it came from abroad. we have been talking about this dip in chinese shares. starting to see it seep into broader sentiment. the s&p 500 down on the day 0.5%.

and a lot of the cyclical names, utilities, consumer staples in the green. it was really tech that took the brunt of the head. the nasdaq down a whopping 1.2%. narrow that down to big tech, the new york faang index, down 1.4%. the nasdaq golden dragon index, chinese listed stocks. take a look at this chart really quickly. the s&p 500 in blue. analysts saying they are more aware or more exposed to that china story. a lot the regulatory scrutiny we are now seeing lead into tech shares, bleeding into the chinese adr. a little bit of a muted reaction. that is why you see them actually cheaper than the s&p 500. let's kick it off with apple in

particular. a massive consumer spending coming back of a revenue beat across all the individual segments. ipads, macs, service is doing better. not able to keep the shares up. i want to show you microsoft and google or alphabet shares. google first. you do see microsoft shares actually down as well. this has a lot to do with the cloud computing business. those sales gaining 51% but still not enough for a lot of those investors who are concerned about peak growth. alphabet in the green, this following twitter and snapchat, ad sales doubling to $7 billion. the advertising glut from last year is not there anymore. emily: thanks so much for the roundup. lots to get through today.

i want to dig into the tech result, starting with apple. record third-quarter revenue, demand for ipads, services spiking. similar numbers with other tech results this quarter. i want to bring in dan ives of wedbush securities. he currently has an outperform. the apple conference call has begun. tim cook starting off global, touting india, latin america, vietnam. dan: it is all about china. china, the growth there, it has been a john dropper. that is a key to the apple thesis. it is a big art of why you are looking at 2.5 roughly trillion dollar market cap. i think $3 trillion in the next six to nine months. especially when you factor the chip shortage that was supposed to be a 3-4 billion headwind.

emily: talking about headwinds, we got that new cdc guide is today and tim cook is talking about that on the call. he says there is a growing sense of optimism among consumers but that progress made is not progress guaranteed. talking about the delta variant, he said the road to recovery could be a winding one. dan: that is smart for tim to lay it out that way. apple, probably more cautious than any other company in terms of closing their stores. i think it all comes down to, conservative in terms of guidance, it all comes down to the underlying penetration story. you have 25% roughly, 3.5 years. if you look at sort of the numbers. the street is massively underestimating this demand story. it is an elongated super cycle.

they continue to under promise and over deliver. that is why i think cook has sort of navigated this as good as any olympian could navigate any sort of high wire act. emily: tim cook is saying that apple's retail stores, almost all of them are now open. of course, we all need our devices whether we are at home, work, on lockdown or what. if the delta variant becomes more concerning, is that more of a risk to apple? we have seen the company fare incredibly well through the pandemic. is there the opposite impact? dan: i think that any listeners who have gone into apple stores, opportunity in terms of what they have built from that brand. retail does drive sales. that is roughly less than 10%. most of it is through online channels.

it comes down to the 5g cycle. you could see this get a little bit elongated in terms of what happens from a delta variant. i think the street is vastly underestimating the demand story. emily: we are seeing a tale of two regulatory crackdowns on big in china and the u.s. i wonder how much of a risk that is to apple in the united states and given that they have so much invested in china. could the regulatory crackdown in china impact apple at all? dan: that is a great question. they are teflon because, peak cycle, they are one of the biggest employers throughout china.

cook has been able to navigate that well from a supply perspective. iphone production comes out of china. it is 20% demand. that is why the important number is really the china growth number. they will have to continue to navigate that. if you look at the regulatory crackdown in beijing, it has really been something that has been a jaw dropper relative to the scale and scope. i think this has been something they have been able to navigate well. emily: we expect new iphones to be unveiled in october. how big a cycle will it be? how does it playing out to the end of the year? dan: the baton gets handed for my phone 12 to iphone 13. iphone 13 could be 10% higher than iphone 12.

the cycle that is playing out globally, which i view as the best, almost a golden jewel install base. that is why i think apple can mainly look out at the market cap and also a rating story, looking at services business, mostly $70 billion run rate, worth a half trillion alone. emily: services setting an all-time record. tim cook on the call talking up apple tv plus offerings. a lot of people watching that. i want to turn to the other $2 trillion company, microsoft. a big beat from microsoft across the board. not a lot of competition in some ways when it comes to the windows operating system. dan: knee-jerk stock down 2%. i believe this is one that is stellar.

there is just more and more transform microsoft into a cloud juggernaut. that is a trillion dollars opportunity in terms of cloud over the next decade. you look at the numbers, 51% growth. they are doing it with the types of growth that they continue to defy expectations. i think it just shows that this will remain the major cloud play. we are only a third of the way through cloud penetration. right now, as i look at what microsoft and redmond are doing, it is a big part of the re-rating of microsoft stock. emily: meantime, microsoft saying that teams, of course the competitor to slack, has 250 million monthly users. this was a product that exploded through covid. they were headed back to lockdown, restrictions in different parts of the country or world.

what does that mean for microsoft? dan: salesforce do not acquire slack if not for the success microsoft is happening on teams. they are expanding in terms of collaboration and software, more and more getting across applications. the more success they have within that install base, they will just have more and more monetization. unlike other faang names that are in regulatory scrutiny, microsoft went through that in the 1990's and early 2000's, they had a lot more opportunity to do m&a. emily: we will keep our eye on that. dan ives, we will let you get back on those calls. thank you for joining us. amd also out with results. the second largest maker of computer processors reported second quarter profit that more than tripled to $710 million. the company giving a bullish third-quarter earnings forecast

and indicating that amd is gaining market share from its main rival, intel. we will talk about that and much more when we are joined by the ceo. more earnings after the break. alphabet shares up in late trading. a big rebound in digital ads. i talked to the alphabet ceo, ruth porat. this is bloomberg. ♪

emily: let's get back to earnings. alphabet out with second-quarter results, sales that top wall street estimates. sales driven by robust add trends, eager to get customers buying again during an uneven pandemic opening. i want to bring in daniel black to break down the results. obviously, a different quarter than last year at the same time when advertisers were going through that massive pullback at the height of covid. the demand apparently still there. what is your main takeaway? daniel: it speaks to the innovation underway at the company. obviously, google or alphabet, investing throughout the downturn. the results were strong. advertisers are coming back. but what i think will matter to this story over the next several quarters and really the next few

years is the ability to keep innovating, investing in his people, coming up with solutions across search, youtube, google cloud. a lot to like overall. emily: i spoke with alphabet ceo ruth porat before she got on the analyst call. here's what you had to say about advertising growth. she said it was led by strong growth in retail specifically but that it was broad-based. she did say that she could not give a lot of color on the current quarter because things are changing. so quickly, a reference to the delta variant, cdc changing its guidance today. i wonder how big a risk that is for alphabet, given how much the alphabet suffered for the advertising pullback last summer. daniel: i think it is a dynamic.

we will have to see how the next few months play out in terms of the delta variant, variance that will inevitably follow after the delta. what we are seeing in the united states, depending on the country, globally, countries able to innovate, invest, deliver value to their customers, consumers, businesses. ones that are not able -- ones that are not afraid to take risks and invest, they are able to come out stronger, and i think that is part of the alphabet story, certainly in search and their cloud business as well. that is going to be with us for the foreseeable future, in my view. emily: let's talk about cloud revenue, also beating estimates. investors very optimistic about it.

ruth porat optimistic about it, telling me they were continuing to invest, pleased with the results, continuing to build out their global footprint. this is a company that had a hiring freeze in the middle of the pandemic but the workforce still grew 13%. a lot of those new employees were joining the cloud division. how optimistic are you about google getting a bigger piece of that pie relative to amazon and microsoft. >> i think the cloud opportunity is significant for all three of those companies. what is important is that the market is continuing to grow given by areas like artificial intelligence. clearly, amazon is the leader followed by microsoft, who has done a terrific job with azure. but with google cloud, they have a very important role to play with their customers.

when we speak to buyers and customers of google cloud, they find a lot of value in analytics, artificial intelligence. the company is in investment mode. you are seeing, we saw this quarter and i think over the next 2-3 years, outsized growth. in addition to the top line, it makes google or alphabet a more durable business. we saw that with the amazon web services. i think you are seeing something that is similar with google cloud. a lot to like here but it is a multi-your story. emily: there are a lot of questions about return to work plans, especially with the evolving delta variant. i did ask ruth porat whether alphabet is reconsidering plans to coworkers back in september. apple delayed return to work until october.

she did not answer directly but said they are working very hard to build more flexibility into their model. employees are responding to that. even in september, they will be working in hybrid mode. i wonder if all of these big tech companies can pull off this hybrid mode, working from home part of the time, in the office part of the time, could that start a seachange in corporate culture for the foreseeable future? daniel: i think even before the pandemic, companies such as google have done a terrific job incorporating tools and technologies that they have built into internal workflows and processes. the shift to going all remote was relatively seamless for some companies. clearly, other companies have found it more challenging.

what i suspect will happen over the next two years, as more and more people get comfortable working remotely, clearly the tools will get better. in some cases, there will be more hybrid environment. in other cases, it will make sense for people to spend more time physically in the offices. what i think will matter for google and other companies is whether they can continue collaborating and innovating effectively across their teams globally. that to me will be the magic. that in my view will determine how effectively a company such as google will grow and deliver services to users and advertisers. but this new environment will be with us i think for the foreseeable future. emily: of course, huge applications in the war for talent within the tech industry. always great to have you here. appreciate you stopping by. coming up, covid cases jumping to a new record in tokyo as the japanese capital hosts tens of thousands for the olympics. a report from on the ground next. and consumers gravitating toward 5g. listen to what he had to say.

>> we are only in the early innings of 5g but already it's incredible performance and speed have made a significant impact on how people can get the most out of our technology. ♪

emily: u.s. health officials have returned to tighter mask guidelines in a stunning reversal of earlier guidance. the cdc is advising that fully vaccinated people should wear masks endorse in places where the virus is spreading rapidly. the change comes as the delta variant continues to spread. meantime, infections in tokyo surging to a record as the country house tens of thousands of athletes and officials from around the world for the delayed olympic names. this report from the japanese capital.

>> i am in tokyo. the capital city has reported 2448 new covid cases on tuesday, the highest daily tally ever, surpassing the previous record of 2520 cases in january. it has doubled from a week ago just as the city hosts tens of thousands for the games. a four-day weekend has likely led to a backlog in testing, which may be reflected in this record case count. the city is now asking hospitals to prepare more beds for covid-19 patients, saying that infections for those over 65 remain low. they stressed it is important for young people to get in chelated. only about a quarter of japanese residents have been fully vaccinated. earlier, the tokyo olympic committee said athletes staying

at the 11 village also tested positive, bringing the total to 155 people since july 1, when the committee started announcing new cases. experts have warned that the more contagious delta variant could cause a surge during the summer. tokyo is under its fourth state of emergency, set to last through the olympics and paralympics. emily: we will bring you more of her reports as they olympics continue. china's regulatory crackdown brings shares plummeting. but one investor says it is a good thing and could create buying opportunities. this is bloomberg. ♪

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emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. i want to get back to the action -- we were zooming in on big tech earnings earlier. zooming out now. what else are you following? >> this really continues to be the main story, seeping into the u.s. markets. i want to show you what the longer timeframes, where we are here. you have the hang seng index in the nasdaq in purple. you have seen how much they have slid, the acceleration is coming

lower. the big question here is when does it seep into u.s. tech? it is starting to do that. the blue line is the nasdaq 100 stock index. you are seeing it curve lower. i want to show you individual movers. this is all about those u.s. listed companies in china. let's look at the sector. sector wide, broad change. it looks like this is unchanged. during the actual session, changing a bit. a major drop. alibaba is down 3%. of course, that food company taking the brunt of the hit. down 11%. the taiwan semiconductor company adr down 1.8%. i want to illustrate here, this is not just one sector in china. it is going for e-commerce companies to across the board. when does the seep into the u.s.

markets? for the last month or so, you have seen the new york faang index take a big hit. in addition to some of those big tech gains. in a month where tech outperformed in the u.s., this is been the story. this index actually declined, showing you the selling conviction and the pressure when it comes to chinese adrs. emily: thanks so much for the roundup. mark mobius, the founding partner of mobius capital partners says he sees buying opportunities in china amidst this regulatory crackdown. he spoke earlier today on "bloomberg markets." take a listen. >> what the chinese government is doing is cracking down companies that dominate various sectors at the exclusion of smaller companies. the regulatory crackdown is probably in the long run going to be good for the chinese market. emily: for more on china's

regulatory crackdown and how it is impacting the tech sector, i want to bring in austin carr. curious for your take on this, you and some of our colleagues had a big piece out on how insiders are looking at this and, like mark said, not necessarily all that new. austin: that's right. going into this, we assumed there would be a broadly critical negative reaction. but, we were surprised by the venture capitalists, that this crackdown was long overdue. especially for the bigger tech players. they felt like alibaba have been sort of acting in a way that was stifling some of the smaller startups. forcing them to sell. taking equity from them. forcing them to build on their platforms. what this crackdown signaled to them was this might level the playing field a bit.

let some of these smaller startups again a little bit while not necessarily trying to destroy it in check. emily: interestingly, it is sort of a similar take that some might have in the u.s. about the u.s. government cracking down on big tech here. how is china's approach looking compared to what we are seeing in the united states where it is almost in parallel, we are seeing the u.s. government and state attorney general take aim net apple, google, facebook and more. >> the key difference here is speed. in china, they told us it took about four months to complete the antitrust case against alibaba. it will take years if not longer to do the same investigations to amazon, apple, etc. just yesterday, we saw judge extend the ftc's deadline to refile antitrust case.

which have been filed months and months ago. we have been hearing more and more about regulatory interventions in the u.s. but it has taken a lot longer. in china, the inverse is true. they have a lot more control, a but were close ties to the business sector. they are able to act a lot more swiftly. pros and cons of course but so far with that needs is they have been able to essentially do some of these actions overnight. especially the case with dd just days after their ipo. seeing the security review, remove apps from the app store. ways that force them to stay in check. where we don't see that type of action or speed possible in the u.s. just because of the government dynamics. emily: i am thinking about the u.s. government's case against microsoft which played out. over decades. often criticized for copycatting

or emulating in a friendlier term, silicon valley. i wonder how that plays out after this crackdown subsides. austin: there has been a sense in recent years that china has been changing their approach. look at software innovations like wechat. those are designed innovations one would say. versus some of the absent the u.s. they have been veering away from that, more copycat model. with that said, with this intervention does, it forces them to become more in the national interest. in the u.s. we think about regulations for consumer protection. in china it is more thought about what is in the national interest. there was a sense that alibaba was behaving in corporate interest but perhaps not in line with china's priority. this might force a lot of the bigger companies to align with the national goals of artificial

intelligence, semiconductors things that are more aligned , the ccp. in the u.s., we are seeing more open ended innovation. it is not being mandated from the top down. we are going to see to dramatically different approaches in the years ahead. emily: i wonder, does it give u.s. tech companies more of an advantage? despite scrutiny they are seeing on home turf? could a chinese crackdown be good for apple, google, facebook, microsoft, amazon? austin: at a global scale, yes. you are to have more flexibility in how to operate they will face , less competition in global markets. that signals this will be a lot

more difficult for the bigger chinese tech players to do. at the same time, for chinese tech companies, it will also be difficult for them to raise western capital at this point. considering the big selloff we are seeing, it will be a lot more challenging given what has been happening in that market. perhaps, the one upside the u.s. -- and perhaps some hesitancy we are seeing to funnel money through holding companies. perhaps, the one upside the u.s. has is the larger level, the larger big tech companies. without that broader crackdown like we are seeing in asia, does that stifle the next generations of startups in the u.s. from getting too big before other companies swallow them up. emily: austin carr, we appreciate your analysis. thank you so much for joining us. in the meantime, we just heard from mark mobius a short time ago. the veteran investor also spoke earlier about his outlook for bitcoin.

he predicts the price will fall. this will in turn impact companies that invest heavily in cryptocurrencies. take a listen. >> i would be very cautious with these companies. i'm really surprised they are doing that. i would be very leery of investing with such a company. emily: coming up, u.s. health officials returned to tighter guidelines for masks to try and stop the spread of covid-19. we will have one take on the latest guidance, next. and a report that amazon has discontinued using its human resources software. reports in the failure of the deal is due to the database behind the software failing to scale as required to support the growing workforce. they say the mutually agreed decision was made more than 1.5 years ago. this is bloomberg. ♪

emily: u.s. health officials now urging fully vaccinated people to go back to wearing masks indoors where infections are soaring. this as cases of the delta variant continued to surge. why is this mutation taking such a toll on the world? christine junctions -- jenkins, professor from university of sydney explains. >> this virus is a completely different thing to what we were dealing with last year.

the evidence suggests it is extraordinarily contagious. it has many features that adds to that potential. it is not just one thing. places suggest the viral load in a symptom that a person in the first couple of days of infection is 1000 times the viral load that was observed in the early wuhan cases. and subsequently in more detailed analysis of the viral load with alpha. we are talking about a massive load of virus, probably a virus that prefers aerosol. or at least is more readily transmitted by aerosol. respiratory droplet infection. so, i think aerosol transmission is a key thing. and, then i think the third

thing is we are seeing it in younger people. and younger people are generally highly socially mobile. younger people in groups often forget about physical distancing because they don't have the same wariness about their own health. the other thing we know is despite the mutations, it has an altered configuration. it fits more neatly into a receptor and the affinity for the receptor, the ability to get through and cause more severe disease is enhanced in these organisms. so it can transmit itself more readily and it can infect more readily. so it's a double whammy and -- in terms of its potential to cause damage.

emily: christine jenkins, a professor at the university of sydney. so tragic, especially when vaccines are available. i want to get more on the cdc's new guidelines. joining us are drew armstrong with the big take. walk us through where delta is surging and where this new mast -- mask mandate will be relevant. drew: we are seeing a number of delta pop-ups all around the country. right now, the delta variant is by far the predominant variant in the u.s. it is the main one we are seeing. where cases tend to be highest right now, we see a lot of warnings about high-level community transmission in the

south and central parts of the country, louisiana, florida, alabama, mississippi. we are also seeing warnings about community transmission in bigger cities. i think we have seen a warning about new york and some other places where we have higher levels of virus transmission going on. really the big spot on the map -- this big part of an outcome of the south and central u.s. emily: i wonder how effective this mast mandate is going to be because obviously the virus is surging in places where there are more on vaccinated. i just wonder if this is going to work and actually help stop the spread. drew: the challenge for a public health professional during this entire pandemic is people who were most likely to take precautions are the folks who are going to get vaccinated. they take all of the other steps. and you have, right now, what we

are seeing is concentrated in areas where people do not want to follow public health guidelines. telling them that things are different now, a year and a half into this. put a mask on. i think it is questionable whether they will get a lot of compliance in these places. that may be a bit of a challenge from a public health perspective. emily: one thing i think many folks forget is kids under 12 still cannot get vaccinated. there is not a vaccine available to them. for folks who are not vaccinated yet, you are putting young children at risk. the cdc put new guidance on that schools should reopen, that kids should wear a mask. when are we going to get a vaccine for kids? when are they going to be able to protect themselves?

drew: i would take a guess it would be sometime late summer, early fall that we begin to see those rollout. obviously, there are risks of this virus. quite understandably regulators -- with pediatric patients, quite understandably, researchers tend to be very cautious when it comes to any kind of new drug or vaccine. those populations are going to be the last to get it in a case like this. emily: drew, i know your team is working hard to cover the story. thanks so much. meantime, coming up. we're going to recap today's big tech results from apple, and alphabet and microsoft. here how they are trading after hours. and, look at activision. ending the day down more than 6%. employees of the videogame maker calling for a walkout on wednesday to protest the company's response to a recent sex discrimination lawsuit. they are also demanding more equitable treatment for underrepresented staff.

executives have called the allegations false and distorted. this is bloomberg. ♪

>> we set a new june quarter revenue record, up 36% from last year. the vast majority of markets tracked grew double digits with especially strong growth. including india, latin america, and vietnam. emily: tim cook there talking on the earnings call about the company's growth. i want to recap the top headlines from apple's results, along with those at alphabet and microsoft. i want to start with apple, strong quarter, a huge reaction

in shares. not necessarily unusual. this quarter is always interesting because it comes right before the new iphone, with a new one always coming out in september. what are your headline takeaways? >> the stock is not moving much, investors don't seem to be too happy because on the call, they give some guidance they said in the fourth quarter they will see double-digit growth. they said there will be a deceleration. they also said that will be driven by deceleration in services. it is growing in importance. that was up 33% in q3. it will be lower than that for q4. so a little bit of investor concern. emily: not a big movement across the board, really. despite that apple and microsoft are pretty much brilliant out of the water. why you think that is? >> another quarter of these companies doing really well and really exceeding most expectations across the board. these companies have really benefited during the pandemic. we were all at home, downloading stuff, watching shows on

netflix, using our iphones more. using computers more. now they are benefiting as we come out of the pandemic and the economy rebounds because ad sales are coming back. companies are reaching their customers via google ads. google advertisements are up. google subscriptions are up. apple is doing really well. microsoft talked expectations. but, these stocks have been at or near records for day after day after day. to continue that trajectory, investors need to see something that blows the roof off of it. you know what i'm saying? emily: youtube is also looking good. as far as the alphabet numbers are concerned. but take a quick listen into that. >> this quarter, publisher partners earned more than they ever had from our network.

they also paid more to youtube creators and partners than at any quarter in our history. emily: i also spoke with the alphabet cfo before the call. i think a big question for all of these companies remains antitrust. she says google received a third lawsuit from the attorney general that they continue to believe people use google because they want to, not because they have to. but, how big of an overhang is the antitrust scrutiny in the united states that could play out over years? >> it will take a really long time. we see an interesting contrast with china. china is trying to rein in its big tech giants right now. they can do it with a snap of the fingers. in the u.s., anything that the state attorney general, anything the doj wants to do, or congress for that matter, is going to take a really long time. these companies are empowered. they have a lot of cash, a lot

of firepower to fight back year after year. will there be an overhang? sure. how much can these bodies, these antitrust regulators, how much can they change behavior? i don't think -- i don't think that can happen. i don't think they will change things fundamentally. i don't think we will see a breakout. at least that is what i can tell so far. emily: we are waiting for a apple verdict to come in. how could that change the game for apple? could it potentially impact the app store? >> the point you made a minute ago about google, whether you have to use google or consumers have a choice. that is a fair point. when you talk about the app store. you have to use the app store, there is not really a choice there. in terms of the epic trial, i think that is going to guide a lot of the headlines in congress. lawmakers really craft of responses in regards to what happens there. my prediction is the judge will not put any fines, will not make any changes. but probably condemn apple to

the point of being in a bad position in the public eye. emily: quickly, you wrote a story about robinhood earlier today. we are waiting for the ipo later this week. they are working on a new feature. tell us about it. >> it is called roundup investing or spare change investing. let's say you have a debit card and you my cup of coffee for three dollars and $.75. they will put $.75 and your robinhood account. over time, your spare change will go towards any stock of your picking. emily: how much you have in your pocket? >> never anything. emily: [laughter] my kids take mine, too. thank you both. we will continue to cover headlines. that does it for this edition of "bloomberg technology." we will be all over facebook, qualcomm and paypal with their earnings reports after the bell. plus, we will be joined on the show by the ceo of linkedin.

those conversations you will not want to miss. right here on "bloomberg technology." i'm emily chang in san francisco. this is bloomberg. ♪ (announcer) looking for a better way to lose weight and feel good?

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