>> from the heart of where innovation, money, and power collide, this is "bloomberg technology" with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." facebook earnings are out and the social networking warns that growth could slow this year when it comes to revenue. user numbers are in line, but investors want war, shares are

falling. plus tim cook and elon musk say that ship shortage may slow down their companies, but it doesn't seem to be slowing down amd. i will talk to their ceo about how they are bucking the trend, taking on intel and the outlook for when supply catches up to demand. the social network for professionals, linkedin, predicting a great reshuffle with massive changes in the post-pandemic workforce. the ceo joins us one year into his job. first, let's take a look at the markets as investors continue to digest these guidelines with google postponing a return to work, mandating for employees. how are they responding? >> today's session was all about petitioning for the potential risk off movement and that's

what you saw with tech stocks, the s&p 500 closing flat and it is that tech outperformance that you see in the nasdaq that came from those mega tech companies. earnings positioned ahead of the earnings after the bell, you saw some of that money going into mega tech, but there is also a china story here. we know that in the last couple of sessions a 20% drop on those stocks for regulatory scrutiny caused concerns until last night in asia when you started to see chinese officials reach out to some of these banks saying that the scrutiny and push to move education stocks into nonprofits is really an education story, not meant to hinder the broader tech did and when we talk about that broader tech did it's important to see what's going on with those subsectors that you can see here, orange with biotech and white, trading higher and together is the macro

picture. let's get to the micro. >> facebook falling after hours, beating out years of growth that were pretty flat with a warning for investors that there would be headwinds targeted throughout 2021 through regulatory and platform changes. spoiler alert, the apple ios change is what they are talking about. the world's biggest smartphone chip aker had relatively good numbers with robust demand for handsets and there were similar themes on regular trade on wednesday with the names that were reported this week, google rebuffed its advertising business with consumers using search for travel. apple falling off after a warning over 5g growth and handset sales. best stock on the indexes, amc. such good earnings in the quarter, such a bullish forecast for sales, one analyst said that

these earnings were "amazing." emily: a lot of superlatives out there, one ship that -- chipmaker indicating a gaining share from intel in a lucrative service. doubling to 3.8 $5 million, analysts using words like flawless, superior, amazing. lisa joins us now from their offices in texas. it doesn't get much better than that and coming into the quarter there was a lot of concern about other that ship shortage would hold you back and yet you pose 99% revenue growth here. how are you navigating what seems to be a tough situation better than almost anyone else? >> hey emily, great to be here with you. always love spending time with you guys and i will say it was a strong second order for us. we were excited with the

momentum that we saw. we are in an environment where the demand is high and customers for further product. we worked hard on the supply chain and there is no question that there is a lot of work to do and we were happy that we were able to exceed second-quarter guidance and guide upwards for the rest of the year, so we now expect to be up year on year and it is a very strong is this environment across businesses. emily: amc is getting stronger at a time -- amd is getting stronger at a time when people think demand will be petering out. what is your take on how long the surge we have seen the last? bikes that's a great question and what i like to say is there are two components. one, we need more computing. whether you are talking about the pc market, the data center market, the cloud market, i think we need more computing and

that's an overarching principle. on top of that, i think that amd has very competitive products, showing leadership in a number of market segments, meaning customers are really demanding the products and that's great for overall business. i would say the market continues to be strong and we continue to lead in a demand environment that is strong and on top of that have a strong customer offense for the product. we are excited about that and you to work mostly with customers to keep tabs on how that environment shape. emily: it has been a bit more conservative in your outlook for pcs. i spoke to pat kel singer last week and he is bullish. what do you see? >> i think that the pc market has had a tremendous last few quarters. 2020 was very strong. 2021 is very strong.

so, i think that's good. that's all the work from home, school from home, now return to office, people looking for more. but we also see that as we go into the second half of the year there are constraints in the overall supply chain, not necessarily of processors, but more let's call it some of the other components you need. so, we want to make sure we take that into account as we forecast for the second half of the year but look, we see growth in the third and fourth orders. we are now growing overall 60% year on year, even with let's call it a bit of a conservative look at pcs going from the first after the second half. meaning a lot of the other pieces of the business are growing. data centers, gaming businesses. that's the nice thing about having a portfolio like you have. emily: going to data centers

next, investors are concerned. how much of a share can you grab there? how much room is there to grow? >> that market is a strategic bet. we are excited. earlier this year we launched our third-generation epic rodda. codename milan, it's a fantastic product and we saw great adoption here in the second quarter, with a lot of cloud folks really adopting it to clay and as we go into the second half of the year we have enterprise also picking it up. again, you know, the way we look at it is it's a multigenerational journey and we have made great progress this year with our overall data center business and we expect it to be a growth driver for us into 2022 and beyond. emily: yet we see the in-house efforts of companies like aws

ramping up to design their own chips. does that cap what's possible? >> i really don't think so, emily. what you are seeing is the entire infrastructure data center market realizing how it work and to compute is. that's computing in the big sense, with a lot of different applications and workloads, but we specialize in processors and have thousands of engineers that are looking, you know, every day at how we continue to push the envelope on computing and the roadmap is very exciting. as i said, we just launched the third-generation epic. you know, we like italian cities as product codenames. next year we are launching the genoa, next generation family five nanometer. we have a long growth jan that and i look at it as an opportunity to partner with the largest data center customers in

the world and ensure that we are actually building a big, big ecosystem to satisfy all the compute that is needed throughout the industry. emily: meantime, you know, your competition is in part intel in there is a newish ceo there who says he's fighting for every single order. many of your predecessors enjoyed fleeting success and struggle to keep up with the scale of intel. how do you avoid that fate? investors seem to think you will but i know you are thinking about it. >> well, emily, we always think about it as a very competitive market. given that that is the case, we believe in our game and the long game. our game is about pushing the envelope on technology, executing generation after generation, making sure customer trust -- there is customer trust and love for our products. we think we are doing it well, but we are still underrepresented in the markets,

so we think there is plenty of growth room as we exit 2021 and go into 2022 and beyond and you can count on the fact that we are pretty competitive as well and that we want to be aggressive and make sure that we are satisfying what the customers need and the go forward plan. emily: apple and tesla warning about a chip shortage slowing them down you explained this was a diverse market different kinds of chips. which kinds do you see rebounding faster than others and how does that impact various industries, whether it is mobile phones or cars? >> i think it's a good question, emily. i was like to start with context and the context is that demand environment is stronger, above what any of us would have forecasted six or 12 months ago, so the entire industry has been working on just meeting the

strong demand and i think we made good progress. i think in different parts of different sub segments you might see different constraints. right now there seem to be constraints on what is called components. not necessarily main processors, but other things, other integrated circuits that you need. and i know there is progress being made and it will continue to get better and the second half of this year's white type, but we are working closely with all supply chain partners to unlock more supply capability and it will get better as we go into 2022 for sure. emily: meantime, pandemic seems to be still giving us uncertainty. apple and google are pushing back their return to work. facebook mandating vaccines. how are you thinking about the return to work, given this evolving situation? and what does it mean for business in general, given the to him a you have weathered over

the last year? >> i would say, first and foremost, and i know it is true for our peers as well, employee safety is the number one priority and we have shown the ability to work remotely and just execute phenomenal results and i think we know how to do that. that being the case, i'm looking forward to being able to do more in person and i think need to do that carefully and within all of the cdc guidelines and other guidelines and we are of course encouraging employees to get vaccinated as well and i look at this as a process. we are navigating it, we navigated it for 15 months and we are all looking forward to a time when this is less of a concern but right now it is about employee safety and flexibility while executing a very aggressive roadmap. emily: all right, lisa, thank you for joining us, good to have you here on the show. in the meantime, qualcomm is out

with earnings, delivering it a list quarterly forecast, boosted by the growth of 5g and increasing consumer demand for new devices. the ceo saying the company is trying to expand its reach beyond the phone ship market and win orders for cars and home electronics. we spoke to him before the earnings call and he also said he was optimistic about the chip crunch. >> we are expecting material improvement in supply by the end of the year and as i said before , we are still seeing more demand than supply across the business, but things have continued to improve on the supply side consistent with what we have set in that is reflect it in the guide. emily: all right, coming up, facebook shares plummeting. we will tell you why, next. this is bloomberg. ♪

emily: facebook facing major headwinds as revenue growth is signaled to decelerate significantly after reporting 29.1 billion dollars in revenue for the second order with user growth coming in in mind but after massive big tech beat, investors seemingly wanting more . joining us now, scott kessler. got to talk about the revenue growth warnings, decelerating significantly in part due to the apple ad tracking software. users are just not opting in, not a surprise. what's your take? scott: thanks a lot.

a couple of things. look, it's interesting because the social media companies that reported results last week notably indicated that i dfa didn't have negative impact on results and they didn't really impact that they thought it would. so to some extent, sure this might influence facebook, but i also think that facebook had some difficult comparisons in the back half of the year and perhaps this is just them being reasonable and conservative in terms of the provided guidance. emily: what's your focus on user growth? facebook is now a family of products. are you would all concerned that as people return to work, spending less time on devices and social networking? scott: for sure that will begin influence on what goes on with facebook and frankly the other social media companies. we had 7% growth in dau and mau.

we saw it from each of those a year ago. that's not surprising because of course we saw so much up take an engagement last year when everyone was at home. that being said, this is really now a story about the rate at which pricing can increase. that was probably the single biggest contributor to revenue both in the second order and i'm just not so sure that they will have favorable comparisons as well as i would say pricing tailwinds to maintain that momentum, which is why we are seeing the guidance where it is and is exactly why i think the street is already below 20% revenue growth for next year and the out here as well. emily: listening to the earnings call, let's listen quickly into what he's been saying. >> people like to watch videos recommended by the personalized algorithm. this is a good complement to our social feeds and it is an area

where the progress in ai is going to make the experience that are in the coming months and years. emily: in the meantime he has been talking about the meta-verse, a future internet that we will be in rather than on. is this something he's chasing? he knows that sort of traditional activity on social platforms isn't necessarily going to last with technology changing so quickly around all of us. how do you think about that when you think of the future of facebook and how big a threat is it? scott: i think it's fair to say the company is looking for other growth drivers, right? a big pivot to e-commerce last year, understandably. they have been talking about ai for a long time. oculus was acquired about seven years ago and it's not unthinkable to suggest that other social media companies are actually doing ar and vr better

than facebook. in a way it's a priority and i think a lot of people want to see that in the product, driving operational and maybe financial benefits to come. emily: all right, well we will continue to follow along with the call. scott, thanks for stopping by. we still have plenty more tech results this week. amazon, t-mobile, pinterest. all out the results. we will bring you the details. next, she's the powerhouse kind "grey's anatomy" and "bridger 10." -- bridgerton." coming up, we hear from shonda rimes. this is bloomberg. ♪

emily: more than 100 protesters gathered outside of the activision blizzard headquarters in california and were joined virtually by fans who all for a boycott of the come games in solidarity with employees in the lawsuit from last detailed a culture in which women faced unequal pay and retaliation and in response to the news, the ceo sent a letter to staff calling the recent actions of the company tone deaf and promised swift action to stamp out harassment. well, for nearly two decades shonda rimes has been one of the most important entertainers in hollywood. she made her mark with grey's anatomy, a show still going strong after 16 years. she signed a multiyear deal with netflix and bridger 10 became a pandemic -- binge watching favorite. david rubenstein caught up with her to talk about her success and of the challenges she has faced in her career.

shonda: it's a difficult question to answer, because i don't know how white men are treated. all i know is how i have always been treated. i was raised clearly by my parents who did not look at -- by my parents to look at things not as obstacles but as hills to climb and if someone did treat me in a way that that was 100% respectful i was always taught that it was their problem and they needed to be put in their place and i should move forward. i'm sure that i experienced a lot of things that were not what others experienced, i just chose not to be defeated by them or some i didn't even bother to notice. >> today in the entertainment world, do you feel any discrimination?

shonda: there is insularity that comes from a certain position in hollywood, but if someone doesn't know who you are, they see you just as another person of color. the racism in this country is the racism in this country. emily: you can watch more of that interview on the david rubenstein show at the following times. take a look. next i will be speaking to the ceo of link in. his insights on the future of work and the challenges of leading the company this is bloomberg. ♪ through the pandemic. this is bloomberg. ♪ -- company through the pandemic. this is bloomberg. ♪

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emily: welcome back to bloomberg technology. an emily chang in san francisco. -- i am emily chang in san francisco. this company's annual revenue surpassed a $10 billion for the first time. up 27% from the last year. joining us is the link in ceo. congratulations, good to have you. you took over as ceo in the

middle of a pandemic. the whole platform was going through a transition. what was that like to navigate? ryan: by no means did i think i would be starting this role from my bedroom with my kids doing school work around the house, trying to navigate the company through a global pandemic. more than anything, i am really proud of how our company came together. we are in a place where over 6000 people -- this is tilting in what we announced yesterday. for the first time in history, 10 million dollars in revenue. i am very proud of that. >> you also talking -- you are

also talking about this great change in the workforce. i am wondering what the changes are that you see. ryan: if you take a step back. by virtue of us being linked in and seeing professional conversations happen across the globe. fundamentally, they are rethinking their entire cultures and entire values as companies. every employee in the world who has worked remotely from past 18 months is trying to fair for themselves. not only how they work but where they work and why they work. we are seeing this change in people understanding what they value in work. people are trying to figure out where they want to work and how they want to work. i think you will see a lot of

uncertainty and a lot of confusion going on. emily: emily: apple and google just pushed back their return to work. they are now mandating vaccines. there is a lot of controversy about how companies are managing the shift. could this lead to a great exit of talent? ryan: i think all of these decisions that the companies are making, they are not easy decisions. they are really related to how we want our companies to work and our culture and values. right now, employees are able to vote and with their idea of where they want to work, it is easy to move around roles right now and they will align with companies that share their values. emily: how are you thinking about return to work? vaccines for example, will you require that employees have

them? ryan: i just saw google news before i came in. there is so much uncertainty. we watch what other companies are doing. having a growth mindset is the key to all of this. for us who have been embracing x ability, that is the core tenet of what we have been talking about. that is key to what we did with linkedin. emily: are you thinking about the vaccine issue? ryan: we are always understanding what is best for us. i don't know what that means long-term for it in. watching google's news today, my thought is that the more we give employees a choice about where they were, things like requiring vaccines, that will probably be in ok think longer term.

emily: $10 billion in revenue. i will never forget the morning i was woken up to interview jeff weiner about the news of the deal. ryan: when microsoft acquired the company, they said this is a deal about growing linkedin. you take a look now five years later, revenue has nearly tripled since that acquisition. we are growing a larger base now. i think that these as they started with five years ago is really playing out. for me, it is such a pleasure and honor.

to watch the best in the business to learn from and help move linked in the company forward. >> you had -- people were not hiring. what is the gross story for the company? >> it is an 18 euro company. when you see every company and every ceo try to navigate the future, they are all turning to linked in to figure that out. across all our business lines, this further engagement, people coming and turning to linked in -- emily: i know you have been at the company for 12 years.

people are saying that it is not as slick as it used to be. ryan: we have about three members that are joining per second, engagement is in -- at an all-time high. this is to keep ensuring that we can connect that talent opportunity. we are also seeing out of our membership, these are first-line workers. they are more engaged. we are starting to expand even beyond our core. >> linkedin that some progress in china. that was one market where we thought maybe a u.s. tech up and he would succeed. what are you seeing right now given the crackdown and the challenges for chinese companies?

>> taking a step back in general. the number of constituents you have to manage as a ceo, more and more government are becoming -- last week i actually sat down to lunch with pedro sanchez. i know you talked to him as well. they can tell us try to figure out how to grow technology. spain turned to linked in to help with skills data and opportunity data. john kerry was the special envoy to president biden on climate. climate change will be about a human capital problem. working with governments will be a much bigger part of the job than ever. emily: can you work with china? ryan: we have and we will continue to, yes. emily: what does the jobs picture look like? one year from now, what do you see? ryan: my guess is we will

continue to see for 18 months cap and is trying to understand what their culture and values are. we will see a lot of reshuffling. ultimately, my guess is that this will all settle down into the right place. emily: congratulations on your one year anniversary. hopefully we get to do this more. meantime, spotify blaming the pandemic for its second straight quarter of sluggish growth, shares down almost when percent. what is happening here, lucas? >> there are two factors that spotify blamed. one was the ongoing pandemic, especially in the companies --

africa and is are places that spotify is still newer. spotify delayed or postponed a marketing campaign they thought would have been helpful in signing some customers up. the company did not specify what that third-party was. it is kind of strange because spotify's new subscriber growth was actually quite good. >> what does this mean for the broader -- whether it is apple music or some of the other competitors? ryan: i think that long-term, it still feels like spotify is on solid ground.

it will hit 400 million users i the end of this year. the amount of time people spend this into music and podcasting on the service continues to go up but we are in this weird moment with a lot of subscription media services in general where the growth is a little beer than it has been. they got used to eric consistent and strong growth. some of the growth they're posting right now is not the same. i am not sure how much we are supposed to extrapolate from that. is this a sign that spotify is starting to slow down? frankly, i am not sure that the executives at spotify now -- know either. they have yet to hire a new head of their podcasting studios.

they will develop or and more original podcasts which they hope will boost the ad business. their ad business has grown over 100% year-over-year and they are going to hope that not only by creating new podcasts in the u.s. or licensing new podcasts like call her daddy but they will use that abroad to facilitate growth, whether it is in india, southeast asia, spotify has a pretty diverse user base right now but they would like to boost the number of subscribers in places that are not the u.s. or western europe. emily: thank you so much for your insight. in our citylab segment, i will talk to -- i would talk about vaccine distribution and how to provide affordable health care in the united states when we need it most. that is next, this is bloomberg. ♪

>> it is not the direction we want to be going, it is very simple what needs to be done. every american needs to be vaccinated. this is now a disease of the unvaccinated. >> gina raimondo speaking on bloomberg earlier. her sentiments shared by tech giant google. the search engine giant announcing that all returning workers must be vaccinated. google has also delayed its return to the office. because of the rise in delta variant cases, employees will never turn starting mid october instead of september. apple is expected to reinstate a

mass requirement at most of its u.s. retail stores for most customers and staff. even for those who are vaccinated. although they are not making it mandatory for retail staff to be vaccinated, it is strongly urging them to do so. the pandemic has been a test of a left temper doctors, nurses and other medical professionals. joining us now is the founder and ceo of carbon health which has 80 medical clinics in 12 states across the united states and an interesting view into covid. thank you for joining us, right to have you back on the show. talk to us about what trends you are seeing when it comes to testing, vaccines as we confronted this really dangerous and scary delta variant. >> we are seeing very high policy rates.

we are seeing that among the vaccinated adults, there are some breakthrough cases that have been very small compared to the rest of the population. we are also seeing better symptoms. let's get as many people as possible vaccinated. we are hoping that they will do the same. emily: are you seeing anything specifically regarding the latest surge? do you see vaccines slowing down, positive test results clicking up? >> the positive test results are

growing very fast right now. it becomes transmitted a lot faster. if they are vaccinated, we are not seeing a lot of concerning symptoms among them. emily: you grew up in a small village in turkey. i know you're up ringing is what inspired a lot of making health care more accessible. what is the vision and how close are you to getting to where you want to be? >> our vision has always been making high-quality health care accessible to everyone. i came to the country as an immigrant.

if you look at the health care experience of the average american, it is arguably worse than a lot of other countries like turkey. i thought these companies were not doing enough to help average americans. we now have the sort of experience -- the main goal of the company is becoming the first nationwide primary care advisor. the other thing we are working

on is doubling down on this concept. you have had -- we have had clinics and telemedicine providers and more but nobody has really integrated the different models. that is the core vision we are investing in. emily: thank you so much for joining us. coming up, the comedy behind the app that fueled the meme stock frenzy. it gets set for the trading debut. we will have all of the details on robinhood hitting the trade markets, that is next, this is bloomberg. ♪

emily: robinhood set to make its own trading debut on thursday. demand from investors to buy stock in the ipo within market range at this point is 38-40 two dollars per share. at this point, we have a lot to unpack with the story, joining us now is katie roof. she has been trying to get the scoop. what exactly do we know at this point? >> at this moment in time, robinhood has a meeting to decide the price is going to be. the latest we heard is it will be in the proposed range of 38-40 two dollars. there is a lot of excitement around it going above range.

so far we are hearing with -- it is within the range. >> is this a $35 billion market cap? >> up to 35 billion. they are also trying to factor in a pop. we will see what happens with that. certainly right now, they are figuring out the formula. one thing that some people were disappointed about is that they did not do a new range. sometimes you will see this with ipo's. especially the big ipo's. robinhood did not do that and they are not pricing above range either. probably not the best time for how the roadshow went. emily: wondering how investors are feeling about robinhood in general given that they set

aside a huge chunk for their own users. you wonder if robinhood could become the target of its own customer base. >> there is a lot of mixed sentiment among its own customer base. obviously robinhood has had a lot of traders that feel -- fueled a lot of this excitement. a lot of them kind of turned on robinhood after the gamestop frenzy where robinhood controversially defended trading for a little bit on gamestop. some of them, whenever i do a story, there are people that will tweet at me that i can't wait too short robinhood. there are some people that are pretty angry about how this went but then there are people who look at robinhood's financials which shows strong avenue growth in spite of all this negativity and they say i am excited about robinhood, i believe in this company. definitely mixed sentiment.

they do have demand within the range. >> a lot of people who were complaining are still using robinhood because it is such a simple product. i know a lot of people think it is too simple but in the reality -- in reality, people using it. >> it probably drove some attention to robinhood and warned a lot of the world about robinhood which is this app that is easy to use. there are some controversies in the way in which they make their money. the payment for order flow, some people feel like that is not necessarily a fair practice and that maybe there will be some regulatory concerns there. for now, they have been showing really strong user growth and revenue growth in spite of all of these controversies. > we will be following your coverage tomorrow. thank you so much for joining us. that does it for this edition of bloomberg technology.

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

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quest good morning. walk into daybreak australia. i am haidi stroud-watts in sydney. >> i'm sophie kamaruddin in hong kong. quest good evening from bloomberg's world headquarters in new york. jay powell says the fed has taken that first dive into tapered health but there is still rent to cover before it happens with inflation still transitory. >> u.s.