>> in silicon valley and the on, this is bloomberg: technology with emily chang. -- and jan -- beyond, this is bloomberg: technology with emily chang. emily: the sec cracks down. u.s. regulators halt initial public offerings of chinese companies.

plus one of the world's guest bitcoin bulls joins us. his company's stake in coin now gains $1.4 billion. this is more investors plow money into the crypto ecosystem. guests will tell us how they are putting their new crypto fund to work. and go puff closes a $1 billion funding round and a $15 million valuation. we'll talk about the need for delivery as covid cases continue to spike. first let a look at the markets. big tech giving investors some concerns today. >> who knew one earnings story contains the entire market and that's what happened with amazon earnings. you did see their net forecast missed from the first quarter. from small caps all the way to

big tech, read on the screen. it had everything to do with consumer sentiment. he searches the spending slowdown which is an indication that amazon earnings give. i want to show you the spillover effect because it did hit other stops as well. remember, amazon is an e-commerce growth company. alibaba as well did not do so well. dealing with this idea that people may not be spending any. that stimulus might be running out soon. sec is not going to be looking more closely at overseas listings and in china they are going to be looking more closely at companies that have listed here in the states. it brings me to have big tech is outperforming relative to china.

this is a one-month chart and you can clearly see the orange line is outperforming but it is starting to move in tandem so there is this divergence. the question is does that continue or do you start to see the divergence grow? emily: thanks so much. the sec is demanding additional disclosures from chinese companies before signing off on bids to go public in the united states. the sec chair said agency staff have to ensure that chinese firms have gotten permission from china's government to do so. u.s. regular's must also be able to inspect audit records than three years. joining us now, bloomberg's reporter who has been covering this developing story.

>> chinese regulators are tightening a number of sectors that have hit all of those stocks in the u.s.. there is an appeal on the latest education companies which have wiped out 90% of the value. the sec is under pressure to increase the scrutiny of chinese companies and in practical terms , there should not be any impact because it is like pushing an open door. the chinese pipeline has already dried up. a number of companies have effectively halted the ipo already. there should not be any impact. emily: if didi wanted to go public in the u.s. next week, do these rules mean they cannot do

that? >> yes. one concern is security. emily: it looks like we are having a little problem with his wife i, but you got the gist of the story. big changes ahead for companies that want to list ahead of time. this is a story we will begin to follow. amazon is facing its biggest european union fine in history. the biggest in history. the data protection watchdog has hit the world's largest online retailer with an $888 million penalty. amazon disclosing the fine in a regulatory filing, accusing amazon of violations how it processes personal data. amazon says the decision is without merit plans to --

without merit and plans to fight. and a ceo told me crypto is becoming a bigger part of all transactions. shares are picking up slightly, though still a few dollars below the listing price. we will have more. this is bloomberg. ♪

♪ >> cryptocurrency has been

becoming a larger piece of the overall transaction-based revenue. we expect that to continue to diversify over time both outside of transactions and within and in general we are proud of the business model we have introduced. we have put lots of money in customers pockets and that is a big part of what robinhood stands for and what we will continue to do with future products. emily: let amyris ceo that's robinhood's ceo vlad 10 of -- tenev. this company now owns so much for its gains are now with on $.4 billion on paper. i want to bring in the ceo of microstrategy. you just reported results, beat

on earnings and revenue. you are sitting on massive paper against barak and accounting charges for the bitcoin you are holding. walk us through that strategy. >> we are leveraged long bitcoin. we have a 10 year view and our view is bitcoin is an open digital property network and one-day billions of people are going to hold digital property on their mobile phone and so we want to get there before the millions of users get there and we are patient. emily: bitcoin is at its highest level ends may -- since may. why should investors invest in microstrategy rather than bitcoin itself? >> we are an operating chatterjee so we sweep operating it, into bitcoin and we are leveraged long. we borrow at a blended interest

rate. so if you like bitcoin, you definitely would like the idea of owning $2.2 billion of it at 1.5% interest if you expected to go up, that leverage is really working for you so i think we have been intelligent about the way we put together leverage and we are unique in that regard. there is no publicly traded company that has that ability to raise debt and by bitcoin with debt -- buy bitcoin with debt. emily: you have raised funds to buy morbid what is the likelihood you will do that? michael: in time, we will buy bit when the question is whether with cash flows, debt or equity. that is all a function of market

conditions and we try to do what is best for shareholders. the last quarter was wonderful for bitcoin and they are setting up a really nice platform for it to grow from. emily: what would market conditions need to look like in order for you to do that? michael: you can imagine we are looking at markets all the time and we have to make decisions subject to market conditions for everybody involved. but we make those decisions when the opportunities present themselves. emily: are you looking at other coins? i know you are optimistic about the future a bit point but it is a more narrow view of what the blockchain can be. michael: holding bitcoin for the long-term is the highest upside lowest risk strategy we can pursue.

some people think diversification means buying other types of currencies were -- or equities. we think that by buying bit point but we can see bit when sitting on the balance sheets of states and investors and we think bit point to big tech -- bitcoin will be core to big tech innovation. there is never going to be more than 21 million of them and we think every company and government on earth and benefit -- can benefit. emily: walk me through that innovation happening at those companies. you mentioned facebook tried to do libra, it did not work out so well. michael: let's take examples of square, paypal, and even

robinhood. for the next 4.5 hours, you can't get equity, you can't sell real estate you can't trade in gold. what you can do is trade in crypto. crypto is something everyone can get to 20 47 -- 24/7 and that will drive demand to innovate. bitcoin is also an international trust network. for companies like twitter, they have issues with spam and cybersecurity and one of the best ways to eliminate spam and update cybersecurity is to integrate with bitcoin and especially the lightning network to create higher levels of credit worthiness and trust with all of the companies trading on

their platforms. emily: jack is making a big bet on crypto and talked about how bitcoin could be integrated into the platform. there is also this view that it will be a threat to centralized networks like twitter. how do you square that? >> bitcoin is the solution to cybersecurity at facebook, twitter, and google and if you wanted to improve the audio the user experience, then you need to have skin in the game. bitcoin provides skin of the -- in the game for all of the actors in the cyber environment. i think jack understands that and that like he is zs the about coin being integrated and i think you are going to see other tech networks realize that the killer app is cybersecurity

integrated into an international trust. -- trust network. emily: what do you make of robinhood becoming a bigger player in crypto? they mentioned doge, a significant amount of transactions involve doge coin. what do you make of this? michael: a survey last week showed that the number of bitcoin users has surged and they are adding to million bitcoin users per week. this is clearly where the excitement is and where the traffic and since robinhood

wants to reach out as many people as possible, the only option you have for engagement for the next 50 hours is bitcoin or some kind of cryptocurrency and bitcoin is the risk off king of all cryptocurrencies so for robinhood, it makes total sense. emily: i know you have talked about 10 years but when might microstrategy sell some of its bit when -- bitcoin? michael: bitcoin is not really a trading strategy, people joke is an exit strategy. what we want to hold is a nonsovereign store of value forever. like i had a billion dollars and want to give it to my great-grandchildren.

either i buy land or i buy gold some other property bitcoin is digital and so there's no reason i wouldn't be holding 100 years from now. the average twitter follower extent it will last 3500 years. nobody is in a hurry. we are thinking it is the future of property. emily: interesting. we will have to catch up before 100 years from now to see how that thinking is evolving. michael saylor, good to have you back. the way we shop is about to get a makeover with the emergence of livestream commerce. it is already big in china but topshop live is bringing it to the united states. and an update on a story from yesterday. disney has responded to a

lawsuit from actress scarlett johansson. she claims the company broke its promise to release the movie black widow only in theaters. they also made available on a streaming service, meaning she got a smaller payoff. disney called it shocking and callous in its disregard for the effects of the global pandemic. we will be watching for how this develops.

emily: when consumers could not at physical stores they did not just go online, they turned to livestream's. the startup popshop is no winning over millennials with its own take on livestream commerce. what is the buzz about?

the founder and ceo joins us livestream e-commerce is big in china, less so here in the united states. what is your vision for this? >> i think this is perfect timing for everyone to know more about livestreaming shopping. popshop live is a livestreaming market race that combines entertainment, social, and commerce. this is a movement started by millennials and gen z because they desire authentic medication with brands and sellers. livestreaming shopping is taking the best part of in person shopping, customer service and storytelling, and also the best part of e-commerce, convenience.

it also pushes into social entertainment and beyond. anyone on the platform or live shopping can start their own live shopping channel and talk directly to a national audience. in the past year, we have prioritized working with brick and mortar stores. a lot of them streaming from their store, and we have helped them to multiply their revenue in a few months. emily: how does this compare to qvc, and the home shopping network? >> the future is a lot like the past. i think there is definitely a connection with that experience. but i think the real difference is the real time interaction. this is something that qvc has a

little bit, but i think digital, mobile first experience really amplifies that interaction. emily: there is competition in this arena. tiktok, amazon live facebook live shopping friday's, everybody seems to see that this is part of the future. what will set popshop apart? >> livestreaming shopping this generation is more than putting broadcasting at a storefront together. it is about the real time interaction so to give you an example, last year during christmas, we had a seller during the secret santa show and

80 customers made purchases during the live show and sent the gift other audience members in the live show and the entire for our show and see -- the entire four hours for our show, you can see they are unwrapping the gift with the seller and it is just joy. it's not something you can see on qvc or amazon live and we are a lot more focused on the community and an immersive experience that will elevate everyday life. emily: one trend we saw in amazon and pinterest results is customers are going back to brick and mortar. as we come out of the pandemic, how much of an appetite is there in the united states? >> i mentioned we work with brick-and-mortar stores but a

lot of them are adopting our platform. there is one store in los angeles. after they used popshop, they closed their smaller retail store in los angeles and opened a space for production and fulfillment and now they call themselves a media company. there is also another seller that did not have a fan base before they joined and a few weeks ago, this elevated the one-year anniversary and they have a crowd waiting outside. they opened the door and asked everyone one by one what is your popshop name. emily: that is awesome.

we will continue to follow how the trend plays out. thanks much for explaining all of that to us. coming up, we will get insights on the latest developments from crypto as this venture capital firm dives into nfp's -- nft's. and there you have it -

wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself.

emily: welcome back to bloomberg: technology. let's head back to the market. what are you watching? >> a risk off day in the markets but a pretty good day in the world of crypto. bitcoin is only up .5% but take a look at a theory him. -- at etherium. take a look at this on a

three-month timeframe because this is the balance we are seeing. we are seeing this massive pressure and the one time a buy the dip situation. we will see how it falls over into the stocks because that is a completely different story when it comes to year to date. look at these stocks blockchain for example is up 3.3% so there is that divergence between cryptocurrencies and the stocks that are exposed to them. when you look at some of these other names, that divergence is very real. emily: thank you for the roundup. bitcoin at a high from may to more than $40,000. i want to stick with crypto. andreessen horowitz recently launched a fund to bet on the rapidly growing ecosystem. it was one of the early

investors and has a growing team of investors working to spot the next of what has been many crypto waves. joining me, and investor leading the charge, katie. you have worked with regulatory agencies from the sec to the fbi so you have seen both sides of the coin, if you will. seeing how fast the environment is changing, what do you see as new opportunities to put that money to work? katie: what makes this moment so unique is crypto, by its nature, has been cyclical but one of the things we have seen in the past year's honu audit -- audiences are coming in. and one of the things we've seen for the last year plus are

entirely new audiences coming in across things like nft and many other kinds of application. these are the kind of leading edges of crypto that we are very excited about and we are excited to put the new fund to work. emily: i know you are investing at the earliest stages of market has come down your has it impacted how you make investments at all? katie: it has not. we are on a 7-10 year view. many funds are hedge funds are hedge funds trading out of coins and tokens. we are not. we are making long-term bets on infrastructure plays and platform plays an angst like that forms there are platforms out there and it's a great moment for nfts. emily: you mentioned another

company you just invested in my you are joining the board. focus on andreessen horowitz -- focus on nfts. why don't you think this is a fed? katie: many people think it is only digital art but it is actually more than that. it is a new economic paradigm for the web and we believe that this is really going to redefine the web by putting power directly into the hands of creators not just of digital artists but all kinds of creators. also into the hands of users and away from centralized platforms and things like youtube which have pretty high take rates and high barriers to entry so we see that changing already. emily: would it make sense to invest in any new crypto exchanges or are the ones we have enough?

katie: you mentioned exchanges which are picks and shovels and we certainly specked to deploy part of this fund into picks and shovels but we are also investing heavily in tokens. open sea really sits at this unique position where they, like coinbase, allowed an early class of consumers, ordinary people to access crypto. open sea is mainstreaming nft for a whole new class of users and that is why we have seen a further mainstreaming happen. sports fans were not crypto natives or even particularly focused on crypto but sports fans are lining up to purchase things. emily: they are also lining up on robinhood.

crypto is becoming an increasingly large part of their pie. much more accessible and i think sometimes concern is retail investors don't always know what they are getting into. katie: not the crypto fund but our late stage growth fund and what robinhood has done for democratizing access to finance among new class the people is really in line with those of people and what it has done for a whole new generation of users to become interested in finance i think is really so there is a lot of opportunity ahead. emily: there is a new infrastructure bill in congress proposing to raise taxes.

investors might have to start disclosing more of their transaction. katie: my take is i have seen a lot of media headlines characterizing this infrastructure bill. my take is it is further mainstreaming of crypto because it is a recognition on the part of 67 senators that crypto is big, a big portion of the economy and it is growing so i think crypto is not going anywhere. it is not an industry hiding in the shadows. i do want to say there are some pieces of it that i don't agree on. for example the notion that contracts and computer code can generate 1099s and we are actively working with legislators behind the scenes on our policy team to help inform this. emily: so can you tell us what

gary gensler intends to do? katie: one important point is to recognize that director is not a monolith. as i said, there are financial use cases and where there are tokens that might be securities or touch on use cases, we are all for responsible innovation, we just want more regulatory clarity so we would like to hear what gary gensler plans to do but it's important to remember there is a whole part of the ecosystem that has nothing to do with sec regulations. emily: i know these are both andreessen horowitz companies, but do you think the blockchain is a threat companies like facebook? katie: pressure. the e -- for sure.

the kyiv post of crypto is shifting power. i think that is -- the ethos of crypto is shifting power. i think that is why you heard mark zuckerberg talk about it. i don't know if you caught this news, coca-cola announced it would be doing nft. so this is not a fad. it is something we want to make sure is here to stay. emily: will facebook be the one to lead or will it be mark zuckerberg? katie: one thing about the meta-verse or crypto is that it is open and the barriers to entry are low and one thing is we see tremendous innovation happening outside of the united states. i cannot tell you how any entrepreneurs we are seeing who

are experimenting. with gaming and crypto, we are seeing an explosion all over the place. it is not just limited to the u.s. and that is one of our messages to u.s. regulators. let's encourage this innovation. emily: we've talked about dow's a lot and i wonder if could explain what they are and why they could be so important. katie: let's start by breaking down the acronym. daos, decentralized autonomous organization. if you think about shareholders, they are a new way for people to organize and instead of a company, there was a piece of computer code and people can organize all around this but

unlike shareholders in the traditional corporate context, you have committees of people all over the world that are actively participating in management positions and technical design positions. it is very bleeding edge and we are seeing a lot more activity happening. it's one reason we have been investing in the space for years. others are trying to participate with daos but one thing about bc -- vcs is they need to maximize ownership which is against the ethan's of community -- eat those -- ethos of community ownership. we have been in the space for years and we can still maximize ownership for our fiduciary duty and still contribute to decentralization. we have delegates ranging from

universities to ngos and even corporate. emily: i feel like i just learned so much in nine minutes. katie: i hope your viewers did. emily: thank you so much for coming here. go puff now valued at $15 billion after a new fund raise. we will speak to the ceo about how the company stepped out. the delivery space is evolving rapidly. this is bloomberg. ♪

♪

3, 2, 1. emily: jeff bezos may have convinced the world that his space company can launch passengers into space and also have them land safely but they have failed to convince the u.s. government accountability office that blue origin should be part of masses plan to go back to the moon. bezos sent a personal appeal after spacex became the sole winner of the contract to develop a moon lander for nasa. the agency upheld the decision saying it was not hard to make multiple awards fast-growing delivery startup go puff has raised millions from investors like blackstone and fidelity, increasingly shaking up delivery market dominated by doordash and uber eats by making seemingly contrarian bets.

joining us to discuss come our guest eric great to have you on the show. -- guest. great to have you on the show. talk to us about how you stand out from i know you call them partners, uber eats and doordash. >> thank you for having me today. when we started the business years ago, we bootstrapped this company and before launching, we both worked with our parents in a small business setting. family are immigrants and worked really hard and i helped my dad build skeleton jewelry business and i worked with my parents in the restaurant business and we saw the importance of hard work in building a business that is already sustainable so the way

that we built our business was with averted integration in mind so exactly what you said, having micro fulfillment centers across the u.s. and being able to control the customer experience as well as having really great margins. so when you fast-forward eight years, we have a network of over 500 micro fulfillment, over 10,000 employees and millions of happy customers. we wake up every morning and focus on instant which is category we created eight years ago. i would put us in a category of one and how to think about the business is different. the technology we have is the best for micro technology platforms and there is no other platform where you can get your snacks and dry screen and related products enter pet food and nowelivered in 20

minutes. emily: give us a sense of the busiest time because my sense is it is more like a late-night behavior to go to go puff but obviously i know that is evolving. >> it's no secret we started off as a college delivery business with 100 products. today, go puff now has 5000 sku 's. we sell everything from over counter -- over-the-counter medication, alcohol, baby products, and our customers have grown up with us. less than 10% of customers are college students and we are available 20 47 maybe that is how we started but anyone that wants instant needs come to go puff and we are seeing people order at all hours. emily: how do you keep growing

in a market that has so many of what people would look at as competitors, where they are expanding what they are trying to deliver as well? >> what i can tell you is uber eats partnered with us because they saw that our scale, we have created this industry of instant needs. when they looked at who to partner with, they chose us and did the end to end delivery for uber eats. so when we look at the scale in terms of how many micro fulfillment enters we have we have covered nearly a thousand cities and had an amazing experience with a wide assortment which is why they chose to partner with us. other companies are in the restaurant delivery space i can tell you that this industry is in such early days go puff operates in a multitrillion

dollar history and we are still in such early days people using technology to get products delivered. i can tell you we are at the forefront of the future in terms of the scale that we have. and this is a hard business. we have inventory, we have operating micro fulfillment centers, we have a great network of driver partners, we have a great ads business. this is eight years in the making so we have a massive head start and we are at the forefront here. emily: you are expanding in the u.k., everybody wants to know how far you are from an exit. >> we are just getting started. it is a testament to our team and execution but we are excited about the future i talked about

how big the opportunity is for instant needs but i still think we are in the early days building this business over the long-term and we are going to focus on our customer. emily: we will keep our eye on you guys. like you so much for joining us. big tech ending in the red this week as investors worry about slowing growth ahead. we get into big tech earnings and a bonanza week ahead.

emily: gaming companies reporting earnings next week. take-two, activision and blizzard are out tuesday. wednesday we are from uber and ea. expedia and zynga reporting

thursday and meme stock favorites on friday. but some investors are worried about slowing growth at night a cap companies -- at mega cap companies. this investor does not share that concern. >> those who have called about the rotation to value, i would rather be in the last lane owning given what we have seen on the digital transformation so we continued to view this as just a green light and this week you just feel more and more comfortable given the numbers we have seen. emily: let's take a look at the huge numbers for these companies , but not big market reactions. why? >> investors are already looking towards the future but what investors are saying is this is a real reopening. consumers are leaving their homes and their spending behaviors are different.

they are not inclined buy things online and that is impacting advertising. -- inclined to buy things online and that is impacting advertising. what were you doing this time last year? emily: i was at home anchoring in my basement. >> you have to remember, all those stay-at-home subscriptions did not happen in may or june they haven't eight or cfos are saying that last june, the situation was dire and the earnings were so heavily impacted and comparisons are very distorted. if you see mega growth rates in this quarter cannot possibly continue like that. emily: i was honestly shocked that amazon's forecasted disappointed. there was this return to brick and mortar. pinterest numbers plunged. people want to get out into the world and shop. >> wall street is fixated on the

deceleration of online retail. remember it wasn't just amazon. they all saw their stock fall heavily in the ignored the higher-margin businesses. aws did really well, but look at that chart on your screen and this -- but they looked at the chart on your screen and thought this pandemic was over. apple had supply constraints, semi conductor shortages, and that impacted how make devices they can sell. and facebook, it's platform does not resonate as much with people who are stuck at home. so really, the question is one of the new products that are going to drive user engagement. emily: according to mark zuckerberg, it's all about the meta-verse. you should watch our interview for more information. ed ludlow, thank you for joining

us. that does it for this edition of bloomberg: technology. david westin is next. he will be joined by the wall street bets founder and former sec council tom gorman. i am emily chang san francisco. this is bloomberg. -- in san francisco. this is bloomberg. ♪

in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com.

david: the balancing act of an economic recovery, the politics of investing in china, and an ipo for the social media generation. i'm romaine bostick in for david westin. this week, the founder of the wall street that's form that deposed robinhood from a trading up to a million dollar ipo. >> everyone invested a serious manner. they are all looking to make money. romaine: and the latest on china's regulatory crackdown. >>