announcer: from the heart of where innovation, money, power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i am emily chang in san francisco. this is "bloomberg technology." coming up, a bird, a plane, maybe an air taxi? one company promises a commercial fleet by 2024, hitting the public market via spac. we will bring you that conversation with reid hoffman.

plus, a stock that has more than quintupled its valuation. where the ceo says the new funding will go as bitcoin takes another leg up. does he think it's going past the moon too? california will require all teachers get vaccinated or undergo weekly testing. controversy roiling school districts as kids go back to the classroom. meantime, think tesla meets uber for the air. joby believes flying taxis are the future, an aircraft that will take off and land vertically with the pilot, taking up to four passengers.

with zero operating emissions. earlier, we spoke with the executive chair about the vision and challenges ahead. >> folks sometimes think about this as a jetsons future where they will have one on the rooftop or in their driveway. we designed this aircraft for aerial ridesharing, of tesla meets uber for the air, an on-demand service. we have opportunities to tie together the ground transportation with the long-distance portion of the trip. emily: how will joby reinvent transportation and scale this? paul: we designed it for a trip between 5 miles and 150 miles. we think about the trip inside cities, but connecting cities to suburbs, or cities to cities.

this is a new mode of regional transportation we think can be safer than driving on the ground, certainly faster, and as affordable as ridesharing today. >> what are the challenges? you have a certification challenge, scaling challenge, and then you have a kind of sky ports, where will you build these things challenges. can you walk me through how you will solve those, in which one represents the biggest challenge going forward? paul: sure. the team has been working on this for a decade. we are not new to the challenges the industry faces. we have shown the technology is ready. the aircraft is performing as we intended. 150 miles on a single charge and with a noise profile that is 100 times quieter than helicopters today. we think it is important in terms of delivering a service. you're right. there are other challenges as well. certainly certification and scaling up service. it is an opportunity for the company to pivot from a research and development organization to

one squarely focused on commercialization, executing on the certification plan with the faa, showing we can reproduce aircraft to scale, and laying the groundwork for certification. >> in terms of that certification, i have heard you talk about this. you sound pretty heard you talk about this. you sound positive. how much weight will the faa add? they will be cautious about certifying the aircraft. you talk about a 150 mile range, do you think the faa will add to weight to the aircraft and you think that will affect performance? paul: we have been in the formal certification process already, so the certification challenge is not brand-new. we received an important milestone last year. we received from the faa a g-1 paper, a roadmap of tests to prove the safety of the aircraft get certification.

we now know what we need to do. it is a matter of doing it. i don't imagine there will be further hiccups. it is just about execution. emily: we seem to be one step closer to point-to-point space travel with the successes we have seen from these companies on these short trips to space. elon musk has the vision of commercial, hypersonic travel, new york to shanghai in 40 minutes. what do you think about that? paul: it is exciting to see big, ambitious industries being taken on in ways. there are interesting analogies with electrification of vehicles, certainly some of the things happening in space and the work we are doing here. so in all of those cases, the incumbent players were delivering incremental innovation for a long time. we have an opportunity through deep vertical integration to do something different than

traditional airspace has done. we think frankly this is a problem that startups are well-equipped to solve. it certainly takes a lot of people and capital, but you can think about it in a different way than other folks, and that will position us well as we go into the next stage of the company and commercialization. emily: who will be taking the first commercial flights? will you be running auctions as well? paul: yes, we designed the aircraft to not be something exclusively for the wealthy, so everything about the aircraft, the speed, the capacity, charge times to minimize the time on the ground, was all to get to a price point that was affordable and could get increasingly affordable over time. first year of launch, the cost of an uber black, then over time the cost of an uber x, so

affordable and accessible to large numbers of people. >> what is the turnaround time of the aircraft for charging? paul: on a 25-mile trip, five to six minutes with the time it takes to load and unload passengers. that was one of the real challenges in terms of the battery system and powertrain on this aircraft that we had a team working on for a long time, so i was really pleased we were able to get that, because it is the utilization that drives the underlying economics and allows us to charge the right price point that allows it to be affordable and accessible to a lot of people. emily: you have been working on this since 2009. the fleet won't be ready for a couple of more years. why spac now? what will happen between now and commercial flight? why will it take so long? paul: building and certifying a brand-new aircraft is a hard challenge. in this team has been at it for a long time. i think the decision to go public now was because we felt we were ready. the technology, the path to certification was increasingly clear, and we saw this as an opportunity to raise capital for to fund the next stages of

development. that is simple. it is three things. executing on certification, showing we can repeatedly reproduce aircraft at volume, and laying the groundwork for initial commercial launch. we have a number of milestones over the next six quarters geared to each of those three goals. emily: joby aviation executive chair. joby shares closing up more than 33% on the first day of trading. i will speak to reid hoffman who cosponsored this spac later this hour. first, look at the markets with kriti gupta. walk us through the day. kriti: it was all about that inflation print. the market was relieved not to see sky high inflation, the first data print come inflation metric that did not surprise. all the way back to the s&p 500 march. up 0.3%, a sector-wide gain today.

you saw some money going to treasuries. people not so hot on tech. we have to talk about bitcoin. when risk sentiment is high, bitcoin tends to be higher. it has been under pressure lately. you have seen that. the question is can that rally continue? compare this to what you saw 2016 to 2017. the rally was similar. if history is any indication, bitcoin has room to run. i want to end with earning stories, going from macro into micro. ebay missing third-quarter forecast, but expanding buybacks by $3 billion. we did see shares up after hours by 4%. those earnings are weighing on investors. now done 1.2% after hours. i want to end with bumble beating sales estimates and beating revenue forecasts. good news there. 1.4% after hours, emily. emily: all right. kriti gupta, thank you for the roundup. meantime, google employees could who choose to work from home could reportedly see their pay

cut by 25%. according to reuters, the search engine giant is offering an internal saly cognitive the might show you could earn less because pay packages are determined by location and local market dynamics. for example google employee in , a stamford, connecticut working in new york city would be paid 15% less if they choose to work from home. a colleague living in manhattan itself would see no pay cut. all right. coming up. crypto platform falconx is now valued at $3.75 billion. i will speak with the cofounder and ceo next on the future of regulation surrounding and competition in the space. that is next. this is bloomberg. ♪

emily: the crypto platform falconx has more than quintupled its valuation in the last five months, according to the ceo raghu yarlagadda, who says the company is valued at $3.75 billion, with transactions of $10 billion. joining me now is the cofounder and ceo raghu yarlagadda. thank you for joining us. it is good to have you back. talk to us about what makes falconx so special and sets you apart from other exchanges, and who do you see as the competition? raghu: first, great to be back, emily. thank you so much for having me. in terms of what falconx is, we are an institutional one-stop shop.

we serve a diverse set of institutions, from the world's largest hedge funds, payment processors, aggregators, family offices, asset managers. with this diverse set of institutions, we give them everything they need to navigate it. specifically, we help them with their trading needs. how do i get really good pricing? we help them with credit needs , the ability to wrap it around their trading business. we offer this in a variety of different form factors, web applications, api's, and the white glove desk, which is 24/7. we are not just connected to one exchange. we are connected to hundreds with whom we work actively, and our goal is to get good

pricing using that layer machine learning to get really good pricing across trading and credit. emily: you lock pricing for five seconds to minimize volatility, which seems to be a long time. why do you do that? raghu: now that is a fascinating point. for some clients like payment processors, it is very important that price be stable for three seconds, five seconds, or seven seconds based on platform needs. why? there retail customers are not used to the volatility in crypto. they want to see a stable price that they can make a stable decision around the price, so for that reason, they asked something impossible. in a volatile market, can you give me a price that is locked for five seconds? so what we do is, the first leg is we aggregate liquidity from a variety of different liquidity pools, market makers,

then apply a layer of machine learning to figure out how we pad the price to get that stability of five seconds without taking directional risk as a technology platform. that customization is extremely important for our payment processors and their end customers to getting to crypto much more seamlessly. emily: the crypto industry, it seems almost everyone we talked to is not happy about this new infrastructure bill in and the language in it that will potentially lead to broader restrictions and regulations crypto. take a listen to my conversation and her thoughts on the new legislation. >> this was a setback. there is no doubt about it. we are playing the long game. we think more education coinbase and other members of the crypto industry do with lawmakers to help them understand the potential for crypto, the more we can shape the right regulations to help make sure we are protecting customers and not inadvertently

hindering crypto innovation in the u.s. and moving it offshore. emily: the ceo of kraken said the legislation was a disaster. what do you think? raghu: the limelight it is bringing to crypto is incredible. that is number one. number two, for falconx, we have the know-how and technology to make sure we can do that. it is bigger than falconx. for me, what is important are software developers and miners. analogy b can be drawn to the early days of the internet. -- an analogy can be drawn to the early days of the internet. if you put the full weight of it on an average joe building a website in the early days of the internet, the innovation could have been stifled a lot, and that is a similar thing being

proposed here, meaning it will bring the entire tax code to a software developer or miner who might not have the resources to basically comply with that from a technology standpoint, so it definitely should be much more specific and nuanced peer there -- much more nuanced. there is no question about it. as she pointed out, what we are seeing is lawmakers attempting to understand the nuances and make sure the legislation is done well. because the u.s. is leading the way here. emily: raghu yarlagadda, ceo of falconx, thank you for joining us. i'm sure this debate will continue. meantime, in more crypto news. thieves have given back half of what was likely the largest crypto pack in the defi space, in a bizarre twist, hackers returned half of $610 million they stole earlier this week from defi protocol poly network.

in return, they are asking for donations as a reward for their kind act. so far knitting just -- netting just $200. coming up, a crackdown on vaccination and testing in california schools as governor ron desantis doubles down on a mask mandate ban. we will bring you the latest from the covid-19 front next. and as we go to break, i want to take a look at deliveroo, reporting a surge in revenue and orders. the company saying revenue jumped 82% in the first six months. this is bloomberg. ♪

emily: tensions between the white house and florida over the

governor's handling of rising covid cases continues. the florida health department requested 300 ventilators from the federal government, request a request that desantis said he was unaware of. the press secretary expressing some skepticism. >> i would note as a policy we don't send ventilators to states without their interest in receiving the ventilators. i think the most important question here is, why would you oppose receiving ventilators? emily: governor desantis has attempted to block school districts from imposing mask mandates, saying parents should decide whether the children wear a mask or not. this comes the same day california became the first u.s. state to require all teachers and staff get vaccinated or undergo weekly testing. let's bring in our reporter for more. max, these renewed mask mandates in california and vaccine mandates, even as governor

newsom is facing a recall, so certainly a bold move. do you think we will see more of these across the country? max: well, i think that is quite likely given the risk the return to school poses combined with the delta variant and liking lagging vaccination rates in too many parts of the country. the best thing we can do to keep school safe is to have a high vaccination rate as possible, and to supplement that whenever possible with masks. it is just the reality when you have the level of community transmission that we currently do, and i am hopeful more states will follow the lead. emily: one of those states will likely not be florida, with governor desantis doubling down on the no-mask mandate. meantime, you have got some school administrators pushing back her, saying they are there

to protect the family and children. is the governor's stance contributing at all to the surge in florida? max: i think it is. it is the continued politicization of public health, taking an evidence-based recommendation, one aimed at keeping kids and family safe, and turning it into a question of freedom or politics, when it should really be about what matters most, just keep people safe in a particularly dangerous moment of the-dangerous pandemic, particularly in florida, which has surging hospitalizations. just taking this particular stance at this moment is wildly irresponsible. emily: moderna has doubled the size of its covid trial for kids. we just have the cofounder and had the cofounder and chair on the show and i was trying to get a specific timeline when

vaccines for kids might be ready. do we know anything more? max: it is pretty hard to tell. the fda did request the increase in the number of people in the study to get a more complete view of safety and efficacy, because it was a relatively small number of people. the question is whether they will want to wait for a few months of data from this new cohort, or willing to base the decision on those already in the study. if it is the latter, we may get faster results and faster approval, and i hope that will be the case, because this is a large population that is at increased risk. in particular, we don't know whether the delta variant is more severe in kids, because it we do know that because it is so transmissible that they are more likely to encounter it, of those

and those rare, bad outcomes are more common because of the number of kids getting infected, so hopefully that process will be speedy, but also cautious in the way it needs to be in terms of getting a good sense of the safety in this population. emily: quickly, what about pfizer? the expectation is that would come sooner than moderna, but when? max: yes. they got a bit of an earlier start. we will see if that is the case or whether the fda will need additional data from them too. it is still too early to tell. emily: all right. thank you so much for your analysis and the updates. we appreciate it. ok. coming up, all eyes on texas, as in amazon-backed startup looks at the longhorn state to build one of their newest car factories. we will have the latest next. plus, later in the show, we will be speaking with reid hoffman, who just took joby aviation

public. we will have more on the future of urban and aerial transport ahead. this is bloomberg. ♪

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emily: welcome back to "bloomberg technology." i am emily chang in san francisco. let's get a recap with kriti gupta. what else are you following? kriti: not a hot day for tech. completely different story when you look at the numbers. check this out. the index up almost 13% since the start of 2021. of course, when you see big tech outperform, you see semiconductors outperform as well. here is what did not do well, chinese adr not able to make up for those losses, now down 26% on the year.

when we are talking about these asset classes, where do you invest to hedge? we have to talk about bitcoin. it has been driving the tech trade. is it driving the bitcoin trade as well? some people would say bitcoin is not a hedge. some people would say look at the latest violence, as were talking about the fed, inflation. it is starting to come up, going above trend, signaling it has more room to run. that is the macro level. why we are talking about tech, i want to talk about electric vehicles quickly. we start off with the intraday action, the etf that holds any tech name with the development and creation of electric vehicles, up on the day. look at those names, tesla, others down on the date, so there is a difference here. u.s. ev not looking so well. look abroad, ev is doing great, emily. emily: thank you for the roundup. meantime, as on-backed electric

vehicle start of rivian is in talks to build a factory near fort worth, texas, producing 200,000 vehicles and create at least 7500 jobs. i want to bring in ed ludlow. who else? it seems like a big deal, but is it? ed: it is, but early stages. it takes time. the companies are often talking to a number of states and cities at the same time, trying to get the best package of incentives. so this is what the city of fort worth is offering, a minimum $5 billion investment jobs by 2027, , 7500 and in return, the city of fort worth is offering tax breaks and grants. the next stage is to go to the state and county to get even more. emily: why texas? obviously we know tesla and elon musk moved to texas, so what is special? ed: this site is the frontrunner.

they were previously looking at arizona, but were concerned about the infrastructure in that state. texas has good infrastructure, roads, ports, access to talent, close to mexico, where the automotive supply chain is. but it is still just one front runner. emily: we talk about rivian all the time and friends say, when can i get it? and you say they have to wait three years. they haven't produced a single vehicle yet. right? ed: we give them kudos because they are backed by amazon, have raised $10.5 billion, have a fancy factory in illinois, but they are behind schedule, and they have delayed a lot of times , citing different factors. we have a tweet from elon musk, straight to twitter after this news breaks to say rivian should concentrate on its existing factory, actually starting production before they worry about the next one. i broke the story in they were

february. already talking about a u.k. or european plans. emily: why are they getting ahead of themselves, or are they? ed: they have grown so far so quickly. a couple of years ago, they were a couple of hundred employees. now 7000. they have this massive tam. they say they are supply constraints. 100,000 deliveries to amazon. getting ahead of themselves. remember that old adage, production is hard. they are going to negotiate. i am told by sources this is a few weeks away, if not months. they would look at the incentives and make a strategic decision, and by the time they get to production, maybe someone will get you one for your birthday. happy birthday. what a nice present. an electric pickup. emily: i have to wait three years, right? thank you very much. good to have you here. thank you. ed ludlow. coming up.

greylock partners and reid hoffman. we will speak about joby aviation, going public, and when the life of the jetsons becomes a reality. this is bloomberg. ♪

>> this is a new mode of regional transportation that is safer than driving, faster, and just as affordable as ridesharing today. emily: part of my earlier conversation on the future of

urban air travel with the ceo of joby. the company going public to date in the spac deal, at one point climbing close to 40% above its opening price. for more, i want to bring in greylock partner, linkedin co-founder, and board member of joby, reid hoffman. great to have you with us. a strong debut. you are sponsoring a few specs. you could sponsor anything. why joby? reid: it has that thing of moving urban transport, uber meets tesla in the air. that can transform commutes, stop gridlock, and not have the climate impact. and to do all of these things in a way that makes cities healthier and more fun, and more

ability to get around. so that kind of redefinition of transport, of networks, is one of the things i have been doing over the last five years to seven years. so while i had not originally thought about the third dimensional space, i saw it and said this is the new network. networks are how we transform our work, our experiences, and so this, networks, i understand. emily: we have all imagine that jetsons future. we are stuck in traffic or have a long trip ahead of us. we are not there yet. is this realistic for one billion people. how does this scale? does it really reinvent transportation, or just augment transportation? reid: reinvention is in part also augmentation. use of course will still have ground cars. you will be moving heavy things around. there will probably even be various things on the passenger side, but the reinvention, what was previously configured by

geography, think about the flight to the airport or drive to the airport or think about getting around. now it is just the 3d of potentially getting there. and that emphasizing people and the fact that moving people around is key, that kind of reinvention, look, it is the same kind of reinvention with when we started doing plane travel, reinventing space, and now across the atlantic or pacific is not so far away. the fact that you could live further out and it makes that work. all those things are the kinds of reinvention. of course the climate change, and because of the sharing model, the accessibility to everything as part of it. emily: let's talk about that, the uber/tesla in the air metaphor is vivid. is the pilot a joby employee, is it a contractor like an uber

driver, and is that the best labor model at this point for a company that is still not profitable? reid: we have to get the service going. joby is the first to have a g-1 paper with the faa, the only one with a g-1 paper on how certification will work. it has flown a prototype vehicle over 150 miles for over 1000 test flights. it is real. you can see it impact flying. it actually has a pilot pilot t doing it. one of the things, we start with having a pilot in the vehicle, even before autonomous vehicles to maximize safety to learn from it, because a combination of obviously safety, safety, safety, and then ease and a good impact, so the labor market will be fine. one of the things that joby did is figure out a fixed wing certification, so it is a broad

range of pilots who only need a little additional certification in order to fly them. emily: you are sponsoring a spac for aurora, the self-driving car company. between that, point-to-point space travel, with some progress with two companies, what is your vision about how these different kinds of transportation fit together, 10 years, 20 years, 50 years from now? reid: i have found myself by thinking about networks doing all of this reinvention of transportation, and obviously autonomous vehicles will be key for increasing safety, decreasing costs, making the network as a platform. aurora has led the series a full for greylock partners, and one person, who i sometimes say is that henry ford of autonomous vehicles, the technical lead for

building waymo, this is the rebuild of it. what we are learning is the central networks in human life, right, obviously the internet, but also transport, are key to the lives of people, commerce, and so what are the inventions that enable all this new productivity on top of it? so autonomous vehicles, both passenger, but also charts for shipping, when it gets to aurora, all these things are in line of sight. we can see them. in aurora, it is down the road. in joby, it is in the air. we can see that happening. it is just a question of getting there. emily: do you see no pilot someday or autonomous taxis, or that is not in the viewfinder yet? reid: i think it is, but after with safety first, past doing it with the pilots.

we already have economists. list commercial planes they are most commercial planes they are flying on autopilot. a great portion of time they are in the air. there is a ton of that. you want to make sure you have it right. you want to make sure pilots are smart and are learners. you want to make sure it is 100% right before you do autonomous vehicles. it is definitely in the screen of the view ahead. emily: meantime, the senate just past the $1 trillion infrastructure bill. for joby to succeed, you need need these verta-ports, these places where they can take off and land vertically. people don't think this infrastructure bill does enough to work towards the ambitions. do you think the bill does enough to address the future of transportation as you see it? reid: i believe we should be accelerating more and more towards the future. it is a big, complicated bill.

there are lots of great things. the recognition that electrification is going to be so key and central to the future , the future of road. all the infrastructure will be key, so there are very good things in the bill. would you say, asking me as a technologist, saying technology is inventing the future and how we make american inventions like joby and aurora, and we bring this technology to our own benefit and the world, obviously we should be doing more. we should be thinking on each major problems within transport and generally, how can we make technology move faster, deliver better on this, and how do we create the incentives for the market to do it, because that is obviously where the future will be, and part of the future and health of american industry is getting there with robust technology early. emily: meantime, covid is not going away anytime soon. we have seen companies open up,

go back into lockdown. you and i have talked about how fundraising has changed. you have funded entrepreneurs you never met in person, which would have been unheard of before. how much of that is happening now and how much of that behavior do you think continues, even in a post-pandemic road world, given what you have learned? reid: part of it are these false dichotomies. we can do this through these virtual environments. that is a robust part of the market. it will affect industry, education, telemedicine. i think that is here to stay. there is a real value to being in the office together, building those relationships of trust, to collaborating come innovation, brainstorming, so i think people want to come back. i think this is what the new blend will look like, both in terms of how it operates, and that will be true in my investing business as well.

i will meet more entrepreneurs in various time zones and geographies because we can do it in various ways. probably when we get to an important deal or we are working with greylock to build the company, it will still be important to do it in person, and which investor will and entrepreneur want to go with? probably the person they trust, and the way we establish trust is we have talked about it end up with, so people are ready to get back to that. we have to be smart, not just the delta variant, but other future variants, smart about testing, and hopefully everybody will learn, and getting vaccinated is a good thing. it is part of the science of how we all get through this together. it isn't just your own health. it is our collective health, so that is obviously still a lot of uncertainty and a lot of navigation where were going in the coming months. emily: you have companies choose to be remote first, and remote

only. do you think it is harder remotely? i know you are always focused on masters of scale. are they giving something up? are there potential disadvantages to achieving that kind of hypergrowth you're looking for at an early stage company? reid: i think we have not yet seeing a company completely distributed in the real definition of that kind of scaling, and part of the reason is there is so much chaos. the first counterintuitive rule in scaling is embrace chaos. in order to do that, you have to have relations of trust. you have to be able to, oh, you did not tell me about that. that was irritating, etc., but you have the culture to carry you through that. those strong bonds of trust and alliance and communication, it is really important, so that is what we have learned about it.

that being said, if everybody had to be all remote, it is relative speed of scanning and people can do that in an effective way, but i actually think what you will see is they will want to be, they will have remote offices, remote people, remote work, but they will want to have core teams working together, because that is a pattern we understand how to make work and how to double the size of the employee base in a month or three months and actually make that work, which we are still figuring out how that works on teams and zoom in these kind of environments. emily: write. so what is your advice to entrepreneurs and ceos right now. -- right. so what is your advice to entrepreneurs and ceos right now? would you telling your company's right now? reid: not to overly generalize.

people may want to get back in the office. i may have finicky when i started borrowing that phrase, being in the room, that kind of human instinct for these things, so don't overly generalize, and don't overly generalize on the fact that employees who may have gotten comfortable with the work at home, well, i want to keep going, these, we are in the dynamic time and things are changing, so experiment and get a sense of it. don't overly mandate. you know, experiment with a, b, make that happen. that is because we have not at any time in modern history come out of a shutdown and remote working, the pandemic, and the uncertainty that comes from that, so you have to approach it from a learning mindset. emily: love it. reid hoffman, partner at greylock partners, sponsor of

the joby spac. thank you for joining us. so great to have you back on the show. ok. coming up, samsung launching consumer devices for the latter half of the year. the company posiing itself and its new galaxy phone as a direct rival the upcoming iphone. our own mark gurman has the details. this is bloomberg. ♪

mark: this mark gurman from bloomberg technology. on this week's episode, i would be taking a look at samsung's next slate of devices. i will be looking at two phones.

samsung first launched it a couple of years ago. out of the gate, it had some issues involving the durability of the overall phone, the display, as well as complaints about the screen. the concept and usability was never in question. learned it was a powerful consumers quicklylearned it was a powerful concept with a larger display and enhance portability. samsung has launched a square shaped version call the flip. now apple, google, and others are still testing foldable designs internally. now, samsung is launching a new version. responding to concerns about previous versions, the company says it is increasing the durability of both devices, adding stronger frames, tougher glass on the screen, and water resistance across the board. on the larger fold three, the company is increasing the display size to 7.6 inches, making it only slightly smaller than the display on the ipad

mini by embedding the camera into the screen itself. the display is brighter, the phone is thinner and lighter, and it has new multitasking features. the company is also adding 120 hertz frame rate support for improved scrolling and gameplay for the inside and outside display. there is now support for a stylus, matching another feature from a long-running line. with the flip three, the biggest change is a new screen that is four times larger and is now actually usable. the phone is getting the faster refresh rate, new video recording features, the ability to more quickly take pictures when closed, and improved speakers. besides the smart phones, samsung is revamping its smartwatch line, along with the competitor to the low-end air pods. the new buds are smaller and have improved ambient sound

features. in the u.s., the new phones are definitely not cheap. the bigger phone is $1800, while the flip three starts at $1000. regardless of price, samsung is entering its third generation of foldables, while rivals are years away from launching their first. i am mark gurman. ♪ emily: thanks, mark. that does it for this edition of "bloomberg technology." lots of earnings coming up. we have disney, airbnb, sofi, results after the bell. we will have all the reaction and analysis. make sure you tune in. i am emily chang in san francisco. this is bloomberg. ♪

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