announcer: from the heart of where innovation, money and power collide, and silicone valley and beyond. this is "bloomberg technology" with emily chang. emily: ample ramps up testing for its employees amid the rapid spread of covid-19. testing twice a week and even three times a week in some offices instead of just was. it's the latest company to

tighten restrictions as delta continues to take its toll. plus, gamers are finding new ways to make money this semi-thanks to nft's. a far cry from mowing lawns. 776 founder, alexis ohanian will talk about the new blockchain based gaming boom. and the push for more environmentally friendly bitcoin. a satellite network that will control many mining operations around the world -- unused hydro and solar power. the ceo of block stream is with us. we'll get to all of that in moment but first let's have a look at markets. investors reacting to comments from jay powell about the pandemic having longer-lasting economic effects. what did you see today? >> growth concern dominate the market pure rail -- whether it was retail sales coming in short or corporate earnings, you are seeing a risk off in the markets. the safe haven trade not doing so well, down in line with small caps, those economically

sensitive stocks. that was not the only story in the market today. i want to go over to the chinese adr. you're starting to see more sliding when it comes to chinese tech. you seat on the chart behind me. getting bigger and bigger and -- but why? new regulatory scrutiny coming upon online competition. aimed to target that piece, but also the entertainment stocks in particular, chinese revelatory authorities trying to target idle culture from spiritual opium, we are seeing this becoming a far more widespread crackdown. i want to go back to the u.s. and talk about some of the sectors in tech. it was a broadly risk off day. if you were a biotech investor, that is really the sector doing super well in light of those verys, because-- those variants. 2% gains for the biotech index. even semi conductors which have been out popular trade. even bitcoin making a comeback. the nasdaq biotech, that is the

index you want to keep an eye on. for the micro, let's get to ed ludlow. ed: on the risk off day, it was a make cap tech stocks that saw the brunt of losses. these are the biggest decline is on the nasdaq 100. amazon, biggest drop in three weeks. the stock trading at its lowest level since early june. also, tesla continuing that streak of declines. we got the report that it's investigating tesla's auto pilot technology, down 2%. nvidia down significantly ahead of earnings on wednesday where we get a good lens into the semiconductor industry. and demands from crypto miners, that is an area nvidia has seen a boost from. back on tessa, yes, run of declines. you bring tesla up side-by-side to the s&p 500 over a 12 month basis, one year, -- vastly upper forming the broader index. remember, it was down near today but the run-up we saw in the shares over 2020 so significant.

finally we want to look at walmart. investors could not make their mind up about how they felt about the company's earnings. see a little movement over the -- we come quickly into my bloomberg terminal. that growth that we saw because of the covid pandemic has slowed right down to single digits. where's all the benefit gone from the pandemic gone? where's the commerce story for walmart? emily: we will talk about that more later in the show. thank you so much. meantime, as they mentioned the surge in delta variant cases containing two run market sentiment. i want to bring you up-to-date on the latest headlines. i 30's are planning to extend m m- authorities are planning to stand mask mandates for trains and planes according to reuters. the u.s. government is said to offer booster shots. morgan stanley has joined the growing number of companies telling employees they must be vaed to enter its meantime, apple has done an

about-face and it's a decision to restart in-store classes due to the surge in cases. it will be testing its employees more, a lot more. i am joined by mark gurman for the details. what we know, apple is going for testing once a week to twice or three times a week for some. mark: first on the testing. so, apple since last year has often a program where employees could test either at certain apple offices, including apple park in cupertino or receive online test kids from quest diagnostics -- test kits. that was a once a week effort. now that is starting to be two times a week this week and next. in the future, apple will start testing some employees in select offices up to three times a week for rapid tests. that is an interesting change for a company that is still not requiring testing per se or vaccines, but a surge in both. emily: let's talk about the

classes they are offering in-store. when you had reported their still planning to move forward to return of these classes. it was a little head scratching given that covid seems to just be not going away. what was it that cost them to change course? mark: so, yesterday morning apple sent out a memo to retail employee saying that these in-store today and apple classes, learning how to use your phone and whatnot would return beginning august 30th. later in the day yesterday, apple updated its website to allow customers to actually sign up for courses in cities like new york at the soho store. this morning, apple sent out another memo to employees in canada, brazil and the u.s. and other regions indicating this is no longer the case. they are postponing this. if you go to apple's website now you can no longer sign up. this does remain an option starting august 30 in europe and some other regions as well. emily: apple is not the only

company changing plans. we have seen facebook, google, amazon, microsoft, all changing the return to work strategies as delta drags on. how much do you think these companies are taking cues from each other and cues from employees, given that schools reopening, there is a lot of fear out there. it seems like this is going to be with us a lot longer than we thought. mark: you're seeing a lot of consistency in how these companies are responding. he saw apple delay their office plans from september to october and several other companies delay their office return plans as whelp it was all apple come up with a hybrid model and you've seen google and other companies follow apple with that model. we will see a lot of consistency across the board here. in terms of people i am talking to inside apple, despite -- to be a return until october, it is more likely to be february. emily: mark gurman, thanks so much for all those details. a story will continue to follow. appreciate it. google meantime has released a new smartphone to woo budget from the users at $449 the pixel

5a, cost less than last year's phone. it's water resistant. the phone will be available in the united states and japan later this monnth. google hopes to claw back some of the market share at lost in the first half of the year according to counterpoint. coming up, 776 founder and reddit co-founder alexis ohanian joins us to discuss the nft gaming boom. we will have that conversation next. this is bloomberg. ♪

emily: play to earn is the latest theme taking the gaming sector by storm. a videogame that offers nft's as rewards has surpassed $1 billion in sales. the game was developed by a vietnam gaming giant and based on a theory and -- an etherian environment. i want to bring in alexis ohanian. alexis, all i can think of is oh, to be a teenager these days. all these new ways to make money. you do not have to mow lawns anymore, do you? alexis: as someone who grew up playing video games, i cannot help but feel a little bit jealous because they are kids who are going to be making more money than i was making at pizza hut from playing. this, it is easy to joke about, but this play to earn model is going to become the new norm.

and what it's doing to empower people over the world is actually really remarkable. and quite extraordinary. emily: so, infinity has grown 750 times in one year. this convergence between blockchain and gaming and nft's. explain to us what this all means. there are a lot of people who do not understand what is happening here. alexis: i get it. to put it in perspective, the company did $200 million in revenue in july. they'd already hit that number now halfway into august. this growth is. remarkable. and the reason, look, there was a generation of gamers who have grown up playing on their mobile phones or computers, they have grown up enjoying games and enjoying the community and spend a lot of hard-earned money on it. but they have never gotten to own the things they spent the money on. you could spend real money to get an in-game skin in fortnite

to help you look cool or various things. but you no longer owned it. what the blockchain does is create the technology so you actually own the digital goods that you buy or earn. and what this does, now that it is at scale and truly a global marketplace is it empowers gamers to really own the things they are creating, to actually monetize the time they are spending playing video games. and like i said, there is no putting this genie back in the bottle. once people are realizing this is an alternative and in some cases we've got people who were forced out of work because of covid. started playing infinity and are now making more money from this game. they don't need to go back. they are paying their medical bills, and feeding their families and it is a global phenomenal. yeah, if you consider this as the new normal for gaming, what reason would any person have to go back to spending their time

playing games for free or spending money for things they do not actually own? emily: in the case of axi 95% of the money goes back to the players themselves , as i understand it. talk about how you see blockchain and decentralization impacting other gaming times? i'm thinking epic, activision blizzard. e.a. where is it going? alexis: i gave a talk at activision blizzard four years ago and i was there to talk about redick but i could not help but plug etherium. but i do think every one of these companies they weren't that interested that back then. they were a lot more interested now. every of these companies have to have a strategy for this technology. a lot of them have the fan base, but very quickly you're seeing a new dynamic. axi, that community is 100% player owned. that economy is 100% player

own. he was someone not just a fan in the game but someone who benefits from telling their friends about it, from staying and being invested even more in it. this is the same sort of community driven system we saw help read it -- reddit be so successful for 15 years but now games are able to reward people for being a community spender and spending that time. so, look, this is a paradigm shift of a technology. i don't use that phrase slightly but it is going to be important for all of the incumbents to look at the new games they are shipping and figure out ways to anchor it in this technology because it is proven it is working and the scale it works at is growing. this is real money. and it's already proving to be quite from edible. emily: meantime, read it just rates new finds at $10 billion valuation -- at reddit. it has been a long journey. it was not always looking that way. talk to us about the power of community and the value of these platforms. where do you see that going?

alexis: i would like to take credit for having the foresight but i really, i didn't. i thought this was a good idea to just and sort of expect the power of community to scale in the early promise of the internet. the thing we did not anticipate, that i think you're seeing now fulfilled through crypto, is that sense of community ownership and the sense of being able to reward someone for being, for participating and giving them a sense of ownership that actually helps pay bills. the fact that we now have programs that is creating this new sort of web 3 it's a big deal. my expectation going forward is that we are going to see a lot of really interesting stuff bubble up as more talented product vallow present designers and engineers start building on blockchain tech. and i really think this intersection of community and capital speaks to what this new

internet is going to be. in the first sort of web 2.0, that movement at the last 15 years, we got the community part right. we've seen that grow. the business model, we are often at odds because there is an advertising model, privacy was at risk. this new model is taking the best of community and then actually rewarding it through a system where everyone wins. and you're seeing it in nft's and a lot of different places now. but we are still in the early stages. there is a lot more innovation to come. when the app store first went online, we are going to seen explosion of creativity and ingenuity and it's going to be really exciting to watch. it's going to really finally give more value attributed to people who created it, to the users, to the gamers to the people doing the work. emily: meantime, you've got another famous community builder, jack dorsey, trying to build a desean jackson allies --

trying to build a decentralized social network. do you think because he believes that community management can be a liability? alexis: i think it is a very smart future. i think of it from a standpoint of we know, we know that at the end of the day, content creators and community builders are driving the value of these networks. they are the reason why people want to retreat and liken all these things. and we're seeing them come at odds with a lot of their original platforms. and i really think it is incumbent on the existing social media networks to either fear away to to adapt so their business models make more sense for those creators, or have someone else drink that milkshake. the reality is, unless you are willing to go to the extent that jack is to really try to decentralize yourself as an organization, i think you will have a hard time. [indiscernible] emily: at the same time, i recently spoke with the man

known as the inventor of ethereum about jack dorsey's plans. mark zuckerberg's plan. and he thinks that the blockchain and ethereum is a threat to facebook, twitter. take a listen to what he had to say. >> replacing -- completely is unlikely, just because there are things that it provides like price stability for example. that bitcoin is not going to provide. evecn in a -- even in a theoretical world where the u.s. dollar collapses, even then, i think bitcoin is not going to be able to provide the level of stability that users and businesses expect to be able to set prices and in that kind of world, we would need something else. it could be decentralized but coin or could be something else but we will see. so, but at the same time, i think we can still have a very

powerful and important role alongside currencies. emily: he goes on to say that he's skeptical actually of some of jack dorsey's plans. and that he thinks that the blockchain could really undermine the central, centralized social networks we have all come to know. what do you think? alexis: i do think long-term he's probably right. i'm sure there are people watching that clip who are struggling to understand how this young man, there was a whole lot of people behind this broader movement, how what we are talking about here is potentially reimagining the financial system. but the reality is, we're talking about ones and zeros in the power of software and we are talking about the ethereum, a blockchain that is proven at an impressive scale. i don't know with the current market cap is. an impressive scale that it works. and i think, you know, at the

end of the day, this was one piece of the internet that was not, was not factored in, which is the transfer of money. a businesslike -- has done a good job of being the on-ramp into crytpo. crypto. but on the other psych, crypto has shown another way. and i do think it is going to be the best bets the encompass have is to find ways to empower the real value creators in the platforms and the community and content creators. and what that means is the arm points and hearts, it's muddy. it is things you can pay your rent -- it's money. it is things you can pay your rent on. and that is the final piece of the puzzle. i do think it is a january threat. -- a genuine threat. user expense will make all the difference in the meantime. the bigger question for me is when can these crypto technologies, when can these blockchain technologies get to a good enough user experience at a large enough scale that it is

meaningful enough for someone to bring their audience over? but, it is a question for -- it's a question of when. emily: alexis ohanian seven se ven six founder, thanks for sharing that perspective. i want this conversation to continue. thanks for joining us. and you can catch my fascinating, it was a fascinating conversation with the ethereum created him on studio 1.0 wednesday at 9:30 eastern. coming up, walmart's e-commerce strategy in the spotlight. the the latest earnings showing a slowing online revenue. we'll talk about why. this is bloomberg. ♪

emily: the boom in pandemic driven e-commerce seems to be fading for the world's biggest retailer walmart reported

deceleration in its online revenue and now hopes to claw back some of that during back-to-school season. matt townsend joins us to discuss. why did revenue online slowdown? isn't it supposed to be speeding up? matt: they are going against tough comparisons. sales doubled in the quarter a year ago. so that's one excuse, maybe not the best excuse in the world. a lot of people are coming back into stores. if you look at walmarts results, people coming into stores and buying things in droves. beating ou t. emily: can back-to-school make up for it? matt: the company described back-to-school so far, which basically starts in july. as strong. they have been impressed by how much parents are buying backpacks and lunchboxes including, last year back-to-school was very muted

because a lot of kids were not going back to the classroom. an additional boost to an already robust shopping season. emily: is it something that is going to reflect another big retailer, other big retailers online results as well? matt: yeah. we're seeing it throughout retail. all these retailers had incredible growth last year. now they're going up against those comparisons, and they do not look as robust. you saw with home depot. target reports tomorrow. we'll see how they do. a general slowing of growth but the company is saying, look what we down -- we've done over the past couple years, up over triple digits. it is also where you look at the results. emily: all my kids needed to go back-to-school pencils. bloomberg's matt tauzin. thanks so much for joining us. coming up, bitcoin and blockchain technology companies. getting a $5 million investment from jack dorsey square.

we're talk to the ceo about the future of sustainable crypto money and how this might impact bitcoins price next. this is bloomberg. ♪ and there you have it-

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♪ >> welcome back jack dorsey is on a mission to change how social networks interact with one another. this week, twitter announced blue sky, the company's open-source project has hired a crypto developer who says he is excited to build the future of social media. with me from her -- for more is kurt wagner. what exactly does this mean? >> this is such a complicated idea and it is very idealistic,

but imagine a world in which all the posts on twitter and facebook all of those are available to any developer and they can build a user interface that pulls all those posts in. think of how many different versions of a set for -- a social network there might be. there could be some with conservative algorithms, liberal algorithms, that is the future jack dorsey imagines. social networks without walls are boundaries that walls were boundaries -- it would allowed networks to contribute their content, then let others build upon that. emily: it is a bit blue sky -- or "pie in the sky." what other companies need to buy-in? >> this only really works if there's a bunch of companies willing to enable this technology. there is a belief from twitter

that if they enable it, perhaps they can get the ball rolling. people might say if twitter is doing this, it is a good idea. the problem is i can't imagine facebook doing this. there's too much valuable data they have between facebook and instagram they are not going to want those types of posts available to other developers. that is where i see the big problem. it requires buy-in from the industry and i am not sure at this stage we have that. even once the technology is created it is going to be a tough sell. emily: i spoke with --, known as the inventor of the theory of him, who is -- ethereum and is skeptical of jack dorsey. take a listen. >> i think a lot of the -- wants to actually do this right because i think a lot of them

are realizing that being a centralized focus of power and having control of so much of everyone's data and all of these things, it is not just an asset it can also be a liability. emily: i wonder if there is any part of jack dorsey that is working with some of these experts because he believes that twitter is not sustainable necessarily in its current form. or that he is scared. >> he believes truly that twitter has too much power. i think that was reinforced for him when the company had to make the decision about former president trump. we saw him shortly after that come out and say hey, i agree, but it made me uncomfortable. a company in san francisco should not be deciding what is up and what is down. that is why this blue sky theory

-- would work in theory so that twitter could say we won't allow these posts, but another network could. so, i think the power twitter has has jack dorsey thinking. emily: what is the next step? >> we heard that jay graber was appointed the leader of this project. it is supposed to be an independent project which means twitter is funding it but it is going to let it fly on its own. they are going to build up a small team and get to work on crafting what this technology looks like. there's different ways they can go, there's existing technologies they can build upon if they don't want to start from scratch, but it is about building that team and moving away from twitter independently. emily: kurt wagner. ask for that update, breaking it down into simple terms that we

can try to understand. do not forget, you can catch more of my conversation on bloomberg studio 1.0, wednesday, 9:30 p.m. eastern. fascinating conversation. staying with the seam of decentralization, square is investing $5 billion in renewable crypto mining. the company tweeting they are committed to driving further adoption within the bitcoin ecosystem which is why we have teamed up with block stream to launch open-source renewable mining projects as part of the bitcoin clean energy initiative. i want to bring in adam bass, inventor of hash cash, a system work -- used in bitcoin mining. it is incredible because that was used in talk moto's original white paper.

what using of the energy consumption issue? when did you start to think this was a problem? >> the energy consumption is best put in context because politically there is a lot of -- power. because the grid demands are uneven, grids -- cover peak capacity so they have typically a lot in reserve. that seems to get unused. there is unused capacity, or in some cases they have to pay people to shed excess capacity for power projects. that is what the blockchain energy announcement is about. [indiscernible] we are also building a zero emission pilot which is fully open source. [indiscernible]

to prove the thesis that bitcoin mining can actually improve profitability and therefore help fund building and -- the zero emission power grid. much earlier in the year, there were power cuts in texas because that is built -- [indiscernible] so with additional grid uses, switch can turn on and off depending on -- you can set the capacity so you have less -- emily: talk to us about how it works. you say you are leveraging the block stream satellite network to connect and operate mining modules around the world. how exactly does this work? how will this be used? >> simply, the mining modules, like a shipping container.

[indiscernible] what is not as widely known and we are seeing it here is that we have -- capability sufficient to power a mining location. we can operate these basically anywhere in the world. some of them are -- we are basically buying power from the power producer so they don't have to necessarily themselves look to achieve bitcoin exposure -- equipment -- power. that can be intermittent power from solar, wind, or power that is coming up and down based on grid demand, or their remote power. there is not much -- demand. emily: you are joining forces

with square to build a sewer -- solar powered bitcoin mining program in the united states. >> the interesting thing there is to open source the business world. at block stream, we have had the -- analyzing mining and economics for a while. to reach the -- that mining can cross subsidize or improve profitability of zero emissions grid infrastructure. we saw a report by arc and -- which reached the same thesis. we contacted them and got to talking. decided between us to actually build a small sized farm and demonstrate it with -- real-time

and financials getting into it. emily: what do you think about dorsey's plants for the tbd network? >> this is the decentralized twitter? i am a fan of decentralization. i think that it is preferable for internet freedoms that social media companies don't find themselves trapped in the editorial business. [no audio] emily: obviously, so much has happened since the original white paper. i know you have a connection to that. if he were here today, what do you think he would think about the whole ecosystem, the community, the frenzy that has built up? >> it certainly is a very large system at this point.

you would have to imagine he would be quite impressed with how far it came and it is certainly full of participants who have been involved in bitcoin in earlier years. it started as a much smaller entity, activity and -- perpetual september effect. at any given time, users are -- because it is growing so fast. [indiscernible] it is easier to catch up these days. emily: bitcoin versus ethereum, do you think cerium will surpass bitcoin? >> [indiscernible]

we operate so we -- and it is operated by a number of exchanges around the world. [indiscernible] i think one of the things that is going to let that on the real promises on contracts today is the frequent down large scale caps on the systems. last week, -- emily: what do you think is coming next in crypto that we are not talking about yet? >> i think the focus on value, solving real use cases -- economics aspects. the -- is always coming full

circle. it is a natural security where the investor has rights. [indiscernible] both the security in luxembourg and --. an asset you can transfer and sell to another user or an exchange. on the liquid network, which is -- there is no new coin involves, it is just using bitcoin in a similar way. emily: fascinating. adam back, ceo of block stream. thank you for telling us more about your plans. coming up, kathy would says china's crackdown on tech is stunting innovation. our exclusive interview with

her, next on bloomberg. her, next on bloomberg. >> china has made a priority to invest in innovation. i am wondering if something is changing there. since november, every month there has been some new form of increased regulatory oversights, crackdowns, social engineering, nationalizing companies, it seems like that could be contradictory to their desire to become one of the most innovative countries in the world. world.

emily: let's get more detail. what can you tell us is driving this? >> we heard it really in the blunt test terms yet from the sec chair, essentially what we have seen, china over the past few months is increasing government crackdown on a range of different sectors in the private industry. the tension we are seeing right now with securities regulators in the u.s., dates well before the last few months, even into last year. the issue for the sec is that chinese audit firms do not allow u.s. inspectors to review chinese companies financial

audits. two, the sec is raising the point that the way chinese companies list in the u.s., niceta or nasdaq, they set up shell companies in the cayman islands. this is because of restrictions from beijing in terms of actual operating companies. when an american investor is buying a share in new york, they are actually buying a share a shell company. the sec share is saying the disclosure around that has not been sufficient. essentially american investors don't realize they are not actually buying steak and a chinese company, they are buying steak and one of these offshore companies. what we are hearing in the last month is that ipos from these firms are not going to go forward until more information is disclosed and it is clearer to investors what the risks are and basically that is where we are. emily: how is china reacting

daca -- reacting? when -- ben: chart gensler came out, he had only been there three or four months. it was his most direct statement thus far, which is fostered over the u.s.-china relationship rears. he said look, we need more disclosures or these ipo's are not going to go forward. china said securities -- china said we want to figure out how we can work through that. we don't have any indication that dialogue actually occurred. we do not also know whether it is likely to yield any fruit in the near term. this has been going for almost two decades. a lot of it dates back to a 2002 law that changed how the accounting and audit industry work. u.s. inspectors are supposed to

have access to these audits for two decades and it has not happened yet. we do not know how quickly this will change. right now, things are frozen. emily: ben bain, thanks for the update. we are going to follow this back and forth. ark's kathy what, who has holdings to tech giants said the country that is focused on innovation needs to be in a state of retreat. crackdowns hindering china passat efforts to be a world leader. she spoke exclusively with sonali bostick. >> china has made it a priority to invest in innovation if you listen to elon musk, he will tell you, gosh, i go to many -- i go to any major city in china, talk to the mayor, he is going to be an expert in technology.

a lot of them have engineering degrees. the whole country is focused on becoming number one in innovation. i am wondering if something is changing there. since november, every month, there has been some new form of increased regulatory oversight, crackdown, nationalizing online education, and i think they are referring to the divide between more wealthy and lower income people. they are definitely responding to that, but they are also clamping down, they seem to be retreating when it comes to allowing any kind of data to come out of the country. it seems like that could be contradictory to their desire to become one of the most

innovative countries in the world. sonali: i know you don't have a huge china presence right now, or would you pull out more given what is going on? cathie: they are sending a strong message. when they use expressions, as they did with online education companies, they said it had been hijacked by capital. that sounds a little rough on capital. i think the valuation of the market is going to stay down for a long time until they become more inviting to foreign capital again and maybe want to integrate more into the world than they seem to right now. we do own, in more specialized funds, chinese stocks. i have tried to stay away from those that are privy to a lot of

private information and our online, although you can't stay away from all of them. but we have minimized our positions significantly. in our flagship fund, we do not own any more chinese stocks. emily: cathie wood. plenty more ahead. technologies up more than 230%. the company saying it is preparing for another black swan event. stockpiling gold bars. $50.7 million on precious metals. inviting customers to pay for its data analysis software in bold. they previously stated they would accept bitcoin. this is bloomberg. ♪

emily: for the first time, twitter will allow users to report misinformation. but, the expanded ability to flag tweets will not necessarily lead to more fact checking. instead, twitter will use the reports to study misinformation and identify problem areas to focus on. a test will -- in the united states, australia and south korea. a lawsuit has been filed against the largest spac ever. the suit claims that pershing square is operating illegally as an investment company. a month ago, the company abandoned plans on a deal for the universal music group. they say the plan -- the accusations are without merit. that does it for "bloomberg: technology." tomorrow we will be joined by joanne feeney to break down nvidia results.

also, will marshall, ceo of the global satellite imaging company. i am emily chang. this is bloomberg. ♪ so...i know you and george were struggling

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♪ caroline: -- >> welcome to daybreak australia. >> we are counting down to market open. >> from new york, the top stories this hour. u.s. stock software, worst flop in a month amid lockdown concerns. chinese avr's fall as beijing regulations spook investors.