>> from the heart of where innovation, money, and power collide, in silicon valley and byond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco and this is "bloomberg technology." coming up, president biden sits down with the ceos of apple, amazon, alphabet and more to

talk about improving cybersecurity. we will bring you the latest on the white house summit. plus, uber, lyft and doordash shares up despite a big blow to their labor. the controversial ruling on prop 22 will be overturned. we are joined for a conversation on everything from direct listings to crypto to robinhood, which he calls more of a casino than a trading up. and hitting the streets in the public markets. we talk with this ceo to talk about expanding into bikes. all that in a moment. first let's get a look at the market with bloomberg's kriti gupta. take it away. kriti: another record high for the s&p 500, 50 record highs for this year, that's the most record highs. this is a crazy year. we have seen the most since 2017. the blue line here is the day the s&p 500 once again hit the

blue high. i want to show you what it did intraday. it really only drifted marginally higher. no major movement. tech was the major performer. it didn't actually lead the benchmark to record highs. money going into -- coming out of treasuries, i should say, as a result. yields going higher by as much as six basis point, ending the day higher about four basis points. i want to show you what big tech is doing on a broader standpoint. today they might have underperformed. but compare them to cybersecurity etf's, which have been in the spotlight today with that summit at the white house. over the last six months you can really see that global cybersecurity etf ticker bug and ticker ciber outperforming , the new york faang index. gains have been substantial the past year. they are not doing so well when you compare them to cybersecurities. as we see that become a bigger part of the white house agenda, we can probably expect more.

emily: thank you so much for that round up. talking more about big tech, president biden urged a group of ceos to help improve cybersecurity across the nation's critical infrastructure and the economy, saying there is a lack of trained professionals to adequately protect the united states. tim cook and more all in attendance. president biden appealing to them for help. >> the reality is most of our critical infrastructure, is owned and operated by the private sector and the federal government cannot meet this challenge alone. emily: rebecca kern of bloomberg government joins us now from washington. do we have any more specifics on what biden talked about, what the ceos mentioned as part of their priority today? rebecca: a think the focus today

was on working on cyber workforce development issues. the administration talked about 500,000 open positions in the cybersecurity field. so, expect some announcements from companies very soon. we are hearing within the hour, on cyber workforce training initiatives and ending. and then we also know they are talking a lot about critical infrastructure resiliency, where the biggest attacks have been on -- we have seen colonial pipeline and jbs, the meat producer. so, efforts for the government and the private sector to work together, to prevent some major attack again. emily: so, obviously, a lot of high-profile folks at this meeting. any concrete action we expect to be taken as a result of this going forward? obviously, the goal is shared -- less cyberattacks. rebecca: yes. unfortunately i think the meeting is wrapping up

momentarily, so i really do expect a concrete announcement from the white house any minute. we have been given a preview that, like i said, has been focusing on workforce development issues because they think the weakness there could be leading to weakness in our cybersecurity across the industry. if we fill more positions, hopefully we will be more secure , is the goal. and i think another initiative that was announced earlier this month is the joint cyber defense collaborative from dhs. and that have already announced a partnership with amazon, microsoft, and google, to work on joint cyber defense plans. so i think we will hear some more details. may be more companies who attended today will join into that. join in and hopefully partner with the government, because that is what they're looking for, is more solid

public-private partnerships. emily: alright, we will be watching for more details coming out of this meeting, potentially announcements from these companies involved. rebecca kern, that you so much for that update. another headline we are following up, just days after the fda fully approved pfizer biontech's vaccine, mandates are going into effect across a number of u.s. companies. cvs health, mandating shots for corporate employees and those working with patients. chevron adding requirements for employees. disney announcing a deal with its roughly 40,000 unionized theme park workers in florida. and delta airlines says it will charge workers who failed to to protect themselves $200 a month. bloomberg's emma court joins us now with more. that one may be the most effective of all, getting into workers' pockets. i mean, talk to us broadly about what we're are seeing coming together at this moment.

emma: as expected, seeing this official fda approval, really translating to companies feeling more confident about making these kinds of moves. we have already seen a lot of companies coming out with a news around mandating vaccines or having various requirements around vaccines, even before that pfizer approval on monday. but now we are kind of seeing even more and even more expected. the delta one is a particularly interesting one because they are sort of siding the cost of hospitalization. $50,000, is they are saying, is how much it costs for someone unvaccinated ending up in the hospital. they are justifying the $200 charge in light of that, which is kind of a fascinating example. emily: the pentagon as well may be mandating vaccines. talk to us about where you expect this to go. are we only going to see more of these? emma: we are certainly going to see more of these. i think the question is where do

you draw the line. and recognizing, too, when you see an employer's reluctance to impose a vaccine mandate, a lot of that has to do with what do vaccination levels look like in their workforce? you know, can they mandate vaccinations when we know there are a lot of communities around the country where vaccine levels are incredibly low, and we know it is a tight labor market. so this is a really practical issue at the end of the day. if you mandate vaccines for your employees, will you be able to be a competitive employer? will people leave over that? big companies can lead the way on this, but there are a lot of people in this country who don't have to answer to a big boss at the end of the day. they are self-employed, they have a small business, so this will play out in a variety of ways. but employers can certainly set the tone on this, and are starting to. emily: once the moderna vaccine is fully approved, which we expect will be, how will that change the mandates we are seeing? emma: i can only imagine this

is going to more emphasis to the timeliness of the vaccine mandate right now. we've only had one so far and there are already a number of big companies that have made in these decisions. so you can only imagine it continuing, especially, hopefully, with approval for other vaccines down the line. emily: ok. emma court, thank you so much for that update. coming up, we are going to hear from prominent silicon valley venture capitalist and early uber investor bill gurley, after a judge struck down that controversial california gig worker law. class, we will get his take on everything from direct listings, to crypto, to robinhood. this is bloomberg. ♪

emily: shares of uber, lyft, and doordash all up, keeping positive momentum after the -- keeping positive market momentum following the reversal of a voter-approved a ballot to let gig workers -- be designated as independent contractors. prop 22 was passed last year with 58% of the vote, but last friday a california judge ruled it unconstitutional. earlier i spoke with early uber investor bill gurley about the decision and its broader implications. bill: i would be concerned about it from a societal standpoint. less about one in particular company. when you say uber and lyft you leave out doordash and instacart. guess what? there is 100 more behind them. look at all the creator opportunities that are coming out. freelance work is going to explode because the internet is

allowing people with any passion, any special interest to be able to monetize that on their own time and their own will. we get super excited when we talk about zoom and the ability of white-collar workers to live wherever they want and be able to have a lifestyle that they love. this is the entry-level position equivalent of that. so yeah, if our government decides to kill that, i think it is horrific. i think it will drive inequality. it would be horrible. emily: let's talk about hypothetical. let's say if, if uber, lyft, doordash, all the companies you mentioned, have to make everyone a full-time employee, w-2's and all, will they still have a viable businesses? some of these companies are still not profitable, even with this model. bill: that gets into another really great issue, which is you are going to dramatically drive up the cost of ride-sharing if you do something like that.

because remember, we are not only talking about incremental benefits, but these drivers need $420 extra to pay their membership due for the union. so it is adding on layer after layer of costs which will drive up the cost of ridesharing, which will then benefit car ownership relative to this, which then impacts climate change and all these other things. it's a silly -- look at all the problems we have in california right now. real, serious problems. from wildfires, to homelessness, to drug use, all this stuff. why is this the issue? i think the thing that is really important to note, because i think we are seeing this play out in other ways, this will not happen nationally. because other states are going to stand their ground. so what you're basically going to do is have certain states where these things happen and other states where they don't,

and we are going to see how it plays out. i don't think california citizens are particularly happy right now with how the special interests are getting their way in sacramento and what that group is doing to their lives. ask the average california citizens how they feel about the teachers union right now. look at the governor recall. i think there is a lot of change happening. emily: what about the profitability question? prop 22 and the driver model aside, uber will be profitable this year. lyft has already done it. are you at all concerned about uber has not hit that milestone yet? and they are struggling. bill: i would love to see uber get to profitability, no doubt. i think you have to keep in mind that the ride-sharing business was hit by the pandemic. and most of the businesses that were hit head-on were like, 90% of your revenue goes away, are

not profitable right now. so i do look forward to that day, i assure everyone it is coming. and i would like to see that. emily: ok. on a lighter note, kyle chandler, the actor, has been tapped to play you in a showtime series, "super prompt." -- super pumped. i have to know, do you think that is good casting or not? does he rise above the crowd? bill: [laughs] you know, i have not thought about it from that perspective. my wife and myself are quite big fans of the "friday night lights" series, so i guess it could be worse. emily: ok. good to know you approve. i do want to know -- i do want to talk about what is happening in direct listings. warby parker just decided to do one. however, these still seem to be one-off events, one-off choices. do you see that pendulum actually swinging, where a significantly greater number of companies will choose a direct listing or a spac over an ipo,

and if so when does that happen? , bill: every time i see one of these i am super proud of the founders that are pushing forward, because it is just a smarter, more elegant way to take your shares public. and to not do it is to actually just to be subjecting yourself to a cashectemy from a bureaucratic process on wall street. [laughs] the people that are choosing to do it are some of the best and brightest founders out there and seemingly independent and confident. i think the street is starting to see that. emily: robinhood did go the ipo route and it did not pop on opening day. you were expecting perhaps that they might under price eight. is that an example of a well-executed, well-priced ipo? bill: i do not know the details of what happened. obviously it is way higher today than it was on that day. i think it is an odd example to think about from a comparison standpoint, precisely because they did so many things different, including adding the retail investors.

but, you know, every time i have a discussion about this topic, i highlight that the data sets that i pull from, most of which were provided by the university of florida, they look at all ipo's over a 40-year period. so the underpricing for venture capital ipo's over a 40 year period is like, 29%. and so, using single companies, there's always an ipo that went way up, and always an ipo that went down. it is not the right way to contrast what is going on. it is when you look at wholesale data across long periods of time. emily: meantime, looking at your , tweets, i notice you look more at crypto. crypto adoption is up more than 880%. where do you stand in this debate? are you bitcoin, ethereum, or something else?

are you a maximalist or not? bill: i have to admit i have kind of come late to this. i was busy focusing on other things and did not spend a ton of time on crypto. -- focusing on direct listings and marketplaces and didn't spend a ton of time on crypto. in the april timeframe i did dedicate quite a bit of time to listening and reading, and i have to say i was swayed by the arguments of the ethereum crowd. i have taken a personal position. and i am swayed by the ethereum crowd. the parties that are involved there seem to be way more pragmatic. they seem to be open to change and are basically making several changes, which i think will bring down fees and be very beneficial. the developer community is clearly in the ethereum camp. i think there's an esg benefit

once they moved to proof of stake versus bitcoin. it seems to me to be the smarter way to play it, if you are going to have crypto exposure. and please, i am not a maximalist and i am not arguing that people necessarily should have crypto exposure. emily: speaking of crypto exposure, i am curious if looking at robinhood, i was surprised. doge accounted for 62% of their crypto revenue, which was more than half of the transaction revenue. does that seem like a sound model to you? bill: no. even prior to that, the majority of their profitability and revenue comes from options. because it turns out this payment flow, which i am 100 percent against, i think it is a best today's nation of our markets and i hope the sec makes it go away. flow and options, because there is more obscurity and less price

transparency, is even higher. if you look at the robinhood filings, they make about 4x the amount of revenue on option trades than they do stock trades. why do i bring this up? dogecoin and options trading, the company talks about democratizing investing. but there's no -- if you study books on how people make money investing, no one will say doing short-term option speculation is a path to success. i actually think it is a path to going broke. so i would anticipate that their grantor have nasty churn as a result of the fact people are speculating, they are not doing investing. you can highlight that a casino has mostly losers scanned people keep coming back, that is a fair argument. but it does highlight that it is more of a casino and less of an investor platform. emily: meantime, the pandemic is dragging on. you have got apple, amazon, huge companies pushing back to return to work until january. you have investors still doing

deals remotely. having been in this business in silicon valley for so long, how do you see the pandemic fundamentally changing the way work is done here? is this a real inflection point, and is it a good or bad one? bill: it is a great question, and it is one i do not think people have solid answers to. i think it is a work in progress. i think the competitive pressure to not go back amongst engineering is huge. and so, i don't think anyone is going to be able to mandate it other than very small companies. i think there's very significant implications for commercial real estate, which is not an area i invest in. emily: we will see what happens there. i want to look at how salesforce is trading after-hours. they are posting strong sales gains and boosted their revenue

forecast, signaling its acquisitions, including slack, are paying off by offering customers more products. and the tech earnings continue thursday when we will get quarterly results from peloton , a dell, and hp inc.. we will have all the details will be right here. this is bloomberg. ♪

emily: shares of space launch provider rocket lab did not take off in their first day of trading. it was quite the inauspicious start for the company that touts itself as the only direct competitor of spacex. rocket lab is trading on the nasdaq now via spac, after merging with vector acquisition corp., now planning to build its

largest rocket to date, called the neutron. >> i think a lot of people fear we are not just a launch company. we build satellites too. the team is building two satellites to go to mars for nasa, one satellite to go to the moon, and we have already had two satellites -- already. emily: meanwhile alphabet's , drone delivery business is about to reach a new milestone. any day now it will deliver its 100,000th package to a customer. its biggest delivery hub is in the australian state of queensland where it set a new internal record of 4500 deliveries in a week. wing, along with amazon prime air, is conducting tests in the u.s. as aviation regulators continue to wrestle with how to come up with rules for un-piloted devices. coming up, the women's health market has a history of being very underserved. a clinic is aiming to change that by bringing services into the digital era. we're going to speak with the company's ceo, and the capital

partner who just helped maven raise $100 million in new funding. that is next. this is bloomberg. ♪

♪ emily: we are getting new information that the ceo's of -- we are getting the information as the ceos of the world's biggest tech companies leave the white house. amazon announced two new initiatives. the company will open the security trading it developed to protect its own employees from cyberattacks to the public, and offer a free device for multifactor authentication to certain aws customers. alphabet's sounder pichai said that the tech giant will invest more than $10 billion over the next five years to strengthen cybersecurity, including expanding its zero trust program. google also pledging to train

100,000 americans in digital security skills. now let's take a look at the market moves. kriti gupta joining us. what else are you tracking today? kriti: emily, it was a risk-on day today. the 50th record for the s&p 500. meme stocks did not get the memo. when i woke up this morning my morning hits were all about the mean stock frenzy making a comeback. the end of the day in the red though. certainly seeing some volatility. those wall street pros really waiting for the jackson hole symposium. watching chinese adr's. remember a couple of months ago when chinese adr's, ipo's and spacs were all the rage? you can see that in the pink. looks like they lost a lot of that momentum. a lot of people said we will give it until the end of the summer, let people come back from trading. but emily, it looks like it is not making much of a comeback. from chinese adr's to ipo's, spac's. the meme stocks, where is the

money going? the idea is that it seems to be going into biotech. since the pandemic started, biotech in particular has been outperforming the s&p 500. this is a crucial element because that is not just the vaccine makers. even those cancer therapy makers, they are all in on the trade, something to watch as we start to navigate the rest of this pandemic, emily. emily: kriti, thanks so much for that update. now, maven clinic, one of the largest virtual platforms dedicated to women and family health, just announced $100 million in new funding led by dragoneer and lux capital. the telehealth platform offers access to an on-demand network of fertility specialists, adoption coaches pediatricians, , and childcare experts, for with companies like microsoft and snapped offering access as an employee benefit. joining us now, maven ceo katherine ryder and lux capital partner deena shakir. kate and deena, thank you so much for joining us.

kate, as a mom, as a woman, i know how unique this path to parenthood is. and how anyone's path to paranoid is different. what are the needs you are serving that are not being met by other options? kate: thank you so much for having us here, i think that is exactly it, emily. each path to parenthood is really unique and even one pregnancy is different from another pregnancy. starting the family building journey with i.v.f. is just a different experience. so what maven does is we have a platform focused on filling in the gaps in care along the way, whether that is specialty support around nutrition, mental health, lactation support after having a baby, returned to work support, adoption support. so that as somebody is navigating the impersonal system, they have experiences and maven is in the background not only helping them navigate it, but filling in gaps along the way with virtual care. emily: you have high-profile

investors -- reese witherspoon, oprah winfrey, mindy kaling. but dozens of investors walked away from this in the early stages. deena, what did you see that other investors did not? deena: thanks. women's health has been under in for so long. and it is a major category in health care. not only do women represent 50% of the population, but 80% of the dollars that are spent in health care. it is critical wedge into changing outcomes in this country, and also represents one of the biggest cost centers for employers. employers who now are seeing attrition in the workforce, who are having employees experiencing mental health crises that they deal with when working from home and taking care of their children, and taking care of their parents. and it's time that women's health is not at the forefront of where it should be, at the center of health care. maven clinic emerged as the clear category winner in a space that is finally getting the attention that it deserves.

emily: kate, what are you seeing that works best on the platform? where are users engaging most? where do you see the most demand, if you will? kate: i think what has been -- -- what has been amazing to watch over the past 18 months of covid is so much of health care has shifted to virtual and telehealth medicine, we have seen in general and embrace of telemedicine as one of the core ways to fill in these gaps. we have seen our network utilization rise by 50%. and in areas like mental health, where mental health is so core to the family building journey. we have seen a 300% spike. also, as so many employers and health plans stepping up to figure out in this time what are other benefits that we can give? because this has been such an underserved area for so long. really, we are also seeing an massively increased utilization in our care advocates as they

are helping to be those navigators, helping our patients find the best fertility clinics, the best ob's, the best pediatricians and best childcare vendors. emily: part of the challenge is companies getting insurance companies to cover these kind of benefits. and i noticed that most insurance companies, you cannot use insurance generally as i understand it through this platform. how do you change that, and do you see that as a deterrent for future growth? because that will be one of the first hurdles for people looking for help. deena: absolutely. one of the values that kate and i and early investors share is around health equity and health justice. it's particularly important in women's health, where our country is experiencing a black maternal health crisis, where morbidity and outcomes are unfortunately disproportionately , weighted towards those underrepresented communities. whether is employers or carers, it is critical we have access to care in addition to quality care, and that is something maven has been working toward,

and there is exciting news to come there, in addition to their incredibly fast-growing and robust business. emily: kate, tell us more about that journey, getting the rest of the world on board here. getting these benefits covered. kate: yeah, i mean i think one of the biggest reasons to your questions around health plans, one of the biggest reasons we were rejected early on is a lot of the health plans were not yet ready to embrace innovation in the space. they didn't have a centralized women's health strategy. as we have kind of grown, as a lot of the data on our platform has really proven out that there is tons of engagement and there is such a need for a lot better health equity, one of the big things we do on our telemedicine platform is we culturally care match so that patients can talk to providers who look like them, who are the same race, gender, ethnicity, and we give options around that to build trust. that is an area where i think virtual care can really step up

and support. so i think what is happening, and i am actually at a health care conference right now -- what is happening is that a lot of people are waking up to the promise of how digital health can come in and solve some of these gaps. and some of the biggest players in health care, the health plans, the health systems, they really are looking more to partners versus just building or buying everything themselves. emily: kate, there are so many women entrepreneurs of their who are struggling to raise funding. they have a great idea, can't get investors to listen. as i understand it, something like 40 vc's walked away from maven in those early days. what was that like for you, and what advice do you have for other women, other entrepreneurs out there who might be going through the same thing? kate: you know, it could have even been more than 40. that was like one round. [laughter] but basically entrepreneurship, , so much of it is about persistence. if you are seeing all the

signals, and for us, it was patience. we didn't have many, but they were really kind of loving what they were doing. we were starting to get signals in the market from the clients themselves, and employers are often some of the biggest innovators in health care, and they will adopt new solutions first. so we were seeing some of that early adoption. and the numbers, of course, are on our side. this is the largest industry in the united states. it was kind of like, alright, well, we are not going to quit. the advice for founders is you have all that pattern-matching and signals that can be something in your gut that you are onto something here and the world needs it. keep going. it's just a game of having a lot of support and friends and family along the way, and an awesome team who can kind of help you through the rejection and keep building something really important for the future. a lot of the best businesses have had so many rejections, and so there's so many stories to kind of lean on to get through

some of those hard times. emily: all right. maven ceo katherine ryder, and lux capital partner deena shakir. thanks so much for sharing this with us. we will keep following your story. meantime, more details emerging in a lawsuit against activision blizzard. in an amended court filing, the california department of fair employment and housing alleges that the game maker retaliated against employees who helped an investigation into claims of sexual harassment and bias. the agency claims that involved shredding evidence. the the world of warcraft maker is being sued for fostering a fratre female employees were treated unfairly. activision blizzard has disputed the allegations and said that it is working with investigators. coming up bird scooters , expanding into bikes, hitting the public markets via spac. we are going to talk to the company ceo travis vanderzanden , about that company's current valuation, and the impact of the pandemic next. , and from two wheels to four.

"balance of power" will be live from gm headquarters in detroit thursday for a special show. my colleague david westin will , be joined by a host of big-name guests. find out more about the automaker's ev strategy. you don't want to miss it. this is bloomberg. ♪

emily: micro mobility company bird, known for those zippy scooters you can find in over 300 cities nationwide, has planned to go public via spac at a valuation of $2.3 billion. they are also branching out into two-wheeled vehicles, and announced a new e-bike. with the electric bike market is

expected to hit $68 billion by 2026, and promises to fill city transportation gaps, while helping the planet, will bird deliver on its value? ceo travis vanderzanden joins us now. thank you so much for joining us. obviously, as i have been coming back to work, i am seeing more scooters on the road. what trends are you seeing as the world starts to reopen slowly, in fits and starts? travis: we are really seeing people want to get out of their houses, they want to rediscover their cities, and bird is a great way to get around your city. and we are really seeing -- last

year we were obviously heavily impacted by covid, just like everybody else. but this year it has been exciting to see the strong bounceback in the numbers as people are really looking to get back outside, rediscover their cities. micro electric vehicles are a great way to do that. if you look at our future numbers we just put out, 477% year-over-year growth on revenue. so we really are seeing that strong bounceback which is great to see. emily: some scooter companies did not make it through the pandemic. skip just filed for bankruptcy. what trends did you see through the pandemic, at the deepest, darkest point? did you still have that conviction that this would be part of the future, not knowing what the future would look like? travis: look, for me, i really believe in the future of transportation, the decoupling of the gas car. it started to me, my mother was a public school bus driver in wisconsin for 30 years. i grew up very passionate about it. 3000 pound gas cars nowadays. i really believe in the future of the decoupling of the car and more micro electric vehicles. i was always confident that once we got through the covid period lockdowns, as long as cities don't going to lockdowns again,

i think bird, like i said earlier, micro electric vehicles are a great way to get around your city, and i will continue to be very bullish on the future of not just electric vehicles, but 50% of all trips in a city -- 60% of all trips in the city are five miles or less, and i really believe micro electric vehicles are the right solution for those trips. emily: now, you used to run driver growth at uber, you were the coo of lyft. they both have been struggling to get drivers back on the roads. do you think that is a longer-term problem? travis: look, we will have to see if that is a transitory problem or if that is a long-term problem. i think for us, what we are focused on is getting micro electric vehicles on the road as possible.

the great thing is the vehicles aren't creating more traffic, they are not creating more carbon emissions, and we don't have to surge prices on the customers as well. i think that is why you are seeing so many customers shift away from ride-sharing during this period and on to micro electric vehicles like the bird scooters. now we just announced the bird e-bike as well, which we are super excited about. emily: prop 22 was just ruled unconstitutional by a judge in california. and i wonder, as a company that does not have to do with drivers -- that doesn't have to deal with drivers, as contractors, do you see the legal issues they face as being a long-term problem for their business model? are you happy you don't have to deal with those issues? travis: look, i am happy that with bird we have the electric vehicles that are out there, and in a lot of ways we are the first driverless vehicle because the rider is the driver. that certainly has simplified the business and allowed us to scale, and it certainly worked out better during covid times, as people don't want to share a car.

look, i think it will be a long-term debate about the future of the gig economy. but for me, i come from kind of a blue color union family, and i certainly see both sides of the debate, and i think the courts will have to adjudicate this over the next few years. it will certainly be interesting to watch from the sidelines. but the thing i love about bird is every year we are rolling out new electric vehicles and they keep getting better and better and better, and as a result, the economics of our business just keeps getting better, as the batteries get bigger and the vehicles get more rugged. the latest bird three we just rolled out, is now lasting over two years. so the lifespan of these vehicles keeps increasing, and every year the vehicles are getting better, which directly translates into better unit economics in the business. emily: ok. travis vanderzanden, appreciate you there. ceo of bird. we will be watching those scooters on the road. coming up, securing the nation

from cyberattacks. that was the theme at the summit -- that was the theme of wednesday summit at the white house where the ceo's of some of the biggest tech companies were in attendance. we will dive in into the details next. and we are hearing on the annual jackson hole symposium letter this week. we are going to bring you all the news and developments right here on bloomberg television as it happens. plus we will be speaking to several presidents including esther george, lorraine amasa, stay with us. this is bloomberg. ♪

emily: let's get back to our top story. the ceo's of the world's biggest tech companies leaving the white house after discussions with the president, pledging to help combat cyberattacks. as we mentioned earlier, amazon and google have committed to new

measures including cybersecurity training. microsoft just announced it will invest $20 billion over the next five years to accelerate cyber integration, and $150 million to help federal, state, and local governments update their own -- upgrade their own security. furthermore, i am joined by jeanette manfra, google cloud director of security. thank you for joining us. so, sundar pichai was there. so far, what are alphabet's takeaways from this event? and how do you plan to help? jeanette: sure. so, first, as you noted, we have pledged $10 billion over the next five years to improve investments in zero trust secure software and enhancing open-source security, open-source being a very important mechanism for ensuring nonproprietary solutions. we are also pledging through our google career certificate program to train 100,000 americans in i.t. support and data analytics, learning and in-demand skills including data privacy and security. as you know, it can't be security without having all

those folks, and this is an important job for americans everywhere. emily: so, president biden seemed to put the blame on the private sector when talking about the fact that there are just not enough people to fill the jobs that are needed to help protect u.s. infrastructure. what do you make of that criticism? jeanette: i don't think the blame falls on the government or the private sector. i think there's work that we can do to ensure that children as young as kindergarten are exposed to engineering and technology career paths that, regardless of where they are, they have that opportunity. i think google has done a lot to provide training and certification and pathways to get into companies like google. i think the government has done good work at community college, k-12. there's good work that has been done. there is a lot more that needs to be done.

it is also important to recognize nontraditional paths to security. so, not necessarily just a four-year degree from the elite institutions, but looking everywhere throughout our country for individuals who have aptitude but maybe not the opportunity and can benefit from training. emily: you worked on the dhs cybersecurity scene. i am so curious, what is the view from the other side of the coin, if you will, from inside the white house, about what needs to be done and what is not happening? jeanette: it is interesting. first, i would say i really commend the biden administration, both for having the summit. i was part of the team that organized president obama's cybersecurity summit several years ago, so i know everyone worked so hard to make it a successful event. hats off to the government staff who work so hard to make it a successful event. but it is really, as you said,

about commitment. that is why i think having these companies today as well as the government make these commitments to continue evolving all this foundational work that was done by previous administrations. and what i would really stress, which i did in government and now i see so much clearer outside of the government, is they need to continue to invest in i.t. modernization. the government is continuing to defend indefensible systems that are decades-old in some cases. making sure we are not just focused on the security, but also on modernization. emily: google is working towards a password-less future. i am putting passwords to get information sometimes dozens of times a day. when will the password be gone? jeanette: i hope soon. it is definitely something we have to work to change that behavior. we have been doing a lot of great work on multifactor authentication. one of the most reliable ways to prevent unauthorized access.

it is drastically increasing your account security. folks like elected officials, journalists, folks who are human rights activists journalists, folks who are target. , you have seen zero evidence of unsuccessful phishing attempts on accounts that are enrolled in our programs. we are continuing to lead the way. and i do hope a password-less future exists. emily: as do i. jeanette manfra, thank you so much for joining us and bringing us the view from both silicon valley and washington. and that does it for this edition of bloomberg technology. make sure you tune in tomorrow, we have a great show lined up. the bumble ceo will be with us, as well as d.j. and music producer justin blau to talk about nfts, and how it is transforming the music industry. i am emily chang in san francisco. this is bloomberg. ♪ ♪

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