♪ >> from the heart of where innovation, money and power collide, and silicon valley and beyond, this is "bloomberg technology," with emily chang. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." beijing taking steps to take control of didi, the world' is

biggest ride-hailer. we will discuss. ♪ plus, will lake tahoe be saved? firefighters say there is a chance they may prevent a massive wildfire from reaching the iconic landmark in california. talk to a teenager who built a fire tracking bot to help stop the next big fire. ♪ and going beach. how a small surf town in el salvador has become a hotspot for crypto innovation ahead of the country's decision to make bitcoin legal tender. all that in a moment, but first, marcus didn't know which way to go after the release of the latest jobs report in the u.s. hiring slowed abruptly, newest job gains in seven months. persistent hiring challenges, and the delta strain. here is president biden. >> the delta variant is why

today's report is stronger. people were looking and i was hoping for a higher number. next week, i will lay out the next steps we are going to need to combat the delta variant, to address some of those fears. emily: following the remarks, the white house unveiled $65 billion plan to prepare for future pandemic threats. it focuses on protecting the u.s. from biological threats, either natural, accidental or deliberate. all this added up for a lot -- added up to a lot for investors to digest. we see how it played out with our kriti gupta. kriti: a risk off session following the disappointing report, 200 30,000 jobs report. the estimate was 730,000 jobs. you saw immediately a haven bid into big tech, some money going into treasuries initially but

coming back out. i want to focus on china. you can see where big tech and chinese tack really diverts, the u.s. and china. they were trading together and now, outflows from china to the u.s. showed up in into drake -- intraday trading for security stocks. the shanghai government and shanghai exchanges are actually coming into tightened restrictions on offshore listings. this dark difference was didi rising above other chinese adrs, really having to do with the potential state-run investment. emily. emily: thanks. another big twist in the chinese crackdown on tech companies. the beijing city government proposed an investment in didi that would gives state-run companies control of the world's largest ride-hailer. it is unclear how large the stake would be and whether it would be approved by government officials. didi is controlled by its

cofounder and president whose voting power amounts to about 50% since the company went public in the u.s.. i'm joined by my guests, including the director of geo technology at the eurasia group. ladies, thank you. we saw the chinese government do something similar with bytedance, para company of tiktok. what you expect? >> the didi proposed takeover is a predictable continuation of chinese policy. we don't know yet. it sounds like they are having a state-owned enterprise invest take a share and board seats. jean jinping has been clear, chinese companies should serve chinese patriotic sectors. and the danger and that is strangling the goose that lays the golden egg. emily: this is a company with

public investors from around the world including uber, softbank, big minority stakes in didi, what does it mean for them? >> this means that the chinese government is tightening control with the platform company. you look at what didi is going through and what bytedance needed to do to follow the same content rules as traditional media, that company should act like a licensed credit agency. this is a trend toward not only regulatory but ownership practices between digital and traditional industries in china. there is rising political pressure for the platform sector. emily: anja, she's an pig says he wants to redistribute wealth to limit the dominance of the tech sector, but what of the companies you expect to be affected? anja: i'm not sure where it will

stop. the entire tech sector of china is going to be affected. the chinese government has been very clear. in august, they laid out a five-year plan outlining greater regulation of the economy, especially technology. some of it makes a lot of sense. tech companies in china have had very few data regulations and now you have data protection and all the other things and the reason they are doing this is to reinforce tighter communist party control. i think this trend is going to continue. this didi situation is not a one off. emily: there is an alibaba situation as well, also under regulatory scrutiny, just made a big, $15 donation to this campaign by president xi. what is your take? is alibaba trying to pay off or curry favor with the chinese

government? >> alibaba is still a representative of the chinese tech industry response to this changing political development we have been talking about. [indiscernible] to proactively respond to the political calling for a redistribution of wealth. the fear is that they don't excel-corrective action now, partial regulation will come down the pike. this could be tax reform, new labor rules, investment restrictions. these options are all available on the table. emily: anja, you used to work at the u.s. state department, how is this being received? anja: the u.s. is watching the u.s.-china tech competition carefully. we have seen moves by the u.s. government to make ourselves more competitive. there is a lot pending in congress called the innovation

act that would vastly step up u.s. investment in our own research and development for chips, would you give subsidies to semiconductors, so the u.s. government is watching this very closely. but these chinese internet companies aren't directly related to our national security. i think they are watching it in the sense that u.s.-china policy is at the forefront. but didi, bytedance, don't directly impact our national security. emily: how could this impact u.s.-china policy and the relationship? xiaomeng: it is a tech decoupling and it is happening on both sides, not just the u.s.. the commonest party once tighter control. you have seen 50-year regulations from the chinese in the past few months, antitrust,

alibaba was fined. tencent and music licensing. there is a protection law that will make it hard for chinese companies to export data abroad. there was a crackdown on internet tutoring. so you really see china decoupling, especially from the west, in terms of its technology. and that trend will continue. emily: xiaomeng, give us an idea of what is happening in china right now. if you are a chinese entrepreneur running a startup, are you panicking now? xiaomeng: bigger companies are realizing, in a way, winter is coming. the business environment has changed forever. and this is not a short period, it is likely the start of a process that will last for years. for small and medium-sized companies, xi has addressed this

audience and has said he is going to set up a new trading board in beijing and promises openings in the service sector to give opportunities to the smaller guys. that is the kind of government move designed to ease market concerns and present new opportunities for smaller players in the industry. emily: fascinating to watch this playing out. eurasia group's siameng lu as well as anja manuel, thank you. apple designed to delay a new feature that would scan customer photos for signs of child sex abuse. the company announced the system in early august along with other tools meant to protect children. apple faced criticism from privacy advocates that the measures could set the stage for other forms of tracking. apple says it is taking time to collect input and make

improvements before releasing these critically important child safety features, they say. more on apple after the break when we talk about the future of the deal with google as a default search engine for ios could now be the time for apple to start its own search engine. next. this is bloomberg. ♪

♪ emily: ride-hailing company lyft says it will cover legal fees for drivers sued under a new law in texas that outlaws most abortions in the state.

the company ceo says the law is to punish drivers for getting people where they need to go, especially women exercising the right to choose, adding this is an attack on women's access to health care and the right to choos pretty the company announced it is donating $1 million to planned parenthood. for years, apple has benefited from a local -- a lucrative deal in which google pays to be the default search engine on ios devices. can the arrangement survive, that is the topic of a column by bloomberg. the author joins us. give us a history lesson on this deal between apple and google? a lot of people don't realize this is why their iphones operate that way they do. talk about how it works. >> google pays apple billions of dollars a year to be the default search engine on ios devices. when you go to safari and search

for something, google is the default search engine. bernstein last week at a great report where they ran numbers and found google was going to pay apple $15 billion this year, rising as much as $20 billion next year. -- rising to as much as $20 billion next year. last october, the distribution deal between google and apple was the centerpiece of an antitrust lawsuit against google . i don't see how it can last. emily: you point out there is an antitrust problem here. why is that if both apple and google, petra's, are involved? tae: they are kind of competitors, but in a sense they are not. if google is paying apple $15 billion this year, there is no way for a small start up to get that kind of distribution.

this is massive come over one billion people using iphones. so, this is a huge advantage for google and they already have a monopoly on the surge business with over 90% market share. i don't see how this is tenable in this world of antitrust, and this is a clear example of a power call -- powerful company like google to use financial might to maintain dominance. emily: you make a suggestion apple should start its own search engine, certainly provocative. why do you think that is a solution. that solution? and it is not easy to do tae: --and it is not easy to do. tae: they have been hiring a lot of people from google. if you think about it, google makes $50 billion from ios users, so why not go after the market? it is a huge market and one of

the things that apple can go at that is going to move the needle. if you think about it, it is also software and services, so a lot of engineering that apple does can the relatable, and it is the same kind of expertise. so, it is a huge market that they can attack, tens of billions of dollars, software services, any capabilities they invest in, they can transfer to other areas that make iphones more attractive and like i said, in this antitrust world, i don't think this last. so, they might as well get i had a bed and attack this market. emily: you imagine apple would do search differently than i n google in april privacy way? tae: tim cook end up alike to say we are a privacy first company, but they are taking all this honey from google at the same time, and offering up apple users to be used by google for digital advertising, and

invading the privacy stuff that they blast. in a way, they can live up to their principles by creating a search engine that has more privacy protections. and all this talk about, we are only privacy focused, they can live up to their principles. emily: bloomberg opinion columnist tae kim, a provocative piece you have out today for check it out at bloomberg.com. coming up, i see with -- i speak with the ceo of hewlett-packard enterprise, on how the company is adapting to remote work, the chip shortage and more, plus converting customers into subscribers. next. this is bloomberg. ♪

♪ emily: hewlett packard enterprise out with earnings as

supply constraints rock the industry. but increased the man from the shift to remote work is created an opportunity for hpe, according to ceo antonio neri. he is working to convert customers to a subscriber model for some services. ceo antonio neri joining us now. talk about the continuing demand for remote work is impacting hpe ? antonio: i would like to start saying we have impressive demand. i agree with the headlines. we raised our forecast for the fourth consecutive quarter, driven by the momentum we have in our strategy, which is all about secure connectivity, cloud and eta insight. in this new way to work has thus

making our portfolio become the platform we have sought the whole time. we saw double digit growth and a lot of momentum which allows us to expand our markets. we did a great job in driving pricing to deliver record-breaking gross margin and a record-breaking year up till today. the momentum gives us confidence to raise the forecast on eps and free cash flow and we will continue to drive growth in the revenue top line in the next quarters. the covid challenges, it is going to be here for some time and we have taken action and our engineering team's best in class to swap components where there isn't availability. emily: talk about how supply constraints play out? do you think the chip shortage

and other shortages will ease up to the end of the year, a couple more years? antonio: no, no. we think it is safe to say, for a couple more quarters, two or three quarters, and then it will ease up. our suppliers have taken their own actions to increase capacity, but the same time, we are taking our own actions. at is why all our new guidance, we are raising the guidance, it factors all this in. we think this is going to stay here for two or three quarters but on the demand side, emily, we see no impact. in fact, demand is never been to this wrong. we are bullish about the momentum that i think will continue into the 2022i.t spending cycle. and more customers are consuming everything we offer as a service, to your point of becoming more of a subscription company. emily: you shrank while dell was

able to grow. why do you think that happened? antonio: well, if you normalize for the q3 2020 backlog as you recall, in 2020 with the disruption of covid, we had on was 500 million dollars in incremental revenue for q3 2020. 17% year-over-year growth. and we have two major segments, general performance computers and high-performance computing and that will continue for us in the way people are using ai, machine learning, which has grown it 9%. so you have to look at our performance with a combination of compute and hpc, and that is going to give us terrific ro thin the quarters to come. remember, we just announced a very large deal with nsa, a $2

billion deal in the next couple quarters. emily: a huge deal indeed. let's talk about the plant to convert customers to subscribers. what makes you optimistic? antonio: customers want a cloud experience everywhere with an elastic model, meaning pay-as-you-go. they don't need to go always to the public cloud. we can bring the cloud to you, the cloud to you, in your own premises, in your own data centers, whatever. and with our hp greenlake loud offering, we are meeting those needs better than anyone else. and you can see that in our results. out of 100 customers this past quarter, we now have 1100 customers since the beginning of this offer. total value now exceeds $5 billion and last quarter, grew 46%. the way we report our momentum on the street is for the annualized revenue run rate, which also grew 33%, in excess

of $7 million. we have a phenomenal pipeline at the reason we are winning the space is because we have the software to deliver against that experience. greenlake now is the alternative to the public cloud for those who need to stay on brand with big eta-intensive aspects. emily: antonio neri ceo of hpe, good to have you back on the show in thanks for walking us through the trends. tesla cyber truck is reportedly a year behind schedule. according to a blog, the truck is expected to start production at the end of 2022 under want to be made in volume until late 2023. tesla ceo elon musk reportedly told employees on a companywide call it will be complicated by the amount of technology in the vehicle. more on "bloomberg technology," after this break. this is bloomberg. ♪

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david: if somebody said they wanted to be the next you, what would you say? >> i so want to be the next one myself. ♪ >> lower numbers. >> this has some delta variant on it. >> this is the long game coming out of a pandemic. emily: there is one huge red flag for me in this report. >> zero jobs were created in hospitality. >> we had almost zero gain in that area. >> the bounce back since of timber, the market is saying this is temporary. >> the market is pushing back

any tape announcement to november, maybe december. >> they don't need to rush into it and the most important thing to lose -- not to lose sight of is that it is not tightening. emily: welcome back to number technology, i am emily chang -- "bloomberg technology", i am emily chang. talking about the fed's decision on tapering and as some folks mentioned, the hospitality sector and restaurants were hit hard. kriti gupta is back to see how those numbers are impacting tech companies. kriti: if you look at the labor market recovery in the last couple of months, it was driven by we certain hospitality. the blue line is the overall numbers, you can see they were leading. to lose that momentum, it is a problem. to talk about how it translates into the stock figures, let's look at those food delivery apps. you saw that immediately

extremely exposed to that restaurant business, they are down. tripadvisor, a lot of leisure and hospitality, but when you talk about the social scene and restaurants, that reminds me of dating apps, bubble, match group, those are doing well. it doesn't look like it hurt that investor base. i want to end with news from a couple of minutes ago, match group joining the s&p 500, something to watch in terms of the market move. emily: thank you for that round up. shares of docusign are at a record high, the e-signature company sharing better than expected results, raising optimism over the future of work and business in these uncertain times. joining us is dan springer, ceo of docusign. great to have you back on the show. here's my question. how much growth, how many years of growth happens in one year or

18 months of this pandemic? a trend toward eve's signing was going to happen at some point, but -- he -- e-signing was going to happen but how much do you think was compressed into that pandemic? dan: i think it was meaningful, over six quarters we double the size of the business and even though we are high-growth we probably would not plan to double every six months. we think we had a fairly significant increase to our growth rates. if you think about q2 which we announced, 50% revenue growth, due to on the subscription side and we were traditionally -- we have been more in the high 30's. this is a meaningful peace and i think we have come out of that heavily covid induced growth and and closer to what the new normal will look like. emily: the way i think about it, thank goodness we can do these things electronically. that is important, the question is can you keep this growth up

post-pandemic? how does that trend? dan: if you look at what we provided for guidance, strong guidance in the second half even though we had this strong first half. i think we are bullish on the growth opportunity ahead. i think the cork reason behind it and the reason we are optimistic and the market is seeing it, we have a significant -- a strong competitive position. and we have been executing well, docusign has stepped up to the opportunity so i think the expectation is all three of those things are going to continue. emily: you are known for e-signature's but you have expanded, talk about that. dan: e-signature is where it starts, it brought us here and we would not be doing $2 billion of revenue if it weren't for signatures. at the same time, our customers, we are a customer company,

before the signature is generated and after the document is signed, they search and run our business better from the information we get from those agreements. that is where we want you to go. that is what the agreement plan is, we are building out that functionality pre-and post signature so we can bring a more full solution and help customers run their business. emily: you have over one million customers. what are the demands you are seeing as the pandemic drags on and we move toward some sort of new normal so far away? dan: we like the new normal two, we just wish it would get here faster. during the pandemic, a lot of our customers were in survival mode. i had a conversation with a smaller insurance company and their ceo told us if it had not been for docusign, when they had to close their physical doors because they could not operate

physically, they probably would've had to close their doors. over half the business they did was driven by a signature in the year post-covid. now they are saying that is fantastic, how do we take our digital transformation to the next level? we've done the basics but let's look at the rest of business and opportunity. that is where we see growth. we see of australia, a great example, customers for a while coming out of the pandemic the group their volume 175% with us. people are saying we got our toes wet, we saw the benefit you articulated of the ease-of-use, the speed of getting things done faster and better, now we want to accelerate that the rest of our business. emily: you are a san francisco-based business, i have been to your office, beautiful. how are you thinking about the return to work for your company? companies like coinbase give up their headquarters and went fully remote, others are

downsizing. how are you thinking about this? dan: we have frustration right now because i can't be in that office that is a couple of blocks from here. the reality is we think new normal for us will be different but not dramatically different. our philosophy as we think part of what makes our culture great is the interaction our employees have of each other and some of that will need to be in person and occur in the office. we are not getting rid of our footprint, we will probably grow it slower than in the past because a lot of workers are going to come with less for quincy. are going to have less dedicated desks and more of people hotel ing. that means we will grow slowly on our office footprint but the same thing, we are going to ask our employees for the most part come back in the office, that will allow them that are career growth, us to have better innovation in our business and allow us to serve our customers. that is how we think it is going to play out. emily: docusign ceo and

springer, thank you for sharing that, good to have you back. coming up, with the threat of wildfires in california adding worse every day, our next guest builds a robot that could help fighting fires faster and it save homes and lives in the process. that is next. as we had to break, treating, going public in july. they asked mark wahlberg -- their funding military veterans to start their own franchises. joining us to talk about the program. this is bloomberg. ♪ >> these guys, brave men and women are more than capable of being multiunit operators, operating for five studios themselves, having a lucrative career.

emily: let's get an update on the buyers northern california, and as the caldor fire rushes toward lake tahoe, california, firefighters down trees to stop it. a heart pounding wait to see if it will break through. joining us is our reporter who has been covering the fires. what is the latest, will lake tahoe be safe? >> firefighters are optimistic or how they describe it is cautiously optimistic that they will be able to protect south lake tahoe from the fire. the weather conditions have improved over the last 24 hours and they are expecting much calmer winds over the labor day

weekend. they're hopeful they'll be able to keep the blaze out of the resort town. the improving conditions have allowed them to build these fire containment lines around the city ahead of the fire. some of these lines are as wide as a highway. they use these bulldozers and crews to chop away trees and brush to protect this urban environment. things are looking much better than they did 72 or even 48 hours ago. emily: we are going into labor day weekend when you would normally see lake tahoe teeming with visitors and people who live there. would you say we are out of the woods, no pun intended? or is it still a minute by minute, hour by our situation

given how dry it is and how warm it is? mark: that is a great question. no, they don't think they are out of the woods as you say yet. fire officials don't expect to lift evacuation warnings for south lake tahoe over the labor day weekend. they are not giving exact timing, they might be able to let people back sometime next week, though they said it could be later than that. it really depends how well they are able to put out some of these spot fires that have been popping up around the area, and really get a sense of whether or not the fire is truly contained. but yeah, it is going to be an economic hit for south lake tahoe. this is one of the busiest times of year for the area. somebody with the tourist association said it will hurt

some businesses. emily: well, our hearts go out to everyone who lives there and the heroic efforts of them. mark chediak, thanks. with so many wildfires in california, it is difficult to know when they start. our next guest created a bot that predict it based on highway patrol reports. it shows the occasion, the exact police report and a list of locations of where the fire was started despotic. joining us -- was spotted. running is is the creator of the bot. i believe you are just 17 years old. quite the invention for a teenager. talk about how calfirebot works. >> most fires in california are first spotted by motorists and police officers who will report it to the california highway patrol. so this twitter bought b --

bot gathers information and then will tweet it out and show the area of the fire, the police report and a link to the fire and where it was spotted. emily: how many fires are burning in california right now? what is the bot telling you? bennett: there are about 100 fires right now. every day the pot will tweet about -- the bot will tweet about 100 times and it is incredible, 100 fires every day, it is very difficult for the fire department to go to them. emily: do your knowledge, has the bot helped firefighters and first responders find out about situations? as i understand it, it flagged the sea fire which is huge, one of the first -- dixie fire, one of the first to

identify it. bennett: this bot is usually the first resource to spot a fire because of the way it got its information which is through the california highway patrol. this can be used for people who are worried aobut be -- aobut b -- about being caught in a fire but also for the fire department. emily: is the fire department watching the bot? bennett: i was contacted by my local fire department, who were really appreciative of this bot because it has been helpful to them. emily: what should we expect the rest of the fire season given how the bot is trending? as you said, about 100 fires a day. bennett: the past two months

have been consistent with 100 fires, so as i'm expecting this season it will stay at that number and maybe increase. emily: we will keep watching and i have to ask, since you are 17, how did you do it? how did you create a bot that can identify fires? bennett: it's just a program, it is looking through reports and i guess it all began when i was on vacation with my family last summer and there was fire. the smoke from the fire caused problems for everybody and that sparked my interest in wildfires. since then, it is a way to share information about wildfires. emily: thank you for sharing it with us as a resident of the state of california, bennett jwseiajtm xe =---

-- kedrosky. next we visit a central america beach town. that is next. this is bloomberg. ♪

emily: let's look at some events happening next week, tuesday el salvador becomes the first country to make bitcoin legal tender. they will also be able to download the digital wallet, enter your id and receive $30 in bitcoin. in the trial of elizabeth holmes, former ceo of the blood testing started their nose who is charged with -- theranos who

is charged with defrauding investors. a partnership with amazon, how consumers split up payments of purchases. -- helping consumers split up payments of purchases. more on that el salvador law, the central american company has been examined and with cryptocurrency in a tiny beach town. >> welcome to a town known as bitcoin beach. this surf town on the coast of some dutch el salvador is first to go full crypto. everything from coffee to salaries and community projects can be paid for using bitcoin. >> and has been crazy how fast it has caught on and how useful it quite has been for everyday people. >> just buying a cup of coffee can be done quickly, painlessly. >> the town has never had a bank, so their only atm buys and sells bitcoins and nearly --

many households interact with the currency regularly. >> el salvador has become the first country to accept it as legal tender. >> next week i will sign a bill to make an illegal tender in el salvador. >> but how did a country where 70% of the country is unbent to become the first to use bitcoin? he started in 2015 when an anonymous donor got in touch with a church. >> they wanted to remain anonymous, did not want credit. if you want to see bitcoin in real ways, he doesn't want to give it to organizations that are going to convert it to fiat and they as an organization believe that most of the benefit of what they are trying to do would be by feeding bitcoin economies to the world. >> peterson dropped the plan to

create a bitcoin economy and recruited a small staff of residence. >> we have a timeline and we are at the rate when we are only 18 months into it. part of that was sped up by the pandemic. >> when the tourist ministry and the economy collapsed, peterson started making monthly transfers of about $35 in bitcoin to 500 families around town. >> during that time, people could not go out of their homes to work, and a lot of people were going hungry. we used some of the resources we had to start sending bitcoin to families and teaching stores had to accept bitcoin, which helped stores to stay in business, keep their employees on, but also it allowed people to remain fed. >> the owner of a tiny eatery said she was skeptical about having money on her phone. now bitcoin accounts for as much

as half of her roughly $45 a day in sales. >> [speaking spanish] >> and the owner of this cafe never thought twice about crypto until customers asked about it. within the first week of opening. >> they showed me the app, we downloaded it and i had the app for the wallet in my phone, he paid me for his cappuccino on bitcoin. >> shops in town take dollars, but whether it is bitcoin or not, it cappuccino always cost $3.50 even if that coin value has jumped or dropped. in this way, it behaves more like a token than a currency.

>> what was in my mind at that point was what am i going to do with it? am i losing my money? did i give coffee for free? now whatever i get in bitcoin, i keep it as savings. >> that brings the risk of volatility into play. >> bitcoin has been tending -- trending up during the time of the project and we understand that might not always be the case, but we find that people learn quickly how to rise above volatility, how to adjust, which funds and my putting aside for 10 years where not worried about it, which funds are for next week so i need to move it into dollars to be able to make a dollar denominated payment. and it is much less of an issue than we anticipated. >> the locals were skeptical, many -- crypto in their community. >> [speaking spanish]

>> [speaking spanish] >> [speaking spanish] >> el salvador's bitcoin law will come into effect september 7. emily: that does it for this edition of bloomberg technology. my colleague romaine bostick will be joined by former u.s. treasury secretary, the carlyle group cofounder and chair david rubenstein and a portfolio manager.

we are off for labor day on monday and we will see you tuesday, i am emily chang and san francisco. this is bloomberg. ♪

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>> august ended -- and with school stumbling reopening's, companies struggling to get numbers back to the office. investors expecting worries about a reversal and a positive economic momentum, this is bloomberg wall street week, i am romaine bostick. romaine: this week the jobs report suggests recovery is losing steam. special contributor larry summers tells what he sees in the numbers. >> it's not that employers don't want to