>> from the heart of where innovation, money. this is "bloomberg technology," with emily chang.

-- emily: we take a look at how the internet, and social media has changed since 2001, and how the attacks might have been different if they happened today. community and crypto. i sit down with steph curry and his wife and entrepreneur, aisha curry, to talk about how they are investing in kids and families in oakland. and his latest foray into digital asset. to the top tech story of the day. a federal judge ruled apple can no longer force developers to use its payment system in apps. the judge granted an induction sought by epic games while also ordering apple breach of

contract. it can take a big right out of the app store's profits. the judge also ruled apple is not a monopoly, and the iphone maker says it is a win. mark gurman is with us. also jason char. we were both on the call with apple's general counsel. she did not just say it was a win, she said it was a huge win. what do you make of how apple is -- some say spinning -- this outcome? >> apple is focusing on the good. if you are a person for apple, you will not come out and say it is bad when there is good you can promote instead. the judge not ruling apple is a monopoly is a good thing. the judge criticized the 30% cut a good thing. she's not forcing the allotment of third-party app stores.

that is a great thing. this is the biggest change ever coming to the app store. she will force all app developers to be able to promote outside purchasing mechanisms. you can go to the web to complete purchases, whether it is a book of the amazon app, amazon implemented this -- said they would -- for spotify, and other apps. now it will go to games, which are more lucrative. emily: epic will appeal the decision. they lost on every count. they will have to pay millions. isn't this potential debt in the app store a victory for epic? >> it is a victory for epic, but you know what is not a victory? the fact fortnite, their game, is still not in the app store. the ruling from the judge doesn't require them to reinstate it. that is a big blow to them, in addition to losing every account

they had. the ceo said it was not a win for customers and developers. it seems the epic camp is unhappy about the ruling, despite the win. the only winner is the third-party developers, who may benefit from these app store changes. epic is not happy today. emily: epic saying -- tim sweeney himself -- saying it is not a win for developers and consumers. when and where epic can offer in app payment in fair competition with apple. in app payment passing along the savings to consumers. apple's general counsel said they would look at the ruling closely and decide later whether to make any actual changes. will those changes come to pass? >> there's nothing to look at. it is crystal clear what is going to happen. apple announced they will allow reader apps. books, music, media, video.

it netflix, spotify, kindle readers of the world. buttons in their apps to complete purchases. to sign up for netflix, you can. login, give your credit card info, go back to the netflix app on the iphone or ipad and keep it moving. that is what apple is being asked to implement for games and other apps categories. it is simple. i think it will be easy to implement. it will probably cost apple between $1 billion and $5 billion per year. compare it to their $350 billion plus income they expect to make in 2021, not a big deal. still very significant. i think apple will implement this. a 90 day injunction. you will probably see it early next year going into effect at the same time as the previous reader ruling from last week. emily: not just game makers, but any kind of app. what does it mean should these changes come to pass for game makers and everybody else?

>> it is interesting. i have not seen a ton of people talk about it. from a practical perspective, i'm not sure many want to go to an external source to have to enter their credit card again when they can do it through apple. how many people will see it as a barrier and not make in app purchases? i think that is what developers take into account deciding if they want to really use a third-party payment processor or stick with apple. is the extra 20%, or whatever it turns out to be, worth it? will we lose a lot of customers along the way? the real winner will be the big gaming companies, ea and activation, who have massive mobile games like candy crush, star wars, making many millions of dollars, over $1 billion a year. when they do switch to their own

internal devices, or third party payment processors, they will see a lot of money as a result. for the smaller developers, it will really be a case-by-case basis to see if it is worth it to do this. emily: epic has opened litigation complaints against apple in the eu, the u.k., australia, and complaints against google. we will follow all of those. jason shire and mark gurman, thank you for weighing in. we will follow your commentary online. i want to look at how markets reacted. katie wright held joins us. apple took a big leg down as soon as ruling came down. what can you tell us? >> the headlines hit at 11:30. you can see what that did to the stocks. fell sharply and stayed there. apple closed about 3.10% lower in total. biggest loss since about may. let's zoom out and look at what it meant for the companies.

it was a great day for them. you had names ending firmly in the green. theoretically, apple will not take a cut from them anymore. they will have to pay the app store toll. you see the stocks lifting higher on this friday. if you look at the broad index, a mixed picture. s&p 500 and nasdaq 100 diving in the last hour of trading. the small categories really bore the brunt. the russell 2000 index finishing about 1% lower. i want to stick with the s&p 500. the fifth straight day of losses. the longest losing streak since about february. over the past five days or so, it is down 1.7%. still not at the 5% correction level we keep talking about. that has not been hit since about november of last year. emily: katie greifeld,

thank you. in developing news, strive has had to be in early discussions with investment bankers about going public as soon as next year. this according to bloomberg sources. it was last valued at nearly $100 billion. it is one of the most anticipated listings in years and would mark one of the biggest private companies ever to go public. we will continue to follow that one. we will take a moment to remember the tragedy of september 11 as we recognize the 20th anniversary tomorrow. how social platforms have shaped our society in the last 20 years, and how reaction to the attacks might have been different if facebook and twitter existed at that time. we will explore the question. this is bloomberg. ♪

emily: we take a moment to remember the 9/11 attacks on the eve of their 20th anniversary. much has changed since tragedy struck america, including the power of the internet and social media. when those planes struck the twin towers in new york, jack dorsey was tinkering with taxi dispatch software. mark zuckerberg was a senior in high school. it leaves one to wonder if social media existed, how might 9/11 have been different? naomi nix explored this topic in the fully charged newsletter. it certainly is a provocative question. what is your hypothesis as to how 9/11 and how we digested and

weathered it might have been different had facebook and twitter been here? >> when i was thinking about the 20th anniversary of the attacks, it made me realize how much the internet not only shape the way we conceive these critical news events, and really sort of tragedies. at the time, as we were getting information about the attack, organizations would have been tweeting updates, the white house, we would have seen graphic footage of people running away from danger, jumping from danger on youtube. we would have seen politicians talking about how they are praying for grieving families and pledging, calling for justice on behalf of those families. a lot of us would have been focusing on what is happening on

our screens, and may be less on conversation with our loved ones huddled around the tv screens like we did back then. emily: the taliban has taken over afghanistan. they are much more technologically savvy today than they were 20 years ago. they are using social media to get their message out. i spoke with the head of instagram a few weeks ago as the taliban was taking over, to talk about how facebook and twitter are managing this. listen to what he had to say. the taliban is under u.s. sanctions. due to our dangerous organization policies, we don't allow any celebration, promotion, or representation of the taliban instagram or any facebook applications. so we are relying on that policy to proactively take down anything we can that might be dangerous or related to the taliban, in general.

emily: they are always under pressure to manage terrorist messaging on social media. now are they under more pressure now that the taliban is back in power? >> yeah, we have seen reporting from the new york times how the taliban is currently using social media. particularly twitter, to get its message out. this idea it is a kinder, gentler organization than the one that was in power so long ago. that brings up the question about how to police an organization the u.s. has considered a terrorist organization. facebook has -- twitter has not done -- facebook has banned organizations, twitter has not done a direct ban. sympathizers of the taliban are getting their message out on

social media anyway. they will have to figure out how much to stop them and whether they will be able to catch that content. emily: you say the promise is everyone gets a voice, the problem is everyone gets a voice. very poignant words. naomi nix, thank you so much. the nft craze continues. listeners can buy in on a song for their favorite artist and earn royalties with them. we talk to an international dj about his foray into and fts -- nft',s which he thinks are the future of culture.

>> to understand bitcoin, you

sometimes have to climb very deep down the rabbit hole. ♪ >> conventional wisdom is wrong about bitcoin. consensus in the investment community is that cryptocurrency prices will be hurt by an increase in regulations, while the launch of the u.s. etf can put prices higher. wall this is likely in the short term, the opposite might be true in the long run. to understand why, consider this. it was created in 2008. bitcoin had been a parallel investment universe that led to wild rallies and crashes. it caused some who may have wanted exposure to steer clear. while private investors and hedge funds are able to buy crypto, pension funds, money managers, and banks largely

won't know which boxes to take on their compliance documents. if, however, a regulatory environment was put in place, it would open the door for a wealth of money chasing explosive returns and diversification benefits. little wonder that in the minutes after the committee on banking supervision proposed the toughest requirements for holdings in crypto assets. bitcoin rallied. consider the flipside. u.s. securities and exchange commission a chair gary gensler indicated he would be more welcoming to an exchange traded products backed by cash settled futures rather than actual bitcoin. while this will create a new access point for investors, the long-term implication is negative. why? while bitcoin is an inherent c scaled product, cash futures are

not. supply is potentially infinite. as long as there are markets willing to take the opposite side of the train. it is worth emphasizing the immediate reaction in both the regulation and etf's will be in line with what the crowd expects them to be. yet it is also important to consider the ultimate implication. it is only so we don't get carried away in a secularly friendly. and all of that proves once again that to really understand bitcoin, you really have to go very deep down the rabbit hole. this is decrypted, i'm eddie van der walt. for more, follow us on your favorite platform. emily: bitcoin is bouncing around $45,000. defi is looking to go mainstream. what has everyone talking in the digital asset world are and fts -- nft's non-fundable tokens.

their striking resurgence after staving from the headlines during bitcoins springtime swoon. justin blau is announcing a new platform, royal, a leveraged watching technology to create a new economy for music. and even you can own a piece of it. here is my conversation with blau. >> the reason i expect to make money for streaming as an artist is typically because an artist signs their rights away to a record label or intermediary. those that retain independence and end up capturing more revenue from their streams. it has been a little bit misconceived in the public narrative. for those that do retain ownership of their music, streams have gone up in the past five years. emily: when did you get into cryptocurrency and nft's and realize it can be part of the solution? >> my exploration of crypto started in 2014.

i started experiencing -- experimenting with digital collectibles. my dream was to somehow get fans involved in the ownership of music fans are the reason music is distributed and heard around the world. or they share with friends, go to concerts, and other main drivers of music's popularity. why not incentivize the same group of people responsible for the distribution with actual ownership of the music? the means of doing that in a more fiat banking role is difficult, but with this technology, it is easier to assign that ownership and distribute cash flow associated with that ownership. emily: tell us more about royal, how it works for artists and fans. >> royal is a new project of mine. my best friend from college, to o. it is an asset class most people don't have access to. it as a platform that enables anyone to invest in music and earn royalties alongside artists that make that music.

realistically, a lot of hedge funds and private equity firms have invested heavily in catalog and music asset as inflation protected assets. the public hasn't had that access. we want to get them that access. emily: what are the first songs coming to the platforms? what other artists are you hoping to work with? >> i'm definitely going to be the guinea pig my music is. . going to be first deplatform. we are lucky to have them a -- amazing artists. we have not been public about them, but i can say we have at least five in the top spotify 100. we are glad to work with them. emily: what other industries do you think could benefit from this kind of approach? >> that is an amazing question. it starts with music, giving fans ownership of music with artists is the first step. there's no reason why the underlying technology could not apply to gaming, journalism, authorship, youtube, or even film and television. film and television rights are a

bit more complicated, but the possibilities are endless when the technology is built. we are excited to explore those verticals after we conquer music. emily: i would love to talk about clubhouse. every time you get on, it seems there is a room devoted to nft's . how much has clubhouse fueled interest in nft's? >> quite substantially, i started talking about nft's in september of last year. things moved so quickly, it was early back then, but a year ago is when things started. during the pandemic, everyone was locked down and thinking of new ideas and ways to connect digitally. nft's happen to be in the perfect moment where crypto was entering a new bull market and people started getting excited about the technology. clubhouse was a means of connecting around a mutual and exciting idea. when everyone was home and not able to go outside, they were

spending more time on computers, looking at digital assets, and the views seemed to resonate with people the more you explained to them. clubhouse kind of created the medium where instead of reading about something, you can hear the passion behind people in the tech and building tech. that is instrumental in really bringing nft's mainstream. emily: that was royal founder, justin blau. coming up, we will hear from steph curry and aisha curry about how their work to help kids and families through the pandemic through their foundation, eat, learn, play. and steph curry don't -- dunking into crypto. what he has to say about that, tom brady, and how digital assets can open up new opportunities. that conversation is next. looking at the week ahead in

tech. oracle out with first quarter results. apple unveils a host of new devices, including 4 new iphones at an all virtual event. tuesday the deadline for a ballot for the california governor recall vote. wednesday, a big spacex launch. we will be all over it.

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>> we need a much more global vaccination, we need much more preparation for the next pandemic. and this is the biggest vulnerability for our national security from the rest of the world over the next decade. emily: larry summers saying covid-19 is the biggest risk to u.s. national security. you can hear more of the

interview straight after "bloomberg technology." that will be on "wall street week." the pandemic has also had an unquantifiable effect on our underserved communities. the inequality gap that existed prior to the outbreak has only gotten wider and harder to bridge. bay area power couple steph curry and aisha curry launched a foundation called eat, learn, play, to address this issue. any quality, children, families. the newest project is a mobile resource center built from a former school bus to deliver food, education, and recreation to children in need in oakland. i caught up with them at the workday charity classic where they gathered to play golf for a good cause, and started by asking about their work with oakland kids and the impact they have seen covid have on the community. >> what we have identified in our foundation to create that well-rounded experience, and

retention for them. the pandemic only increased that need exponentially. it is bad to think about, knowing how many meals we have been able to distribute since 2020, had we not been capable of springing to action and aligning with the partners we did, over 17 million meals to date. it is alarming to think about, but also to know, figuring out how to be efficient and support the community that needs it. opportunities like this, raising awareness and raising money, staying on that mission is important the pandemic, those effects will continue to last for a while. we will try to do our part. >> what may not be in the forefront of people's minds

entering this new school year is literacy. it is a new pillar we are unlocking when it comes to our learn pillar. especially in the oakland community. 19% of black students at 14% of latin students are reading at 4% grade level. with that gap year we had, making sure the people -- making sure the kids are building upon those literacy skills and we are increasing the statistics and seeing change for these kids, one of the most important things right now. emily: it will serve underserved children and families, a food pantry on one side, library on the other side, basketball hoops. when it hits the streets of oakland, what do you want it to do? >> i want excitement, i want to bring about excitement in the kids when it comes to reading. when we launched a few days ago, i think we saw how this model can work. they ran up to the bus.

i have little ones, so as a mom, i was like they will go straight for the basketball hoops, which is fine, but they went straight for the books. they were excited to receive these tangible items. sometimes it is about getting the resources in the hands of the kids. i'm really excited about that. this bus is going to give us the opportunity to provide over 500,000 pounds of produce a year into the community. i'm very excited. emily: there are some warriors here. phil mickelson, peyton manning is here to play. how important do you think it is for the latest generation of athletes, celebrities, reinvest in their communities and think about that? >> it is extremely important. there's a lot of different ways to do it. that is the thing i'm kind of noticing around the major sports, the major athletes. using channels to talk about

what is important to you. leveraging your platform and your network, and your time to do meaningful work. you see a lot more athletes doing it while they are playing and finding a way to set up a lifelong journey of service. that means a lot. the names you said that are here, taking time out of their busy schedules to support an event like this, knowing it is impacting lives in the bay area, and hopefully it inspires more work to be done. we know work needs to be done across the country. it is amazing to see the social responsibility permeate through all of the different sports and major athletes making it a priority. emily: i finished watching "the last dance." i was struck by the contrast. michael jordan said "i never thought of myself as an activist, i thought of myself as a basketball player." how do you see yourself? activist? basketball player? >> i try filling every title in

that respect, doing it knowing i have an amazing team around me that can unlock another level of impact with how i use my voice, how we show up in the community, what we spread awareness about. i'm glad i'm playing in this era, because it is not the exception anymore. it is kind of expected that you are aware, socially conscious about what you can do to change lives. there's a lot of different ways to do it. i think it is encouraged and well-received. emily: you opened a business in the pandemic. you talk about supporting women, you support women entrepreneurs. the data shows women are losing ground in the pandemic at work and at home. melinda gates told me women

n she thinks are in crisis. >> i understand what she is saying, but we have seen it through the ages, women are resilient, strong, and powerful. i know we are always going to come out on top. the important thing is getting back to that point of rallying around your people and the community of women. for me, if i can do a little bit by featuring these small businesses in my store, it is one small step in the right direction. if a lot of us can rally around it and keep it going, we will be just fine. emily: you caused ace or this week talking to twitter, getting into crypto and wanting some help. some people think crypto can open up economic opportunities for underserved communities. what is heisey about crypto? ? what do you think --what excites you about crypto? what do you think the potential is? >> we are at the beginning

stage, it has been around, but from a mass awareness perspective, understanding how it will be part of the next generation of how they think about financial opportunity, access to that. right now, it is about education, in terms of what it is, how it can be leveraged in the proper ways. i'm curious about it, i'm am involved in it. and i understand there is a big community right now excited about what this world means for democratizing financial institutions and how we do things. it is about educating the next generation. it is going to be around, something you can participate in, and hopefully we can create that access of opportunity through it, and do it in a fun way. it is overwhelming thinking about a lot of the questions people have about what it is actually doing. emily: tom brady told you not to laser eyes, and you change their attitude for 4 days.

what is up with that? >> you have to have fun with it. that is the thing. we both signed up, and there is a little dip in the ethereum price after he launched similar to what i did. but it is a volatile market right now. but the long-term prospects are very positive. the biggest thing about what tom is doing, what i'm trying to do with that partnership, is create a socially conscious platform within crypto. the founder of ftx saying he's committed to setting a standard of what it means to be socially responsible in crypto. i can get behind that, as well. >> still trying to figure out were to see him. from new york, this is bloomberg. -- emily: you also have your penny

dry capital, investing in things like upscaling, which is important to you as parents of daughters. where will we see you put your money to work there? >> everything that we do, hopefully there is a form of inspiration, a form of impact, and leveling the playing field across the board. you mentioned the equity gap, and the huge momentum, in terms of creating a template for what it means to pay people what they are worth, pay women what they are worth, decrease the pay gap. it is an amazing business, that is what penny jar is about. identifying those companies with huge opportunities, grayscale, leaders that are having a huge impact. emily: steph and aisha curry. coming up, the future of

cleaning. we speak to colin angle about the new roomba vacuum and how ai has accelerated through the pandemic. this is bloomberg. ♪

emily: your house is already getting smarter. smart devices designed especially for your living room, kitchen, and laundry. let's not forget the floors. i robot introduced a new model roomba robot vacuum cleaner that uses ai to identify and avoid hazards while cleaning. it can respond to specific voice commands about where and when to clean. joining us is colin angle.

great to have you back. how does the new roomba improve on the old one? >> it is all about intelligence. the more people depending on their robots, the smarter the robots have to be to do a good job. feeling like you have to clean up before the robot cleans really doesn't work. so we have invested a tremendous amount in the intelligence of this new robot, where it uses machine vision to be able to spot obstacles like cords and pet waste in your home, and make sure it does the right thing and always completes its job. we are also trying to embed into the robot a willingness to, or ability, to follow rules of the home. if you set up naps from 12:30 to 1:30, regardless of what you are doing, time to go and be quiet.

the idea of the robot is being more thoughtful and respectful of the home is another dimension of this improvement in intelligence we are developing. emily: how much do you think the pandemic accelerated the adoption of artificial intelligence and our comfort with robots doing more things? >> the pandemic and need to work from home was a huge new burden on the home and us. we had cleaning people, they probably were not coming to the home. . if our kids are not going to school in person, on top of your day job, you are entertaining and managing your children. it shrunk the ability of us all to manage our home. so things like roomba became very top of mind as ways of

relieving some of this pressure. yet our homes are very complicated. it certainly accelerated the growth of the category, but also the need to make a robot smarter, so they can find good times to clean. so they don't bother you while you are working in the study. it is the most technically made robot development, really interesting, but also the industry has seen remarkable growth. emily: take me out 20 years. how much will robots have changed our lives? what may they be doing for us that they are not doing now? >> i think we go out 20 years, one of the huge challenges society faces today is aging. people really need the ability to remain independent of health

care services longer in order to maintain their standard of living. there's simply not enough young people these days to care for the old people. as we move out in time, not only will robots be more active in ensuring that our homes are well maintained, our homes are secure and healthy places, but also be taking on responsibility for making sure we are able to live independently in these homes much longer than we can today. emily: we are in the mix of a global chip shortage. i wonder how it is impacting your business and when you see relief? >> it is absolutely impacting our business. we will end the year without the ability to fully supply the rapidly growing demand for our technology. this is something we have

previously communicated and dove into expectations. but it will take some time to work our way out. it is a very capital intent that things for chip manufacturers to increase production. just the logistics of moving the product around the globe to normalize. we are definitely facing some real challenges in 2021. we hope they begin to moderate in the first half of next year. emily: colin angle ceo of irobot. thanks for joining us. affirm sores after first quarter revenue beat estimates. we speak with the ceo about the strength of their motto and partnership with amazon, next. this is bloomberg. ♪

emily: another store we continue watching. the biggest meal delivery services are suing new york city. doordash, grubhub, and uber eats saying the 15% cap on delivery fees interferes with the right to negotiate contracts with restaurants. they argue it will lead to higher prices for consumers and lower earnings for restaurants and delivery drivers. they said it is legally sound and will defend it in court. shares of affirm rally to big time today after reporting fourth-quarter results revenue, beating expectations with a usually optimistic outlook. showing the strength of the by now, pay later model.

joining us now is max levchin. shares shot up 34%. how do you back it up? >> i'm primarily focused on delivering on the ambitious goals we have for the company. but the only way to do this right is you have to think in years, not quarters, not two days pop or tomorrow's whatever -- so i'm pleased there are more people supporting our mission, which is important to me. i'm genuinely very happy about that. but i've got to stay focused on 10 years out. emily: everyone's excited about the amazon partnership. when will amazon purchases with affirm start, and how will affirm makes sure it takes share in a deal that is not inclusive? >> too early to really talk about that, primarily because it is a test phase of a

partnership. we are pleased it is where it is. that said, these purchases have started. this israel, we are testing it day night. more to talk about. emily: the industry, the by now, pay later industry is evolving rapidly. square, banks exploring by now, pay later for card issues. how do you continue to compete with all of this change? >> that is a great question. if i came off excited yesterday on my earnings call, which people told me, we are in this really great moment of affirm's history. we are launching a ton of new products. i'm at my happiest when i have a chance to build and deliver something new. the plus card was announced. all sorts of stuff did not make

it into the earnings call. adaptive checkouts we are bringing to our merchant partners. partnerships we have announced. we are testing the ones we have. fundamentally, we are trying to be different and best at what we do. the peak part of the mission itself, 10 years in, not a penny of late fees, no gotchas, all of that solidifies our partnership with the end consumer, and we bring things no one else has done and can do to deliver larger results. larger cards, better checkout experience, better ticket transactions. very confident in our ability to compete because we are launching these products. emily: giving your long history in payments, i have to ask about the apple-epic ruling. epic on all counts, but one major potential victory, apple ordered to change its app store payment system to allow

developers to go outside the app and send consumers elsewhere to pay. what is your take on this? >> to be completely honest, as much as an observer of the industry i am, a firm does not have an app purchases, we don't really sell our product in the app store, so i don't have direct experience with this, and never had. it is a decision for the court. decisions get appealed. we finance a tremendous amount of apple products in canada, we help them sales devices in other geographies. we are happy to call him a partner. from that point of view, we are very excitedly out of the apple story. emily: would you say that -- do not say apple is too powerful, that their power needs to be checked? >> again, not having a direct relationship with apple of that

type, it is hard for me to have a personal view. at large, i believe competition is good and free markets need to do their jobs. sometimes they take too long, which is what you need for regulators. and things like -- and developers as -- for example financial services, i'm generally a pro thoughtful regulation. many innings of thoughtful debates to figure themselves out. i believe the right to come -- rifle conclusions get reached between regulators and free-market enthusiasts. emily: always good to have you here. thanks for taking a few questions. huge day for you. at least according to investors. we will continue to follow and see where it opens monday. affirm ceo, max levchin. that does it for this edition of "bloomberg technology." stay with us. david westin coming up next with

"wall street week." you don't want to miss it. i'm emily chang in san francisco. this is bloomberg. ♪ looking for a better way to lose weight and feel good?

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>> this is bloomberg wall street week. >> why the pandemic as much more than a economic threat. >> this is the biggest vulnerability for our national security from the rest of the world over the next decade. david: roger ferguson on being the only fed governor in town when the nation was attacked 20 years ago on 9/11. >> the context was