♪ >> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology," with emily chang. ♪ emily: i am emily chang in san francisco, and this is "bloomberg technology." coming up, walmart roped into a a crypto hoax. a release claims the massive retailer will start accepting litecoin as a form of payment. only problem, the release was

fake. the founder of litecoin will join us exclusively to tell us his side of the story. plus, appeals on the back of a massive verdict in its case against apple. what is round two for the game maker versus the iphone maker? we chart the long road ahead. this on the eve of apple and billing its next generation of iphones, watches, may be even ipads mark gurman would raise the. . curtain on apples virtual event. first let's get a look at the markets. lots to talk about with our bloomberg kriti gupta. kriti: a bit of a choppy session. you didn't see tech lead the index higher, though this was the first positive session for the s&p 500 in six down days. chinese stocks as well. once again not getting in on

that. i want to show you what drawdowns look like. one of the big concerns is that we are in the month of september. september is known for seasonality, for its pullbacks, and yet we have not seen one for some time, no more than 3%. even after last week's selloff, you saw a less than 2% decline. question is, can you start to maintain that momentum. we did see that risk-of sentiment showing up in cryptocurrencies. the crypto index down on the day, the exception with all cryptocurrencies being lower was litecoin, and that was just a touch higher, emily. emily: thank you so much for that roundup. i want to get more on that hoax that sent a shudder through crypto markets. it started early monday when a press statement was released, saying walmart was about to start letting its customers use the cryptocurrency litecoin as a form of payment. bloomberg previously reported that the retailer had a blockchain strategy, but it soon became apparent that the release was a hoax, with both walmart

and litecoin denying the tie up, but not before litecoin retreated pop and subsequently deleted the fake release itself. in its place, litecoin wrote, " the litecoin foundation has not entered a partnership with walmart." joining us now exclusively, litecoin founder charlie lee. thank you for joining us. look what happened here in your perspective. charlie: this morning i woke up and found out walmart was accepting litecoin. i thought that was awesome. then it turned out to be fake. [laughs] the thing with litecoin and decentralized currencies, anyone could start supporting it without talking to me or going to the foundation. so what happened was this news got released by a global newswire and reuters, and one of our social media guys saw it and actually thought it was true, because it was reported by reuters, and retreated pop it. and later -- and retweeted

it. emily: are there any efforts to make whoever was behind this accountable? if this was a pump-and-dump effort, can you track who is behind this or track the trader who was involved? charlie: i guess it is possible. i am sure global newswire is in contact with the person who submitted this news report for they can try to figure out who did it. in terms of asked as litecoin foundation, there isn't much we can do. broken release fake news for cryptocurrencies all the time. this happens in the traditional stock market also. emily: global newswire said they are enhancing authentication steps, they will work with authorities on a full probe. they say the incident was isolated and never happened

before. litecoin itself, as you said, said the release was fake" fabricated. said someone on the social media team got a little too eager when they retweeted this. but litecoin did pop big time. to those who suspect someone on your end is possible, what would you say? charlie: it is definitely not anyone on our end. litecoin being a decentralized cryptocurrency, pretty much anyone can, if they want to, if they want to pump, they can potentially release fake news. so i am going to deny that it has anything to do with us, and we will try our best to figure out who did it, and stop things from spreading. emily: what internal compliance changes are you making as a

result of today's events? charlie: we realize how powerful our twitter handle is. we want to make sure that we don't retweet fake news, we went to check before we actually tweet anything. emily: litecoin is still very volatile generally. how much is it actually used in payments today? what are you doing to encourage future use in payments question mark and i wonder if this is at all a setback. charlie: litecoin is used quite a bit for payments. not as popular as bitcoin per se, but there are maybe hundreds of thousands of merchants. hard to know exactly how many support litecoin, but we know from our chain transactions that about $3 billion worth of litecoin is sent every day -- $3 million worth of litecoin. not all of that is for payments. some of it is transferring through exchanges.

a lot of that is people paying for staff. because it is fast and cheap and because it works. litecoin has been around almost 10 years now, actually, next month is over 10 year anniversary. over that span of 10 years, there's over $1 trillion worth of litecoin sent over the network. it shows how litecoin is actually being used in pretty popular. emily: this is not the first scam tied to crypto. you have also pointed out this is not unique to crypto. but when it comes to equities, there are consequences. there is regulation, certain controls in place. how should the crypto industry handle these kinds of situations? what kind of regulation do you think the sec should bring to bear? charlie: decentralized crypto is a little different from stock. the litecoin foundation is a nonprofit that is supporting litecoin. but we didn't create litecoin for ourselves.

a company like tesla, which has shareholders and still has a lot of tesla stock, if elon musk does something which pumps the stock, which he has done previously, it is bad for the whole industry. whereas for the litecoin foundation, we try our best not to tweet fake news. this time we screwed up and will try hard not to do that. but because it is a decentralized cryptocurrency, we don't really benefit from pumping litecoin. no incentive to do that. i am not sure what kind of regulation needs to be done. i think having a stricter fact checking policy for journalism is needed in this case. emily: you liquidated your holdings in 2017 after criticism that your public opinions could affect the price. is that still the case that you

have zero or negligible holdings of litecoin to this day? charlie: that's right. i have 20 or so litecoin's, depending on what i use on a daily basis. that is actually a good point, because this means i have no incentive to do something like this. it is really bad for this to happen and i will really look into it. emily: you have a partnership with bitpay, and you have been working on wider adoption, getting more retailers to accept cryptocurrency as a form of payment. what do you think the next level is here, when, to be fair, there are scams, there is distrust? there is a lot of uncertainty around cryptocurrency, and the skepticism could be a roadblock. charlie: yeah. so, our partnership with bit pay, they have over 1000 merchants supporting crypto.

now they can accept litecoin. we also have a partnership with a company creating the litecoin card, which is a visa card, where if you spend money at a merchant accepting visa, basically your litecoin will be exchanged for the dollar. we are looking at taking that internationally. paypal launched -- they have 29 million merchants, and they announced a plan to let their merchants accept crypto. in litecoin later so we expect a lot more merchants accepting litecoin in the future and a lot more people being able to easily by litecoin and sally wherever they want. emily: what are your priorities for the litecoin foundation for the rest of the year especially given what just happened? charlie: it is obvious that we are not going to get it accepted as walmart. but that just became my number one priority.

[laughter] all joking aside, we announced a tour which lets users create tokens on top of litecoin. the same technology that target uses on bitcoin. we are talking with them to potentially launch usct on litecoin. we will also support nfts soon. and we are also creating something that adds functionality to litecoin. this upgrade, we are hoping it will be accepted by the network and the users and we will see it live early next year. emily: all right, charlie lee, litecoin foundation managing director, thank you so much. i should add bloomberg's and many news organizations fell victim to that fake release. we retracted the headlines as soon as we realized we were fake and had realized what had happened. ok, in other news, epic games is appealing a ruling by a

california judge in its antitrust lawsuit against apple. . the judge said apple must allow all abend game developers to steer consumers to alternate payment methods, she fell short of calling the iphone maker a monopolist. epic sued because the company created a workaround to avoid paying the 30% fee for in app purchases by customers. we are going to talk about what comes next, post-appeal, later this hour. sticking with apple, more from the iphone maker this week. tuesday, the company will unveil a host of new devices. later, mark gurman will join us to talk about what is on direct. tuesday also marks the deadline for ballots in the california recall vote. then wednesday, spacex will launch inspiration iv, the all-civilian crew heading for a three-day orbit around earth.

we will have full coverage here on bloomberg television. coming up, the race to check out is heating up as the buyer now, pay later trend continue to heats up. i will talk to one ceo about what comes next, and why credit cards could become a thing of the past. that is next. this is bloomberg. ♪

emily: the race to the checkout out is on as fintech companies look for more ways to provide alternative forms of payment methods. e-commerce seeing unprecedented growth amid the pandemic. companies want to give customers shoppers a bit more flexibility when it comes to making purchases, including expanding

their crypto offerings, and enhancing digital wallets. joining me for more is jackie reses, ceo of post house capital . additionally, she serves as chairwoman of the economic advisory council of the federal reserve bank of san francisco, and is a board member of context logic and a few other companies. welcome back. jackie: good to see you. emily: good to see you too. by now the leader is the trend -- buy now, pay later is the trend everybody is talking about. how do you see the industry adopting this and evolving as a result? jackie: i would think about it as an invention of a form of money. you use it in your daily life , you have a lot of options for how you want to pay for something. and buy now, pay later is very effective, because it gives you flexibility on how to manage your cash flow. think about it creatively. instead of thinking about how much money each item costs, you think about what you can afford

on a monthly basis. so it gives you tons of flexibility to avoid big, chunky payments that don't match with your income. it also helps people who have unfairly low fico scores because it is a form of credit, even though it is a short duration payment style. on the business side, merchants love it. it drives traffic to retailers. retailers see a significant conversion in e-commerce on their platforms and a much higher order value. so it is a win for everybody. emily: is it a good idea for customers to be racking up more debt? could this hurt them down the line? jackie: it is not necessarily more debt, it is a different style of payment. so it doesn't necessarily mean a consumer is spending more, it gives them flexibility for how they spend. every consumer needs to pay attention to income and expenses. if they have other tools to do that, it makes it easier to

manage. emily: you say this will lead to a battle at checkout. if so, who wins the battle? what companies? jackie: i absolutely think there will be a battle of the checkout coming. you may not have thought about when checking out of an e-commerce company and you click your form of payment. if you think about -- if you pay attention, we now have multiple ways to pay. have credit cards, you have digital payments like google play, apple pay you have, they now pay later -- buy now, pay later, cash app, venmo, each trying to streamline the experience at checkout to make it as easy as absurdly possible. that is what you are going to see in the future, and those who are starting to a mass consumer experiences will streamline the butter at checkout. you will start to see an

evolution of that as these the consumer payment systems evolve over time. elise: you have tech companies that also want to own that experience. apple was dealt a big blow on the epic ruling. the judge found issue with their payment system. do you see that having a ripple effect on the line? what does that mean for apple? jackie: there is a bifurcation of the impact, one related to games and experiences that actually happening the app, where moving out of the becomes a terrible experience for the consumer. in that case, consumers will continue to stay within the app. but outside that ecosystem, it highlights the importance of being in the middle of the payment flow. if you are able to link to an external source for payments for lots of different app types, that is an incredible opportunity for app developers to move the checkout experience

beyond. being in the payment system is absolutely the critical piece for developers having data on who their consumers are, and being able to engage their customers on any platform, with any payment type they would like to take. so i think it is a great win, and an important one, because the wall that really matters i know you. emily: are following their crypto market. jack dorsey and square making a big bet on bitcoin. at the same time you have this litecoin hoax we just talked about, the head of the swedish central bank warned it could collapse dramatically. there still seems to be so much risk and uncertainty associated with the crypto market. how do you balance out these risks as an individual investor, or as a company trying to decide whether to get in or whether to accept cryptocurrency as a form of payment? jackie: we are just at the early stages of looking at bitcoin and crypto, so i see issues like what happened with litecoin as something that will happen in

ordinary course, particularly until the regulatory environment is evolved and developed for cryptocurrency. that still has yet to happen. what i am most excited about for the long term is what bitcoin can do as a payment system for the internet. that blows my mind and excites me so much. if you think back to a bit of history, 1781, when the bank of north america got started, it served as a central function to organize independent governing authorities. those authorities were states. the bank of north america evolved them into a central organized function so that we could have a payment system that created a tender type and created a store of value that could be managed. what it kinda has is that most idea to the digital world and updates it so that money can evolve from 1781's vision to a

digital version of today. i think about what that means. it is a better way to deal with the current ach system, better way to deal with the current credit card system. in reality, it removes the emotion. it removes seven politics out of the system. and turns it into a rules-based system that transcends any one country. that is incredibly powerful and i am excited about what holds. emily: quite a history lesson. jackie reses, we would love to have you back to talk about more things that blow your mind and you get another chance. post house capital ceo, jackie reses, thank you. not so fast -- scientists say the pandemic is far from over, and the warning, more breakthrough cases and school cancellations to come. we discussed that next. this is bloomberg. ♪ this is bloomberg. ♪

emily: we are heading into the second full season following the covid-19 pandemic, with many questions still lingering about how long this will last, and what comes next. joining us to discuss what the future looks like is jodi schneider, bloomberg news political editor. the warnings only seem to be getting more dire. what lies ahead? jodi: it is not good news. we thought we would be in different places, especially in the u.s. where we had vaccines early. but now we're finding that in the race between vaccines and their variants, the variants are winning. until we get 90% to 95% of the global population either vaccinated or having immunity from having had the virus and

surviving it, of italy, we will not be at a place where the virus is gone away, as we would like to think about it, and returning to some sort of normalcy, going back to how things were in 2019. there will have to be a number of things that will disappoint people in the coming months. emily: quickly, what does it mean for kids in schools and their parents, and workplaces that employed parents with kids who might be dealing with school cancellations? jodi: that is what is hard. everyone had been looking at going back to work, kids going back to school, and now we may be seeing situations, particularly as different variants arise where you will be back and forth some. . where outbreaks arise and governments will have to decide what to do when you get an outbreak. emily: the uncertainty is terrifying, obviously, in addition to the disease itself.

bloomberg's jodi schneider, thank you for the update. coming up, an nft company focused on redefining the digital royalty space is not backed by billionaire steve cohen. the cofounders of recur join us next. ♪

emily: welcome back to "bloomberg technology." i am emily chang in san francisco. china's tech regulator warned internet firms against blocking traffic to certain websites. just part of the top crackdown on the tech giants. kriti gupta has been following this. take it away. kriti: over 50% decline for u.s.-listed chinese talks. when you look at their peak in february back to their recent troughs. today, another wave of scrutiny,

this time targeting ant group and ali pay. let me show you intraday. you did seatac broadly out perform. u.s. tech listed stocks down despite the heavy volume. the biotech index, some of the u.s. videogames did poorly as well. this tech related out performer was semiconductors. back to gaming stocks, chinese gimmick stocks have been -- chinese gaming stocks have been a marked decline. you are seeing a major divergence year to date, underperforming with the broader benchmark is doing. compare that to 2020, a lot of these videogame makers were exiling. this year -- completely different story. emily: thanks so much for sharing that context. the popularity of nfts has

exploded the last year, with last month's daily sales seeing an all-time high, according to non-fungible.com. the nft company recur is funded $300 million, thanks to finding. the company aims to set a new standard for nfts. i am joined by the cofounder and co-ceos at recur, zach and trevor. i just interviewed the founder o opensea. they are getting a lot of traction. how is recur different and how is it planning to stand out? >> we create separate marketplaces dedicated to each large global ip for the fans to really dig into the whole world of war that ap might look like.

for example, we announced nftu, our official collegiate nft experience, only college ap nfts and -- only college ip and nfts. emily: steve cohen is one of the greatest investors. >> when you think about it nfts, what is it? it is this combination of trading and underlying liquidity of sorts, collecting, gimmick fixation, culture, community. it's background -- his background lends itself to that. his team has been incredible. super thoughtful about how they approached the space. have been in the space for a while, just haven't been outward about it, and we are really excited to be partnering with them. emily:. emily: there is a lot of excitement around nfts, but a

lot of skepticism as well. i wonder what he and you think about the skepticism that nfts could be just a get rich quick scam. trevor? trevor: i remember when they were saying that years ago. it is funny to see them say that. i was just going to say the idea of digital ownership is here to stay. people collect digital cards or physical cards, pokemon cards, yeezys. for many, the digital world seems intangible. you can't touch it, you can see people grouped in a stadium. but there are many in the digital world who come and socialize around things that they collect and improve ownership over. and it is becoming a status symbol, owning an entity in a community digitally. emily: i have spoken to folks who think nfts aren't just the future, but the future of

culture, which is a pretty big proclamation. what do you think about that? where does this go, if it goes as far as you hope it will? zach: nfts are the next frontier of community. if you look back historically on the internet and the role it played in the late 1990's, internet bulletin boards, aol chat rooms, to reddit, and now, discord. fans of various things will be able to connect directly with a musician, artist, rally around specific ideas, rally around like minded people and individuals. community drives everything and community will drive everything in the nfts system. emily: what about taking the step beyond the metaverse? trevor, are you equally of domestic about the metaverse, and what if a company like facebook owns it -- are you

equally optimistic about the metaverse? trevor: the metaverse is a hot topic. it is not any one thing, not one place you go to. it is the idea of being in a digital world and interacting digitally. the future of metaverse is a connected web of different metaverses or digital worlds. for us in the nft space, metaverse presents a new commerce opportunity. because right now we have brick-and-mortar and e-commerce. in the future we have metaverse, an entirely new channel, especially for the ip that we are working with, to create something and sell it in the digital space. there may be many digital spaces. emily: how do you think about in the future the relationship between the physical and the digital like, zach what will be more valuable in the future? an nft or an actual painting? zach: in the future, they will

link together. we will start to see a tie in between the metaverse and the traditional real-world. . the world is becoming more digital. we are spending more time online. even now we are on is him interview. i work out on a peloton in a gym class online. we are starting to bridge the gap between the metaverse and the online digital world. as the years go on and as technology progresses, these experiences will become way more immersive and engaging and as capital comes to the metaverse ecosystem, new things will be billed. the two worlds will collide and you will see enhanced art in the physical world because of its tie into metaverse and vice versa. so it is a very exciting world. emily: the increasing digitization of everything opens up more opportunity for accountability, but also potentially for scams. earlier in the show we were speaking with the founder of litecoin on the back of this

wal-mart-litecoin folks that sent litecoin shares of skyrocketing, and it was totally untrue. how do you deal with that, how do folks who are considering the nft space in deal with that kind of risk and skepticism? zach: with everything, you have to do research and understand what you're are buying and trading. to that, i would say, find what you love. in the metaverse, that asset will live on. at recur, we are building lasting technology. our entire team built the original infrastructure from some of the largest exchanges any tasks on the ecosystem. our team has been involved in brands and racing for decades. just like in the crypto industry where trust is paramount, it is the same in the licensing world. at the end of the day we want to make sure you are working with

the right people in doing your own research -- and doing your own research. emily: zach bruch, trevor george, we will keep an eye on you guys, cofounders and co-ceos of recur. for more on how tech companies are responding to texas's controversial abortion law, salesforce is offering to relocate employees from the state if they wish. the ceo said in a tweet pop, if you want to move, we will help you exit. dating platforms bumble and match with saying they will create relief funds for employees affected by the new abortion law. uber and lyft also responded by saying they will cover legal fees for drivers who could be sued for giving someone a ride to an abortion clinic. taking a look at the markets, oracle is falling after hours after quarterly sales fell short of estimates. shares hit an all-time high in august as investors

cheered the company's progress in gaining new customers. coming up, home sweet home. with more people getting used to working from home, are people investing more in their homes? they are. we will speak to the ceo of angi , in our "work shifting" segment next. this is bloomberg. ♪

emily: uber at last another lawsuit over its workers' drivers rights. a judge ruled workers are covered by the collective labor

law. in some cases, that will allow drivers to claim overdue salaries. uber says it will appeal. lockdown homeowners got comfortable with using digital apps including home services. as part of our work shifting segment, we have our guest here, ceo of angi homeservices. when it came to home services, how people use your apps to do what? oisin: if you rewind a few years, with so many questions about this next generation of homeowners, if they were going to buy homes at all -- if you rewind to before the pandemic and we were in the middle of this debate about whether millennials would even buy homes at all. we have seen them join the home market at a faster rate than ever before. were they going to buy them in the same locations we anticipated? in urban centers?

we have seen as more workplaces opted for more flexibility, we have seen the location where people are buying homes start to change. third is, what are those homes look like? how will they lay them out? what will they do in terms of home office, create that space? he put all that together, and people are investing more in their homes than ever before, and doing it in any way where they are considering the macroenvironment. considering what happens if there is another pandemic. . considering what happens in terms of climate change. being more thoughtful as they make that big decision. it has been a really interesting time to watch people change how they think about their homes. emily: so what trends are you seeing in those investments? what are they spending the most money on and what they care about the most? oisin:? oisin: they are buying larger homes, further from their offices than before, and they are in need of more work.

the housing market is so tight that we're seeing people buy homes that need more work, where they are immediately investing and having to invest not just in cosmetics and artificial stuff around the home, but actually investing in the infrastructure of the home. and that takes time. the changes that we are seeing now in terms of people buying homes, that's going to have a pretty significant impact for the future years in the home renovation spend as people get the permits to invest in those homes, change their layout. it all comes back to people getting into the housing market, buying homes that are larger and further from the office in a very tight housing market. that is putting pressure on price of the home and price of the services themselves. emily: there is still a lot of uncertainty ahead in terms of how the pandemic plays out. yes, employers are giving employees more flexibility than ever, but buying a home is such a big and potentially permanent

decision. is there any hesitancy at their? what happens if in three years, employers start to roll back some of these policies and say, we need you in the office? oisin: there is a few things going on. there seems to be flexibility right now. two, people are seeing a tight labor market. there is a lot of perception where folks think that this is here to stay. more and more flexibly in certain parts of the market, particularly engineering rules, product roles, and analytics roles, where people are making decisions to invest in a more flexible lifestyle. it's not as if these homes are away, beyond commuting distance, they are just further away than what you would think of as a normal five day a week commute. people are comfortable making that decision. they can unwind it in the future. but it is an interesting time to think about how people are changing their relationship with their home, with work, and making the decision to settle

down. emily: are you seeing any interesting trends when it comes to millennials versus geriatric millennials or east versus west versus midwest? oisin: i think the biggest think we're seeing in terms of changing behavior is the same thing we have seen applied to ridesharing or ordering food or ordering product. it is this expectation that people will be able to buy services at the touch of a button. we have rolled out angie services -- angi services. we did about 100% plus on revenue a to year. -- year-over-year. that business speaks to the changing consumer behavior. people expect to be able to touch a button and get something done inside their home the same way they can in so many other categories. emily: fascinating trends. thank you for breaking that down for us, angi ceo, oisin

hanrahan. coming up, what we can expect when apple unveils its new product lineup tuesday. all the insights from our own mark gurman, coming up next. disney's shang-chi, held onto the top spot at the box office for the second straight week, the first marvel film featuring an asian actor in the starring role. the movie took in $35.8 million in u.s. and canadian theaters, a sign of optimism for the movie industry that's been battered by covid-19. this is bloomberg. ♪ mberg. ♪

cathie: make sure you move

into a position where you can be measured, for better or worse. last year was better for us. this year is worse. you take your performance with you. nobody will take that away from me and ark -- and, by the way, i am not worried about this year's performance, we have a five-year time horizon. emily: cathie wood speaking at the sauld conference. her company is allowing one of her fans to invest in a canadian bitcoin etf, as she speaks on fresh ways to that on digital assets. restaurant payments app toast will raise 700 million dollars in an ipo. it would value the company at $16.5 billion. this comes as the restaurant industry rebounds from a disaster for imprisoned dining , but a boom for takeout and delivery services. meanwhile apple is, set to unveil a new iphone and apple

watch and more at tuesday's virtual apple event, after the long awaited court ruling from its legal battle with epic games. mark gurman covers apple for bloomberg. let's start with what is on tap for tomorrow, and one, many iphones question mark what are we expecting? mark: three main product categories to get updated. you will see the iphone 13 tomorrow along with its many pro , promax variations. you will see the apple watch series 7 in two sizes, and you will see the airpods. these will be minor updates for the iphone but pretty significant updates for the apple watch models as well as the airpods. emily: let's start with the iphone, there is always a question of just how different will it be?

will it catalyze that supercycle or not? where does this one fit in? mark: 95% of people will not be able to tell the difference with the human eye between the iphone12 and iphone 13. they will have similar sizes, similar colors, same steel bands around the edges. the big visual change will be a larger camera area for new, hire quality lenses, as well as a smaller notch in the display so you have more screen area. i think people will appreciate that. the other thing you are getting is video portrait mode. it will be called cinematic mode. you take a video, the object in the foreground will be sharp, the background will be blurred. there is also a new processor. there are also features to connect to emergency services and protect emergency contacts.

there is also some new satellite data transfer features to connect to emergency services, protects emergency contacts. it'll be in the devices themselves but the software support and features will not be ready until next year. emily: obviously, we are in the back end of this apple/epic ruling. the game maker lost on almost every count but when it came to app's payment system and in-app payments, that is where the judge found the issue. what is the appeal mean? i assume we are not expected to hear from apple tomorrow about this landmark case. what are you expecting when it comes to that? mark: team sweeney, ceo and cofounder of epic games, just a moment ago tweeting that they sent a $6 million payment to apple. it is still too early to tell what the epic appeal will be. which aspects of the court ruling they will go after. they are going to the ninth circuit,'s level above the court in oakland, california that this

trial took place in, and they will try to get this trial. turned around they want the commission gone, and they want apple to be determined to be a. they did not get that. what they did get was this a steering provision which will push apple to allow developers to point users to the web to complete transactions. potentially that would reduce apple's card in the long-term. you saw apple do something similar for reader apps, with netflix, spotify, hulu, happening next year globally. emily: how long will this next round be? is this months or a couple of years? could this drag on for a decade? mark: i don't think it will drag on for a decade. you will see apple begin to instate some changes. apple has the ability to file a stay. that means they can delay that permanent injunction. it is supposed to go into place

december 9, 90 days from last friday when the ruling was made. i would expect apple to implement a stay there. you are going to see epic sort of have their time in court for the appeal situation, probably sometime in the spring 2022. i don't think this'll be decades long. this will get resolved sometime next year depending on how far it goes. of course, epic could take this all the way to the supreme court. personally, i hope that doesn't happen, and i don't anticipate it happening. i hope it gets results for the benefit of developers, epic included, while still keeping apple's rules in tech somehow. emily: and their ongoing cases around the world, there are scrutiny from u.s. lawmakers, a lot of follow. that does it for this edition of "bloomberg technology." join us tomorrow. we will bring you events on the -- we will have the details from the apple event, and break it down with our researcher, and

much more. i am emily chang in san francisco. this is bloomberg. ♪

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manus: this is "bloomberg daybreak: middle east." your top stories this morning. yousef: protests break out as evergrande's debt crisis deepens. the developer hires advisors to explore all solutions to ease its cash crunch, and warns there's no guarantee it can meet its financial obligations. manus: we are counting down to the inflation data out from the u.s. later today.