>> from the heart of where innovation, money, and power collide in silicon valley and beyond. this is "bloomberg technology" with emily chang. emily: not just a travel recovery but a travel revolution is happening and that business

and leisure travel will be unchanged. plus, disney shares sink the most since may as the ceo gave investors some unsettling guidance during an event for goldman sachs. and netflix on the verge of making one of its biggest deals ever to buy the catalog of british novelist roald dahl. and, i am speaking exclusively with revolution ceo steve case about how innovation is moving to middle america and beyond. all of that ahead. first, i want to take a look at the markets. we saw a lot of movement in just the last few minutes of trade. >> we came into today with a pretty strong bounce in futures. a lot of green on the screen. then it kind of faded to the point where we ended flat.

a lot of people saying you would have a by the dip mentality show up. the bulls wanting to really buy that and continue the recovery trade. the bears saying, hold on, the selling, the seasonality is still a factor. what really led the trade was the big tech stocks. the fang index heading higher. even treasury with a bit lower with the yield up 1%. let's talk about the tech trade as a whole. it was not just big tech that rallied. whether it was chinese adrs, which have been under pressure for quite a bit, those in the green by over half a percent. and semiconductors, nasdaq, biotech, electric vehicles were in the green as well. what was not doing well, bitcoin. cryptocurrencies actually

lagging the broader market, which brings me to how they are reacting to stocks in general because today they were not on the same pitch but that has not been the historical trend. that trend going higher and higher. the volatility if it is correlating to bitcoin, a will mean that there is more volatility in the future of the s&p 500. that is the macro picked her, let's get to the micro. . huber up on tuesday, biggest gain since november 4 2020. they are saying that adjusted ebit in the fourth quarter will be tracking for a quarterly profit a quarter earlier than previously stated. that is a milestone we have been waiting a long time for. activision blizzard, that

two-day decline, taking stocks to the lowest level since june 2020. they disclosed a probe by the sec. you now have top executives departing. this company navigates some pretty difficult times in the gaming industry. i don't know if this is a case of by the depth. twitter, one of the best performers, up pretty significantly, the most since late july. it was not really translated into any other of the social media stocks. google. alphabet up just 0.2%. emily: thanks so much. google employees are pushing back on the search engine giant's handling of the russian election. employees have joined politicians and activists, blasting the company for pulling a voting app for russia's

opposition leader. apple removed the app as well. mark, look, this app was created by allies of alexei navalny, critic of vladimir putin. have we seen something like this before? >> this is a unique circumstance. apple has been under fire, facing criticism for certain app removals in china. they have even shut down their own media stores in china. russia, this is a different situation. this is gathering a lot of headlines. a few months ago, we saw apple follow a new policy from russia where russia wants some of its government issued apps

highlighted when you install or set up a new iphone. in terms of this specific situation, it is a hot button issue and this is definitely a new steppingstone here. emily: there are concerns that this could have a deep impact on the russian election itself. facebook also under pressure since the arrest of navalny. >> russian regulators are saying if companies like facebook and google do not remove content they say violates local law, those companies could be fined between 5% and 20% of local revenue. they often times do takedown content if it violates local law or at least restricts the content in that area. russia is a pretty regular

requester of this kind of thing. almost 2000 pieces of content that russia restricted on the back half of last year. in the u.s., only 12 pieces of content. these fines could be a big deterrent for companies trying to walk that line of trying to support free speech but also operate in countries where that is not always very easy. emily: google took a big stand in 2010, nearly exiting from china, pulling all of its services. we have not seen any of these companies take a stand like that since. there are concerns that russia could be the next china for these big tech companies but they are facing screwed around the world, not just in russia. have we heard anything from apple in particular about this russa situation. are we expecting to see more situations like this? >> apple and google have not

commented officially on the matter. for apple, russia is not a major market, not one of the big areas. android is the bigger operating system in russia, so it is potentially more of an issue for android. samsung devices lg devices. the potential domino effect. apple has already given icloud data up to a company in china that many have said are associated with the chinese government. you are seeing a similar pattern developed in russia. who knows what the next will be. the question is, is removing this app really meaning they are complying with local laws or that they are complying with a

request from the kremlin? the app store issue with the default russian apps, there seems to be a new area. it will be interesting to see if there continues to be this dialogue, there continues to be changes where apple devices are used in russia. emily: facebook facing a battering of stories here at home, the wall street journal talking about failure of moderation efforts, talking about the company and executives neglecting negative effects of the platforms on teenagers. facebook has responded to the story now multiple times. there was a statement out over the weekend. >> today, facebook tried to show people, we actually care about security, all of these stories

as someone who ignores these problems but look at what we are doing. they said, we spent $13 million on safety and security since the 2014 election. they have content moderators who work on safety and security. this is their way of basically saying, we are investing in these problems. my take away is, if you are putting what feels like a significant investment behind this, and you are still having these content problems, are these problems fixable? these are questions i have really started to ask over the last week or so? they have talked about using ai and technology to moderate this. stuff continues to slip through the cracks. emily: ongoing issue that we

have been following here for years. facebook has introduced a portable version of its portable video chat device. the product comes with a rechargeable battery so it is not need to stay plugged into a wall. it also comes with a 199 dollars price tag. many products on the market already have these same capabilities. coming up, we will hear from the air b&b ceo about the future of travel. is a revolution happening before our very eyes? >> the world is not going back to the way it was in 2019 anymore than the way it was in 1950. if that is the case, then travel is not going back to the way it was. ♪

emily: the ceos of some of the world's biggest travel companies are gathering this week in new york, discussing the future of travel in a post-pandemic world. airbnb said today it has now welcomed more than one billion guests. earlier, i sat down with airbnb ceo brian chesky about how he calls this a travel revolution. brian: there will be a big shift from business travel to leisure travel. technology has replaced a lot of the need for business travel. but the more people are at home, the more they want to travel. they will travel to cities,

small towns, it rural community spirit hopefully next year, cross-border will recover. once cross-border recovers, you will see a whole bunch of people not just traveling abroad but living abroad. emily: let's go out a couple of years. you have repeatedly said that travel will never be the same. the ceo of expedia said travel will go back to the way it was, even business travel. why am i getting different opinions? brian: the world is not going back to the way it was in 2019 anymore than it is going back to the way it was in 1950. this is the worst technology will ever be in our lifetime. it will only improve. people will continue to have more options. with a to live in a world where all you have to believe it's

people don't go back to the office five days a week. and that business travel is curved. i do think there is going to be a new golden age of travel, it will just be very different. emily: you have huge tech companies looking at january, 2022. our other companies getting this wrong how bad covid is going to be? brian: i think ultimately the employees, not the employer's, will dictate the policies down the road. ceos want to hire the best talent to be competitive. flexible work policies will probably be the number one benefit for employees. i don't think we will all live in a world that is 100% remote. the younger the company, the more likely they are to embrace a hybrid or more remote model. i think the trend will be flexible. as we can do more things over technology, the physical environment becomes more flexible.

emily: there are big concerns about women losing the games they have made at home and work. more than 55% of air b&b hosts are women. do you expect that to continue to go up? brian: i think it will continue or go up. one of the most amazing stats about airbnb, since we started, women on the platform have earned $70 billion. i think this is an incredible opportunity for women on airbnb. the number one and two professions for host are school teachers and health care workers. everyone has equal opportunity. emily: party houses became a problem during covid at airbnb put a ban on parties at all locations. you are now looking to share information about repeat party offenders and cracking down.

as the band working and how long do you expect this to continue? brian: we will certainly keep this in place for the time being. we don't want to be a disturbance to communities. we have significant a few are incident reports than a year or two ago. in addition, we have really good technology tools to detect through a variety of heuristics whether somebody is throwing a party. we are consistently improving our algorithms to detect high-risk reservations. emily: airbnb has announced they will allow sexual assault survivors to sue the company rather than mandatory arbitration. you have called another companies to do the same. uber and lyft share information

about dangerous drivers. brian: we are already doing party bands and we could of course go further. i think the principle is to keep people in our communities safe. for people to feel that air b&b is a safe community, it is something we will prioritize. emily: virtual experiences during covid, how has that business evolved? do you still see this as being airbnb's potential next big thing? brian: we had to take a pause on experiences because people could not gather. a lot of physical activity people were doing -- people are realizing they can only stay home so many nights and watch netflix. they eventually have to get out of the house and do things with

other people. i think we will be a nice alternative to going to restaurants. you can do a local activity with a local expert. emily: airbnb was diversifying in so many ways before the pandemic. as the home business has researched, going through this recovery/revolution, do you talk about reigniting any earlier ambitions or are you looking at any other potential many moon shots that are different? brian: one of the opportunities you have in a crisis is that you can get much more focused. we got really focused, back to our roots. we are still focused a lot on experiences. we do not have near-term plans

for other opportunities that we paused. we are focused on providing experiences and opportunities for people. emily: what about other lines of business? i know you are always experimenting. brian: i plan to be doing this for a long time. i think the best innovations at airbnb are absolutely in front of us. i am really excited about opportunities in front of us. emily: speaking of innovative approaches, airbnb is offering free temporary housing for 20,000 afghan refugees. i know you are paying for part of this personally and have had a lot of hosts step up. brian: we have had an overwhelming response. we have committed to housing

20,000 afghan refugees for free. we have had a number of other people who have stepped in wanting to provide housing. i anticipate we will be able to certainly house the 20,000 we have made a commitment to. we can house as many people. if anyone is watching, you can go to the website, put up your place. the one thing i want everyone to know, they can offer to house them for free but if they want, we will pay for this stay. we work with resettlement agencies, professional agencies that will do the screening of the refugees to make sure you are ready to take them in.

i think that is one of the biggest humanitarian crises of our lifetime so hopefully everyone can help us step up. emily: wednesday, we will be joined by the uber ceo from the same event. you can catch that event at 7:30 on the west coast. coming up, disney shares seeking the most since may on a cautious update from the ceo. after the break, all the details. this is bloomberg. ♪

emily: take a look at disney shares. the steepest drop since may following comments from the ceo warning that movie and production delays could impact subscriber growth. for more, we are joined by chris palmeri, listened in on the whole conversation. what exactly did chapek say?

>> he said the new subscribers this quarter will begin the low single-digit millions. wall street has been anticipating a number something like 10 million. that is a big difference. he cited three things. one is covid, the surge of the delta variant has meant they cannot produce some things. if you are a disney plus subscriber, you are thinking, all i get is turner and hooch last month, they launched a star-plus product in latin america. also in india, some promotional plans and did and they don't immediately -- your credit card does not immediately get taken up again over there. so the subscriber additions are a little bit weaker than planned. emily: thank you for the update.

coming up, we will talk about the supply chain dilemma. that is next. this is bloomberg. ♪

it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating and losing weight. go to golo.com and see how golo can change your life. that's golo.com. ♪

british prime minister boris johnson. >> i'm anxious to attend in glasgow in november, mr. prime minister. we are promoting -- we are going to be there. with bells on it as they say. we are going to also -- our economy has to work including through our build back better road initiative that we launched and today we are going to discuss the next steps on all of this as well as how the u.s. and ek can continue -- in u.k. can continue our cooperation in afghanistan and the indo pacific and around the world. i want to thank you again for making the effort to be here. i understand -- i what you do know, boris, you came down on amtrak, is that right? >> i did. >> i traveled lives of miles. you think i'm joking?

i traveled more on amtrak then i think -- if i were a conductor, i would be number one in seniority. i have got to tell you a quick story that has nothing to do with anything. when i was vice president, the secret service did not like me traveling on amtrak because there were too many options for people to cause trouble along the way. but i insisted i do it. one day they put in the newspaper biden travels one million -- don't hold me to that, 350,000 miles on air force two and so walking up to the train on that friday and a guy who was the number three guy from new jersey in seniority walks up and goes joey, baby. i thought the secret service were going to shoot him. i said, no, he is a friend. he said, joe, big deal. a million 300,000 miles on it

air force two. how many miles you travel on amtrak? i said no. at the retirement dinner, we worked it out. 36 years in the senate. x number of years as vice president. average 131 days a year. 257 miles a day. joe you traveled over 2 million miles. big deal. they should name of the railroad after me or something. dark in my station after year. -- >> named a station after you. i share your belief in transport infrastructure, particularly trade. i'd like to thank you very much for the warm welcome today. it is great to be with you in the white house. this is a very important trip for us in the u.k. and we have seen some great progress in the last period. it is great the band has been lifted on british beef and the

people of the united states of america can eat british beef. what you did with the travel so people can travel to the u.s. with two jabs is also fantastic. and very welcome. we have been working on that for a long time. i think the most important thing today has been your speech to where you made a commitment to supporting the world adapting to climate change, doubling the commitment. very important for us. 11.6 billion pound commitment i made when i became prime minister. it is fantastic to see the united states stepping up and showing a lead, a real lead. of course, the progress we are making in the defense technology partnership that you have led

with our australian friends that i think has great potential to benefit the whole of the world. the security of the whole of the world. joe, thank you for having us. i think we are boosting our shared agenda. we went to build back the world together with you. i think we want to renew and strengthen our transatlantic partnership and it feels to me it is going very well. would it be ok if we had a couple of questions? i'm going to go to harry from the sun. >> [indiscernible]

>> the latter case is being worked on. i was under the impression there has been a civil settlement reached. based on what i've been told, it was not an intentional act. it was someone driving down the wrong side of the road quote unquote. i will follow up on that. i expressed my sympathy when it occurred but i don't know the status of that case right now. the other question was? we are going to talk about trade in little bit today. we will have to work that through. >> let me say on that, don't

forget we have settled the boeing airbus thing, which was a massive problem. to say nothing of the beef and the whiskey, which i already mentioned. on the harry dunn case, which is a very sad case and everybody's sympathies are with the families , i know the president has personally been trying to move things along. i am grateful for that. we are going to take when more question. >> when it came to a trade deal, you seem to have a different approach. is that because of your heritage, your concern about the irish protocol? is that what is holding it back?

>> there are two separate issues. on the deal with the u.k., that has continued to be discussed. on the protocols, i feel very strongly about those. we spent at a norma's amount of time and effort in the united states. it was a major bipartisan effort made and i would not at all like to see nor i might add what my republican colleagues like to ca change in the irish courts. >> on that point, we are completely at one. nobody wants to see anything interrupt or unbalances the

belfast accords. the belfast good friday agreement. >> [reporters talking over one another] >> british prime minister boris johnson holding a bilateral meeting. holding it today and in the oval office. let's return to bloomberg technology already in progress. i'm mark crumpton, bloomberg headquarters, new york. >> as we expect for demand to continue and our goal is to be there simply for our customers. we expect more volati we have proven time and time again we have been there at the

right time at the right moment. we have worked with one of the largest global consumer brands where we were seeing a lot of congestion and we were able to -- our technology to provide pop-up fleets for them instantaneously. that has really helped them. over the course of the last year, we have worked with one of the highest grossing fitness brands. in the midst of covid and moving forward, helping them with some of the p demand they were seeing in the market as well. emily: all right, transfixed president ceo lily shen. coming up, how the pandemic is trading new opportunities for founders, tech workers and investors. i will be speaking with the chair at the gym at -- at the coming form. let's get a look at stitch fix. the personal styling platform

announcing the launch of stitch fix freestyle, an online boutique that constantly refreshes according to your preferences. this is bloomberg ♪. ♪-- this is bloomberg. ♪

>> so then we bounced back from that. >> supply chain problems we are facing is very traditional economics 101. >> i see over the medium-term, supply shocks going to reduce potential growth and increase cost of production over time. >> we are looking at inflation being more short to medium-term issue. >> we did not take as much risk

as we could because we added value but not as much as we should have added. >> we are 24/7 buying and partnering with the market leaders who are leading digital transformation in their industries. >> a lot of the funds we manage are taking much longer term beds so we feel much less sensitive maybe to a change in policy. emily: just some of the big names who joined us on bloomberg television throughout the day from the greenwich economic form. the event offering discussions focused on the transformation of tech and work in post-covid world. i want to bring in the revolution chair and ceo and also holding a keynote forum. great to have you back with us. the pandemic is dragging on. there is still a lot of uncertainty and i am curious for your view of the future. when we look back on this time, what do you think the defining tech trends or inflection points

will be of the covid era? >> i think it is going to be a shake the snow globe moment were a lot of things settle out in ways that might surprise us. the acceleration of telehealth. we have seen the benefit of companies like talk space. we have seen the acceleration of companies in e-commerce. the bigger story is how we are unbundling how you live and how you work. that is accelerating a lot of the trends we have been talking about for a decade around regional entrepreneurship, the rise of the rest. it is going to be amazing to see what happened. nobody knows exactly how that is going to play out but there is a lot of rethinking about work itself. how much is going to be hybrid. people deciding to move to other places. april fighting for talent as much as companies are fighting for talent. i think the innovation landscape will look at different 10 or 15 years for now and the pandemic will be one of the tipping

points that accelerated that. emily: for you as an investor, how do you imagine your early life and investing will be forever changed? >> one of the things we have been working hard at is building a network across the country. we have talked about the vast majority of venture capital goes to three states. california, new york and massachusetts. we have invested in 35 states alongside 300 50 eventual capitalist. we have tried to build this network for revolution growth, revolution ventures. positions as well from what we believe will happen over the next decade. we have a partnership strategy building relationships with local entrepreneurs and venture capitalists and connecting them as part of the broader network we are trying to build. we are seeing great momentum. companies are surprising us on the upside are there. any particular cities across the emily: standpoint perhaps more so than others?

>> we now invest in number of states come also 70 different cities. it is like asking a parent who your favorite trail days. we have seen a lot of momentum in a variety of different cities. last week in atlanta, there was a $12 billion acquisition of a company that surprised people in terms of what is possible. we have seen a lot of big exits in ann arbor and indianapolis and austin and others. a lot of momentum for a company focused on sustainable packaging. another company doing logistics in atlanta. kind of like a bloomberg data platform for the logistics and trucking industry. it makes more sense for them to be in chattanooga then silicon valley. the trends are moving in favor of more inclusive innovation. here in silicon valley, new york, boston continue to dominate. thing they will dominate less in

the less -- in the next decade. emily: how do you think cities will survive the pandemic? we are seeing more blending with suburbs and beyond, but what remains after this? >> there is still a lot of value. i woke up in washington, d.c. he was talking about new york and why everyone wants to be in new york or london or one of these superstar cities. there is some value to cluster. they're always going to be some possibilities around rural entrepreneurship. if an infrastructure bill gets done which it likely will get done, that will help a lot of entrepreneurs we think what will happen over the next decade is instead of a few cities dominating, a few dozen cities will stand up. some of that ties into the point i made earlier about the domain expertise, the partnerships, the credibility you will need to disrupt some of these big sectors in health tack and so

forth. if those cities and those companies win the battle for talent. there has been a brain jane over the next -- the last supper -- the last couple decades. the pandemic has reversed that a little bit. you're seeing firms in silicon valley looking at other parts of the country. we have been saying this for a long time. it is great for it to be happening. emily: congress is considering changes to tax law that could impact tech founders, early tech employees at qs sbs. this would raise taxes on options that employees benefit from. there are some folks who say this will hurt innovation. other folks say lower taxes than the rest of us pay. do you think this is fair or not? >> who let congress figure out what to do in terms of the article package. -- in terms of the actual package.

we do it in a way that does not diminish what you are talking about. the willingness for people to invest in young companies. willingness for entrepreneurs to take the risk of starting the companies. need to be careful. i think it is fair to have it on the table. it seems like it should be different for hedge funds trading in seconds or private equity funds that are flipping mature businesses versus the young startups that are backed by venture capitalist tend to have a five or sometimes 10 plus year rise. we are -- as this gets negotiated, hopefully there will be understanding of the needs. one of the things that are encouraging, one of the pieces of legislation being considered is to increase the r&d investment for a and to fund a dozen regional hubs. significant money that would be funded to help take these cities to the next level. help these cities rise.

i would be part of that as well. anything that helps drive more novation, more job creation and in more inclusive way bring along more people would be a good thing. things that end up undermining that would be a concern. emily: you paused your story because of covid but you are still accepting applications from startups. i believe he stopped accepting but you have been accepting submissions and you are about to announce some winners. what are the trends you have seen in the start up supplying? any new fresh ideas that you have not seen before? > some of the companies we have backed, we have done bus tours eight times. markable ideas that emerge in some of the companies that are scaling. we have seen that so far could the tour we had to postpone twice was taking us to places like oklahoma city, wichita, kansas city. there was a lot of -- some of

the not surprisingly, some of the business is being formed are around the connection to that. logistics because of walmart's presence in northwest arkansas. bag checked because that is a major part of what st. louis is doing. monsanto being headquartered there for many years. we are seeing in this next-generation building on the expertise and networks in those cities to disrupt some of those incumbents and we will see what happens in terms of when we announce those winners. you can expect some of them will be tied into what is special about those places and what advances those places if more venture capitalists do focus on other parts of the country and if entrepreneurs who left because they sense there is no opportunity to return and if graduates stay there, you will see more of these cities rise up. you will see more novation happening all over the country. frankly for all investors out there, when i talk about this, part of this is almost a point

about fairness and leveling the playing field. it is one of the great investment opportunities of all time. someplace like silicon valley are much higher than if they were in other parts of the country from an investor standpoint, it makes sense to focus on what is happening everywhere. not just with what is happening in your own backyard. emily: we can always come on you to give us a bigger picture of what is happening around the country. thanks for stopping by. coming up, how the streaming wars have moved from the screen to the speaker. we will talk about the latest experiment next. this is bloomberg. ♪

emily: the fintech startup revolution is planning to start

up -- to offer commission free trading. launching money transfer and budget services in the u.s. last year. it is one of the well-funded fintech's muscling into areas once reserved for banks and brokerages. the streaming wars continuing to stay hot and not just on your screens. hbo max launched a new scripted podcast featuring several prominent actors playing characters from gotham city. joining us now is the bloomberg entertainment and media reporter. >> this is all part of a plan we are seeing across different streaming services right now. developing companion podcast shows that go with ongoing tv shows that are related to properties you have so you can keep those customers engaged. we are in this moment where there are 70 different tv shows and so many different podcasts.

anything you can do to create this multimodal universe of content seems appealing to them. we have seen it with this batman show. with hbo max. apple had one. netflix is developing original podcasts. it is happening all over hollywood. emily: you have a huge scoop out about netflix nearing a deal to buy the roll doll catalog. we are talking about classics like charlie and the chocolate factory, james and the giant peach and an acquisition of this size is a rare event for netflix. what do we know? >> this would be the biggest acquisition netflix has made today. there is not a purchase price disclosed but it is safe to assume it is in the hundreds of millions of dollars. this is a sign -- the type of acquisition netflix has always been interested in is one where they are buying ip. they just want the ip they can use to make tv shows, make

movies and maybe make toys and lunchboxes and all those things. in that regard, rolled doll is perfect because the company employs like two dozen people. it is this great catalog. many of these properties have been turned into film and tv shows already. so what are going to be the new spins netflix has that makes this different in the long term? emily: you think they will be making more big buys like this to get the ip behind future content? >> they have always talked down the possibility. making clear they would rather build than by. i think if they can find other assets like this, they will acquire. netflix's strategy seems to change ever so slightly all the time. emily: a rare event indeed.

thanks much for bringing us that reporting. that does it for this edition of bloomberg tech. make sure to tune in tomorrow. we'll be joined by the uber ceo. plus, the ceo of genentech. i'm emily chang. ♪

haidi: a very good morning. welcome to "daybreak: australia." i'm haidi stroud-watts in sydney. we are counting down to asia's major market opens. shery: from bloomberg world headquarters in new york i'm shery ahn. the top stories this hour. evergrande misses interest payments taking the cash-strapped developar step closer to one of china's biggest debt restructurings. haidi: beijing's real estate crackdown weighing on wall street. u.s. stocks