>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang.

>> this is bloomberg technology. bitcoin is pushing towards record highs again. this is the highest level since may. the momentum for the surge. facebook in defense mode. shares fall as the platform's whistleblower meets with lawmakers in europe and the facebook oversight board in the united states. what this could mean for consumer trust. everyone is talking about it, squid game, the south korean phenomenon, makes waves and could be the biggest original hit for netflix. why foreign films could be the streaming service's secret weapon. we will get to it in the moment. let's get to the markets. welcome. >> read on the screen today, if you look at the numbers you wouldn't think the day started that way but it did. you sawtek outperforming for most of the session.

until the last 30 minutes, a nailbiting last 30 minutes until apple, amazon, microsoft dragged the market down. look where we wound up. the s&p 500 down 0.7%, the faang index down half a percent, chinese adrs flat on the session which wound up doing pretty well during the trading day. i want to show you a terminal chart. one of the highlights of today was an interesting call from citi, coming out and saying ditch tech, get into banks ahead. -- instead. over the last couple weeks you can start to see a bit of a pickup in line with yields. people saying the way to play the rate left off, everyone knows it is coming, is to slide back into banks and get out of tech. the culprit behind the selloff in the recent weeks. i want to end with good news, cryptocurrencies in the green this morning or today.

not this morning anymore. crypto, bitcoin flat on the session but actually pretty strong come up as high as 4% one standard deviation move, taking with it crypto stocks. even robinhood, we know the platform gets a lot of revenue from crib -- from crypto. that was a concern but right now, a positive. caroline: thank you so much, kriti gupta with market news. 57,000, first time since may, in past rallies there is often a search for reason. the cofounder of open money initiative is with us for more. first and foremost, congratulations on your marriage and the change of name. talk to us about the numbers, the push higher. what is behind it? >> it has been an interesting climb out of the depths we saw in august and september.

now eclipsing i think it was levels we last saw in may. it seems to be happening on fairly sizable volumes, which would normally in these markets indicate it is institutions coming back into play. there have been a few headlines that i think have lent themselves as tailwinds to these markets, notably in the last few days gensler, the sec saying he does not in fact aim to ban all cryptocurrencies. some people interpreting his remarks as being bullish for the possibility of a bitcoin etf. a few tailwinds to point to, but as ever in these markets, there is a lot of mystery to the movements. caroline: talk about the overall flows you are seeing or hearing of that are happening between bitcoin and if the area him and other -- and ethereum and other protocols. how much are we seeing

institutional and retail money take more protocols more seriously? jill: when i speak to institutional flows, that centers around bitcoin and it theory him -- and ethereum, bitcoin being the blue chip the gold. increasingly we are seeing interest from institutions in moving sort of down the ranks of the crypto ecosystem to get access to other layer one protocols, many of which are coming and nipping at ethereum's heels in terms of developer adoption and end user adoption and so forth. there you have the likes of solana, slow ventures is a major investor. you have avalanche coming for ethereum and all of those tokens have written those tailwinds. you also have app coins, applications that have been

developed on ethereum the have -- that have their own tokens so your own ways of expressing views, not only on ethereum as a whole but of course on these specific nephi applications and so forth. it wouldn't be crypto if we didn't touch on nft's and the new models we are seeing people take as they approach investing in those new types of assets. caroline: talk to us about solana. this had -- has been dubbed the ethereum killer. what took you with that protocol? what is it about solana and the growth profile that you like? jill: solana, from the get-go, has been solving problems. they have done a great job in terms of targeting developer acquisition. they ran a series of hackathon's and grant programs. they have been successful. they have over 1000 active

developers in the ecosystem and that has translated to the growth of end-users in the ecosystems and in the platform. within the ethereum decentralized finance ecosystem, which has been around longer and is more well-established, there is about $90 billion in total locked value in that ecosystem. you have now seen over the last few months, the rise of solana applications to now have about $10 billion locked in there. the same trends hold true as you look at the user base, as you look at wallets, which is a good proxy for the number of users in any of these ecosystems. while it downloads. solana is seeing about 100,000 new wallet downloads per day. that is a rough proxy for the type of growth they are seeing in that ecosystem. caroline: you mentioned the non-fungible tokens. i felt it was a bubble-icious

area but people are seeing long-term possibilities of creating real value and return, particularly for artists in the making. solana is based in an fts. how much is -- of that is a shift? jill: solana has been investing heavily in the nft ecosystem. ftx, one of the major crypto exchanges, ftx u.s. just announced their own foray into the nft space, so a competitor if you will to the likes of open sea, which is more ethereum focused. ftm will be -- ftx will be based in solana so that is another bullish signal around the protocol. so that is exciting. it comes back to what developers want, what end-users want which relative to ethereum is increased scalability, increase in through-put and the ability to get transactions for the

system and also, of course, as ever, lower fees which is always a hot topic of conversation whenever these things take off within ethereum. caroline: ftx is like solana for a little while as well. jill, great to have time with you. let's talk about robinhood. it early investors. the whole regulatory environment for crypto is becoming more transparent. is that a headwind to stop? this is the darling of the u.s.

retail. first and foremost, crypto regulation. is that positive, negative on robinhood? >> normally it is positive for a lot of the folks in the crypto community but for robinhood let's see what it means in terms of them being able to offer more product to their customers. that is what this is about. the ability to create wallets, compete more heavily with coinbase now that more users are adopting crypto. there is payment for order flow as we have talked about. how does this way on their revenue generating abilities? and even more than regulation, which has been something that resurfaced today in a filing for selling stockholders, trying to sell more stock as early as this week, the numbers might be going down as well. what will the next order look like in terms of earnings? jp morgan has pointed out app downloads have gone down quite a bit. a topic i can't wait to cover more, as more people moved things like sports betting and retail activity changes in the stop -- stock market. caroline: my husband works at coinbase, full disclosure. in terms of the share sale, this happens when a company goes public, many have lockups then they expire and you see selling pressure.

is that something to worry about? sonali: it is funny because part of this is perception. the idea that people are getting out just after the ipo, but the reality is, it is very common for early stockholders to be selling some stock. folks like d1, which reduced their exposure, not selling out completely. they are not, people think they are selling at this high but they are actually selling closer to the listing price. they are selling at about $35 so it is not like they are just cashing out at the all-time high. it is not calling the top, but with that said, we follow the big money. you want to see people buy and hold for as long as possible, though we will see where this goes from here. the earnings period will be the next big catalyst. caroline: thank you for your time. we continue to see celebrities flocking to #cryptotwitter to

announce their participation in then fts. the latest, reese witherspoon tweeted about her first purchase about and fts, adding she would like to know about the women creating nonfungible tokens. jill should get over to her. facebook shares continue to fall as the whistleblower, frances haugen, meets with u.k. and eu lawmakers. that is next. this is bloomberg. ♪

caroline: just one week after testifying to congress, facebook whistleblower frances haugen will meet with a facebook oversight board, tweeting she is looking forward to sharing the truth with them. this is in addition with meeting

eu and u.k. lawmakers. our correspondent has been all over the ongoing fallout that was initially focused on perhaps facebook understanding the ramifications of their products have on mental health, particularly those of the younger, and choosing what frances haugen calls profit over people. the main test is whether or not this hurts the share price, whether this really hurts the business model of facebook. time and time again when we have these crises of pr, it hasn't always happened, the business proposition because businesses are dependent on it. >> this time does not necessarily feel different, but we will learn at the end of this month, because facebook will have earnings by the time they report these earnings, most of the drama has happened at the end of the quarter. we may have to wait longer until we really have a full quarter of this news being out there. the stock price is down.

i feel like there is concern that in d.c. in particular, there is more cohesion between democrats and republicans about actually implementing some type of data privacy law. it is clear people are spooked that this might have a long-term impact on the business. caroline: a long-term impact on engagement, usage, the consumer? kurt: i think it is more on facebook's data business. if someone were to come out with a law that said we are going to restrict what types of data you can use to target people or we are going to force you to expose the technology behind your algorithm or maybe get rid of the algorithm in some way, that is the kind of thing that would really hurt facebook's business and i think that is where if you are an investor, you have to be worried. that directly impacts facebook's moneymaking ability. caroline: what about facebook's response to this crisis vis a vis others?

kurt: it feels more aggressive this time around. in the past, for example the cambridge analytical two years ago, mark was a lot more active. we saw him out speaking a lot more often. now it is nick clegg, the head of policy and communication, doing most of the talking. some of their pr folks on twitter have been more aggressive in sharing the company message and even countering journalists and things. it feels like facebook is being more aggressive this time around in this crisis than they have been in previous issues. caroline: talk about what is next. frances haugen will go to the u.k., where the mp has been focused on these issues. the eu wants to speak with her as well. what next in terms of the story from your perspective? kurt: we have to keep an eye out for even more stories to come. we know frances has given

thousands of documents, maybe tens of thousands of documents, to the journal, regulators, and she hinted in her testimony, she brought up some issues that were important including the january 6 riots in d.c. as issues she saw with facebook areas we haven't seen a lot of stories touching on that. i would have to imagine some of these documents contain things we haven't seen. this isn't necessarily the end of even the data dump in my opinion. from that, you will continue to see a lot of bad press for facebook i'm sure. caroline: we will keep a close eye on how valuation reacts. kurt wagner, thank you so much. coming up, promising studies from mark -- from merck on a covid-19 pill. how could it change fighting the virus? that is next. this is bloomberg. ♪

caroline: let's talk about the potential breakthrough in the treatment for covid-19, merck is looking for emergency use authorization that -- for a pill that it says could cut costs but liz eight and -- hospitalizations in half. >> this is merck's new antiviral pill. the medication has been shown to reduce the risk of hospitalizations by about half. it is the promise of a drug that is easy to get and take home that has people excited. >> you could potentially have it at home, which is the thing. if you don't go to the hospital, particularly when they are infectious, they are infected, you can give them something that

reduces their risk by at least half, even in high risk groups. fully it is still under 20% of people in hospital. >> how does it work? by inhibiting the replication of covid, from a mechanism that reproduces the virus's genetic material to make mistakes. >> it is about catching people and they have an infection and they don't have the overwhelming immune response. you have to catch them before that. testing and identification is key. then you have to have a way to catch the people who don't respond to the medication. >> a course will cost $700 per patient according to media reports. are there side effects? interim analysis found no increase adverse effects, only 1.3% of participants taking the drug quit the therapy due to an

adverse effect due to 3.4% in the placebo group. it will need to be assessed in a larger group of patients to properly determine safety. merck plans to make 10 million treatment courses available by the end of the year. it will not replace vaccination, which remains the most effective shield against covid. caroline: great intro. let's discuss more as they hope to get fda clearance by halloween. that is three weeks away. our health reporter is with us. the likelihood of getting it within that timeframe, talk about the prospects of the pill. >> the fda, the u.s. food and drug administration is having a busy few weeks, looking at booster shots from moderna and johnson & johnson, looking at pediatric vaccines with the pfizer vaccine and now they have this application from merck, the

first potential anti-covid pill, potentially a big advance because really, it is so much more convenient and easier to take a pill for a virus than what we have right now, which is either remdesivir, given in the hospital, or monoclonal antibodies that you have to go and get infused. that is more difficult. the problem is, a fast-moving highly infectious virus, you need to treat people right away. having a pill to take at home that is in every drugstore eventually, that could make things much easier. think of this, what they are gunning for is something like tamiflu, but for covid. merck is likely to be just the first. caroline: the mental image of it being available in any pharmacy, it cost a lot of money. how will be -- they be able to square the circle?

merck it is on -- robert: it is unclear what the market will look like in the long term. that cost is not a commercial cost, that is what the u.s. government is paying for the first initial batch of doses, $1.2 billion in supply, one point 7 million courses. in the long term, the commercial product is not, it is not clear how that will work but at that price, if it stays the same in the commercial market long-term, that could inhibit broader use. there are others coming out potentially. we are waiting results from a pfizer pill that they are testing in large-scale trials. there are others that could come soon and this could be the first. it could be a significant new market. right now, this merck pill was tested in unvaccinated patients with the potential for the broader market long-term.

you could use this as a prophylactic if someone gets sick in your family, in your household with covid, you don't have to be quarantined. everyone else in the family could quickly he prescribed this. that has to be shown as a potential future market. caroline: really interesting take. thank you for the analysis. we will look at the future of gaming coming up. this is bloomberg. ♪

caroline: this is "bloomberg technology." today's market movers, kriti gupta has the breakdown. kriti: earnings season is upon us. it kicks off this week. something to keep in mind, on a macro level, those earnings revisions levels. 89% b rate in the last earnings season. can we keep that up? so far it seems like we are losing upward momentum to revisions.

this week be crucial at banks to see what kind of town it sets as we eventually get to some of those biotech and tech companies we are waiting for. the intraday action, looking at the subsectors, a negative day for the broader markets but that trickles down to subsectors and i want to highlight the last-minute move over the last 30 minutes of trading. nasdaq biotech and the golden dragon with chinese adrs were pretty positive for the majority of the trading day. the golden dragon injects -- index hasn't had that great of a time but a lot of that had to do with the course of a food delivery agent in china getting a lesser than expected fine from beijing on some of their antitrust practices. interesting to see if that momentum continues. i want to and with a subsector that was i first beat when i started covering stocks and that was video games. when videogame stocks were

surging last year, people were at home, spending more time and money towards these platforms but take a look at year-to-date. you have seen the trendline come all the way down. the three major players, i want to compare this to ubisoft out of europe. activision and ea lagging. caroline: interesting moves. kriti, fantastic. thank you. we will talk more about gaming and playing in the meta-verse. axios infinity coupled with blockchain's, there are real rewards for playing. a popular korean show, squid game, you can experience the gut wrenching twist yourself on roadblocks. it is expanding into the meta-verse. a gaming ceo, it is great to have time with you. talk to us about the transition of 2d entertainment into 3d, ar.

how much does this link the entertaining -- entertainment world and the gaming world? >> thank you for having me. i used to run marketing for thousands of retail locations around the world, and if i could fast-forward to the current person i am today, the message would be loud and clear. i think any brand out there, if you don't have a meta-verse play happening, you need to think about it. it is the one way you can connect to this young audience of gamers where they are with their passions and -- in an organic way and create a relationship around your brand, one that carries over from digital to physical. it is really the kind of modern ad model that is at play. caroline: if i'm playing squid games on roblox, you just made an acquisition in an ad platform. you must be thinking about how you make the experience organic.

ann: absolutely. as a company we purchased -- there is a company we purchased that has relationships with 75 of the top roblox game titles. it is a massive footprint inside the roblox meta-verse. there are two primary ways we interact with those brands and connect them. the first is if we have added units embedded in the game. if you are playing a game and running outside, you will pass a billboard. like you would if you were driving in your car. but we can take it a step further. we did in activation with nickelodeon for a new tv show they were launching and we did a 10 day takedown of the game where we read -- read the game around the characters in the show and we drove 50 million business to the game and that

equated to 164 years of gameplay and that 10 day period all around those who love nickelodeon characters. caroline: talk about advertising inherently within gaming. there has been a lot of pushback about advertising within social media and the ethics that are involved. how are you taking that, thinking ahead of the game? ann: absolutely. a big piece has been always about democratizing good gaming. we have a high bar on code of conduct, about 5 million strong registered young players on some of our owned and operated properties so we take compliance seriously. we are not pushing products in these games from these brands. we are integrating the experience and enhancing the experience. when i talked about the nickelodeon example, there were ways you could unlock cool game modes and you got benefits through that experience we created around the characters. caroline: talk about super league gaming.

it brings experiences directly to gamers out there. i'm interested in how that is looking come alive e-sports, bringing crowds together, what we are seeing was put on ice. is it coming back? ann: i have talked openly to investors about this. in the early days, we ran e-sports tournaments as one way to aggregate players and create content around them. super league is much more than e-sports. i said before on bloomberg that the notion that e-sports is just a 3 billion-dollar industry for the next couple years, i jokingly said i wouldn't get out for bed -- out of bed for that and i think there is more potential for e-sports, but it is early days and it is narrow. what you will see super league doing is lining up with that. what we told investors is that we would increasingly take on a bigger share of the meta-verse.

we would have an underpinning of creator economies, so we are thinking more broadly beyond e-sports and when our roblox game designers participate in the ad model, they get the action for that. that democratizing is who monetizes -- democritus -- democratizing is who monetizes. we are talking $25, $30 cpm and deep engagement. those are the three lanes i told investors if we do organic growth, you will see us lean into those. luckily for us, the company we had partnered with previously checked every one of those boxes. caroline: deep engagement from an inclusive audience. you sit here is a female ceo, many have been shining a light on how little women are winning some of these big e-sports competitions are even playing in them. there often aren't places to go

to for people who aren't basically white guys. how are you opening that up? ann: that is what drew me to super league. i needed to go through my own education of who a gamer is these days. gaming is beautifully diverse. it is a level playing field on the gender side of things, even with the furloughs, a physically challenged player can level up and play against people who don't have those challenges. there is something very fair and inclusive about it. we saw an opportunity to build a brand that stood for that. and frankly, it is a smart as nest model because there are 3 billion gamers on the planet just in the united states alone, 45% of those players are women, and we want to speak to the widest audience of players and creators and streamers who use our tools and work with our platform because we want to reach the biggest pro-sumer

dollar base so we can scale the company. caroline: super league ceo ann hand, thanks so much. more content, the new james bond movie opened as the number one film in north america in theaters. "no time to die" smashed pandemic opening records, taking in an estimated $56 million. not as strong as some were predicting. more coming up, making employment less messy. we speak with xyz venture capital and a startup ceo about how they want to help you take paid leave. this is bloomberg. ♪ go one room but no field will

not be minutes ok

caroline: have you ever tried taking leave from work, whether it be parental, medical, caregiver, even bereavement? quite often you may have found things are tough. the process requires you to navigate company, the government, the insurance laws. this is where cocoon comes in, a new employee leave lot form -- platform. the current ceo is with us. and and xyz venture capital partner. i want to talk about expansion plans and the ways in which you are raising funding at the moment. what birthed this company? why did cocoon have to be made? >> thanks for having us. cocoon got founded when we saw a lot of our friends and coworkers go through really tough leave experiences. whether it is medical leave,

caregiver leave, parental, bereavement, the process is so complicated for the individual going on leave, navigating different leave laws, figuring out how to get paid, filing claims. it is complicated for the employer navigating employees spread across the state, the country, even other countries and figuring out complicated payroll calculations. f we -- after we heard how difficult it was to take leave and how much went into the admin instead of focusing on the reason you are taking leave, we realized there had to be a better way to do that especially in this day and age. we set out to really build that experience that makes it simple and straightforward for the individual and easy for employers to allow expert -- employees to take leave. caroline: how much do you see the demand going for this? how much do you see the necessity particularly in the u.s.?

it doesn't have a paid leave particularly from the parental perspective. the administration, shining a light on this and maybe we will see change on a government level. >> i certainly hope so. when i first met her and amber and lauren and what they were building, i immediately wanted to work with them. this was not only a product that i knew needed to be built first hand, i met her when i was five months pregnant with my second child and i had already taken parental leave. i know how the process is opaque. i could see the demand on the employer side. i think it is table stakes for employers to offer competitive leave, whether it is parental, medical, bereavement leave and when we went to go do due diligence, there was immense pull and it was something we needed to be involved from the first day. caroline: when people are

working from home partially and when there is also such a need that we have seen in the covid crisis, the caregiving crisis basically, whether it be mother with children unable to go into school, or the father looking after elderly loved ones or those who fell ill from covid. how have you adapted? how much bigger is the market becoming? >> i think leave is not a new problem. it has always been challenging to take leave, but with covid two things happened. there is a lot more distributed workforces, so when employers thought about, i have an employee in california taking caregiver leave and one in washington taking an organ donor leave spread out across the country and even other countries, the process of administering a policy got more complicated. that was one huge factor. the other is, covid really changed employee mindset. it made employees realize what

they really want is for their employers step up. these moments may happen infrequently but when they happen, you need that help and support. i think the expectation of the role and employer plays changed in covid. caroline: what are perhaps some of the challenges? we talked about the opportunities but the challenges about growing these businesses, scaling them and ensuring companies want to enroll them. >> i haven't seen any of those talented -- those challenges yet. there is immense pull at the middle market for this product, which is where cocoon is selling into. i think the only challenge we might foresee in the days to come is how many companies can we onboard, and how quickly can we onboard them? truly, i think the perspective around benefits has shifted so significantly since the pandemic

that companies know that in order to retain and attract talent, they really need to have a competitive benefit offering and it has to include a better paid family and medical leave. caroline: what tends to be the biggest pain point? sometimes it is filling your role when you leave, ensuring you leave the company and a strong place when you are accenting. for the employer, what are key pain points? >> a lot of it boils down to compliance, being compliant with the many changing laws at the federal and state level, a huge component is pay for employees can come from a lot of different sources. some pay might come from the state of california or washington, some might be coming from a disability provider. the employer tries to figure out, what is our pay policy? how much do we owe this employee during their leave? what does that mean for taxes? there is the administrative

output that becomes hard for an employer and when their time get sucked into that, there is less room for empathy around leave in terms of supporting that employee who is going out or supporting the manager making sure the team is set up for success. with cocoon we are trying to take away the admin and the headache and stress so for the employee, it can be straightforward and they can focus on the leave and the employer can focus on supporting the employee in the ways they needed roast. caroline: can you see the federal landscape making things easier in any way, or will it always be difficult on a state-by-state level, let alone international? >> as you mentioned, i think the u.s. compared to our peer countries has one of the worst leave policies. we don't have one. i'm really hopeful that our policymakers can get something passed that would offer every american the opportunity to have

paid family and medical leave. i think after this pandemic, people are tired. we want to take care of our loved ones. we want the space to take care of our own health. we want the space to take care of our children. i'm really hoping that we see some action on this front soon. caroline: fascinating conversation. cook kuhn's see -- cocoon's ceo and capital partner, amazing the steps being taken and the intricacies they go into building the product. how squid game is taking over the world. what that means for netflix. that is next. ♪

>> the apple watch is here with

a bigger screen and full keyboard. it is a device that you can't use without an iphone. a decade ago, steve jobs outlined that every major apple device should be standalone and synced directly with the cloud instead of another hub device. as anyone with an apple watch knows you can't buy one, set it up from the product itself and download all your data from the cloud. that limits the potential user base of the apple watch and excludes people who may want to just own and apple watch plus an ipad or mac and even one day, people who want to use an apple watch as their only computing device. which lot -- with larger screens, independent apps, faster processors, new developer tools and the ability to connect to cellular networks, the time is now for apple to allow customers to buy an apple watch and set it up without connecting it to an iphone. making the watch a completely independent device could make the product a bigger part of apples portfolio, increase sales and expand to customers outside

the apple ecosystem, even those with phones that run android. i'm mark. this is power on. caroline: you can sign up for mark's weekly power on newsletter at bloomberg.com. let's talk about the biggest pop culture trend in the last couple weeks that i haven't yet viewed, squid game. the korean show was on pace to be the biggest hit in the history of netflix. it is the most popular show in over 19 countries, and unprecedented for any television show ever. we will talk about this phenomenon. i think i have seen it more on social media than i have on netflix. what is it about the scale, the network effect that netflix can bring international hits? >> netflix has over 200 million paid subscribers and they are scattered throughout the world. when they have a show that

really catches on, they are able to reach so many people in so many countries in a way that almost no other media company can because media is often localized. that is what has this global network that -- netflix has a global network that allows it to become an international phenomenon. caroline: i think of the one i viewed for a bit, but money heist came on and that was spanish-speaking, became incredibly popular, scarlet fu loves it and tells me about it. how do they pick these winners? are they picked? does it rise through the algorithm naturally or do they shine a spotlight on the ones they think will have cross-country international winning formulas? >> it happens both ways. with shows they spend a lot of money on, like "stranger things," they spotlight and market it heavily to try to get the viewer metrics. with squid game, it was more

random. it caught onto the algorithm and people watching it, people sharing on social media and all of this word-of-mouth contagion. sometimes you get surprise hits because they have so many shows and one catches five. squid game didn't have as much money spent on it as bridge or tended, for example. -- bridgerton did, for example. caroline: what about from a bottom-line perspective? >> with international shows, this is great for netflix because they are trying to diversify their revenues. right know about 40% of their revenues come from the united states and only 10% from asia so getting a big hit from a south korean studio is great for them because in the future, they want to have more than 10% of the revenue coming in the asian

market. >> the great british bank off -- bake-off has caught the attention of my american colleagues. how much does this stop people from jumping somewhere else? can disney plus and amazon repeat the formula? >> with the shows, i believe a lot of them are to reduce churn. netflix in the u.s. has so many subscribers, they aren't adding many. they want to focus on stopping people from canceling and having more international hits increases the time people spend on the plat arm, which reduces the likelihood of canceling. it also allows them to expand in those markets where they have a small share of their revenue. if other countries can repeat that formula, i'm not sure. netflix has been good about giving local producers and directors autonomy to create the shows they want for those markets. the company is heavy-handed and

wants things to conform to a pre-existing intellectual property, that can be a tougher sell internationally. caroline: good point. great to have you on. that does it for this edition of "bloomberg technology." tomorrow, we will talk all things crypto. i'm caroline hyde in new york. this is bloomberg. ♪

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haidi: a very good morning. i'm haidi stroud-watts in squid squid -- in sydney. shery: from bloomberg world headquarters in new york i'm shery ahn. the top stories this hour. sucialging energy prices fuel volatility in the stock market as the debate er