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

emily: about the cities tech. and since their pandemic and what he plans to do to keep up the momentum in south florida. while facebook is in the hot seat, david sacks says facebook isn't the baddest guy of the social media bunch, but cable and other platforms are more polarizing, addictive and raunchy. there is some sparring with sacks later this hour. we will get to all of that but first, let's get a look at the markets. >> another day of selling when it comes to major averages, the s&p 500 ending in the red. unless you are a chinese adr,

baidu, they underperformed. biotech up .1%. but let's talk about the big macro issue at hand, and that is inflation, specifically commodity inflation. you can start to see the correlation between stocks and oil, which tends to be pretty positive. now turning negative, telling you the surgeon oil prices are a negative for stocks. rates are kind of a negative to some of those big technology companies like facebook, microsoft and amazon. bloomberg technology putting out a report that the most exposed to rate increase risks will be your social media companies. snapchat, pinterest, these are the companies you want to watch when they are starting to talk about rate increases. you saw a hint of that inverse

dynamic today with rates dropping a little bit and these names ending higher on the day. whether that pattern continues is something to watch. >> let's get to the breaking news -- apple is cutting its production target by as many as 10 million units. this isn't just about apple but the supply chain. apple telling its manufacturing partners that chip suppliers like broadcom, texas instruments are behind in getting key components to those apple handsets. it's interesting because if you look at some of the laggards on tuesday, the supply theme is commonplace. micron and western digital both down by more than three point 5% after a report that forecast its memory chips will fall in price going into the fourth quarter and we will see a slowdown at the same time, we got data overnight about the pc market.

hp down more than 4%. the wide component shortages and chip shortages, it's not just the iphone handsets still feeling the heat from the chip's shortage, but it is widespread throughout electronics. emily: moving on to dig into some of that apple news. the company battling a potentially major production challenge. bloomberg has learned apple is poised to cut its projected iphone 13 production by as many as 10 million units. this is largely due to the ongoing chip shortage. what exactly is happening here? mark: this is a story with my colleague, reporting apple has told suppliers it's reducing its production targets for the balance of 2021 from 90 million units to about 80 million units. about 10 million less than

anticipated. this is due to apple not receiving components from key suppliers. what this indicates is apple is having a shortage of these new iphones where they cannot produce as many as anticipated. if that means they are going to have enough to sell to everyone, that remains to be seen. emily: apple just announced its having another event coming up. what do we know about that? will it affect other apple products? mark: next monday, apple will hold an event called the unleashed event. this will be another virtual affair given the ongoing impact of covid. they will announce the first revamp to the macbook pro in five years. i can't tell you how many people have asked questions about this. if i was given a penny for every question i've gotten about the new mac pro, i could get when it no charge.

people want this, they are anticipating it and it's the first with an apple designed processor. emily: talk to us about what apple has coming up this year. every holiday season is a big holiday season for apple, but dealing with these production challenges is a new wrinkle. mark: if you look at their website or visit and apple retail store, you know the vast majority of products in term of their major devices are facing supply shortages. the current model is facing issues as are other max. the apple watch series seven, you see wait times quoted into december or january depending on where you are buying it. if you order an iphone 13 pro, you will be quoted a shipping time over one month from now. likewise, if you visit the store, the new iphone is hard to come by. the big challenge for the balance of this year is apple

going to figure out how to get the new devices into consumers hands. the on the macbook pro and existing devices, look for new versions of the airpods to be introduced as well. emily: what devices from other companies will be impacted? obviously it's not just apple. mark: google is going to announce the pixel six on tuesday, a day after apple's announcement. they will have a supply chain crunch related to that project as well. amazon announced a slew of new devices a couple of weeks ago, including the home robot. those have shipping times quoted at the end of next year as well. clearly this is a problem affecting all major consumer devices. emily: what are you watching for next? mark: the next big thing i'm watching for is looking into next year about apple's

augmented reality and virtual reality headset plan. that's the next major launch from apple. they were hoping to discuss that this year. that's not something they want to introduce personally. they want to make a big splash, so it will be introduced next year. this is an interesting story for consumers and the industry about how apple is going to be able to tie everything together and take a category of device that is really niche at this point. it's going to take some time for apple to pull it off, but they are certainly going to try. emily: thank you so much for that update. coming up, miami's big bet on a crypto. we will be joined by the mayor of miami to talk about his plans to make a new crypto hub out of his city, next. this is bloomberg. ♪

emily: welcome back to bloomberg technology. i'm emily chang. i want to talk about tesla in china -- if you tech stories we are continuing to watch. tesla overcoming a slumping car sales. overall shipments of china-made cars rose for the second month in a row. where than 52,000 were sold. the bus general motors reached an agreement with its art and

are, lge, over the recall of batteries. the south korean company will pay 1.9 billion dollars. the manufacturing defect had a decreased risk of -- an increased risk of fire. stay with us.

emily: the grade miami tech rush started with a tweet from the mayor asking how can i help in response to a venture capitalist who openly wondered about the prospect of living silicon valley to miami. this started a new boom of sorts in a state known for real estate

and hospitality businesses more than it tech scene. at the miami mayor is betting big on a growing tech community, especially crypto, announcing the city's own crypto currency, miami coin. let's get all to this now with the mayor who joins us live from miami. thank you for joining us. i want to start with your sales pitch. as a tech destination, what do you think miami has on silicon valley right now? >> we have a lot of things. we are number one in the nation in new tech jobs, number one in the nation of new tech job migration in the last two quarters. we've done over a billion dollars of tech closings of venture capital deals, which is about a 200% increase pre-pandemic. we moved about a trillion assets in the city of miami and created over 8000 jobs, and average

salary of $120,000. we have a significant runway for growth which is missing in some cities in america. we can grow 10 in our physical landscape from what we are today. many urban cities in america cannot say that. emily: miami is still well behind san francisco, new york and other areas in terms of venture capital funding. it's not even the biggest tech job creator in florida. that's jacksonville and tampa bay. how do you see miami changing the dominance of san francisco? >> the figures you show are from 2016-2020. those figures are accurate for that timeframe. we are headed into to pay 22 and the how can i help tweet is at the end of 2020. what kicked off this new era in

miami, it is interesting that we continue to grow and see that progress and it is evidencing itself and our deal flow, the number of jobs we are creating and the fact we are number one in growth for tech jobs. we feel very confident we can keep this momentum going through tech month, which will have the bitcoin conference from l.a.. we will have the largest tech conference in the southern part of the united states. emily: more money is moving to miami, but more money is moving to a lot of places right now. there have been reports of a feud between new tech folks from miami and the existing tech community as well as some of the miami establishment. how do you reconcile some of those groups? >> i think that's natural.

when you have new people coming to the city, there'll be some issues like that. i had a lot of conversations with what we call the miami og's. that has changed dramatically in the last few months. it has third of turned the corner and we are starting to see more collaboration between older miami tech which is helping to redefine the city. emily: you have proposed allowing the city of miami to invest a portion of funds in bitcoin, but cities are not allowed to do that in florida. how are you lobbying tallahassee for change and how much of a priority is this for you? >> it's a major priority for me because i want to differentiate ourselves as a crypto capital. we are going for a request for proposal to allow our employees to get paid in bitcoin, to our

residents to pay for feed in bitcoin. the third thing you are talking about, which is the state allowing the city to hold bitcoin on its balance sheet, which if we would have been able to hold it from the resolution on our agenda, it would be up 30% or 40%, so i would have looked like a genius back then. but that is the way it works. emily: miami coin is a novel way for people to donate funds to the city. tell us how you are thinking about pending regulation and if you are at all concerned about what it is becoming -- what is coming from the sec. >> what's great is that it is a bitcoin based technology. it hashes the technology through stocks which is the only smart contract that can happen at the bitcoin blockchain. the protocol calls for 30% of the mining reward to go into a

digital wallet. we are not even at the 75 day part and its $16 million, so it is significantly more than the last time it was reported. what we are seeing is a community of people who want to invest in bitcoin through stoxx and miami coin and want to do it in a way that supports our mission of creating a miami that is here for everyone. emily: you have an election coming up on november second and you are best known for your efforts to bring crypto and big tech to south florida, but what about miami residents who may be hurt by tech and crypto jobs coming in? why should they vote for you? >> i don't think they are going to be hurt. obviously i think they're going to be helped. one of the things you mentioned as our economy that was driven often times by hospitality and

construction, two of which are often times not high-paying jobs. part of what we want to do is differentiate our economy and provide high-paying jobs and better opportunities for our residents so they can have better outcomes and live better lives and be able to provide for their families and children. that is something that will work to my benefit as a candidate. the people of miami have a vision not just for miami today, but miami tomorrow. i'm hopeful to get something similar this november in the next three weeks. emily: what is your level of interest in pursuing the presidency or getting on the vice residential ticket? >> my interest is finishing the next three weeks of my campaign successfully. if i do that, i will be blessed by my colleagues to be the u.s. conference of mayors president,

to be the president of an organization all the cities of the united states beginning on january 23 and we are going to create an agenda for america in conjunction with america's mayors that will be something significant. beyond that, my term would end in mid 2023. only god knows. emily: speaking of that campaign, new york magazine has pointed out a number of the most prominent silicon valley transplants to miami were accused of wrongdoing in california, including someone accused by multiple women of sexual harassment. he donated to your miami for everyone pass and i'm curious if you are aware of this and if it is in line with your values? >> obviously anything that is sexual harassment is not in line with my values or in line with the people of the city of miami.

my understanding is that those are allegations made against that particular individual that were not substantiated. it is a difficult situation in the world we live in because we live in a world where allegations are made on a regular basis and it is hard to draw the line between substantiated allegations and not substantiated allegations and decide how you are going to interact with people. emily: they were substantiated by multiple women i talk to. we will send you the report. i want to talk about your platform because you have positioned yourself at odds with governor desantis on a number of issues, including masks. if you were to run in 2024, what would your platform be? we run a crypto platform? say you are a ron desantis or even a donald trump. >> first of all, i haven't decided i would run in 2024.

i think that person is going to have to be a person who is a problem solver. it's going to have to be someone within innovation agenda, an agenda that appeal -- appeals to all of america. and that will support people across the economic spectrum, whether they be homeless, someone seeking a better standard of living and dealing with some difficult issues we have struggled with as a society like income inequality. whoever the person is, they are going to have to have a concrete vision about how to take america into the next generation and make us the most competitive country in the world. emily: your police chief was just suspended amid some very serious allegations and you did speak about that earlier today. some say you tend to like to

talk about fun stuff like tech and crypto rather than take on some of the issues every politician has to face. how do you respond to that? >> i'm talking about it now to you. i'm always available and open to talk about issues. certain situations require certain responses depending on circumstances and the situation with our chief is extremely delegate and unfortunate because he came in with very high expectations, someone who had a very qualified record of achievement in multiple departments and you always wanted to work out. unfortunately, it hasn't worked out and it's a situation that is best for all parties, including for him and his family to go in another direction. emily: take it 10 years out, where do you see miami in a decade in relation to silicon valley? >> miami could be one of the most globally significant cities. i think it could be what i call

the capital capital, or if you want to build a business and innovate, there's no better place on the planet because we are at the intersection of new york, south america, silicon valley and israel in the middle east. we are strategically located in a position very well for the future. we have the tremendous ability to grow, we are inviting innovators to come to our city, and that's paying dividend in terms of high-paying jobs. we've reduced poverty by 50%. we used to be the fifth poorest city in america now we are the 115. we have the lowest homeless rate since 2015. we will hopefully be one of the cities in america that puts out a functional zero plan to get 20 homeless, which is i think a very noble endeavor and one all cities should strive for. emily: there is certainly a beautiful view behind you. we will have to check in with you hopefully sooner than a decade from now. thank you so much.

coming up, we will hear from grace capital partner edith young about which companies are most at risk. that's next. this is bloomberg. ♪

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emily: welcome back to bloomberg technology. i'm emily chang in san francisco. let's get to the china regulatory crackdown. after a what buster year, it's all about china. blank check companies are spooked and have changed their tune. ed ludlow is here with the latest. tell us about the about-face. ed: it's the industry crackdown

weighing on investor sediment. a lot of these packs filed with the intention of later merging with the mainland china tech company, now there they can about its viability going forward. the other is the ftc is requiring more documentation than ever and more disclosures, basically explaining the risk of doing business in mainland china. we have for spac's here that in recent months have amended their filings to remove references to the word china. in one, they amended their filing not only to remove the reference to china but said explicitly under their association, they are prevented, prohibit completely from doing a deal with the chinese company out of concern it may not go that well. the question is is this an overdone concern? if we bring up the hang seng insects, it has been a rocky ride -- the hang seng index, it

has been a rocky ride. it could be the most undervalued sector in terms of chinese i.t. stocks. all the announcements we've had about crackdowns for specific industries have come. we don't expect any going into the fourth quarter. if that is the case, we have some doubt on the hang seng index and this could be an opportunity with chinese stocks going into the fourth quarter, but it does raise the question, especially with these spac-sponsored, should they go back into mainland china? it's a question for some of our guests. emily: thank you so much. with -- is plowing money into china still a safe bet? i'm here with edith yeung and

i'm curious how this is impacting your strategy and where you are putting your money. edith: personally, i take a very long term view on china. hearing all these crackdowns on a daily basis, i want investors to keep in mind that china is still the second largest market in the world, 1.4 billion people, 15 trillion gdp. especially when i focus on than the venture space, just look at sequoia china. they did 96 deals in the last 90 days. so things are not slowing down per se, but everyone in china needs to play by the rules. does it really matter that -- no one can really outplay the chinese government. i haven't said that on spac, what is the latest going on with spac -- one of my popular

companies, they are going on a spac on nasdaq. emily: would you -- have you changed your strategy at all given the crackdown? are you putting just as much money as you would have more are you changing where that money goes? edith: i really want to go back to china. because of covid, i've been here for two years. it makes it really hard for me to invest in china, mostly from the capital strategy is to focus on early-stage input early support on infrastructure software. right now, the world is so big and everybody is more distributed remotely, so it doesn't matter if they are in china or not. but most of the investment

lately has been in silicon valley, we invested in data bricks and ftx. emily: it is interesting you mentioned ftx because they moved their headquarters from hong kong to the bahamas in part because of this crackdown. over the long-term, how do you see this playing out in china? do you see the chinese government easing up on some of these restrictions or if this is the long-term strategy, how do you think that impacts the tech ecosystem long-term? edith: technical systems need to play by the rules. it doesn't matter how big you are, you have to comply by chinese law. especially with the data privacy protection law, it's a key thing. as an investor, you need to be aware of that. i don't think we should drift our investment strategy just because what is happening in china.

it's something we have to keep in mind. there's tons of upside because the market is so big, but at the same time, there could be some feeling because of what is going on. this industry is more interesting for investors, particularly semi conductors and health care because it's not it's close to consumer data, which is very sensitive in china. being an investor, we need to be super nimble and pay attention to what is going on in china. emily: what about crypto in particular? trading in mining has become illegal in china. how do you see the crackdown there impacting the landscape and investing? edith: china always has a love-hate relationship with crypto. china was the number one in

crypto mining and trading and since 2018, 2018, we started to see crypto to crypto trading. and to be 19 until today, crypto mining is all band. -- is all banned. in the first crackdown happen, it really impacted prices. today, it's about $55,000 equivalent for bitcoin. the crackdown in china in some senses rebalancing the cryptosystem and longer, that's a good thing for the blockchain ecosystem. now china's influence is getting less and less. emily: edith yeung grace capital

general partner. they keep a much. reducing your footprint well reducing usage. our tech reporter is with us next. that's coming up. this is bloomberg. ♪

emily: i new push by google to help you reduce your carbon footprint while using it services. i want to bring in our bloomberg tech reporter now. what does this mean in practice? can we search on google and be green? >> google announced last week

ways for consumers to be green by taking more environmentally friendly routes and flights. today at a conference in the bay area, ed announced their corporate clients will be able to see how many carbon emissions they are using with their google cloud efforts as well as google flagging to customers if they have projects that are idle using a certain amount of carbon emissions so they can take those projects off-line and save their missions. in addition to that, there is a google earth engine that will show how climate change could affect different parts of the earth which might tell a company whether it's a good idea to invest in that place. emily: what's the significance of these updates? we are hearing from a lot of corporations about how they are being greener or trying to be green. how do google's efforts compare? nico: google's ceo likes to say

some of these efforts may sound small, but it does all add up. google itself has a goal of becoming 100% carbon free by 2030 and this effort is to bring customers along for the journey who may not have the resources of google to focus on sustainability as much as google has. emily: what's next here? we are following google cloud in a big unveiling their conference. nico: google cloud is trying to continue growing. they are hoping this can be a differentiator between them and microsoft. it's also announced renewed partnerships with salesforce and wendy's, general mills and siemens energy. it let's customers use their cloud services wherever and however they want to, even in their own data centers. emily: thank you so much for

your reporting on this. the netflix co-ceo is defending the decision to air a controversial dave chapelle comedy special with trans jokes in name of artistic freedom. the employees were suspended for crashing a meeting, including a transgender worker who spoke out against a special and a twitter thread that went viral. a netflix spokesperson told bloomberg that no employees were suspended because of their tweets specifically and the company encourages disagreement. coming up, facebook isn't really all that bad -- we are going to speak with the former paypal say -- ceo who says cable news is more polarizing. we will talk to him, next. this is bloomberg. ♪

emily: facebook still in defense mode. frances haugen confirms meeting with lawmakers in europe as well as a facebook oversight board in the united states. on the other side of the coin, some don't see facebook as the biggest bad guy. david sacks being cable news creates more polarity than facebook. hollywood and fashion advertising create more body images. he argues it's less addictive than tiktok and less raunchy than reddit because it's only the whipping boy because it ran a study on itself. in other words, it's sin wasn't respective -- introspection. david sacks has come prepared to

spar a little bit. i want to start here -- where do you think facebook gets a bad rap? david: first i want to challenge every aspect of this story, starting with the idea of the so-called whistleblower. what crime did she blow the whistle on? the term whistleblower was invented to describe an employee that blows a whistle on a crime. what facebook seems to have done a study the impact of its product on users, and, for that, they have become this whipping boy. what they have been accused of in terms of promoting divisive or polarizing content, isn't that every single night of cable news? in terms of promoting body image issues, isn't that the business of hollywood or the fashion industry and advertising? how is facebook uniquely to

blame for any of these issues? all it seems to me as they studied it. that's basically the essence of what is unique. they studied the issue. emily: they studied the impact of its product on children and found that its products do indeed harm children but to our knowledge didn't do anything about it. if that's not where you draw the line, where do you draw the line? david: i think you are jumping the gun on that. there are some data points that have been passed around through the echo chamber, but let's look at what those data points actually were. the one upon which this entire body image issue rests is the idea that 32% of teen girls said facebook made their issues worse. but if you look at the way the question was worded in the survey they conducted, it began with if you are experiencing

body image issues, does instagram make it worse. 32% said yes. more than two thirds of the girls who weren't experiencing body image issues said it was not making worse. some said it was making it better. the other thing here is a benchmark. is 32% a bad number? if you ask that exact same question to the universe of teen girls experiencing body image issues, do reality shows make you feel worse about your body or magazine advertisements make you feel worse, i bet they would score worse than 30%. so we don't have those data points and instead are jumping to conclusions about the idea that facebook or instagram is evil. if they never conducted that survey, we wouldn't be talking about this. emily: no one is saying reality shows or tiktok or fashion

magazines are perfect. the issue is facebook. if you look at facebook, do you see anywhere they are at fault? david: yes. there are a lot of things i've called them out on, in fact -- facebook has made a lot of bad decisions related to free speech but the agenda here is not to promote more speech, it's to engage more censorship. that -- i don't have a specific agenda to defend facebook. i believe free speech needs to be defended. what is that all about? you had the so-called whistleblower on 60 minutes in less than 36 hours later, she's testifying in front of the senate judiciary committee. congress does not move that fast. she's been working with the senate judiciary committee for weeks and that committee has

hauled zuckerberg up no fewer than four times. that is what this is all about. there is an agenda of censorship. the senate judiciary committee is not allowed to censor a free press. but the constitution does not guarantee a free newsfeed. that's what this is all about, and -- an end run around the constitution to regulate free speech by the senators who have stated their intentions explicitly. it's not a conspiracy theory on my part. they have said they want zuckerberg and other social networks to take down more speech. that is what the agenda is. emily: do you think facebook can turn around its image with mark and cheryl leading the company or do they need a change at the top? david: i don't think they need a bigger change. i think they need to defend the principle of free speech. the reason i think they are in

such bad shape right now -- as soon as you admit it's ok to regulate free speech, which is basically what they've been doing for the last few years, where do you draw the line? now the machinery of their social network can be co-opted by you and he thinks censorship is ok. i don't think it's too late and i think it should start by pointing out the hypocrisy of all these calls for regulation. i don't see one thing facebook that has been accused of that cable news is not worse on how that hollywood is not worse on, that the fashion industry is not worse on, so why should facebook alone be regulated? if people calling for regulation want to regulate in a socially conservative way all these different areas of our culture, i can respect that as being consistent. people making these arguments are not traditional religious conservatives. emily: i know you think

algorithm issues get blown out of proportion, but facebook has a range from smiley face and sad face and hearts and they look at those metrics to serve up what they think we want to see. is that better than consumers making their own choices about what they see on the newsfeed or whatever you want to call it or not? david: that is what they ought to be doing is giving consumers what they want. emily: why shouldn't consumers have the freedom to choose? david: let me finish my point. the purpose of the algorithm is almost like a nielsen rating system that has been digitized and spat up. it asks what users respond to and that is the principal. the issue is there are people with an agenda want to replace your choice with what you listen to and watch with what they think you should listen to. that's what i object to.

if i were to ask you or any viewer out there about their own facebook usage, i think what everyone would tell me is it's a mildly amusing divergence, they get some information out of it, there's a lot of noise. they certainly don't think it's a brainwashing machine. if you ask about free speech, they would say this is a nefarious thing and people are being programmed. what people think about their own usage versus other peoples usage, what i would argue is we all understand our own usage. there is a narrative about other people's usage that's not really true. emily: we are not going to solve these disagreements in a seven minute segment. we will have to take this off-line, but i want to ask about the fundraiser you are hosting for florida governor, ron desantis, who is a very divisive figure and has made

some choices that are questionable when it comes to public health. i know you don't necessarily agree with all of them, but why do you support such a divisive candidate, especially given the global health crisis we are facing? david: why is he inherently more divisive than gavin newsom? words like divisiveness assume a baseline in which everyone agrees because they come from a certain information bubble and anyone who deviates from that orthodoxy is seen as divisive. i would argue there's a multiplicity of use and you are not divisive because you don't agree with silicon valley. emily: but why ron desantis over others? we had mayor suarez who is on the show earlier this hour and they are on different ends of

the spectrum. david: i donated to suarez too. i like him because he's been extremely welcoming for the tech ecosystem in miami and i think that's a smart strategy. i don't get why politicians in san francisco don't do that. they are killing the golden goose. in terms of why i like desantis, he was the first governor to stop these insane lockdowns. he did it despite an extremely hostile media and i respect that. when someone takes the right position despite the hostility of the media, that is something i can respect. emily: we showed the invitation of their, so if anyone wants to participate, they now can. david: it's going to be a fun night. emily: always good to have you here and appreciate differently arguing. thank you for joining us. that does it for this edition of

bloomberg technology. tune in tomorrow. have a great show. we are coming to you live from the goldman sachs builders and innovators conference with a host of fantastic guests, including the head of investment banking and reid hoffman. you will want to miss it. i'm emily chang in san francisco. this is bloomberg. ♪

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haidi: very good morning. welcome to "daybreak: australia." i'm haidi stroud-watts in sydney. we're 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. concerns about inflation and supply disruptions weigh on wall street. apple falls in trading after bloomberg reports it may