>> this is "bloomberg technology" with emily chang.

emily: meta needs more than a name change to restore confidence in facebook. and no end in sight for the supply chain pain. with the holidays right around the corner, how will companies keep up with demand? we will talk to the chair at harman international and former president at samsung also this hour. first let's get a look at the market. stocks advancing to another record. selleck corporate earnings, disappointing manufacturing data. coed a -- >> a weird start to the week. the s&p 500 eking out again, but down for much of -- eking out a gain but down for much of monday's session. staying power in the tech heavy

index. let's point out ev related stocks. the battery index up. tesla such a massive story monday, hitting fresh record highs, driving up the index. if there is positive news, it is broadly cryptocurrency. bitcoin kind of stumbled around the $60,000 mark. there was a pocket of the market that was really strong monday. the blue line is basically a custom index, bloomberg tracks the 35 most popular meme stocks. it was up by the most since august during monday's session, driven by gamestop that had an impressive session during monday's session -- showing during monday's session. a lot of momentum. interesting on a day where there was stock broadly in tech stocks, the nasdaq 100, you see big names like alphabet and

amazon down significantly. one stock that was up for a third straight day, the company formerly known as facebook, meta. emily: getting used to that. thank you very much. four days ago mark zuckerberg introduced us to meta. while much skepticism remains, one company says it is coming sooner than we think. that is nvidia. what is nvidia's play and take on the meta-verse? >> what they are saying is behind the hype, behind everything that seems overblown, this is very simple. this is the next version of the internet. the current version is two-dimensional pages, the next will be three-dimensional. that is something they have a big interest in because they make 3d chips. emily: what is the argument

nvidia is making to boost the idea the meta-verse is in fact a real? ian: the next time you are shopping for that leather sofa for your second home in tahoe, instead of driving up there, you will just slip into a virtual version of your living room and see what the sofa looks like in it. saves you that trouble and that time. practical things like a virtual version of a factory the end user has which will allow them to plan how they are going to set it up for the next model that will make. that is what nvidia is saying. rather than the more elaborate kind of scary things. emily: listen to what the ceo

set on a conference call a few months ago, saying the future will have artificial intelligence augmenting our phone and then meta-verse augmenting our physical world. they will be populated by real and ai visitors and open new opportunities for auditors, designers, scientists, and businesses. do you buy it? ian: i mean, you know, jensen is something of a visionary. he has spoken about megatrends in technology, you can argue he has enabled them. the markets certainly by this. -- buy this. he is not always right. he does tend to push the boundaries more than anyone else. emily: thank you for that update. we will of course keep following nvidia's efforts. facebook changed its names to -- it's name -- changed its name to

meta. the problems don't stop there. i have been dying to hear your take on this. mark zuckerberg's new vision for the meta-verse. are you a believer or not? >> i am not one of those people who is going to get excited over a change in the name. the meta-verse is another question. but starting with the name, that does not actually absolve the company of all the things we have been learning in the past few weeks, months, and years about the detrimental things happening in facebook and instagram and other parts of the meta company now. as far as being a believer in the meta-verse, this is not my world. it sounds interesting but i'm not sure i would trust mark zuckerberg after everything we have learned to be the person who gets to be the one who now controls that version of the internet as well. that is the biggest concern to me. emily: from what we can tell,

mark zuckerberg is not going anywhere. there was a thought if the company was making this name change, maybe he would move out of the ceo role and stay in that chairman role. it seems like he is not going anywhere. if mark zuckerberg stays at the company with the amount of power he has, what are your biggest concerns about facebook today and this new future world they are building? yael: that is a key point. we don't talk enough about how facebook is structured and now meta is structured to have a ceo, and normally a ceo is accountable to shareholders, to regulations, to all these things that mark zuckerberg is not due to the dual class structure and the way it is set up. unfortunately, right now there are zero accountability mechanisms built in for how mark zuckerberg operates this company. that is going to remain my

number one concern. there is still no accountability. why would we believe he would not import the worst practices, whether the way the companies abuse their data, the way the company has allowed harmful content to go viral, whether it is selection information, whether it is covid disinformation, whether it is hate groups actually planning violent activity like we saw on january 6, they have done absolutely nothing to demonstrate that they care enough to protect us from what is happening on the facebook platform. so why should we be comfortable with the idea they are going to do so in a virtual world which again, not totally my expertise, but many say is even more problematic in the way people might monetize different things in the virtual world. it is shocking to me we but allow that much power to reside in this one human being's hands. emily: facebook has pushed back

hard, or i should say meta, on this idea presented in the facebook files, against multiple narratives the facebook files have advanced. take a listen to this. >> what we are seeing right now is a coordinated effort to selectively use leaked documents to paint a false picture of our company, and it does not in any way reflect the company that i know and that i am passionate about and that i love working about. emily: what is your reaction to that given the many concerns that you have already expressed? yael: i think part of what is at the core of that argument is the idea there are people at facebook doing good things, and that is true. for the three years i have been speaking since leaving the company, i have always talked about how much good the company can do and how many passionate people work there. but it completely glosses over all the actual harmful things,

which is something we need to grapple with and government needs to handle. so i understand her point about saying that might not be what she recognizes, but at the end of the day, there is now -- there has been research, journalists and academics and former employees speaking for years, but now we have the seats. we have documents proving any number of things, whether it is how they have allowed inauthentic use in india to lead to violence and political consequences on the platform, or whether it is the way they did not handle the growing mistrust in our election and the ensuing violence that happened largely organized on their platform on january 6. i understand when facebook says that, you know, we do good stuff as well. they do. that does not excuse any of these things we are talking about, and now with all the documents from the whistleblower we have evidence of so many

times internal employees tried to fix things and mark zuckerberg overrode it or would not say yes if it harmed -- whether it is growth, profit, or whether it is political influence with incumbent parties in whichever country facebook is operating in. >> in this moment, as you have explained, the problems are many. what is the single biggest threat you believe faces democracy, faces global populations, because of facebook, now meta-? yael: sure. all these things exist outside of facebook, right? political polarization, whether it is for good or for bad, and all these other things. the problem is you have a platform that is really based on engaging the most viral content, and as these documents prove, the most extreme and often harmful and

misinformation-written documents -- sorry, content, is what wins based on how the algorithms are trained to maximize our attention. it is not about whether facebook individually is the cause of the issues we are seeing in our democratic dk, it is decaying, but it is whether facebook is throwing fuel on the fire and actually helping a huge part of the population -- let me give you one example. this is one of the documents that has been reported on by a few outlets. they did internal experiments. they made a fake woman user in north carolina and she followed middle-of-the-road conservative content, but nothing violent or harmful, and within two days, she was being recommended conspiracy theories and is an under five days she was being steered into qanon content. those are the things that are

incredibly harmful to our democracy and those are the things facebook is not fixing well enough. emily: those individual examples are often so terrifying. thank you for bringing that color and highlighting that. good to have you back here. coming up, the decisive decade. how much more do we have to do to stop climate change in its tracks over the next 10 years, and what should be look for from the u.n. conference in glasgow? >> this is a decisive decade in which we have an opportunity to prove ourselves. we can keep the goal of limiting global warming to just 1.5 degrees celsius within our reach if we come together. if we commit to doing our part of each of our nations with determination and with ambition. ♪

>> this is where global emissions are, and this is where global emissions need to get to by 2050 to stop what scientists say will be catastrophic climate change. this space is what is called the emissions gap. closing it might sound simple enough, but time is running out and the blame game is already well underway.

the paris agreement is our best hope of stopping the climate from dangerous global warming. but it is just a first step. nearly 200 nations pledged to limit temperatures from rising above two degrees celsius, or if possible, 1.5 degrees. those countries are going to be debating who should do what for many years to come. here is the problem. each has their own plan, and together, are they enough to cut greenhouse gases in time? emissions fell dramatically during the pandemic, but co2 lingers in the atmosphere for hundreds of years. a temporary drop will not make much difference to the overall trend. scientists say the world needs to reach and zero emissions by 2050. -- net zero emissions by 2050. some nations like bhutan have already met their goals decades early, but others are dragging their heels, particularly those whose economies rely on oil and gas such as russia and saudi

arabia. then there are developing nations like indonesia and bangladesh who say they can only consider tougher emissions targets if rich countries deliver on their promise to raise more money to help them. there is a lot of disagreement over who is to blame for all the emissions in the atmosphere and how some countries already got rich from polluting. china was responsible for just this portion of emissions in the past. today it is the world's largest polluter. so they agreed to, each country would come up with their own voluntary plan about what they thought they could realistically do. these plans are called nationally determined contributions. they are not enforced and there is no penalty for failing to meet them. right now countries have targets for 2030 and have agreed to meet every few years to make sure they are on track and raise their ambitions. but as of now, emissions are still too high and according to the united nations, we are

heading toward a three degree rise this century. emily: well, cop26 is now underway with delegates looking to commit to more ambitious cuts in their countries' emissions. how will it impact tech startup looking to make a change? let's bring in the founder and ceo of elemental accelerator. investing in startup entrepreneurs tackling climate challenges. what are you expecting out of cop26? >> we are expecting commitments. the most important thing we are looking for is the actions that come after those commitments going forward. one of the exciting things we have seen in the past is that global actions can really drive local and state action as well,

which is where a lot of the innovation is actually deployed. we saw this coming out of paris when over 200 cities and states and many dozens and hundreds of companies and other smaller jurisdictions followed onto the paris agreement and created that momentum. we can also see it going the other way where local jurisdictions lead and the international agreements follow. we are looking for the momentum both ways on the global side and translating into local action. emily: how can policy impacts climate tech startups that are trying to break through? >> it is interesting, we have been working for many years on what policy means for them and how to open markets and remove barriers. for the first time we are actually seeing a lot of other investors asking the same question for startups. it really connects two ways. policy can act as an accelerant for startup or it can create

barriers and slow them down. one example where it can accelerate is where we have single-use plastic bands. -- plastic bans. that can be a real boon for startups in that area. it can also be a barrier. government is still one of the largest buyers and procurers of concrete and steel and other materials. if government is not leading in buying low carbon materials, it can be a barrier for startups to get funding. emily: the world is getting hotter and we are running out of time. do you think we can pivot quickly enough in this decade come of the so-called decisive decade? -- this decade, the so-called decisive decade? dawn: i think one of the things that gives me a lot of hope in this area is working with entrepreneurs who really truly

get this and are working to bring policies closer to what is happening on the ground. i'm amazed by how quickly entrepreneurs are able to move and change things. we see entrepreneurs right now on the ground in glasgow. one of our companies is there with climate rift and what is happening right now. we also see a company working on what is needed to keep rebuilt forests intact. we are seeing startups do this on the ground right now and that is one of the things that gives me optimism that we connect in time -- that we can act in time. emily: hopefully your optimism holds true. much more coming up, stay with us. this is bloomberg. ♪

emily: an offer from the world's richest person. elon musk tells the united nations if it can prove he can solve world hunger, he will sell tesla stock to back that caused. the head of the un's world food program called on musk and amazon co-founder jeff bezos to come up with $6 billion. the u.n. leader claiming contributions by musk and bezos could keep 42 million people from dying. plus softbank's vision fund is selling shares in doordash for the third time in six months. the fund raised $2 billion by unloading 2 million shares in the food delivery giant. it still owns about 11% of doordash, just about half the stock it held when the company

was listed. roadblocks have fixed the outage -- roadblocks -- roblox has fixed the outage. users had taken to twitter to complain and send condolences. the chief executive officer of shop if i -- shopify weighed in. saying to all the poor parents who will have two wikipedia client/server architecture to answer their kids' questions. a former that samsung has launched a fund to invest in deep tech startups. we will look at the intersection of data and ai with the chair at harmon. this is bloomberg. ♪

♪ emily: welcome back. i want to get back to the markets. looking at key supply chain data out now. ed: this is the data from october. it gives us a real insight. gives us a real insight into what purchasing managers, those responsible for handling supply chain, actually experienced day-to-day. what is worrying we talked about lead times with semiconductors, that exact problem is so widespread, 96 days now for production materials, things

coming into factories. that is the highest level since 1987. that gives you a sense of how bad it is. it is not just production materials. things you need for repairs also taking a long time, 47 days. costs are rising here in the united states. what does this mean for the economy? this is survey-based. the purchasing management index from october hovering around 60.8. anything above 50 is growth, but you can see in the red box over the course of 2021 we have not seen huge growth. we have been stifled by the supply chain constraints. soft data is based on surveys of real people. that is why i love it because look at this quote from one respondent who is a manager for electronics and computing. global supply chain issues continue.

getting anything from china is near impossible. extreme delays. this is the real experience that people who have sourcing goods and supply chains for the companies are going through. even though it is soft, it is up-to-date data and a real lens into what is actually happening. emily: all right, ed. i want to stick with the supply chain now. causing shortages of everything from food to electronics and every thing in between. when will it end? for more of want to bring in young sohn, a former president at samsung. you are here to talk about a new deep tech fund that you have cocreated, but first i have to start on the supply chain issues, given your experience and many years at samsung. what is your take at the challenges that is facing just about everyone here, and how bad this is compared to anything you have seen prior in your career? young: this is a pretty difficult case. i think the pandemic really made it much worse than it should be. one of the things that happened in our industry is all about

just-in-time delivery, which is really a very efficient way of running your business with minimum inventory. when it works, it works great. during the pandemic we had different issues. they are from -- different factories, different products, different countries, they all had different shutdown programs, and we lost our signal. when you lose that, how do regain your message. today, electronics are not just one part of what we do today. there are 1300 components and if one piece is missing, we are going to have a supply disruption. so, the pandemic really hurts us. and on top of that, the demand for i.t. products really went up. we all need more cloud and mobility information. there is increased i.t. spending which hurts the whole supply chain. from a semi conductor perspective as you were

discussing, typically it takes two to three years to build capacity and there was underinvestment for awhile. emily: right. you wonder if our expectations have simply gotten too high with this just in time delivery we are also used to. apple might have to cut production of 10 million iphones ahead of the holidays. i imagine samsung is dealing with stuff, a lot of these issues behind the scenes as well. can you give us a picture of what is happening in the back end of these companies, just trying to get things together in time for the holidays? young: samsung is a component supplier. samsung is a system maker. harman, is a company building auto and audio products going into these companies. if you look at the end product perspective, harman is providing

systems going into automotive's and every day is a race trying to get the parts. our customers are trying to be able to ship products which typically means less volume but higher premium products. that can go on for a while, but i think eventually it is going to catch up. on the side of components apply with samsung, they are doing everything they can. we announced $200 billion investment. but it takes time. it takes time to build, assemble teams. and this process is creating a difficult scenario. everybody has been working hard. everybody is trying to accelerate it. but there are also shipment issues. when you look at disruptions going on in terms of the shipping, the unloading products, all those are requiring a lot of disruptions

as well. emily: much talk about your fund end. more than half $1 billion to invest in early stage deep tech startups. talking about data, ai, chips, cloud, digital biology. what are your big goals here, especially in light of what we are seeing the world needs right now? young: i think when we say deep tech, it is an area that we actually do not recognize the importance as much. if you think about the way we sent people to the moon and other expenses, they help to create new technologies. the vaccines we all used to say developed within the year, mrna, would not have been possible without deep fund spending ahead of the curve. it is important we think long-term and we have to use science and the disruption and market opportunities to make an impact. that is what deep tech funds is about.

we think data infrastructure, data requirements are doubling every two years. the truth is the current architecture, the network, the software, and operating systems have improved, and that is an opportunity for people like us. emily: there are a lot of concerns around data privacy and ethical ai. you are seeing the battle between apple and facebook or meta over our own data. i wonder if there is any concern about not gathering enough data, or not gathering more data could slow the advancement of ai down. young: i think there are two issues. technology is not good or bad, it is how we use it. i think the more data around our body can give you a lot more

knowledge about our health. it can give us a better corrective diagnostic rather than reactive we see today. but that's a clear example of data that can give you better insight. an example of how we can save lives. these are some things we have to think through and we have an opportunity to work on them. emily: last quick question. you were on the board of arm previously and i am curious if you think nvidia is going to get this deal done and if it is a good idea in the end. young: i think there are two different issues. there are geopolitical tensions increasing. and if you think about it in the

perspective of europe, china, and the west, arm is an architecture for all mobile products. every mobile phone uses arm-based architecture and processor. so i think there is a lot of attention around who controls this type of architecture and which geographic region is going to create a condition. china clearly -- so, i believe geo tensions will increase. i also think a new architecture will come. arm architecture has been around the last 30 years. something else will come. so investment in deep tech is looking at new architecture that can reduce power and give renewable footprints. emily: ok. young sohn, former president at samsung, good to have you back here. tiktok parent bytedance has become one of the first tech companies in china to officially

mandate shorter working hours. an internal document says bytedance employees should only work from 10:00 until 7:00 monday to friday. they will need to ask a day in advance to work longer. that goes in the face of china's grueling work pace known as 996, because employees often work from 9:00 until 9:00, six days a week. coming up, fighting bias with ai. we are going to be talking about this about how they have made hiring practices their mission through software. this is bloomberg. ♪

emily: bias in tech is a long-standing issue. experts are now calling on the industry to work together rather than in isolation to be more inclusive in hopes of making tangible change. >> what it will take is not just simply putting simple bandages and putting in programs, so to speak. it's about fundamentally redesigning the culture that exists within tech. >> the old way of doing things is no longer the way of the future. the data shows that individuals from historically excluded communities are having a different experience. it all starts with the data, and that'll help us think about strategies and solutions. >> we have to address the root problem. at the moment what we do is play musical chairs.

at the end of the day we have to expand the core of that talent itself by adjusting educational equities and other systemic barriers. emily: but how can we ensure no discrimination when the very hiring technology is bias in itself? that is where knockri comes in. a toronto-based developer which has a mission to connect opportunities with the right candidates no matter their background. knockri cofounder and ceo jahanzaib ansari joins us now for this week's work shifting segment. thank you so much for joining us. tell us a little bit about your personal story and what made you realize this was a problem that could be solved. jahanzaib: absolutely. and thank you so much for having me. i really appreciate this. we started off a couple years ago, and one of the catalysts was that i was applying to jobs. and you all can see i have a long, ethnic name, and i would not hear back from many employers.

someone was like, why don't you just anglicize it? literally in four to six weeks and then got a job. with that experience i said there are so many people being overlooked and there has to be a better solution. emily: talk to us about the solution. how do you help transform ai that is already so deeply entrenched in algorithms across the technology industry around the world? jahanzaib: absolutely. there are several things we are currently doing but the number one thing i would like to share here is we are trying to create more awareness that bias in hiring exists. our goal is to deliver a measured solutions that helps companies take action to not only eliminate bias at the top,

but to avoid tokenism as well. one of the biggest secrets that is in our industry is the majority of ai assessments that we see are being trained on models of highly subjective and biased data for historical performance and interview ratings. amazon, great organization, a great company, but they had to scrap their ai screening tool after they uncovered it was poorly scoring qualified female candidates based on data, based on biased historical data unfortunately. so the approach that we are taking is essentially extremely open boxed and based on the world of aisles by college he. our technology is like objectively reading each interview transcript and identifying the skills and competency that are scientifically correlated to success on the job. and this is what employers want. i am told more vendors rebuilt their solutions with bias on top

of mind. these problems are not going to solve themselves. emily: what does the name knockri symbolize? how did you come up with that? jahanzaib: the word knockri actually means the word job to about a billion people. it is the word job in three languages. emily: that is fascinating. we will keep our eye on you. knockri cofounder and ceo jahanzaib ansari. thank you for sharing your technology and your story with us. coming up, the future is audio. the global head of marketing for clubhouse thinks so, and joins me to talk about the rdo startup and the company's vision post-pandemic, next. this is bloomberg. >> we always say audio is a relatively new medium, but it is the oldest medium. we have been gathering with people in small groups and talking since the beginning of civilization.

it is the foundation of civilization. and it has been growing quickly because of things like airpods and speakers and text to speech technology getting get enough. it is exciting to lead the charge in this new space. ♪

♪ emily: a story we continue to watch, apple reportedly wants iphones to detect car crashes and automatically dial 911. next year apple will come out with a product feature called crash detection for iphones and apple watches that uses sensors built into them to detect crashes when they occur, such as a sudden spike in gravity sources on impact. meantime, as we debate the future of social media in real time, one of the newest social

networks, clubhouse, which has seen monumental growth, is trying to figure out how to not only keep growing, but navigate in a post-pandemic world. joining me now is maya watson, global head of -- you used to work for oprah and netflix. i am so curious, what is the allure of clubhouse? maya: that is a great question. thank you for having me. i think in my career i have been really fortunate to work for people and places that are at the forefront of culture. when i think about clubhouse and the opportunity to come here, it is no different than working for somebody like oprah or netflix. what clubhouse is doing in the audio space, i was a user last fall and i felt it was transformative not just for me as an individual to create community, and just to have a

new social experience, but also as a leader of a brand. so i remember going to my team at netflix and saying who is going to figure out our clubhouse strategy. when paul called and said, do you want to help me build this thing? to me, it was a once-in-a-lifetime opportunity. emily: netflix is obvious he getting something right you talk about going global. if you look at a recent hit like squid game. what learnings do you take from your prior experience at netflix in terms of making clubhouse and marketing clubhouse as a global product? maya: yeah. i think it comes from a few different things. one, the team. i think netflix has an incredible team and i felt really fortunate to be part of that team. and so, coming here, one of the first things i have been focused

on is hiring an incredible team, and really a team that is going to reflect the communities of the countries we look to serve. background of experience, background of diversity across many different dimensions has been utmost important. and secondly, having different types of conversations. when i started in march it was very tech-focused and tech-heavy. wow that is fantastic and i think really interesting, there are so many other conversations happening around news and sports and culture and arts and entertainment and fundraising. and so part of that growth from 300,000 to 700,000 that we have seen since the summer is spreading the diversity of conversation, and really elevating creators that fall across a lot of those different spectrums. emily: what is your vision for how clubhouse will fit into our daily lives? given all the things out there that are competing for our attention, why would we spend that slice of our time regularly on clubhouse? maya: that is really the billion dollar question, right? it is a couple things. one, it's a place where people come to talk about the things

that are happening in the world. and so, news is happening every day. moments are occurring in our lives, but there is not a place right now where you can come talk and process with not just people you know, but people you don't know. and so, i think one of the great things that we have been seeing is every week, every day when things are happening in the world, you search for that topic, there is a room happening on clubhouse about it. and it makes us more curious. we are unpacking what happened, finding out more information. news is also being broken. for all of us who are consuming content, that is something that is going to stay consistent all the time. and so what we are looking to do is continue to build a great product and build tools and features that allow those conversations to happen faster and to happen at scale. emily: so many different companies are trying to get into

the live audio game. even amazon is reportedly working on a clubhouse-like experience. what do you think the secret to success is going to be? many celebrities have appeared on clubhouse. what is it that is going to sustain long-term engagement? maya: i think it is really going to be community. it is about creating these different pockets and spaces where different people who are passionate about the same thing, who have the same interests are coming together and focusing on community. i think for us, the thing about us, audio is the only thing we do. taking a page out of netflix, i think it is a similar approach. streaming entertainment is the thing we are going to do better than anyone else, and i think that is similar to clubhouse. people ask how do you feel about all these different people coming into this space, and the truth is it is good for social audio. it is still a very early medium and more and more people are getting comfortable spending

time and that is good for us. we are confident. we are seeing people spending 70 minutes a day on clubhouse. and i can tell you those numbers coming from some of the other places i have been, those are remarkable numbers and we are just getting started. so i think we're really going to differentiate on community and making sure that we are providing value across all different dimensions of our products and with our global community. emily: certainly interesting to see the perspective and hear perspective from the entertainment industry on what is happening here in silicon valley. maya watson, head of global marketing at clubhouse. we will continue to listen for what is next. and that does it for this edition of "bloomberg technology." tune in tomorrow, live from seattle with an incredible lineup. i'm going to be speaking with amazon web services ceo adam, the ceo of t-mobile, and another ceo. you do not want to miss it. i'm emily chang.

this is bloomberg. ♪

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>> this is bloomberg daybreak middle east. your top stories. the reserve bank of australia scraps its yield curve initial target after the recent tum alton the bond market. it says conditions for a rate hike lightly to take some time. fed officials prepared to meet as consumers and companies worry about the most widespread supply crunch