>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. taylor: this is a bloomberg technology. coming up in the next hour, the fda has cleared merck's covid pill for high-risk adults with no other treatment options. u.s. ordering 3 million doses as

a new wave of infections is starting to take hold. jack dorsey takes on web three with some skepticism. i'm km partners has more faith, predicting it makes quite the splash in 2022. more on those big tech productions in the hour. intel facing some criticism over in china after it asked suppliers not to use she showing labor and products. it is threatening to ensnare the u.s. chipmaker in dispute over human rights. we will get to all of that in a moment. let's take a look at the markets. we do that with kriti gupta. kriti: another record high for the s&p 500 coming amid thin volume. the s&p 500 closing 6/10 of a percent higher and showing up with big tech leading the gains. you can see the nasdaq at one point up 1.2 in the session. you sell it in -- you solid in

treasury yields. our favorite risk sentiment gauge, that is the galaxy crypto index. you are seeing some of those currencies shine and outperform today. the volume store is going to be a key piece of not just today's trading session but what to expect. it is normal for volume to dip at the end of the year. every year, you see this pullback. holiday volume in the post-pandemic era is elevated compared to the historical norm should the trend could be a santa rally next week but possibly there is always room for some changes. let's get to some of those micro stories. it has been a pretty busy newsday. nicola up a whopping 18%. after a tweet showing the very first customer delivery saying

more deliveries are to come. a major outperformance of this year. now able to look over -- not able to deliver on the air to what has not been able to deliver are the final covid-19 pills. getting approval for pfizer and merck candidate. you are seeing shares lower. it is because there has been such a run-up in stocks ahead of the news. the good news is we have more candidates to treat the virus with. taylor: really appreciate it. and merry christmas. 2021 promised great promise as a vaccine distribution was already underway and i countries like the u.k., the u.s. and china. a complex logistical rollout that included ultracold storage requirements coupled with the uncertainty over the supply of doses and a patchwork of state-by-state strategies. complicated the vaccine rollout. more broadly, starting off with

a 2021 delay. ariel berger reports. >> according to bloomberg vaccine tracker, roughly 3.2 million doses of the cup vaccine have been administered by the u.s. by january 1, 2021. far short of the trump administration goal of giving up 20 million shots by new year's day. vaccines developed by astrazeneca and johnson & johnson were suspended over blood clot concerns. within a few weeks, both shots were declared safety years in the e.u. and u.s. peer before the end of april, biden hit his goal of administering 200 million shots in his first 100 days as vaccines were available for all adults. the fight against covid was gaining traction in the summer as vaccines rode out globally. the ultra contagious delta variant surged across the globe shared by july, the cdc advised vaccinated people to put their masks back on in indoor spaces

as breakthrough cases rose. in the fall, the fda issued emergency approval for booster doses and vaccines for children five to 11. late in november, global financial markets held off after south african researchers edified a severely mutated covid strain. in response, many countries reinstated travel restrictions for african countries. japan closed borders to foreign taurus. u.k. prime minister boris johnson advised anyone able to work from home to do so. with 2022 of the horizon, the new year will bring big questions about the pandemic's future. including will vaccines need to be reformulated? despite a pledge of more than one billion dented the doses from the u.s., many countries have a vaccine ration rate of less than 50% of their population.

taylor: now the latest. mark covid-19 pill has been cleared for emergency use authorization, giving high-risk patients and other at-home treatment option. the drug received on the heel of pfizer's competing pill that was cleared yesterday. let's get the latest with john taza said we just got off a conversation with a doctor who works at merck. it is great there is a multitude of different options. what do you see as the clear difference between pfizer and merck's covid pill? >> i think there are two differences. the pfizer pill, the data shows it seems to be more effective in reducing the risk of hospitalization and death if given within a few days of people going sick. -- people getting sick pair

there is also less supply of that and actually. it sounds like there is going to be more availability of the pill from merck to start off with. both these therapies are really important going forward. there the first time we have had treatments for covid-19 in pill form people can take at home. they don't need infusions. they don't need to be in the hospital. the key is going to be identifying patients early enough, getting these therapies to high-risk therapy -- high-risk patients and hopefully averting severe covid outcomes because of them. taylor: and some of those severe covid outcomes are hospitalizations and even death in some cases. what are we looking at generally as we are approaching the big holiday travel season about some of the hospitalizations and death from omicron? >> we are seeing a huge spike in cases in the u.s. due to omicron

especially in the northeast in new york should cases set a record a week ago. they have already doubled in that time. in europe, cases are setting records in the u.k., italy. the concern is real. there is evidence omicron is spreading faster than the delta variant there is emerging evidence it may be less severe but not make people as ill. the real caution is even a less severe variant, if it spreads quicker could create -- it could land a lot of people in the hospital and could create demand on the limited capacity hospital beds. that is a troubling sign going into the holidays. taylor: we are just holding our breath to get the two weeks after christmas.

>> i think we will see. there are a lot of people traveling this week. lots more activity in the u.s. then there was this time last year. on the other hand, a big portion of the population as vaccinated. more people are getting boosters. we don't know yet how this is going to look a couple weeks from now. hopefully -- i think it is likely we are already seeing a few increase in cases. it is likely will seek increase in hospitalizations. the question is the degree of that, nobody can say right now. taylor: safe holiday travels to you and we will be checking in with you after that to get your thoughts of course on the latest here. you want to talk about the big story may be in technology as we

think about all of this. it is that elizabeth holmes trial. jurors in that trial are deliberating for a third day. the panel of eight men and four women are deciding if the 37-year-old entrepreneur is guilty of defrauding investors in patients over her failed blood testing start up. joining us from the courthouse. what do you know now? >> an interesting development today. much to go i got out of the courtroom where the jury had asked for feedback, audio to be played they had heard previously. they wanted that replayed for them should this was an inventor call in which elizabeth holmes was explaining the technology behind her blood testing machine. in very grandiose terms. this is a big development in the jury deliberations. this testimony was very

favorable to the government. it was very unfavorable to elizabeth holmes. there is a lot of reading between the lines. you have to be careful about that but nothing here in this request and with a hard as a -- is good for elizabeth. taylor: you're so smart to bring up we are not in that room should we have not been in that courtroom so we don't want to read between the lines but what is it signaling if anything and what is it signaling we are now in the third day of deliberations? >> the third day is expected. this is hardly surprising. my sources tell me five days would be normal. they have an remiss amount of evidence -- they have an enormous amount of evidence to consider. that is hardly surprising. there is a sense of urgency. everyone would like a decision before christmas. i don't expect that to happen. this does indicate movement in

the case. it is possible we could have a verdict this afternoon. i'm expecting this goes into next week. this evidence was a very interesting piece of evidence. to hear it again replayed made it more compelling. taylor: what are we thinking about? next week, the new era? lead us to what we can expect in the coming days and weeks ahead. >> we are waiting -- at the end of today if they have not aside a verdict, the jury has to figure out its unscheduled showed the judge will urge them to start to go next week but he can't tell them what to dupe your they have to find their own schedule. we'll find out by the end of today with the rest of the schedule looks like. i'm expecting we will come back next week and will get a verdict then. to touch upon this evidence, this was an investor in texas who was on a conference call with other investors and he had surreptitiously recorded the conference call. elizabeth holmes is on the call talking about the military

capability of her machine, of its ability to test a wide number of blood tests using only a drop of blood. these are some of the most difficult and compelling pieces of evidence for the government that were raised and replayed again for the jurors who are wondering -- who obviously wanted to hear it again. there is some kind of discussion about what that testimony means. taylor: remind us again. there are multiple different accounts and charges going. how are you thinking about all guilty or is it piecemeal at this point? >> the charges are conspiracy and fraud. it is pretty straightforward. it is whether or not elizabeth holmes defrauded investors and patients. if she is found to have defrauded one investor, it is likely she will be found to have defrauded others as well.

this piece of evidence was from an investor pair that dedicates the jury is looking at those investor accounts more closely. taylor: really appreciate your time and that real-time analysis bringing us those latest developments. meanwhile, tesla. it is disabling a feature in its vehicles that allows drivers and passengers to play video games while driving should the move comes a day after the national traffic highway safety administration opened an investigation to the ev maker has told the safety regulator it is creating a software update that will lock the feature when vehicles are in motion. coming out, making a list, checking it twice. we are going to find out the ipo's to watch out for in 2022. we will do it with damaging -- the managing director with m km

partners. this is bloomberg. ♪ ♪

taylor: earlier this week, jack dorsey took twitter to voice his displeasure with the direction of the so-called web through technology and the influence of venture capital firms. a few to its later, mark injuries and blocked the former twitter ceo. our next guest joins us to discuss his tech productions, which includes the arrival of web three. so great to have you as always. the arrival of web three is on one of your list for next year. while yu yucca -- why? >> the productions were meant to

be a light read. i don't have a crystal ball. web three. oh is going to be the most talked buzz word in silicon valley next year. the way large internet companies are controlling data, access to information, access to proliferation of information is something a lot of smaller companies have been working against. web three is a way to take control of data away from these large companies. that is what many small companies are trying to do. how that happens is going to be seen. we're going to go through iterations of mechanics, cryptocurrencies and blockchain technologies. you have probably seen more applications come sometime during the next year, during the next few years. we have started seeing more evidence appeared a lot of smart people are working on it so i am hopeful. taylor: talk to us also about spacs.

this felt like the year of spacs. but then performance started to wane. why is 2020 to their year? >> this was -- why is 2020 to their year? >> this is when we had a spac tsunami. next year, there is going to be a swing effect. more companies that are more seasoned are going to try this he spac route. that is the hope. they do open the door for smaller tech ipos. if you think about what has happened over the last 10 years, smaller companies do not go public and spacs let them go public. that is opening up a new area that is healthy for the

ecosystem. let's talk about the taylor: taylor: companies that are public. with these both have in common was some migratory risk and regulatory overhang. is that not a risk? >> i think uber is a big enough risk. as the year progresses, we do see some potential events that should ease out the risk ease out the worry investors have. we expect something from new york state in january. in boston, there is going to be a ballot and she to have. probably we will see an appeal in california. as the months progressed, part of our hypothesis is the risk on oberg, which is the gig worker classification across the globe slowly starts to ease. we have the reopening, mass

vaccinations and a ton of other things in uber's favor. grocery delivery kicking in. all those things come together. that should help uber ease the risk on the regulatory side. that makes it a good story. taylor: i'll have 10 seconds. does apple get to treat chilean -- to 3 trillion exterior echo >> they're doing a lot of new things. i don't see any reason why not. taylor: appreciate it as always. managing director with m km partners. how technology is helping make in the fashion industry more sustainable. this is bloomberg. ♪

taylor: technology poised to play an increasingly bigger role in the future of the garment industry. experts aai come automation and 3d printing could revolutionize supply chains and eliminate waste and infuse sustainability. bloombergquint take christine edwards -- bloombergquint take christine edwards explains. >> everyone wants to get the new christmas letters -- christmas sweater but although sweaters are part of a new sustainability problem. >> there is environmental problems. there are social problems because there is an exploitative nature of some of the supply chains. you also have the customer experience. it takes a long while. >> design, produce, sell. that is standard procedure for the industry these days.

new technologies are poised to shake that up i limiting waste and infusing -- by limiting waste and abusing sustainability into the supply chain creating a new paradigm. one company we often miss is software automation who is developing robust they manufacture on-demand clothing using 3d printing technology. >> they apply technology, computer vision along with ai and robotics to allow whereabouts to work with fabric, which is extremely flexible and stretchy and all kinds of good stuff and create from fabric to finished carbon. it allows us to we imagine clothing is produced and having it made on-demand in local supply chains for the customer. we want to be focused on zero inventory initiatives, which means e-commerce, small brands come online merchants who don't

have the capacity or don't want to carry and the tories so we started with them with the whole customer base for the agile factory. >> when such potential customer would be designers like janet goldstein. >> to get the exact measurements of a specific person so i can design the garment in a three-dimensional space and 3d printing as afterwards. the future is about customization so you can design your own clothes. it is just a different format. everyone wants to be unique. i always want to buy clothes no one else has. an ovation is coming from a personal perspective. that is any revolution happening that we can make our own clothes much more lovely. taylor: you can see more of that

story on bloombergquint take and bloomberg.com. -- bloombergquicktake. how it is impacting investing in the region. that is next. this is bloomberg. ♪

taylor: and tell could be looking into building new facilities in europe and a push to increase capacity. the ceo wants to bring more production back to the u.s. and europe as he tries to restore the world's largest chipmaker to its former glory. for more, let's bring in ian king. i miss you out there in san francisco but it's good to see you here in the video verse. talk to us about these expansion

plans and if it is coming soon enough? >> is it coming soon enough for the chip shortages that everyone is suffering from right now? absolutely not. factories take years to make. what he is doing is he has this very ambitious expansion plan, new business. he has a lot of money which investors haven't enjoyed reading about. if he can get some government money other than the u.s. or europe to help pay for this, then that will make it way more palatable for investors and help him. taylor: we continue to go global in our discussion because meanwhile intel has apologized after a backlash. it is sending a letter asking

investors to avoid sourcing from a region of china. the letter global suppliers stated multiple governments have imposed restrictions on products sourced from the region. therefore, intel is required to ensure that our supply chain does not use any labor or sourced goods or services in that region. intel then apologized saying we deeply apologize for the confusion caused are respected chinese customers and the public. >> if this doesn't speak to the struggle of conflicting messages through the pressure of trying to do business in china and i by china's rules, i don't know what does. >> your absolute right. it underlines how difficult the situation this is. china as a market is the biggest market for semi conductors. his -- it is the biggest market

to pcs and intel must have access to that market. at the same time, there are rules in its home country the united states. there is political bias at looking toward what china is doing. it is an apology, we're just doing what we are told kind of letter. it doesn't look good whatever way you put it and i think that intel does not want to be in the news for this kind of thing. does not want consumers in china and that massive market paying attention to it for what is being portrayed as negative reasons. taylor: boycott? >> could wait really boycott intel without output of input -- intel's factories, 80% of the world's are not going to be made. the same time, intel is already dealing with market share losses

at the hands of amd. could it accelerate the shift? i suppose it could, but not wholesale boycott because everyone needs intel right now. taylor: happy holidays to you. in other news related to china, tencent plans to distribute nearly its entire stake in jd.com. as a one-time dividend. it comes as beijing punishes tech giants for anti-competitive behavior. let's come back on a year of the to cash crackdown on the tech sector. how is that impacting investing? let's ask our next guest to talk more about that. has it impacted? how do you think about an investment where in the stroke of a pen, china could come and

change the rules of the game? >> i think china is a market that we are long-term committed to. we have been focused in the chinese market. we are only investing in health, ai, and depress software. these are market segments that the chinese government has been very supportive of having for direct investment and we don't see that changing anytime soon. we are still long-term committed to china. taylor: in the short-term, what does that mean? >> you have to be careful in areas that are have her -- heavily regulated. we think that as a global investment firm those are investments better left to local investors and we are focused on cross-border investments were we think we could be much more help to these companies. taylor: in the past, we have talked to you and as much as 40% of the global fund is allocated to china.

it is that still a commitment? how do you view that commitment into next year? >> i think we're going to increase our investments in china. we're not quite 40%, but we do invest heavily in china. we invest in asia broadly. we will continue to increase our investments in indonesia which we think are to be growing markets. those are markets that have benefited from some of the geopolitical issues between the u.s. and china. we still continue to invest more than half of our funds in the u.s. where we still see significant opportunity. taylor: i want to get to the u.s.. you mentioned other beneficiaries to the fallout we have seen in china. you have other locations. how much of this allocation on a global basis is also em or global x china? >> e.m. is a big part of what we

do and in places like southeast asia, india -- india's market is one that we have all wanted for a long time. indonesia is one of the youngest most vibrant economies. we have been investing there for many years. we just made our first and been -- investment in vietnam. these are markets that have benefited from your prior discussions. >> you say the majority of your progress continues to be in the u.s.. we were having a conversation earlier about how specs -- spacs. are they in the running? >> definitely but not in the way

they were earlier this year. the spac market went cold later this year. they are a small part of our exits, but we think they are an important part. in the right conditions, taking one can be great. once you spac your company, your public and you have to deal with the ups and downs of being public. taylor: that's why some companies are choosing to stay private for longer. talk to us about the investment in the u.s. because the big theme has been so much capital facing -- chasing too few investments. >> there's a lot of capital, but in perspective, growth capital what we do we are still about 1%

of the global asset management landscape. we think there's a lot of headroom. i will possibly be sitting here in 2030 talking about how valuations in 2021 were quite low. a lot of this is the shift of companies staying private longer. a lot of these rounds were being raised in public markets and now they have moved to the private market. if you look at it in that context, i think we still have a lot of room to go in tech. in many industries, we invest, we are just getting started on this digitization journey. taylor: where do you see the best opportunities at this moment within tech? >> we are firmly focused that the next decade is one to be about three things. health care, biotech. number two, financial technology . third is climate technology.

we think this is increasingly important for all of us as investors be focused on. we have to make return, but i think there will be great investments in these areas. these are markets that you really have to understand the markets and one of the things we have done is we have had a good global partner ship with ecg. building those partnerships between their clients and what the companies that we are investing in has been a key part of the bridge for us. >> we appreciate it. coming up, the president says crisis averted when it comes to the supply chain issues affecting the holidays. are we seeing that in the data? this is bloomberg. >> brought together business and labor leaders to solve problems and the much predicted crisis

did not occur. packages are moving. gifts are being delivered. shelves are not empty. ♪

taylor: gm has now joined intel and pulling out of the in person presentations at the ces conference scheduled for next month. the automaker said it would move to an all-digital approach at the annual event. however, ces is pushing ahead for plans with an annual conference next month in las vegas.

u.s. transportation secretary announced on thursday more than $240 million in grants also bolster and improve the country's ports. it is part of president biden's aggressive plan to tackle supply chain issues. let's bring in our next guest. i think the big question on all of our minds is are things getting better or not? >> thank you for having me on. i appreciate the opportunity to share with you that i think the supply chain is starting to move more. we are seeing things loosen bit, but i think it is something that can't be overstated the impact of the pandemic his head on will supply chains. we are in a position where supply has been disrupted by plant shutdowns and a significant drop in demand. as things came back online and

demand started to surge, the work that was done to try to recruit workers and them back online was interrupted in large part by the great resignation of people choosing to come out of the workforce or move into bigger fields. we have manufacturing jobs needed in the united states and i'm happy to say that we're are trying to provide solutions with our precision linear motion and lifting requirements to solve the needs of the customers. >> talk to me about some of the solutions. particularly what some of your customers were saying they are doing to avert some of the crises going on. >> i do think that from an automation standpoint, work that can be done to address the shortage of jobs where they are

putting in place automation solution conveyors and other lifting equipment as well as work is being done to solve for a significant increase in e-commerce demand. there's about 1.5 billion new warehouse distribution square feet coming online and we feel like being able to solve solutions for those customers with our solutions will help to avert the challenges that they are facing. >> what about the labor shortage? it's a harder and younger problem to solve. >> it is something that a lot of companies doing work to try to attract balance and making sure we are getting the most talent. the work we are doing to automate more of that manufacturing activity is creating significant job opportunities for higher value. i do think the work we are doing

to set up relationships and partnerships with other companies to make sure we are in a position to attract and retain the best talent is something that we are doing and a lot of other companies are trying to do as well. >> we have been talking a lot in the last few months about the on shoring bringing it back to the u.s.. is that happening and do you see it happening quickly enough? >> i do see it happening. a lot of folks out there looking to add capacity as demand is growing in certain key areas. looking where their supply chains are positioned in have to position them best for the markets. being in a position to set up capacity to meet what is growing demand and attractive markets like e-commerce, life science, food and beverage. we are working with those customers and partners to respond to their needs as they

invest to satisfy that growth. >> a lot of that has been direct consumers. is that a trend you see for next year? >> absolutely. whether that's in the pharmaceutical space as people are beginning to get to much more consolidated shipments and tradition activities around pharmaceutical activities, picking up on the e-commerce demand driven through the pandemic and it is increasing as more and more consumers want to do business that way. taylor: we appreciate it. come back and join us soon. coming up, preparing for lunch. a game changing telescope going to space. it is designed to unlock mysteries of the universe. details on the next. this is bloomberg. ♪

>> jeff bezos is now very active in -- not very active in crypto industry. this might be a good opportunity because we have way more collaboration chance with bezos man elon musk. >> that was a chinese crypto entrepreneur who revealed himself as the secret bidder of the blue origin seat last year. he could not go due to conflict, but he is planning to go next year. there is a special space launch scheduled christmas day. nasa is sending the most powerful space telescope ever

created. the telescope cost around $11 billion and is said to be 100 times more powerful than its predecessor, the hubble telescope. the new instrument is designed to look at the most distant galaxies ever seen and it gives us a better understanding of our place in the universe. as we count down to the launch, we have gathered a group of amateur astronomers to see what is already visible from the planet. >> humans have a connection to the cosmos that has existed since the beginning of time. my name is thomas and i plan the trips for the amateur astronomers association. >> my name is catherine. i am an amateur astronomer based out of new york. i am a nasa jpl solar system

ambassador. >> when i was four years old, my dad gave me a pair of binoculars. he said look up. they bought me a telescope when i was 10 or 12 years old. i pick up another telescope here or there. this is been going strong. >> as a kid, i was always interested in space. it happened by accident into my adulthood, i was walking through central park and stumbled upon a star party. it was the amateur astronomers association setting up. i was hooked almost immediately. i have been with them ever since. the amateur astronomers association is based out of new york city with a central focus on teaching the science of astronomy. we do this through various activities such as sidewalk astronomy. >> came out to educate the public. some people using the telescope

for the first time. we showed adults things they haven't seen before. >> i enjoy so much sharing that with people. i love the reactions on people's faces when they are looking at a star cluster for the first time. >> the first quarter moon and its beautiful creators. the may look to jupiter. we moved further through the sky and saw saturn and its rings. then we moved over to venus. then we moved into the objects andromeda galaxy, the seven sisters, some star clusters. what a great evening for observing. as big as we think we are on this earth, we are insignificant to the whole thing. we are at the mercy of the laws of the universe. >> i enjoy going outside and looking into space. i think telescope is a time machine and i am able to use my time scope -- telescope to look

into time and see a distant object. i can do that from my sidewalk in queens. >> that is amazing. we all have to watch that on christmas day. that does it for this edition of bloomberg technology. merry christmas, everyone. you are watching bloomberg. ♪

haidi: good morning. we are counting down to asia's major market open. >> our top stories this hour. optimism the recovery can whether flareups. the fda gives the covid pill the