>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology," with emily chang. emily: i'm emily chang in san francisco. coming up in the next hour, the verdict is in. elizabeth holmes found guilty of fraud and facing up to 20 years in prison. where her case goes from here.

despite multiple major companies pulling out of ces, the conference is pushing full steam ahead. we sit down with gary shapiro, who runs the annual tech show, this hour. and death to the blackberry. the end of an era for the iconic handheld device. services no longer supported after today. what it means for the company turned meme stock. we will get to that any moment, but a look at stocks. ed ludlow is here with more. ed: we heard the story before. the outlook for higher interest rates, a discount for future profits in the tech sector. that was the psychology of investors on tuesday. nasdaq 100 a very tech heavy index. also starting slightly higher at the beginning of the session. kind of basking it and having the tech stocks falling by the

most in two weeks. there was some outperformance down to the philadelphia. a lot added to ces. and arc innovation etf, having its workday in a few weeks. and this is a session. this chart is one for you. we are looking for apple 3 trillion. isn't that astonishing. we are almost at 3 trillion. down by .5%. but we are flirting with that level. that is one to watch in the coming weeks. i cannot get my head around it. that is over the course of 2021. we will talk about it later in the week. cryptocurrencies also a focus. bitcoin trading between 46, 48 thousand dollars. goldman sachs with research saying we could see bitcoin at 100,000 dollars as investors move out of gold and there is a

broader adoption of the digital token. overall, cryptocurrencies are high. pfizer having a really bad two days. the worst today route since june of 2020. we had news from the company that u.s. government agreed to buy $10 million -- 10 million of the covid-19 pills, boosting the stock of that drug. some of the stay-at-home stocks also performing particularly bad. peloton and zoom down significantly during tuesday's session. it is interesting given what we had around omicron. ed: ed ludlow -- emily: ed ludlow, thank you. cases of the omicron variant should start to ease as the federal government increases capacity. the president said they had open new testing sites and drugstores are restocking. >> i know this remains

frustrating, believe me, it is frustrating to me. what we are making improvements. the last two weeks, we have stood up federal testing sites all over the country. we are adding more each and every day. emily: the u.s. recorded over one million cases monday, nearly doubling previous records. hospitalizations increasing, especially among the unvaccinated. alex, maryland declaring a state of emergency. her other states going to follow suit -- our other states going to follow suit? >> i think blue states are looking to respond quickly. the emergency declarations, the big change, they let states scramble resources. maryland lets the national guard get involved, it is really crucial early in 2020 when the national guard is working test

sites, setting up things, it is a scramble for resources. emily: president biden doubling the u.s. order of an antiviral drug. does it mean more people are going to get treated with it? >> that is a good question. i would not expect to see it anytime soon. this drug is back ordered. a lot of the pressure from the federal government is to say you were expecting september in the fall. we would love to see it in the summer. if you are seeking treatment, i doubt you will run into it. but it is preparation coming down. a lot of it is -- for the white house. they are really trying to show that they are gearing up and preparing. they faced a lot of criticism for not acting fast enough recently. the white house is doing a lot to respond to historic records, historic numbers. emily: meantime, we are all

waiting, especially as parents with kids under five for vaccines, younger children to be improved. madura is supposedly close to finishing trials for their vaccine for kids under five. what can you tell us? >> they have not released a lot of the information to us at this point. i know a lot of young parents, parents of young children are kind of awaiting this news. it is a slower process. a lot of the vaccine response has been focused on the elderly, who were the most affected. and the youngest, it will take a long time. i think the timeline here has been -- moderna has said march or april they may see it turnaround. part of it is young children are hospitalized, less likely to die from the virus, and the emergency use and emergency

approval is going to be a lot slower, and the expectation is it will have less of an emphasis for you. emily: alex roth of bloomberg government, thank you for covering the pandemic for us. another top story we are following. elizabeth holmes convicted. we are waiting to find out when she will be sentenced after a jury found her guilty of fraud for her role in the collapse of a once multibillion-dollar blood testing startup, theranos. rosenblatt, who was in the courtroom, is back with us in san francisco. good to have you with us. i'd love for you to paint the scene as the verdict was being read. what was elizabeth holmes' demeanor, and what happened afterwards? >> as the verdict was being read, i watched elizabeth holmes closely. what was very interesting about her was she comported herself as she has throughout the entire trial. she looked at the clerk, who was

reading the verdict, and she stood perfectly still and stared straight ahead. the room was quiet, her family was quiet. there are not really any kind of noise in the courtroom other than the fluttering of clear -- keyboards from the press. what was more telling was immediately afterwards. i went into the hallway to wait for elizabeth holmes to get a response from her. as i was waiting, her father was waiting for her. he found a little nook outside of the nook where the defense counsel meets. he sat down on the ground with his knees to his chest, and i peeked at him to see what he was doing. he was doing nothing but sitting on the ground stunned. to me, that image encapsulates the whole trial and the whole story of elizabeth holmes really

falling to earth and the gravity of what happened kind of taking effect. that is the last image i will remember from this trial. emily: the partial verdict says it all, in terms of the mixed potential outcomes. he was convicted on four counts and the jury was hung on three counts. is an appeal likely, and would it be successful? >> she will certainly appeal. the mixed verdict shows that they studied it carefully. i can explain it briefly. the fraud counts against patients, that she defrauded patients failed terribly. it met most of the investor

counts that she defrauded investors. they stood up very strong. it indicated the jury really took their time and deliberated carefully and mapped their way through the verdict form and instructions. for that reason, there is no appeal. there is no issue for her on appeal, because the jury did such a good job. the judge also took great pains to allow them to take the time they needed to do it. emily: she faces 20 years in prison, but i understand she will likely serve far less than that if she does go to jail. how many years is she likely to serve, and what will her experience be in prison? >> this requires much more research on my own part. i spoke to my sources, it seemed as if she might spend maybe three to five years in prison. as it turns out, we discussed the counts she was found guilty

of. one of them is for wire fraud in the amount of $100 million. the money matters. how much you defraud somebody actually matters. that is a big sum. under the statutes, that will probably kick up the amount of time she spends in prison. i need to research it more. it is more likely she will spend at least five years in prison, and maybe a bit more. certainly not 20. but a lot more than i initially expected. emily: i know it was a long trial to cover for you. you were in the courtroom every day in the morning. we appreciate your coverage. thank you for giving us your thoughts in the aftermath. at&t and verizon have agreed to hold the launch of a 5g service by two weeks. amidst concerns it could interfere with airplane electronics. the carriers had vowed to go ahead with the deployment this week. the delay will allow airline and

safety officials to take steps to mitigate attentional risks. ces pushing ahead, despite the pandemic. we are joined by gary shapiro, president of the consumer technology association running the event, to talk about why they are moving forward as multiple major companies canceled plans to attend in person. this is bloomberg. ♪

emily: events around the world are being canceled amidst omicron and the covid surge. but ces is powering ahead and officially kicks off wednesday. this after many companies pulled the plug on there in person

attendance in favor of presenting virtually. let's talk about what it means with gary shapiro, president of the consumer technology association that hosts ces every year. all of these major companies pulling out in person, other major conferences like jp morgan health care conference being canceled. why are you moving ahead at this point in the pandemic? >> i want to clarify the facts, and thank you for having me. the fact is, fewer than 10% of our companies pulled out at the last minute. they made the decision for their own reasons. but we have over 2300 companies exhibiting. and there is concern about covid. there is also an understanding we are not back in march of 2020. we said we are the first major event to do so. we said you have to be vaccinated to come here.

they only allow adults. you must have a mask. we are giving every attendee a free test to have a quick 15 minute test in the privacy of their hotel room. we have taken all sorts of safety measures. it is something we will have, social distancing, a brand-new facility. facilities we are using. this is an environment we feel is a bubble. and i want you to compare it to a basketball game, hockey game, or football game with millions of americans where there is no vaccine requirements, no masking requirement, no social distancing. so i can rest more comfortable at ces right now, and being with people, wearing a mask, i would go to the grocery store, or a sporting event. i think we are in good shape, people have figured it out. we have a number of events.

we had it last night with the media and exhibitors showing the products. the innovation was amazing. we had two years of innovation. health care focusing technology. a lot of the companies dealing with covid itself, how you can get rid of it, there is a breathalyzer, all sorts of thing helping. there is environmental, transmutation, robotics. a lot of different innovations. and they come from all over the world to do this. they put their life savings. it is for the entrepreneurs and the startups. 80% of the companies are smaller. emily: people are worried about having a couple of friends at their house and spreading covid. are you worried about becoming a super-spreader event? is it ethical at this point to hold an event this big? >> we consulted with medical

experts. they unanimous saying there are things we can do well. they say go forward. people are coming involuntarily. these are vaccinated people. you're pretty safe. that is a possibility. we recognize it when we go through it. but people are focused on innovation and solving the problems. a lot of different kind of these -- a lot of different companies are out there and want to be there. they have nothing to do with us to begin with. a lot of misinformation is floating around. a lot of companies are here, big companies. a top executive is giving a speech. we have some people taking advantage of the opportunity. a lot of companies are part of the event and are participating digitally.

so we can go quickly around the world as we did in 2021. i feel really good about the fact we are going forward. we have to get back to living again. we have to do it through leadership and conviction. we have to understand the risk. we have lived our whole life knowing we can get the flu. it never stopped us from doing anything. by all accounts, if you are vaccinated, you have no risk at all of getting this mortal danger with the flu. the nonvaccinated are the issue. emily: gary, i have to stop you. let's leave it to the cdc. let's talk about ces. no one is arguing the tech trends are not there, that there is no innovation. if you look at twitter, people are posting pictures of empty show rooms, even someone myself, a journalist who has been to ces in the past, you don't see empty hallways like that on a day before.

why attend this year? >> i was walking down the hallway, and it is the empty registration area because we are not allowing people to register. the show has not started yet. those are very deceptive pictures you are showing. going to the floor, the brand-new west hall, you will see vibrant, new, major and smaller company exhibits. this is what it looks like right now the day before the show. you are showing empty hallways and a venetian hotel that i'm in now. we will have a smaller footprint, we will have fewer people, there will even be gaps in the floor from the companies who pulled out, but the player choosing to go because they feel relatively safe. some are choosing to go on with their lives, recognizing they are risking everything we do from getting into a car, to going to a sporting event, to our kids going to school. we are choosing to live our lives. it is important to take on leadership and go forward and not spend the next several years in our homes being scared of

being alive, because we might get something -- it is definitely uncomfortable, it is bad. no one likes to be sick. and it could happen. it could happen to a lot of people in the next several months. i think it is ethical to go forward, and taking the position we are taking. emily: we will cover it. we will be watching and covering the tech trends of the year. gary shapiro, president of the consumer technology association, thanks for joining us. coming up this week from ces, wednesday we are joined through the day by a number of ceos who are attending. qualcomm's ceo. mary barra will also be joining us on bloomberg television. shauna shanker. some in person, some not. you don't want to miss them. with social media companies

looking to push even further in the metaverse, we will dive into how snapchat is looking to use it. that is next. this is bloomberg.

emily: snapchat recently released an ar snapchat filter to give you a go of what you might look like in the metaverse. it comes as more companies are taking advantage and the growing interest of the metaverse. joining us now is madly sing. how will the promise or potential of the metaverse impact the growth trajectory of a company like snap? >> i think what we are seeing is disruption in the social media space from gaming companies. gaming companies use to have about 10 million to 15 million

people user base. social media companies were much bigger. snapchat has 200 million daily active user base. now with roadblocks getting traction, what consumers are doing is building towards more of the gaming platforms. metaverse is a buzzword. at the end of the day, the biggest use case for metaverse is gaming. all these social media incumbents like snap and meta are pivoting to metaverse. snap more so on the augmented reality side. meta is pivoting more towards virtual reality. but it still has an impact on their ad pricing. they will run against tougher comps. so i think the growth rates will taper for the social media incumbents. emily: who are the biggest threats? tracy: -- who are the biggest threats? roblox?

>> yes, unity engine is responsible for designing these games. and all of these software companies. at the end of the day, there is innovation around 3d software. so a combination of these technologies. some of these are startups. you can see how people are thinking about the metaverse and building it. they are the ones who will be disrupting it. some of them will go to the likes of nvidia when it comes to building the background infrastructure. i think it is a full-fledged ecosystem when you think about metaverse as a whole. emily: mandeep singh. we will continue following your coverage. thank you for joining us. live and learn for founders and investors whether the rise and fall of elizabeth holmes will change silicon valley or not. this is bloomberg. ♪

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emily: welcome back to "bloomberg technology." i'm emily chang in some physical. after seven days of deliberation, elizabeth holmes was convicted of defrauding investors of hundreds of millions of dollars. will this spur investors to scrutinize companies? will it deter founders from letting their optimism slip into dishonest exaggeration? in a red-hot start up investment market, is anyone willing to take time to do due diligence and slow down? stanley currently joins us to

discuss. the question is, will investors actually learn from this? will they change their behavior? >> a lot of the lessons investors have already learned. they learned when this came out several years ago. they don't have the burden of proof a court or a jury has. so they took their cues off of the articles from the stories of all of that that came out a couple of years ago. in that way, a lot of those lessons have been learned. that said, lessons learned come and go in this part of the world in investing. some of the lessons may have already been unlearned by investors. we have to see how it plays out. emily: we have some of the ardea recordings played in the trial of elizabeth holmes speaking to potential investors. take a listen to this of elizabeth holmes back in 2013. >> several years ago, we

realized we had created an infrastructure that could in fact make it possible to get rid of lobotomy, or the big two that are the cause, in its entirety. emily: what about founders, and the technology culture built on over optimistic exaggerations? will it deter them from doing that? >> one of the things about this case is kind of a horrible example. we talk about back sale often when it comes to silicon valley startups. that is a really good story when it comes to something as high-tech as blood testing. when you mislead or lie about the state of your technology, you put yourself at an extra ordinary disadvantage. you lost all of the time you needed to do that development, because everyone thinks you are already there. you are starting behind.

that is why even more than the moral, ethical, legal implications, this is really bad for the on-chip are newer to take. you cut out all of the years and research time you needed, because you told everyone you are already there. more than anything, that hurts startups. it is supposed to be about what the right thing to do is, the right product, the right marketing, the right targets. when it comes to hard tech, lying and faking it until you make it actually hurts you in the development process. even more -- in some ways, even more than the ethical questions of whether or not you should lie and if it is dangerous, which in this case, we are certainly getting to. emily: you take the theranos case in your class, what is your message to the students? what is your main takeaway? >> time is precious to on-chip

endures. half the time, your trying to get time to find money, to do the work. so life sciences, biotech, you want all the time you can have. tell the truth. you can be optimistic without lying. you can say "we will" without saying "we have." that is the message or give my students. once you cross the line saying you already have, you lose that time. you can be optimistic, positive, convince people you are doing the right thing and you are going to get there, without crossing the line into claiming having something. the fact is, we all want what elizabeth holmes and thereanos were set -- theranos were selling. we would do that if the message was "we are," "we will." the lie did not have to be tariffs huawei -- the line did not have to be there to get the

funding to sell that story. that is the biggest much as i talk to my students about. you can sell the pitch and talk about what you are going to do, and be incredibly optimistic without crossing the line of fraud or lies that can cost you as much in your development process. emily: i would agree the lie did not need to be there to get the attention of reporters. much of the trial actually focused on a fortune cover story written by a journalist and hours of recorded conversation between elizabeth holmes and parler off himself. many journalists, including myself, did not ask tough enough questions. how much responsibility does the media bear, and will "the media" learn from this? >> it is funny you say that, i use a video of an interview that she did with a different forbes reporter in my class, and

asked the students what she is doing right. partially to get them to think about the things she did write as an entrepreneur. she convinced people of a message of post market and life for people, the human social mission. i don't think we should ever let go of that. i don't think the media should let go of that. we need to make sure we are doing due diligence. it is highlighted how much we don't give down, and we need to give down more. that is the piece for some of the rest of us, i hope the investors learned it. but we will see. emily: how big is the risk that this could negatively impact -- not founders, but female founders, in particular? in an industry where women are already underrepresented as entrepreneurs. >> i was frightened as i saw the

trial unfold that -- the sangallo defense, i think could have damaged -- not just female founders, but female founders with mixed gendered teams, because it implied the male team would have power over the female founder. i think in many ways, that could have been undercut in the implications of everything i have seen from the verdict. the jury did not see that as what was going on. hopefully that won't impact female founders as much. and what it means is all founders, female included, need to demonstrate what they are doing and show they can answer the question, that they have done the work, and they can stand behind what they are doing, and move forward. that part of the defense has

sort of fallen away in the outcome. i think that will have less impact. typically on female entrepreneurs. emily: jacqueline kirtly, thank you for sharing your thoughts. another story about a controversial founder, adam neumann, who built wework. a new business venture as an apartment landlord. he has been acquiring majority stakes in more than 4000 apartments and several cities. more than $1 billion. that is according to court property and public records, and people familiar with the transactions. he told friends and associates he wants to shake up the rental housing industry. coming up, the chip shortage dragging on. what is next for the semiconductor industry as delivery times get longer. and what we can expect -- one we can expect bottlenecks to ease. this is bloomberg. ♪

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everywhere. we have teamed with at&t and their fast reliable 5g network to bring the power of pc gaming to mobile devices. emily: sticking with semiconductors, 2021 was a year of bottlenecks and times for supply chains. let's get to ed ludlow for all of this and a look for 2022. ed: we are heading in the wrong direction. we got data on tuesday. leadtimes are stretching. almost 26 weeks. leadtime being the point in order where the semiconductor is made and where it actually is delivered. broad-based across all types of processes. there are supply-chain constraints going in the wrong direction. not necessarily improving. that was december. 2021 was a good year for companies. revenue really strong. 2022 is set to be a $500 billion year for the industry for the first time. what is so interesting, this

data behind me, the annual revenue growth for semiconductors is set to continue. we can see three consecutive years of revenue growth, annual revenue growth, for the first time in decades. this data going through to 2025. this industry has typically been boom and bust. when we have seen extended lead times, we have seen a lot of over ordering, which has led to glut. that may be the case this time around. that is on the chipmaker's side. there is a different story, especially the automotive industry. sales from the american autos on tuesday. many painted a much more positive picture in 2022. select one's i picked out, they would hit the bottom in terms of what they experienced. limited inventory because of the shortage of semiconductors. gm looking into 2022. optimistic the semiconductor picture is improving. toyota has put it simply,

inventory continues to improve in large part because semiconductors cycle through. they will continue to be watched. it's been a whole year of having this. i will tell you about it. emily: thank you. a long year ahead. when is the chip shortage going to end? what is the future of the chip industry? i'm joined by rene james. former of intel. good to have you with us. where are we right now in the chip crisis? how bad is it? when does it ease up? >> i wish i had those answers. i think we are at the point where lead times are long. there's different reasons and different sectors where they are longer than we would like to see. but people have orders now starting to come in. over the last -- second half of last year, a lot of long lead time orders replaced by customers in different segments.

inventories are starting to come in. from a consumer perspective, you will start to see improvement. even though the lead are longer than we want. in some sectors, we are seeing the second half of 2022 beginning some easing as capacity comes online. it really depends if you are on the leading edge of high-performance, or more of the mainstream, how long it will take to work its way through. the good news is, we are growing. emily: what about the potential for supply, oversupply? do you see that happening? >> it has historically been a cyclical business for that possibility. this time is different than what i have seen in the last couple of decades. we have multiple growth segments

happening at the same time. ordinarily, we would see pcs growing, or cloud data centers, we might see automotive growing. now we see every segment. when we see that, we know we are seeing sustained growth, we see expansion. i'm less concerned about overcapacity on this cycle than i have been. a lot of us follow capacity planning. we see future starts, we see how much capacity difference companies are putting in as they expand capital expenditures. i myself have not -- i'm not an economist like you have at bloomberg, but i don't see that this time. i see multi-segment growth, demand for multiple modes, not just leading edge but some of the older nodes. and growth in those areas. and i think that is important factor this time around. emily: ces is going ahead with

in person plans, despite major companies like intel, where you were for many years, pulling out. what do you think about that? >> i think it is a personal choice if people want to go. a lot of our industry has been work from home for a long time. we are excited about that. i myself would not have participated, but it is a personal choice for those who want to attend in person. that is a hard decision. emily: even before the pandemic, there was skepticism about how relevant ces is. i'm curious giving your long history of this industry, does the consumer electronics show matter when companies can go to the audience, direct to the press, much more easily these days? emily: that is a great question. the one thing the consumer electronics show has done is

focused a bunch of different -- what used to be discreet consumer electronics that are all connected in some way. you used to think of television as separate from the computer. you don't so much anymore. i think it is an opportunity for everyone to convene at a certain time with new information and give consumers and people inside the industry a vision of how it comes together. does it need to be in person, i don't know. can it be direct in person? absolutely. we saw in those press conferences that were virtual. but i do think the timing of it and having it be annual, and the convening of all of those announcements is helpful organizing the information. it is hard to wade through how much comes out once a year about these new appliances. emily: point taken. what is the future event in 20

22? what is your role in the return of the chip industry going to be? >> i'm glad you asked. we heard a lot today in all of those announcements of ubiquitous connected computing, devices, and pcs growing, qualcomm had a tour de force announcement. what we do is build cloud chips. what we do even more specifically is power efficiency. power efficient, high-performance microprocessors. i'm very encouraged. i enjoyed listening to the visions from the client-side. all of that leads to more demand in the data center. the pervasive use of ai in cars and software across different services and applications demand even more compute in the cloud.

from our perspective, we are excited about it. we had a great year in 2021, we look forward to 2022. more good things coming out. it will be an exciting year for us. emily: we will be watching. rene james, ampere computing chair, good to have you with us. 10 years ago, this was one of the biggest phones on the market. now the device can't even make a phone call. more on blackberry ending service on its legacy devices. this is bloomberg. ♪

emily: the james webb space telescope team deployed its protective sun shield, a key milestone preparing it for science operations. it is about the size of a tennis court and will protect the telescope from light and heat of

the sun, earth, and moon. it has another 5.5 months of set up to come. after that, wegb we -- webb will deliver its imagery. the end of an era. this tuesday, blackberry ended service on its once iconic phones. if you have one at the bottom of a drawer and turn it on, it will not work at all. mark gurman joins me with more. i remember the days of the crackberry and how important it was to me. how many people are using them? >> i would say in terms of these legacy blackberrys, remember the blackberry curve,, blackberry pearl blackberry poll, they were the most popular. in terms of active use, it has to be in the single digit thousands, double-digit thousands. if most, the hundreds. the functionality has been

dwindling for years. carrier support has been gone. real support from blackberry as a company has been gone. so many people transitioned to android devices, iphones, other types of phones. i would say it is a slim number of people impacted. they warned about this about six years ago. people have had a lot of time to prepare. emily: i know there are folks using blackberry android devices. will those be affected? >> certainly, there is a slew of devices from small manufacturing partners, names of companies people really have not heard before. a company called tcl. they are leveraging the blackberry brand. even though blackberry has completely pivoted and it is a really old-school brand, it is very popular with some people. i don't think it is a name anyone who have or lived in the technology -- ever lived in the technology industry will forget. they have been leveraging the

devices. with full touch screens and keyboards, but blackberry has nothing to do with them other than the brands and retail channels. google operating systems. they are not impacted. the impacted devices are the real, old-school blackberries. blackberry 10 software, blackberry seven software, and the blackberry playbook tablet that launched many years ago in the early day of the ipad running playbook os two .1 or early. emily: blackberry more recently was a mem' stock. what do they actually do? >> they have refocused to cybersecurity technology, protecting devices. they work with governments and companies as a security system. the current ceo transformed the company in their era. emily: mark gurman, the death of the crackberry. that does it for this edition of

"bloomberg technology." tune in tomorrow. we are joined by sean shank. consulting ceo. and chu nada. great show. i'm emily chang. this is bloomberg.

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paul: i'm paul allen in sydney. counting down to asia's major market open. shery: i'm shery ahn in new york. welcome to "daybreak" asia cautious open aztec drag down u.s. -- as tech dragged down u.s. stocks. the feds most of his policymakers shifted. now backing to