announcer: 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 and this is bloomberg technology. coming up, a conflict at will only get more brutal. u.s. officials worn more indiscriminate tactics coming in an attempt to suppress the

ukrainian resistance. plus apple stopping all product failed in russia, saying the company sends with all people who are suffering as a result of the virus -- of the violence. and airbnb helping to shelter ukrainian residents that fled as russian forces continue their assault. my conversation with the airbnb ceo. first i want to get a look at the markets -- apple saying it is holding all product sales in russia. it was the impact? ed: the news flow was intense. they oil story front and center. still above $100 a barrel on west texas intermediate and that move higher in oil despite other sectors of the country releasing risk assets, worrying those higher energy prices adding to inflation.

the worry is the situation in ukraine and russia impacting global growth. the s&p 500 down 1.5%. that is despite a sizable move lowering yields stop the u.s. 10 year yield, the benchmark down 10 basis points. it was just 20 days ago that we were above 2% on the u.s. 10 year yield. broadly, this is a commodity story. come with me into the bloomberg terminal and look at this chart. we've been focused on energy markets. this is industrial metals. easy corporate america taking action not just in terms of removing their products from russia but the impact for higher input costs they now face. the bloomberg industrial metals index rising by the most since december, but it is at its highest level since 2011. this is the inflation story coming out of the ukraine-russia

situation and that impact to global growth. the market considering what the federal reserve does in the outlook for rates. specific stocks stories on tuesday -- you have to start with supply chain. one of the biggest makers of pcs in the world, hp, down. lucid down 14%, not directly tied to the conflict but supply cutting its outlook. big tech is taking action. you see all of the statements coming out about removing russian-affiliated media from platforms. the top line, pausing sales in russia. emily: and a huge statement from apple today -- we have paused all product sales in russia. last week, we stopped all exports on our sales channel into the company. rt news and sputnik news are no

longer available from the app store outside russia and we have disabled traffic and live incidents out of safety and precautionary measures for ukrainian citizens. certainly a number of significant moves by apple standing in solidarity. ed: the biggest company name in the world, the biggest action by corporate america. russia is a small part of sales but clearly a big statement. just after apple made that announcement, ford followed suit saying it is pausing its operations in russia, the stock down .3% in after-hours. emily: we will talk to brian teske from airbnb on the same issue. military officials say the russian invasion of the ukraine is entering a new phase, promising a more deadly time ahead for children and soldiers. i want to get to annmarie

hordern standing by at the white house. president biden spoke to president zelensky earlier. what do we know? annmarie: they are keeping in touch. between ukrainians and the americans, there are conversations almost daily. the president spoke directly with president zelensky today as the second-biggest city there, there's been an onslaught in terms of that city and many reporting and number of civilian places are being attacked and you have a very long road into the capital russians are filling up. they are starting to get hit or encroached and the president speaking about that with the state of the union. this has changed the tone of his state of the union speech because a lot of times, presidents wants to focus what's going on domestically but given this russian invasion of ukraine, the president is going to be focusing on that. emily: the state of the union

coming up and what does president biden have to reassure the american people about given the impact we are seeing on the economy and the concerns about rising inflation? annmarie: this is where the foreign policy meets the domestic. what we are seeing on the foreign policy front is sanctions against russia, and credit way sanctions having a ripple effect around the world, especially in russia's number one industry and that is fossil fuel. any sort of price premium we will see in the oil market, that will trickle down to individuals at the gasoline pump here in america and across the world. when you look at russia, it is a commodity superstore -- wheat is a massive export, palladium, all of this feeds into the supply chain, so that's going to make it harder for this administration to fight inflation and that's their number one domestic challenge. emily: thank you.

i want to get back to the apple news, halting product sales in russia. joining me now is mark gurman who covers apple. this is a significant statement. how big is apple's business in russia and how will this impact the russian people and mark -- russian people? mark: it's one component and not even close to the top in terms of their overall sales in europe, which i believe is their third guest market behind the u.s. and china and other parts of asia. in terms of the financial impact on apple, it's going to be fairly minimal. this is taking a stand on this issue. after that, it came like niagara falls with statements from ford, universal, nike pausing their operations or slowing's of their ties to russia as well. emily: apple saying we join all of those around the world calling for peace. do you expect more potential

companies to be motivated by this, given that apple, even though their business might be small, it is such an iconic company? mark: personally, i think you'll see lots of companies in the western world, whether in the u.s., u.k., elsewhere in europe really take a stand and pull their operations or halt sales and operations in russia. apple was a big one from a tech perspective, the biggest tech company by far that had direct to consumer sales in russia for over a decade now. apple has had a dedicated, standalone online store in russia where you go to apple.com and you can buy products as a citizen in russia from an american company. this is the big 1 -- apple probably had to do it and they did it and it's a good symbol for the company and some of

their social issues and policies they stand on. it is a plus for apple and you see other companies following suit. emily: we know tim cook has taken a stand on a number of social issues since he's been with the company. we will see if other companies follow suit. coming up, social networks scrambling in the wake of russian disinformation. i will be joined by a researcher who spoke before congress to talk about how big tech companies can better combat foreign propaganda. that's next. this is bloomberg. ♪

emily: they're announcing it is

now labeling beats affiliated with russian state media to significantly reduce content produced by russia. they say they are going to put other labels another state affiliated media and coming weeks. my next guest says this is important. joining me is a research manager at the stanford internet observatory and spent years studying disinformation and testified before congress. talk about the significance of labeling state-affiliated media and is labeling enough or should it be blocked entirely to stop the spread of disinformation? >> these are really hard questions. thank you for having me on. the state media initiative began in early 2020 when we started to see an account out of chinese state media using facebook and facebook ads to push false claims to audiences worldwide. that was the initial event that

precipitated the idea that people receiving information should know what the sources, particularly if it is from an account link to foreign government. this focuses on the bots, trolls and covert chatter -- we see waves of accounts and those accounts are interesting. they can potentially shape a conversation, but ultimately state media accounts have hundreds of millions of followers and they are broadcast mouthpieces governments have built up over time to put their a view of events -- their view of events out into the world. emily: in the current conflict, what are you seeing him russian state run media that is alarming and how widespread is it on social platforms? renee: what we are seeing is

states using their media outlets to target different messages to people depending on where they are. russia has not done a lot targeting western audiences in this conflict. we are not the audience they consider most relevant. they are focusing their communications domestically, trying to create support for the conflict and they are focusing near to the conflict, trying to mislead the people of ukraine, trying to make them think their government is leaving on their fighters are giving up, that the resistance is collapsing, to demoralize the public. that is where, particularly in situations like this, some of the misinformation put out by state media can have a significant degree of harmony conflict area itself. western audiences or non-regional audiences are a wholly separate issue. they may be trying to shape public perceptions.

is -- information from russia is targeting people in ukraine because they are trying to use the information where there is a shooting war. emily: what has been the impact of that? we've heard folks from russia, folks have family in russia, many of them don't have any idea the extent of what is really going on. renee: that commentary from soldiers who say we were not told this is what we were going therefore. a lot has happened and trying to understand in at dynamic. something remarkable about this is the ukrainian government, the ukrainian minister is constantly on social platforms telling the world what is actually happening. you have president zelensky regularly streaming himself,

reinforcing the fact we are here, we are fighting, so in that action, you are seeing a remarkable pushback against russia's efforts here and this is where this question of what should be blocked and what should be allowed -- people are spending a lot of time flooding the pages of russian state media at this point. the decision to respond to people wanting to see content made inaccessible in certain regions makes sense in a particular part of the world that is more directly impacted by direct misinformation. we are seeing it less where american audiences can go. emily: the way president zelensky has been communicating

with his people and people around the world has been powerful. meda has stopped recommending russian state media to facebook and instagram users. is that enough? should at last beyond hopefully when this war is over? renee: that is a really challenging question. for a long time, there was this idea that something like under the foreign registration act, we should know what foreign governments are saying and it be able to receive that communication but in a time such as this, at a time in which life and death decisions can come about as a result of people seeing incorrect information, things need to be carefully considered as we evaluate where we go in the long term. emily: you talked about how difficult it is to discern misinformation on tiktok in particular. is there something particular about tiktok that makes it more of a mine field why?

renee: i opened up my tiktok the other night in the very first videos that jumped to play was a videogame. it had a nameless account, it a first-person shooter and they were claiming this was the scene of the conflict between russia and ukraine. twitter has been good about labeling and facebook as well, but on tiktok, it has a million likes and it's right there. the other thing tiktok does not have is the very basic state media labeling. so when there is content produced by propagandists, the audience doesn't know. content being repurposed or put out by an unverified or actively incentivized to harm force, the people receiving the content on the platform cannot tell. it takes a lot of extra time to

go and reverse image search from a video which is not something that is native or easy to do on a mobile phone. tiktok really lags its partners in the social media in not having these policies in place. more importantly, we see matter -- we see meda and twitter reacting quickly to take down networks they have found or come up with new labeling policies tailored to the current events on the ground and we don't see tiktok following suit in that regard. emily: thank you for helping us navigate some of these really thorny issues. good to have you with us. coming up, is the zoom glory over? we will talk to the ceo after sales in the projected quarter fell short of wall street estimates. how to build back investor confidence. that's next. this is bloomberg. ♪

emily: as more employees return to work to work in their office, questions loom over whether resumes appeal will fade. sales have declined from their october 2020 high. how will the company sustain growth beyond the pandemic boom? ceo kelly steckleberg is with us. given the geopolitical situation, your reaction to what we are seeing in ukraine -- obviously there is a humanitarian concern but how are you viewing the impact on the economy and potentially zooms business? kelly: our hearts go out to everyone impacted by this unfortunate situation. we feel so lucky as an organization and company that we don't have any employees directly impacted in the region. we do have some of their family

members there, so we are doing everything we can to help. we have minimal exposure from a revenue perspective. so in terms of the impact on our business, it is minimal. emily: there are questions on whether the glory days are over and i'm sure you will disagree. can you explain the change and what it means for the bigger picture? kelly: first of all, i want to highlight we are pleased with our results for fy 22 that we reported yesterday, growing year-over-year 55%, over $4.1 billion. as you highlighted, we've seen tremendous growth in two parts of our business, the enterprise, our channel and our isp partners and our online business which is

50% of our business. we are shifting metrics to focus on the enterprise. this is where we see the long-term, sustainable growth of our business and we saw strong performance here with customers with more than $100,000 revenue accelerating. we saw zoom phone with a record quarter. we are really excited about the future and we last week announced zooms contact center, our cloud center fully integrated into the zoom platform. it is a big year of transition for zoom as we move from a killer need app to a platform for communication and collaboration. emily: i'm curious if you can clarify zooms stance on ukraine. some parts of the country, the separatist area, crimea come and

not serviced by zumba russia is not on the list of banned countries. can you explain that? kelly: we do have some business in the region of russia and we will continue to comply with u.s. laws and sanctions and we are closely monitoring those. emily: is there any consideration of self sanctioning? we saw apple take a dramatic move today as well. kelly: we internally keep discussing all the options on how we must support everyone. ukraine region and how do we do what is appropriate as a corporate citizen, this is a quickly evolving situation and we keep assessing, monitoring it and try to make a decision real-time. emily: you mentioned zoom phone earlier. talk to us about how well these ancillary businesses are doing and whether you see that sort of

padding, any lack of growth you might see in the core part of the business over the longer-term. kelly: our strategy has been to start with zoom meetings and then continue to expand our share to customers by selling additional services and zoom phone is a perfect example of that. we also see zoom rooms as organizations think about welcoming employees back to the office. the conference room strategy is key as they have employees or working remotely that it is inclusive and they are bringing them together in a way that works for everyone. also, we expect work to be hybrid and we expect events to be hybrid as well. our new project, zoom events, as people want to come together, they also want to have the virtual peace. emily: always great to have you

here. thank you for taking the time to join us. coming up, airbnb offering homes to tens of housings of ukrainians fling their company. my conversation with the ceo and how that is taking shape. that's next. this is bloomberg. ♪

emily: airbnb is offering free shelter for up to 100,000 ukrainian refugees fleeing the russian invasion of their country. the ceo telling me plans to work with neighboring european states to provide long-term stays as well. take a listen to my conversation with him earlier today. brian: we announced airbnb in partnership with our host community have a goal to house up to 100,000 refugees fleeing ukraine. since we made that announcement, we've had over 30,000 people

visit the page to learn how to be a host or donate. we are just trying to get more word out because the name of the game is the more houses we have, the war refugees we can house. emily: what is the feedback you are getting from governments and border crossing about the situation the refugees find themselves in the crosshairs of a war? brian: we've reached out to 14 different governments like poland, hungary, romania and germany. what they are telling us is mostly thank you because the last reports i heard, over 600,000 refugees fleeing ukraine, these governments need to find a way to house them and we can provide infrastructure. we housed 54,000 refugees for free since we started airbnb and we've housed over 100,000 people for events for free. we are being viewed, i hope, as a solution to a problem they

have. we can be a great partner and they are appreciative of the help. emily: what has been the response from hosts in these countries? has there been an outpouring of support? brian: it just started in the last 24 hours but we have had a large response so far. just to give a point of reference, two years ago, when the pandemic broke out, we worked with the french government to provide housing for workers on the front line, tens of thousands of posts stepped up. we had tens of thousands of posts step up to provide housing for afghan refugees and we are expecting a big response. we need to make sure with all the noise going on that people who have homes that have availability in these countries know they can take and refugees. emily: i know airbnb has a significant number of short-term rentals in ukraine. do you have employees in ukraine and what's the status of your

operation and hosts there? brian: we don't have employees, a meaningful number of employees in eastern europe. as you imagine, we have thousands of listings all over central and eastern europe, so our big focus right now, we are focused on two big priorities -- number one, trying to make sure our hosts in our community is safe. we are doing a lot of outreach to our hosts. the second focuses trying to house as many refugees as possible. this entire refugee effort started three days ago. thursday, friday, it became apparent there were going to be hundreds of thousands of people fleeing ukraine. we worked all weekend to mobilize this effort. emily: several companies have been self sanctioning. we just saw apple because all product sales in russia.

airbnb has a number of listings in russia. will you consider halting business there? brian: as you can imagine, we have our hands full right now because we made this huge commitment to house up to 100,000 refugees. but i will say two things. we are going to cooperate with the u.s. government in support of whether -- what ever sanctions they intend. the sanctions imposed on russian banks have limited our ability to do business and the ability of people in russia to pay. so as a practical matter, a lot of our business is going to be on pause just from the inability to pay, but we are looking at other steps. as you can imagine, we are just triaging right now. emily: how are you expecting the war to impact travel over all? what are you racing for?

brian: i don't really know what's going to unfold over the coming weeks and months. what i will say is whatever happens in europe, our business is incredibly resilient. we have every type of home at nearly every price point. i think with the last two years have shown is however the world changes, our business can adapt. we continue to ask ourselves how can we adapt in this time of need? the most important way of housing people that need a place to say -- place to stay. i'm sure it's going to have a disruption on european travel but we will be able to adapt to whatever that disruption is. emily: you can catch more of my interview with brian chesky at bloomberg.com. coming up, crypto and the war in ukraine -- we will talk about the role of crypto in this conflict and whether it could become a tool to circumvent sanctions. that's next.

this is bloomberg. ♪

emily: time now for our crypto report. we see crypto surging for a second day. do we see crypto decoupling from traditional markets? >> a few really interesting things happening in the markets. prices getting closer to 44,000 dollars, really getting a lift these last couple of days and if you look at the prices, take a look at the bitcoin price,

that's risen over the last two or three days. stocks over the last two days have dropped. there is a correlation about a week or so ago, that looks like it is starting to break off. i want to take a look at theory him prices. you have a theory him reaching about $3000 -- ethereum reaching $3000. it's closely tied to a lot of stable coins. in this new era where there is a lot of uncertainty, you are seeing a lift in stable coins like finance. -- like by nance. how much this can extend into the next couple of days. emily: i want to continue this conversation about crypto and the role in the ukrainian war with our next guest, leigh drogan.

you've been tweeting furiously about some of these issues. i wonder what you read into the rise about crypto. is it solely to do with the war in russia and ukraine or is there more demand? leigh: there's definitely a spot independent of other risk assets. you just pointed out other correlations have broken off. we still have an equity vix above 30 which, historically, has led to incredibly high correlations between crypto and equities. we've also seen on chain analytics and spot flow coming from different exchanges that says there is something between three times in four times the amount of volume in ruble to the pairs on these centralized exchanges. that is a one-way trade, obviously right now. there's definitely a bid coming out of that area of the world for obvious reasons.

people are trying to get the hell out of ruble. how long that lasts is a question because russians are cutting off all fx flows out of the country and at some point you are not going to be able to use a bank card to put any more money into these exchanges. sonali: we are seeing crypto be used to support the ukrainian resistance effort in incredibly powerful ways. there's also a major concern the russians could use cryptocurrency to circumvent sanctions. do you see that as a real risk? leigh: i don't think it's a real scenario today. come back in three or four years from now and maybe the market is liquid and large enough to the point where it could support that kind of evasion. but today, it wouldn't be possible. one, they have capital controls on everything at this point.

so you have to get it out of a bank account and that's hard enough. in that part of the world, there are not that many direct on ramps, so it's not that easy. but even if you were able to get into an exchange, you are going to do this in bitcoin which is not a great medium of transfer given its volatility. and there really are not enough d5 stable coin pairs between the ruble to make this a viable solution for getting around things. it's up to the exchanges to make sure they are complying with all the sanctions and regulatory issues and it seems like they have been so far. it is hard to believe someone could get enough money in at this point to evade what they are attempting to. sonali: you make a point on

capital controls and russia's ability to clamp down on ordinary citizens trying to move their money into crypto and i'm wondering what that says more broadly about a government's ability to stop people from transacting in cryptocurrencies when they need to? leigh: there is very good reason why people like me deeply believe in what is going on and it's not some crazy libertarian reason, it's because of things like this. the united states is only one country on this earth and there are a lot of other places where you don't want to hold your entire net worth in some kangaroo currency. the ruble has been terrible for a decade now. i think it's an important concept that this ecosystem ends up flourishing. what you are also seeing is this battle between centralized stable coins and decentralized

algorithmic coins. tara luna is going crazy because there's a massive inflow of capital into that protocol because it is a decentralized stable coin. there's no fiat bank account the government can clampdown on and take stable coin where as some of these other centralized stable coins can absolutely do that. there are literal dollars sitting in a vault somewhere. there's a very interesting difference between those two frameworks. emily: i want to get your thoughts on this idea of what you called the idea that there are only a couple of currencies that convert easily. to what extent do we see what is going on in the world today accelerating that move from traditional foreign exchanges as you know it to crypto?

leigh: this is absolutely inevitable and there are a lot of things in crypto that i don't think are completely inevitable. this is one of them. trading with a bank where they are taking this huge spread where you move dollars into euro or yen or whatever is absolutely going to go away no matter how big that is. there's going to be a curve pool for every one of these pairs and firms like ours are going to provide liquidity to those pairs . it is inevitable the spreads will be smaller, the fees will be smaller, you will be able to do it instantaneously. all the framework for this at scale is in place today. it's literally just a matter of liquidity in the system at this point. emily: you have been tweeting furiously about what's been going on in russia. you said you were speaking with your family there and your

family had no clue what's going on. all they get is government propaganda. it's scary in the worwellian wa. what do you think about big tech's responsibility? we see apple pull products from the country and forward as well. we assume there will be more but how off can businesses step up? leigh: it is sad. my wife's parents are 60. they lived in russia their entire lives. they are not digital natives. so they are very much dependent on a specific flow of information as is much of that country. the concept that everyone has access to a vpn and good sources of information is completely false, obviously. to expect everybody to do that would be false as well.

do big tech companies have an obligation? no. they are companies. they don't have an obligation to do anything but make money. do they have a moral obligation at some point? i would say each of these individual ceos, it would behoove them to attempt to do the right thing. apple makes how many tens of billions of dollars in profit? at some point, they have to put some values above -- what's the margin they are going to lose off of clamping down on certain things to attempt to move this along a little faster? that may be smart. emily: thank you for sharing that personal expanse. my heart goes out to your wife's parents. leigh drogan along with sonali basak. member the 19-year-old elon musk offered $5,000 to stop tracking

his jet? now he's adding russian oligarchs to the movies -- to the mix. that's coming up next. this is bloomberg. ♪

emily: he made headlines and caused a few headaches by tracking elon musk's jet, now jack sweeney is at it again. at this time he's tracking jets owned by some of russia's richest oligarchs following the invasion of ukraine. we don't know for sure if the millionaires and billionaires are on board, but thanks to his bots, we can track the planes moving around the world. joining us right now is jack sweeney and also ed ludlow. why did you go from tracking elon musk to russian oligarchs? jack: people knew i had the

tracking ability of all these aircraft and i found a list of all of these oligarchs, so i just started tracking them because people wanted me to. ed: that is a pretty straightforward answer. give us a sense of the technology that goes into this. how do you make it happen? jack: ever since nine/11, there's a new technology where all of the planes are required to transmit their location to their transponder. so there are websites and companies that receive the data, so i get the data and i've able to analyze that and posted to twitter. emily: we noticed quite a few of these jets going to interesting places. have you seen any trends? jack: they are pre-much all over the world. the united states and a few of them from russia to russia but no specific trend of leaving. ed: you answered pretty

straightforward and you did this because people ask you to do it. we've been following you in terms of tracking elon musk. but what's in it for you? what is the rationale here? jack: i just have a lot of information -- a lot of interest in aviation, so it's fun to track these planes. emily: do you feel like you have some sort of moral obligation? does that play into this at all? jack: people wanted it, so they can do whatever they want with it. there's people that seem to think these people shouldn't be allowed into the united states or other countries, so there seems to be some interest in it that way, that they don't want these type of people. ed: previously, you had some engagement with the elon musk about your tracking of his jet. do you mind an update on where

you left that? jack: he seemed to no longer be interested in anything and then he blocked me after all the media after the account went public. he got higher level blocking but he doesn't seem to care anymore. emily: it sounds like you are going to continue to do this no matter what elon has to say about it or not? jack: yes. emily: is there somewhere you want to take this? what's next? jack: i would like to grow a website rather than just be on twitter so i have more options than just creating a twitter post. ed: tell me a little bit about you. what is your background? how did you learn to program this way and program twitter bots to do this -- you get a lot of data in terms of where a plane is but you've set this up

and he really specific way based on takeoff, landing, and the city of origin. walk us through that. jack: i had some aviation experience. my dad worked in aviation and i knew a little bit of coding and just had an interest in all of it. during covid, i had a lot of free time, so i started messing around with that. especially with elon and i knew he had a private jet. so i just made a twitter bot because there are lots of different bots on twitter and i created a plane tracking one. emily: what do your parents think about all of this? jack: they think it's pretty cool. all my friends know about it and they think it's cool too. emily: we will keep watching those trackers. jack sweeney, founder of ground control and ed ludlow -- this is a story we will continue to follow. what do you make of jack's determination here? ed: the reason i love this show

and love working with you is that this is about technology. a 19-year-old that taught himself these skills and he is basically giving a lens into the life of billionaires you wouldn't otherwise have. then there's the moral side -- there's a lot of outrage in europe's about -- in europe about oligarchs and where they are conducting business. it gives you a lens into that as well. emily: it is certainly interesting seeing where these planes are. i know you've been looking closely at the maps. are there any interesting trends you've pulled out? ed: there is a debate right now over no-fly zones. we just had news united will stop flying over russian airspace. that the commercial carrier but we are tracking the movements of several oligarchs and billionaires. one of them, the owner of chelsea, because he might be involved in peace talks

somewhere along the way. emily: that does it for this edition of bloomberg technology. we will be joined by rhett taylor from salesforce on the company's earnings. you won't want to miss those conversations. this is bloomberg. ♪

>> a very good morning. we are counting down to asia's major market open. >> welcome to daybreak asia. our top stories this hour, asian stocks are set to slide as the war in ukraine intensifies. it stokes demand for sovereign bonds. russia's invasion enters the new phase with a return to