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. volatility continues to grip mobile financial markets as the u.s. educate cut off russian oil. stocks, bonds, and tech swinging

wildly. plus apple unveils a new 5g ipad and iphone with its festus's signature chip, but how will the global economic uncertainty, inflation and gas prices impact consumer demand? and google beats out microsoft in its second-biggest acquisition ever. how this changes the cyber defense landscape with ukraine and russia-related hack attacks on the rise. let's get a look at markets where volatility got the best of equities. ed ludlow is here to walk us through the day. ed: volatility is the watchword is an understatement to say the least. oil, the only piece of green on that screen, continuing its rally after the usaid u.k. said they would ban imports of russian products. you can see the rally continue, futures around $125 a barrel.

generally the risk off sentiment, but we swung between gains and losses across major equity indices. really, different times in the session to make up its mind. treasuries continuing to pull the 10-year up by seven basis points. on a day with so much volatility, you have to pick out the monster moves. nickel -- there's been so much discussion around what this conflict in ukraine means for disruption to supply. russia, big exporter and producer of nickel. that chart -- i'm speechless. at one point rising to $100,000 per ton and then trading halted indefinitely on the london

metals exchange. they say they might start retrading march 11 but look at that and norma spike -- that giant norma's spike. they had to stop the market until some normality is restored in the nichols market. nickel, a really important component of batteries. back to me in the studio, google spinning $5.4 billion to buy mandy and. this came out in reports on monday, alphabet shares up .6%. a monster jump on monday and apple, the new iphone se 5g enabled, new processor in a macbook that analysts are raving about. real close for apple caught up in the volatility of tuesday's

session. emily: it has been a spiky day indeed. i want to take a deep dive into the days markets moves. i have to talk about the big picture, starting with oil. the u.s. cutting off russian oil along with the u.k.. what kind of ripple effect do you expect it to have on global markets on how contagious this will be? >> coming into this, i thought oil post the biggest risk to the market -- posed the biggest risk to the market. not just because of what the price level is. there's not a magic number that would be terribly concerning where that would break everything, but that spike and a swift move up that the market doesn't know how to digest and the fact we don't really see an end in sight with this tension and supply disruption that this war has caused. even the move today was

expected. it was pretty well signaled that was what was going to happen. but we have already had this big run-up in prices and the biggest concern contagion-wise is that this run-up is making inflation that much more of a threat. global growth making it a threat to the fed and what they have to choose between. if have to choose between inflation, knowing it may hinder growth and hurt the economy on the other side, it sounds like they are going to choose to fight inflation first. emily: how much do you think gas prices and plane tickets could rise and how do you expect consumers to react given what is already happening with inflation? liz: the interesting part about gas prices and energy prices is that they are pretty inelastic. we still have to buy it. you can't shorten the distance to work, so you have to fill your car with gas and you still

have to drive it. some of the choices consumers might make are things like when we normally expect travel season to heat up, we see that happen around memorial day. that's the driving season and the travel season, we will see as much activity as we would have hoped and a lot of outlook, mine included, included a big uptick in travel, including driving travel and air travel. any idea we could start traveling internationally for leisure and the business travel that would ensue and a lot of the outlooks were optimistic because of that. if we have a down to king in leisure travel because of the high cost of gas and jet, that is going to be a hindrance to growth not only in the stock market but in consumption patterns of consumers. emily: how do you think sentiment will shift as we watch this humanitarian crisis unfold in ukraine? do you see investors continuing to flee into safe havens and what is even safe?

is it crypto? is it not crypto? liz: that's the question of the day -- what is safe? coming into this, when we were facing rising rates, all of us would rather go back to that fear. it seemed like this insurmountable thing, i would almost rather have that be the only thing we were worried about. but as we were coming into this, we were talking about shorter duration assets being the shorter ones, utilities, staples and longer duration assets being the things that were under threat. now, in this situation, as far as the market has seen it are things like crypto and gold and the u.s. dollar. trying to bring some of that back home and make sure we have it insulated from things going on in the international environment. another thing that happened today that i was pleased to see

was small caps held up well. i think that happen because small caps do better in inflationary environments but they also get a lot more revenue from domestic sources. they are not as exposed internationally as large caps are. you could see small caps do well throughout this as well. emily: what about big cap tech? if anything it was a sure thing over the last three years. we're looking at tech trading at some of the lowest multiples in recent history. will that continue? liz: because we are still heading into a rate cycle, technology and some of the bigger companies have seen a hit. at the one that have been biggest hit are the ones that are those high multiple, non-earning stocks coming into this, the ones that benefited from grandiose multiple expansion and a low interest rate environment. you have to break the universe up into pieces and that big cap

tech and a lot of names we know and love very much in our daily lives and rings consumers and investors started to look at as blue-chip. i don't know that that is necessarily going to change. what probably does changes i don't see tech as the great standout return generator. i think a lot of cyclical sectors, once we get past some of these geopolitical issues, although some can do better, i think financials can do well, i think health care can do well and it is something you have to pay attention to in the market. it doesn't mean abandon tech and some of the valuation levels for tech stocks are looking attractive. it's time to think about nibbling back in on tech. but i want to get past the first hike and maybe even a few weeks past that first hike for some of that tech volatility to relax

and enter the places that are high quality, good cash flow and are not huge, high flying of yesterday. emily: liz young, thank you for breaking down some of these complicated and rapidly evolving issues. uber andlyf driverst taking a hit as gas prices rise. reportedly launching a campaign to head off unions. the journal reporting the campaign would involve television and web ads in the washington dc area, specifically democratic lawmakers pushing to have them classified as employees that would allow them to form unions. coming up, we will bring you to apple's peak performance event. in the midst of global economic turmoil, that. -- that is next. this is bloomberg. ♪

>> then new iphone se brings the advanced features and exceptional performance to our most affordable iphone. it is going to be great for existing iphone users who want a highly capable and compact iphone and for new users who want to experience iphone for the first time. emily: apple ceo tim cook there. kicking off what is likely to be its most prolific year yet for new product releases. we are breaking it down with

mark gurman. we've got iphone, new ipad air, talk about the most significant updates we saw today. mark: the two most significant products we saw was the iphone se andy display. i will consider that a combined product line. starting with the sec, it is significant because it will bring over a lot of switchers to the iphone, particular people who want to get a low price 5g phone. the big news is 5g. i'm not of the school of thought that thinks 5g has moved the needle in terms of performance but i do believe it has been a key marketing term for samsung and apple and other carriers. so i think that is going to drive some interest. the max studio max studio display is going to do fairly

well. consumers have been looking for a apple-designed display since they discontinued their own display six years ago. at $1600, it's a third of the price of their pro is play, so it's going to be a nice offering. the new m1 chip is going to give intel a run for its money. inching toward the high-end as well and i think the max studio is going to be low-volume but will be popular among creative types. emily: apple is coming off a record-setting holiday quarter but being thrust into several months of global canonic uncertainty. its services in russia cut off and product sales air -- how are you thinking products will drive demand in the coming quarter in the context of what is happening on the macroeconomic level?

>> i would echo what mark said. when we look at what consumers in the united states that already own smart phones, our data shows iphone and smartphone earners, 6% came from android devices, so it looks like apple is making progress there. a lot of upside for apple in tablets and when we look at streaming tv services, consumers are watching upwards of four or five hours of streaming tv and games each day and with amazon being in first place, there's a lot of upside for apple, including services, so i would echo mark's comments today. and the ship stats are impressive, not just putting more performance and more power efficient devices in smaller packages, that's always going to be a winning formula but we look

forward to future experiences, having that kind of power on a device and doing things like speech recognition and security, it's all very powerful attributes of those devices. emily: are you worried about consumer demand? we are worried about rising gas prices on top of inflation. could that impact demand over the next few months? julie: i'm not an economist, so the answer is possibly. we haven't seen a slowdown. we thought the pandemic would impact our spending and that proved to be wrong. we don't yet see that in our numbers. but given what's going on in ukraine day today, it's hard to have perfect information. emily: focusing on that day today, we know apple, there's been calls for apple to cut off the app store. are you expecting apple to make

any more aggressive moves in the region? mark: pepsi, coca-cola and starbucks today, the lever apple holds and russia are the big ones they could have done. they could have removed some russian news apps from outside of russia and stopped exports into their sales channels there. but pulling the app store or disabling iphones in russia, i think that would be a gigantic step i don't think the company is ready to take. they do have services like apple music and if they were to take those off, those would match some of the moves you are seeing from netflix, they have pulled their service temporarily. what they did do is pause their advertising service so developers can no longer sell ads in their store in russia. will there be more to come? i think it is possible that as of today, they haven't done

anything additional. emily: major-league baseball games coming to apple tv plus, which is super cool except for the fact that mlb on the players are in the middle of a lockout and regular-season games for the first couple of weeks have been canceled. is this something you think could be material to subscriptions to apple tv plus or is it just nice to have? mark: i'm an nba fan, first and foremost, not an mlb fan, so if this was an nba related deal, may be would get me to sign up. we don't know when it's going to kick off because of the negotiations in the mlb world but i do think this is the first of many. we will probably see a racing deal.

i think we will see additional sports over time. they do have some relations with the nba and there has been talk about the nfl. i think two games a week on friday night is not going to move the needle for apple tv plus. what does move the needle is that they are trying to get these deals done. and it's possible you will have one service that has several different sports all integrated whereas the competitors have 1, 2 or none at this point. emily: i'm a baseball fan, so i will give you 30 seconds. julie: i would echo what mark said. people are not cutting the cord yet from people operators or satellite operators. the question that comes into play as it's becoming very fragmented. i can't just go one place. in going to a lot of different streaming services for thursday night football, whatever it may be. so we will see how it plays out

long-term. directionally, it is the right place to go. emily: thank you both. more companies joining the growing list of brands suspending operations in russia amid the invasion of ukraine. the latest is paypal, not the only payment company to pull out of the country. mastercard and visa announced over the weekend they have cut off their networks as a result. coming up, securing the deal -- it's the second-biggest acquisition ever, buying a cybersecurity firm for 5.4 billion dollars, aiming to take on amazon and microsoft in the cloud. this is bloomberg. ♪

emily: google has agreed to buy

cybersecurity firm, mandiant, for $5.4 billion cash. it's the company's second-biggest deal ever and willls to protect clients by responding more quickly to online threats. our tech reporter who covers alphabet for us joins us. why google and not microsoft, which was also in competition for this deal and what does it mean? >> google is a company that is trying to catch up to iker soft and amazon in the cloud. and when it comes to offering cybersecurity products, microsoft kicked the tires and was engaged in talks and our reporting, more than a week ago, microsoft decided to exit the process, not feeling mandiant's business which was so dependent on cyber events, microsoft did not think that was the best strategic fit for its business. google, meanwhile, has tried to

take advantage of the environment we are in in which you have many cyberattacks happening. you have the war of russia and ukraine that is happening, that is raising the specter and fears even more and google can say to customers we can prevent cyber attacks from happening in the first place and, we will be best at detecting them and helping you respond to them. then we will use that knowledge to protect all of our clients. emily: what impact will this have on the cyber defense landscape as we see the number of hack attacks continue to ratchet up? nico: this is a major concern and there have been reports from google as well as others that they have seen many attempts to hack ukrainians and russians and organizations as part of this.

this is something google will say is helpful for existing clients who may want to try out mandiant and who could choose to buy access to their intelligence . ultimately, mandiant is looking at threats all across throughout -- all across the web. it's done a lot of reporting and research on what chinese hackers and russian hackers are doing. that becomes a big part of the advisory work they do with clients more broadly. so mandiant will be telling customers right now these are the types of attacks, here's how it might happen at here is what you can learn. emily: thank you for your reporting on that. we will see if it gets any regulatory scrutiny. coming up, it is international women's day. lots of progress needs to be made to shatter the glass

ceiling in silicon valley. we will get an update about women founders and engineers across the tech industry, next. where change is and isn't happening. this is bloomberg. ♪

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emily: welcome back to bloomberg technology. let's get back to have our top stories of the day -- that new m1 processor chip, better and faster. ed: really positive news -- broader access to the market but ask -- apple underperforming pretty seriously on tuesday. we know there was a lot of volatility in the market but

that was the focus, that this chip gives them real compute power and could help them take market share. here's the thing. there's a lot of volatility in the market. tech stocks have been under pressure all year long but if you look at apple compared to some of its peers, it has faired much better than amazon or microsoft or even meta, which has had a specific story and its own problem. but it's still at the top of the tree. if you look at what analysts are saying and look at valuations -- you were talking about relative valuations in tech stocks, they are cheaper and apple is quite well position. even though there are doubts about where the stock market goes, apple could be a good pick because it is relatively cheap and seems to be on a roll under pressure. let's take a look at where we are year today. apple has outperformed the

nasdaq 100 and tech stocks are under pressure, both pointing in the wrong direction right now. when do we change direction how do we change direction? those new products were not enough, but still a lot to consider. either way, one to watch. happy international women's day with you. say i'm proud to celebrate it with you isn't understatement. you are a real role model. it's an honor. emily: and i appreciate you showing up in your purple tie and women. we are taking a moment to's all right how much women have achieved and how much work there is left to do. recent data show so far in 2022, startups with only female founders have snatched just 2.1% of venture capital. same as last year, same as 2020. i want to bring in deena shakir. they've already started

compiling the data for this year and it's no better than last year. 2%, which makes no sense given that women are half the population. what gives? deena: first of all, happy international women's day. thank you for bringing this important topic to the conversation. i am still hopeful. i would say i'm optimistic. the data is not quite up to data in terms of where we are for 2022. i think they're still tremendous opportunity. maybe i'm biased but that companies i'm seeing are not only solo women founders coming from deeply technical and clinical fields but, across the board, more diverse than i've seen. things are changing and i expect the data to follow suit. emily: 13 point 3% of czech writers are women. that is critical to getting more

women and a greater diversity of ideas funded but, even that number is up from like 11% a couple of years ago. it is moving so slowly. deena: it is and it's not enough. there is data that has been published along with other data, including from bloomberg, on the importance of cap table diversity. on the performance of those boards, on revenues, on factor time to exit. so it is not about diversity for diversity's sake or a holiday like today. fundamentally good for business. and it's good for our economy. we really need to move the needle here and i'm excited to see all the young talent coming to the table. people who may not have considered a future in venture before some of the role models they have had a chance to see elevated in recent years. emily: women cannot change the

world alone. we do need the help of men. are you seeing male investors more open to women founders or women ideas or is it still the women funding the women's health tech solutions? deena: not only am i seeing investors more open to it, i'm seeing incredible companies innovating for women and other areas that are founded by men. some of those happen to be in my portfolio, so i think there has been a shift. there are incredibly competitive deals we've had to participate in and many folks coming to the table our men. it is not a gender preference. i think folks are starting to see this is fundamentally good for the world, good for our economy, and good for our investors. emily: what kind of role do you think investors have on keeping the pressure on, especially for

younger startups where you, who are more involved, making sure they have diversity, making sure they have women on the board and women are promoted so they don't become as male-dominated as a big tech company that has the power today? emily: it is absolutely critical and it has to start in an early state. you can't check the box before you go public and decide to add a diverse member to your board. it needs to be baked into the dna of the company at the founding stage. and i'm seeing that happen in terms of first hires, thoughtful founders who recognize the importance of that around the boardroom. it is very difficult to do it thoughtfully if you wait too long. emily: women make up 30% to 35% of employees at big tech companies but it is much smaller when you look at those prime

technical roles. it is going to take years, decades may be for some of these bigger companies to change. it's like trying to turn the titanic. how optimistic are you for the next generation of bigger tech companies? are we on the right trajectory? deena: speaking of data, it was 10 years ago when i was at google and they first released their diversity numbers. they were dismal. following google, a number of other large banks released their numbers and there were myriad efforts to address the gender gap, starting in elementary school. we know these biases can be formed as early as 18 months of age. it is not something that will move immediately and quickly. it's not that easy to generate

multiple phd's overnight. we have to see characters in tv shows that are excellent engineers and happen to be women, not exceptional because they are women. we need to see those types of role models on bloomberg tech, which you do constantly. this type of representation is critical and we will see that pursue potato overtime in terms of the numbers. it won't happen quickly, but it can't happen quickly enough. emily: all of us concert lee do better. i want to ask about crypto -- web three, for example. do you see women taking a fair share of the pioneers urging industries? i think the narrative is some of these new tech sub industries are still quite male-dominated. deena: in many cases, they are but there are incredible organizations coming to the table working to change that,

like our new partner focused on web three among other things. emily: deena shakir thank you for bringing your optimism to us. i want to soak a little of that up and take it with me. coming up, as web three is becoming a focus for many competes, when blockchain project is gaining momentum. we will have more on that, next. this is bloomberg. ♪

emily: time for our crypto

report -- russia's invasion of ukraine affecting bitcoin as well. support round $37,000 over the last few days but did rebound in the last session of trading. i want to bring in sonali basak to make sense of it all. just like we are seeing some of these other equities, what does it mean? >> we do see a lift in big coin after -- in bitcoin, seeing it hover around 38,500 right now. it has been sustained all day. the bad news is you are seeing it down more than 12%. ethereum is down even more than that. if you look at tether, if you look at these stable coins, they are barely up on the day but they have faired a lot better over that seven-day time, stable throughout all this volatility compared to bitcoin itself.

i want to pay attention to the altcoins. they were up a little bit today but you are seeing the likes of tara luna and polkadot back on the decline even though bitcoin has sustained its gains. all have had deeper the kleins and you have seen in bitcoin over the last seven days. emily: i want to bring in our next guest, the team behind the graph that brand self of -- as the google of the d5 world, organizing open blockchain data and making open data a public good. hank you for joining us. i'm curious how you would describe the mission and make sure it doesn't become a centralized space for a space that wants to be decentralized. >> we are on a mission to make all of the world public data verifiable. organizing all web chain web

three data. it is a public good and has been built in a decentralized way. many around the world operate within the graph ecosystem, so there is no central point of authority in the graph network. emily: what is the data telling you about what is going on in the macro environment right now? we are obviously concerned about what this means for traditional assets. bitcoin is nontraditional, some thought it would be a safe haven but it has been very volatile like everything else. tegan: macro has been impacting short-term trading and has definitely been impacting the crypto markets. but that is shortsighted and based on the unfortunate current events we are seeing in the world, it is clear why crypto is very important.

people can't get money into ukraine. many of had to flee and leave their belongings at home and in russia, people can't get paid on the central bank of russia might get their assets frozen. so crypto really solves for this but the markets do their thing and we are focused on building. the developer activity is at an all-time high and it is growing faster than it ever has before. electric capital put out a report that shows over 18,000 open source joining the space in 2021, up 75% and that is in line with what we've seen in the ecosystem. sonali: more developers built on the graph and ordinary people who've never transacted in bitcoin or crypto for that matter start to use the cryptocurrencies, do you think centralization serves more of a

purpose -- that verification is more important? tegan: i think decentralization is crucial. you not to decentralize not only ownership but power and control, all of that should be decentralized. it shouldn't be a platform authority, it shouldn't be -- the platform should not be dictating who is on the platform and he was allowed to speak the truth on the platform. decentralization, open source, those are core values within web three. emily: it feels like it is getting tested, this entire notion when you have people getting kicked off. people like coinbase serving as a central mechanism. how does that test what decentralization means in this industry? tegan: it's very clear exchanges like coinbase are just that. they are platforms and they are

decentralized. you are assets so that you have control in this decentralized way and that way, nobody can take that away from you. the situation happening now, a lot of people who have had to flee their country and were left with nothing. with crypto, you can take it with you. you are not leaving it on a centralized exchange. emily: we are getting closer to a white house executive order on crypto and there continues to be a lot of uncertainty around crypto regulation. what are you bracing for and what would you like to see? tegan: great question. this executive order is not a huge deal. it's something we've been anticipating for quite some time. it is expected to instruct agencies to come up with a plan. that study will likely pick up on a lot of the regulatory theme the industry has been focused on for many months and years like

consumer protection, regulating securities and security exchanges and compliance with anti-money laundering. i think it's good the administration is starting to study these issues rather than just attempting to blanket regulate because that tends to stifle innovation. i am excited to see the knowledgeable founders in the crypto space help educate regulators. sonali: speaking of what regulators do in the u.s. versus abroad. do you think there is more innovation moving abroad, given what is in the bahamas and 70 companies forming in india and other places around the world? tegan: i would like to see the regulation stay here in the u.s. and not move overseas.

i will be working with regulators so we can keep that innovation here in a big way. emily: thank you for joining us. coming up, bumble beats estimates in its fourth quarter earnings report. plus announcing stopping operations in russia. we will talk about the implications of that, next. this is bloomberg. ♪

emily: bumble just-released fourth-quarter results, reading estimates. the dating app joining the growing list of companies cutting ties with russia.

i want to get to the latest. this is significant for bumble because of their huge subsidiary that has a big dating site focused on europe with some users in russia. how big a deal is this? >> they did disclose during the call that russia accounted for about 2.8% of their business last year and they are guiding the full year revenue growth and that implies about 2% of their business, not a huge piece of the parent company but meaningful exposure for part of their business. emily: how much of an impact can this have on the business, which has been struggling when you look at some of the activity. >> let me point you to a few things. core business for bumble seems to be running very smoothly. let me give you three data

points. one is the full year 20 22 guidance that if you exclude the impact from russia is very small exposure to russia. the full app. they expect their growth to be 34% to 36% year-over-year. that implies that net addition will be greater in 2022 then 20 to anyone. the street was not expecting that. if you include the impact from russia, they expect 100 basis points of ebit margin expansion. and shares are growing at a healthy clip. if you include russia, then yes, they guide it down for the full year because they have about 100 20 people their closing operations in russia completely. they will face some headwinds

but the core business seems to be running fairly smoothly. emily: what is your take on how the macro economic can impact consumer behavior whether people want to data and by those bumble's inscriptions? tegan: there -- >> there are two things. the demographic exposure they have is different. they are english speaking countries in mostly the developed world and they are seeing less of an omicron wind because of the development of video and audio and their 22 guide does not have any meaningful tailwind of reopening bottom. that's a different story for those in the emerging markets and they are seeing more of an impact from covid. they do expect as economies open up, they should benefit from reopening economies. so a little bit of an omicron

headwind but less so for bumble. emily: is this a bummer, given that we are on the tail end of this pandemic which i imagine would have been a tailwind for bumble and in person dating? >> it should continue to be a tailwind. look at match, their biggest competitor. there is reason to believe there is meaningful upside if the recovery in asia is better than expected. the same thing applies for bumble. if the reopening is better than expected, it could be beneficial to bumble. emily: thank you for breaking it down. that does it for this edition of bloomberg on this international

women's day. tomorrow, the ceo of mark kata, jason gardner. this is bloomberg. ♪

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>> good morning, we are looking down to the market open. our top stories this hour, the u.k. and america has banned russian oil exports and it will further strain crude markets. another follow from the ukraine war, new zealand