>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. >> this is bloomberg technology. volatility continued to grip global financial markets as the u.s. and u.k. cut off russian oil. stocks, bonds, tech swinging

wildly. how will the global economic uncertainty rise in gas prices? google beats out microsoft in the second-biggest acquisition ever. how this changes the cyber defense landscape with ukraine and russia related tax on the rise. let's get a look at the markets where investors were grieved by continued headlines. >> it is an understatement to say the least. oil is the only piece of grain on that screen. you can see the rally continuing. and then the third risk off

session. the nasdaq 100 soccer by .4%. -- softer by 4%. we are following every single headline closely. there up by those seven basis points. on a day where there is not volatility, you have to take out the monster moves. look at this chart. nickel. there has been so much discussion around what this conflict in ukraine means for destruction to survive. russia is a big exporter of nickel. that chart, i am speechless. and then trading halted. they said they have to start retrading march 11 but look at

that enormous spike. they just had to stop the market. they had to put it on hold for the time being until normality is restored. nickel is an important component. google spending $5.4 billion to buy more, the second-biggest deal in its history. this is something that came out in media reports. they had a monster jump on monday. interesting, apple, 5g enabled. the stock is down 1.2%. they caught up in the volatility of the tuesday session. >> it has been a speaking --

becky day indeed. i have to talk to you 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 this to have on global markets? how contagious will this be? >> coming into this, i thought oil posted the biggest risk to the market. not just because of what the price level is. there is not necessarily a magic number that would be suddenly terribly concerned -- concerning or break everything but it is the swift move up that the market does not know how to digest. and the fact that we don't see an end insight with the supply disruption this war has caused. even the move today was

expected. it was pretty well signaled. but we already had this big run-up in prices. this big run-up is making inflation that much more of a threat to global growth. it is making it a threat to the fed and what they have to choose between. it still sounds like they are going to choose to fight inflation first. >> how much do you think plane tickets could rise. >> the interesting part about gas prices and energy prices is that we still have to buy it. you can't shorten the distance to work. you still have to fill your car with gas and drive it.

we usually see travel season heating up around the summer. we will not see as much activity as we would have hoped. a lot of outlooks included a pretty big uptick in travel. both driving travel and air travel and the idea that we could start traveling internationally for leisure again. business travel went into a lot of this. if we have a down take in leisure travel because of the high cost of gas and jet fuel that will be a hindrance to growth. not only in the stock market but the consumption pattern of consumers. do you see investors continuing to flee to safe havens? what is even safe?

>> that is the question of the day. we were facing basically rising rates. i would almost rather go back to that and have that be the only thing we were worried about. as we came into this, we were talking about shorter duration assets. utilities, staples and then the longer duration assets. in this situation, safety 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 that we have it insulated from some of the things going on in the international environment, small caps held up pretty well.

i think that happened because small caps do better in inflationary environments they are not as exposed internationally as large caps are. >> what about big cap tech? if anything, it was a sure thing over the last three years. we are looking at trading in some of the lowest multiples in history. will that continue? >> we are still going into a rate hike cycle, inflation is still high. technology and some of the bigger companies have seen a hit. the ones that have seen the biggest hit are the ones that were those high multiple non-earning stocks moving into this. the ones that benefited from grandiose multiple expansion.

these are things that they started to look at as blue chips. what does change is i don't see tech as the great standout return generated. i think a lot of the cyclical sectors once we get past this deal that -- issue, i think financials can do well this year. and it is something you have to pay attention to and market. some of these valuation levels for tech stocks are looking pretty attractive and it is ok to start thinking about nibbling back in on tech. i want to get past that first hike. then we can start reentering the places that are high quality,

good cash flow and they don't have the huge hi-fi multiples of yesterday. >> thank you for breaking down some of these rapidly evolving issues. appreciate it. drivers taking a hit on take-home pay as gas prices rise. they are reportedly launching a campaign to head off unions. the general report in the campaign will involve television and web ads. coming up, we will bring you the latest from apple's peak performance event. that is next, this is bloomberg. ♪

request the new iphone s8 brings the advanced features and exceptional performance of 815 two are most affordable iphone. it will 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. >> tim cook kicking off what is most likely to be his most prolific year for new releases. we have a new iphone, a new ipad

air. talk to us about the most significant updates we saw today. >> i think the most significant things we saw today was the studio here. i think the big news for sc is 5g. i don't think 5g has really moved the needle in terms of performance but i do believe that 5g has been a key marketing term for apple, samsung and other carriers for the most part. i think that will drive some interest. i think the display at $1600 will do fairly well. consumers have been looking for an apple display since they

discontinued their own cinema displays six years ago at this point. this is about here. this will be a very nice offering. i think this will give intel a run for his money. i think this will be low-volume but it will be popular amongst creative types. >> apple is coming off a record-setting holiday quarter but being thrust into several months of uncertainty. how do you think these updates will drive the demand?

>> the way that you grow share is by taking it from android. our data shows that purchases in the past three months, 6% came from android devices so it looks like apple is making a there. we see that consumers are watching upwards of five hours of streaming tv and consumers each day. there are a lot of upsides for apple. i would echo mark's comments today. and then the chipsets are impressive. not just putting more power into devices in smaller and thinner packages, but looking into future experiences, having that power on device --

these are all very powerful attributes. >> we are consumed with rising gas prices as well as inflation. >> i am not an economist. the answer is possibly. we all thought the pandemic would impact our spending. certainly given what is going on in ukraine day-to-day, it is hard to have perfect information. >> focusing on the day today, we know that there have been calls from the ukrainian government for apple to cut off the app store. do you expect apple to make any more moves in the region?

>> i thought pepsi, all of them, these are the big ones they could have done. they could have paused to sales and removed some of the russian news outside of russia. they did some changes to maps and other services but i think disabling people in russia, i think that would be a gigantic step i don't think the company is ready to take -- take. they do have services like apple music and podcasts in russia. if they would take those off-line, that would match some of the moves they have seen. they paused search ads. that is the advertising service. will there be more to come? i think it is possible but as of today they have not done anything additional.

>> major league baseball games coming to apple tv plus. that is typical except for the fact that mlb and the players are in the middle of a lockout and regular-season games have been canceled. is this something you think could be material through subscriptions to apple tv plus or just nice to have? >> i am a lakers fan. -- >> go ahead. >> i am an nba fan. not a baseball fan. if this was a basketball related deal, maybe it will get me to sign up. we don't know when this will kick off because of the negotiations in the mlb world. i think this will be the first of many. we will probably see a raising deal. i think we will see additional support over time. they do have some relationships

with the nba. i think two games a week on friday nights will not move the needle for apple tv plus. but they are trying to get these deals done. they have several different sports leagues integrated. >> i am a baseball fan so i will give you 30 seconds, you take a swing. >> i would echo what mark said. when you look at how people are not cutting the cord yet from the satellite operators, it is because of live sports but i think this is becoming very exciting for consumers. i am going to a lot of different streaming services. we will see how it plays out long-term with consumers.

>> thank you both. more companies joining the growing list of brands suspending operations in russia. the latest, paypal which is not the only payments company to fall out of the country. mastercard and visa cut off their networks as a result of the war. coming up, securing the deal. the second biggest acquisition ever for google. 5.4 billion dollars, aiming to take on amazon and microsoft in the cloud. what it means. this is bloomberg. ♪

emily: google has agreed to buy this for $5.4 billion cash.

the second biggest deal ever. it will give google or tools to protect its cloud client. joining us now is niko grant who covers alphabet for us. what does it mean? >> google is a company trying to catch up to amazon in the cloud. also, when it comes to offering cybersecurity products. microsoft came to the tires and was engaged in our reporting. microsoft decided to exit the process. microsoft did not think that was the best strategic fit for its business. google has tried to take

advantage. the environment we are in right now, you have the war of russia in ukraine that is happening, raising the fears even more. google can say to customers that we can prevent cyberattacks from happening in the first place and if they do, we will be best at detecting them and helping you respond to them and then we will use that knowledge we learned to protect all over clients. >> will this affect this as we see this continue to ratchet up? >> this is a major concern right now and there have been reports for google as well as others that they have made senate -- they have seen many attempts to hack ukrainians as part of this. this is going to be something

that google will say will be very helpful for their existing clients that want to try out. they are looking at threats all across the web. they have done a lot of reporting and research on what chinese hackers and russian hackers are doing and that becomes a big part of the advisory work they do with clients more properly. these are the types of attacks that show how it might happen. here is what you will learn. >> thank you for your reporting on that. coming up, it is international women's day and still, lots of progress needs to be made to shatter the glass ceiling. we will get a status update

about check writers and engineers. it is in the tech industry where change is and isn't happening. this is bloomberg. ♪

>> welcome back to bloomberg technology. i am emily chang in san francisco. let's get back to one of the top stories of the day. they liked that ultra processor chip faster, better, less intel. >> he was a real focus. really positive news. look at the board. apple underperforming pretty seriously on tuesday. there was a lot of volatility in the market.

this could help them take market share according to wells fargo. if you look at apple compared to some of its big tech peers, it has fared better than amazon or microsoft. if you look at what analysts are saying and you look at and elation, they are cheaper and apple is where positioned. apple could be a good pic because it is relatively cheap and it seems to be on a bit of a role under pressure. let's look at where we are. apple has outperformed the nasdaq.

tech stocks are under pressure. you have to ask with all of the volatility, when do we change direction? that is want to watch. i am proud to celebrate international women's day. you are a great role model for me. >> i appreciate you showing up in your purple tie and ribbon. and on the international women's day, we are taking a moment to celebrate how much women have achieved and how much work there is left to do. recent data from pitch book shows that in 2022, start ups with only female offenders have snatched just 2.1% of venture capital. the as last year, the same as 2020. they have already started compiling the data from this year. it is no better than it was last year.

2%. that makes no sense when women are half the population. what gives. >> happy international women's day and thank you for having me and for bringing this important topic to the conversation. i am so hopeful as i told you last week. i would say i am optimistic af. the data is not white up-to-date in terms of where we are in 2022. i think there is still tremendous opportunity. the companies i am seeing are not only solo women founders coming from deeply technical and criminal fields but more diverse than i have seen in prior years. i expected the data to follow suit. >> what about tech writers like yourself? -- check writers like yourself?

even that number, i believe it is up from 11%. it is moving so slowly. >> it really is. we have a long way to go and there is data. along with a plethora of other data. including from bloomberg on the importance of cap table diversity not only in terms of founding teams but the performance of those teams, the performance of those boards on revenues. this is not about diversity for diversity's say, it is fundamentally good for business. we really need to move the needle here. i am excited to see all of the young talent come into the table. >> women can't change the world

alone, we will need the help of men. are using mail check writers more open to women founders or women ideas? or is it still women funding the smart breast pump or the women to -- health tech solution? >> foundered -- some areas are founded by men. i do think there has been a tight ship. there have been incredibly competitive deals that we have participated in. it is not a gender preference here. people are starting to see that this is fundamentally good for the world, our economy and our investors. >> what questioned do you think young investors have?

especially young investors where they make sure they have women on the board and making sure that women are promoted so they don't become as male-dominated as a big tech that has the power today? >> it is critical. it has to start in the earliest days. this is not something that you can check the box and then at a diverse member to your board because it is required at that point. it really needs to be baked into the dna of the company at the founding stage. in terms of thoughtful founders that recognize the importance of that. it is very difficult to do it thoughtfully if you wait too long. >> women make up 30 or 35% of employees at big tech companies.

it is going to take decades for these bigger companies. how optimistic are you for these ? >> speaking of data in 10 years, it was 10 years ago when they revert -- they relisted their diversity numbers. they were dismal. there were a myriad of efforts to address the gender gap. it is not something that will move immediately and quickly. it is not that easy to generate multiple phd's overnight. we have to start that early and

that young. 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. i think we will see that precipitate over time in terms of the numbers. it won't happen quickly but we can -- but it can't happen quickly enough. do you see women taking a fair share of the pie in some of these burgeoning industries? some of these new tech industries are still quaint male dominated. >> in many ways, they are.

thank you for bringing your optimism to us. i am going to take a little bit of that with me. as webb three is becoming a new focus for many companies, one blockchain company is gaining momentum. will have more on that next. this is bloomberg. ♪

>> time for the crypto report now. russia's invasion of ukraine is

affecting bitcoin as well. it did rebound somewhat late in the last session of trading. bitcoin is here just like we are seeing some of these other equities. what does it mean? >> we do see a bit of a lift in bitcoin after days of decline. it has been sustained. if you look at etherium and tether and these stable claims, they are barely up on the day. you have really seen them be very stable throughout all of this volatility. i want to pay a little bit of attention to these coins. they have been even more

volatile. we will see where it goes. stay with us. i want to bring in the cofounder here. this is open blockchain data and making open data a public good. thank you so much for joining us. how would you describe the mission of the graph? >> the graph is on a mission to make all of the world's public data verifiable. kind of like what google does for the traditional web, it is a

public good and it has been built in a decentralized way. there is no central point of authority within the graph network. >> what is the data telling you about what is going on in the macro environment right now? we obviously really concerned about what this means for traditional assets. as they were talking about earlier, it has been very volatile like everything else. >> macro has been impacting short-term trading. it has been impacting the crypto markets but that is shortsighted. it is very clear why crypto is very important, situations in

ukraine. people can't get paid. the central bank of russia might get their assets frozen. crypto really soft for this. the markets kind of do their thing and we are focused on building. the developer activity has not declined. an electric capital, they put out open source debs joined this. there are over 28 thousand developers building on the graph today. >> as more builders built on the graph, more and more people have transacted with bitcoin and they start to use the cryptocurrencies, do you think that centralization is more

important? >> i think decentralization is more critical. not just ownership but power and decision-making control. it should not -- the platform should not be dictating who is allowed to -- who is allowed to speak on that platform. i think decentralization is very crucial. there are also core values. >> this feels like it is getting tested. this notion where people are getting kicked off. you have them serving as a central mechanism to police behaviors here. how does that test what decentralization means in this industry? >> they are platforms, they are centralized.

that way no one can take that away from you. i think the situation happening now is triggering a lot of memories for a lot of people who had to flee there countries. with crypto, you can take it with you. >> we are getting closer to a white house executive order on crypto. what are you bracing for here? what would you like to see? >> great question. this executive order is not a huge deal. it is something we have been anticipating for quiet sometime. it is expected to instruct agencies to come up with a plan. that will pick up on a lot of the regulatory themes that they have been focused on for many years.

also, combined with anti-money laundering. i think it is good the administration is starting to study these issues further rather than attempting to blanket regulate because i think that can stifle innovation and push it overseas. i am excited to see more in the crypto space help to regulate or help to educate regulators. when you look at the ecosystem that exists, do you think there is more innovation moving abroad? so many companies forming in india and around the world? >> i would like to see that regulation stay here in the u.s. and not move overseas.

>> thank you for joining us. check it out. coming up, double steve's estimates in the fourth quarter earning report but announces stopping operations in russia. this is bloomberg. ♪

>> bubble just released fourth-quarter results, beating estimates, the data app joining the growing list of companies cutting ties with russia.

this is significant for a because of their huge subsidiary . there focused on europe. they are guiding the four-year revenue growth. not a huge piece of the parent company but meaningful exposure which is part of humble's business. >> how much of an impact is this having on the business? >> core business for bumble actually seems to be running very smoothly. this is the full 2022 guide.

it is very strong for the bumble app. the core app expects their growth rate to be about 36% year-over-year. that implies that this will be greater than 2022 -- 2021. if you exclude the impact from russia, they expect revenue growth above 26%. the core business excluding russia for bumble seems to be firing on all cylinders. they got it down for the full year. they closing operations. the core business seems to be

running fairly smoothly. >> what is the take on how the uncertainty could impact consumer behavior whether or not people want to buy those bubble subscriptions? >> the demographic and geographic exposure is meaningfully different from that of bumble. the bumble app users are different. they are seeing less of the omicron headwind because of the development of video and audio. the guide does not have any meaningful tailwind of reopening the economy. that is a different story. they do expect as the economies open up they should benefit from reopening the economy. this is a little bit of an omicron headwind for purdue but less so for bumble.

>> is this a bummer for a given that we are on the tail end of this pandemic? >> issues continue to be a tailwind. there is reason to believe that there is meaningful upside to match this guide if the recovery in asia for example and japan is better than expected. the same thing applies for bumble. if anything, the reopening is better than expected. it could be beneficial to bumble. >> that does it for this edition of bloomberg technology. join us again for tomorrow.

this is bloomberg ♪.

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