>> 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". biden calls russian president putin a war criminal as the atrocities in ukraine out. ukraine's president zelinski

makes a plea to u.s. congress and biden himself for more help. we take you to the front lines of the other more russia is waging, a war on information. plus i speak exclusively with the ceo of box after the company's investor day. his thoughts on another kind of war on the homefront front, the war for talent in a rapidly evolving work world. it has changed a lot in the last two years. we will break down a survey and show you how there is no going back to how it used to be. all of that in a moment but stocks closing after session highs after fed chair jay powell struck a positive tone on the prospect of economic growth as the central bank raised interest rates for the first time since 2018. kriti: you saw the day start higher and and higher, you did see stocks drop into negative territory. the nasdaq is clearly outperforming repointed percent, what is the highlight of coming

out of the fed, 25 basis point rate hike was put to work. that was expected in the market. the real headline was not that you'd did not see the rate hike or the start of the regime, but chairman powell said this will not throw the economy into a recession. this pushed stocks back from negative territory into a or percent rise. speaking of stream rises, take a look at the old dragon index. some very strong gains on the back of some positive comments from china's own authority saying they are looking to make a better dialogue in terms of delisting stocks. they are looking to increase liquidity in the system, giving tailwind to adrs and it is about the 10 year yield. as you hear the fed talk about the future, front and center will be the conversation in ukraine, specifically in the commodity readthrough.

energy, food prices, that is where you are seeing a lot of that inflation get pushed forward. you can see the market reaction they are very sensitive not to the fact that we are starting to see that stimulus to go away, the federal reserve is actively trying to target some of these rising costs you are seeing on the back of the invasion of ukraine. speaking of, she talked about what stocks did not do so well during the session. that is going to be some of those defense stocks that were doing so well in the weeks leading up to this. lockheed martin, raytheon dropping. but traditionally when we see those, we see cybersecurity stocks drop with it. instead, we saw cybersecurity stocks rise. people are favoring tech as opposed to the broader market. emily: thank you. as the invasion of ukraine and attempts at negotiation continue, the president made this direct plea to american leaders in english.

>> pressed invited, you are the leader of the nation. i wish you to be the leader of the world. being the leader of the world means to be the leader of this. emily: let's bring in fitzpatrick on capitol hill. jack, it was a powerful speech, it referenced pearl harbor, september 11 and a message to president biden. how is the speech to congress influenced the president? >> at least on capitol hill, that speech was taken in a positive way. lawmakers are very supportive of ukraine, every member i have talked to said they found it inspirational. i spoke to the top republican appropriate are in the senate who is responsible for sending

funding, saying it was a great speech. it's not seem to persuade people on the specific request for a no-fly zone over ukraine, and there is skepticism about the efficacy of sending this. the house arms chairman said he had concerns. there was bipartisan support for ukraine and we may see work on another funding bill in the next few weeks, as soon as the next few weeks. there was a specific request that might look like the u.s. is getting involved, but that did not change anybody's mind in the white house or on capitol hill. emily: obviously there are talks between russia and ukraine. where do those stand? could that change the conversation? jack: and is not changed it yet. there is skepticism on the u.s. side about russia's face in

these talks, whether they are good for it is an attempt to get a loosening of sanctions. lawmakers on capitol hill, seemingly the white house as well, are a bit skeptical that the russian government has changed their mind they want those talks to continue but it has not changed in u.s. approach. emily: obviously we are waiting for president biden to visit europe next week. certainly lawmakers will have influence on him after this speech. but do we expect any change in course for stepping up in terms of the aid, the weapons the u.s. assenting to ukraine? jack: you can expect a stepping up of the sections on russia and likely support for ukraine. it is not clear what kind of support for ukraine right now because congress is waiting to see how much defense aid they will need versus human terrien

aid. there is bipartisan interest. lindsey graham, the top republican senator for funding the state department says he thinks there are needs for the justice department and u.n. food programs right now. as far as sanctions, congress is trying to get a bill together following up on the presidents decision to revoke russia's trade standing that would allow more tariffs on russia. the houses having talks and we will see if they add sanctions. most conversations are still going but we could see a deal in the house and potentially a houseboat as soon as tomorrow. that is what lawmakers are looking for. on sa tonc ukraine we should hear soontions and aid but congress is leaving week. emily: thank you for those updates. i want to continue the conversation and turn to the war on information and russia. an employee of russia's state

channel one television interrupted the main broadcast with a protest against the invasion of ukraine, saying don't believe the propaganda. they are lying to you. this protester was taken into custody and find what released and is now awaiting additional penalties. i want to talk more about all of this with the research director at the harvard kennedy school center for media politics. that woman was able to release a video of more context why she was speaking out before she ultimately made that appearance on that main news program. absolutely incredible and certainly a major risk. she is being released from custody and russia. why do you think putin would do that? >> it is the first major test of the new law that was put into practice a few days ago, essentially saying that reporting about this special military operation had to use

certain words, could not use the word war. so an editor jumping on screen, she worked at the tv station, is a huge deal. and the fact that she has been let out is strange. it is propelling a lot of conspiracy theories online where people are saying this is managed dissent, as long as people feel like there is a voice advocating against the war then there is not much they are going to do about it. but i happen to think this was an authentic and real cry from the media that they did not want to be part of this war. emily: this information blackout, the digital iron curtain coming down and russia, the blocking of facebook and twitter, what does this mean for everyday russian citizens? what information or they receiving and how many of them

can get around the firewalls and access information that is available outside the country? joan: it is burdensome but they can deal with it. what is happening is essentially that they still have access to television, radio, there is a large amount of estate media still on the rails. but with the internet, it is different because the media from outside of russia has a difficult time penetrating audiences and getting in. so russians have been, according to recent reporting in time magazine for instance, they have been creating vpn parties were people get together and learn how to circumvent the ban so they can access outside content. what is even more difficult is because of the way that platform

companies have been acting unevenly, it is hard to tell exactly what kind of content people are seeking out and if they are essentially trying to seek out more russian state media because maybe youtube was the place they were originally watching it, or if they are reaching out and finding more independent news and are able to access information about the war that may sway their opinion. emily: we have seen video of russians protesting in the streets. what we know about how the majority of russians feel about the war? are they against it? joan: this is complicated by the iron curtain. lots of independent media, particularly the new york times, have removed reporters. so getting a sense of what is

happening in the streets is difficult absent searching on social media to find tiktok videos and showing footage of people burning their russian passports, they don't want to be citizens of russia knowing what russia is doing to ukraine. as long as those videos and the content about the protest and circulating, we can imagine the momentum is going to grow more and more toward this antiwar sentiment as the death toll rises and damage is being done to the russian economy and it increases. that is how i gauge as a sociologist with the temperament of the people are, how many people are going out in the streets, getting arrested and how many more people are willing to stand up for their own

freedoms as well as to express this antiwar sentiment. emily: how are organizations like yours finding and debunking information about the war on ukraine? and why does russia's disinformation campaign matter to a global citizen? why does it matter to someone who is not in the country and not on the receiving end of that? joan: the why it's a big deal, which is why we do this work. essentially we believe on our team and being an academic, i believe humans have a right to access the truth. if you were to search on a platform for did the holocaust happened, you should not get anti-semitic websites and posts, you should get content that is going to satiate the need for information. when we go out and look for

disinformation, one thing we look for is what is a hot button issue that has the potential to be polarized. then we look on either side of the issue and try to assess. first we look for is there any digital shenanigans. bought networks -- bot networks, crushable engagement, a lot of the spam accounts participating. that is easy stuff to spot. as we start to look at well-crafted propaganda campaigns, especially the ones that come out of russia, we see them across every platform. they are not on a single platform. they are very well spread out but they tend to have a kernel of the same messaging. it will sometimes use a particular word that comes out of nowhere, like the beginning of the war the term -- a very

strange word. we looked into that and saw there were different propaganda networks trying to make that i a ea that putin was going into ukraine to de-nazify it. it was not very successful. another we would look at his you're always keeping an eye on things like i/o labs or bio weapons because of the way in which those words were contorted during the pandemic and of course we are still in it. but if you pay attention to disinformation long enough, it is in a pattern. we often see the same tropes come back and in the same actors come back, so with the bio lab one over the past few days, we have been hearing the u.s. and ukraine have been colluding to

build biological weapons together. of course that is something that people have roundly debunked. at the same time, it becomes an important source of animosity and confusion, and it can lead to demoralization of people that would be in support of ending the war, feeling as if maybe there is something worth -- something russia might be onto here. so the last thing i will say, truth needs an advocate. our work is that. emily: joan, we are grateful for your work to get us to the truth , thank you for breaking down complex issues, joan donovan researcher at the harvard school center. the rising cost of college, the impact of the pandemic.

we talked to a tech startup trying to help people realize their dreams. the founder is standing up to to type -- dictatorships. that is next. this is bloomberg. ♪

emily: helping students achieve their dreams is the ultimate goal of the new fintech company monts. by reimagining banking for gen z in helping overcome barriers. this as we come out of a two-year pandemic that has impacted young people schooling and mental health. i want to talk about this with

founder and ceo amira. thank you for joining us. you have a fascinating personal story and i want to start with what drove you to found your company. you were a leader of the arab spring in tunisia. you fled to paris and could not get a college degree yourself. that is what led you to this. can you talk about your background and your own experience with social movements? amira: absolutely. thank you for having me. a year ago my story was not that common and it is becoming very common now with what is happening in ukraine. every global crisis ends up with people losing their normal lives and that is also higher education. millions of people are fleeing to europe. i was one of those students 10 years ago. the difference is in my case it there was no popular interest

happening in tunisia. so i was not allowed to get a higher education. it is the case of both european countries that illegal immigrants are not allowed to get education and i hope ukrainian students will have access. that was the trigger. but the big trader for -- t rigger for mos was for everyone to have dignity, through our app they can have higher education, go to college with less loans. we have them get free. david: emily: -- emily: you said on twitter that you lost a friend in the world ukraine. also say this is not the first time you have lost a friend to war, but this time it feels different.

amira: it feels different because it could have been avoided. we know how horrible is putin. i'm worried about france i have in ukraine but also friends i have in russia could also get crushed by the regime. the thing is that the whole world knew about how horrible putin is and how far he could go and we waited. we waited too much. i was listening and it feels lonely to the part of the european part of europe not. emily: there are 3 million people who have fled ukraine. many are young people. how do you think what you created with mos could help some of them? they have to start over and pursue their dreams elsewhere. they may never get to go home. amira: absolutely.

they will be needing a lot of support to get an education. we hope the u.s. will join the effort in welcoming refugees from ukraine and the rest of the world. and we do have students, students who don't have access to education in the u.s. who are treated as a second category citizen in this country like dhaka -- daca students. students who don't come from wealthy backgrounds who did not have access to the understanding that they can reach that. with mos, our goal is to make the dream of higher education accessible to everyone in the u.s. and hopefully outside. emily: we will be following your progress, thank you for sharing

your story. more ahead. this is bloomberg. ♪

emily: a few other stories we are watching. amazon has won unconditional support from the european union for its plan to buy mgm. this comes as there facing pressure to acquire more programming in the streaming market. consumers are pulling back when it comes to spending. overall sales rose but if you factor without gas stations, sales fell. i will be joined by the ceo of fox next.

how he plans to keep feeting htem and his thoughts on the future of work. this is bloomberg. ♪

♪ emily: welcome back to "bloomberg technology." i am emily chang in san francisco. the company estimates double-digit revenue growth by 2025, which may surprise some investors. other software companies are now struggling to maintain that momentum. burning me now, the ceo of box, aaron levie. talk to us about your outlook. you've outperformed four quarters in a row.

what do you attribute this to? >> overall, there are three megatrends that enterprises are dealing with. the first is the continued push towards hybrid work. everything is going digital first, even as we come back into offices, and finally, cybersecurity challenges and risks are at the center of what every organization is facing. when you think about those megatrends, the way companies work with their content -- these are their financials, their most important sensitive electoral property -- all of the ways the companies interact with that content need to be shifted and changed in order to support the trends of people being able to collaborate anywhere, being able to keep it protected and secure. we've been building a platform for over 15 years to build of the leading way companies can secure and manage their most

sensitive data in an enterprise, and that has delivered four quarters of accelerating growth last year and for many years to come as we put our three year or target model emily: out this afternoon. emily:emily: you fought off a bitter proxy battle at the height of the pandemic, and i'm curious what impact that has had on you. has it influenced strategy and how you predict future growth? aaron: at the start of our journey, we partnered with our investors generally and laid out more aggressive topline and bottom-line targets to drive the future of the company, and i am proud of the way they delivered on those targets last year. going forward, you will see us

take a strategic look at how we drive growth in the future. you will see our multi product strategy driving our growth rates. we think driving increased profitability will be important. it has allowed us to build a more durable financial model that is holding up very well, and that will continue to be the case over the next three years and beyond. emily: we've been talking about the war for talent. you and i spoke at the beginning of the pandemic, and you acknowledge it will be hard to get people to come back to the office at all, including engineers. i know you are starting to reopen your offices across the country. do people want to come back? are they coming back, and how is the working world going to be changed by what we have experienced? aaron: the world has fully changed.. there is no way of going back to pre-2020 ways of working.

there is demand for those that live near offices to come back in occasionally or more frequently, depending on the individual, as a means of seeing colleagues and being able to catch up and do some of their work in person, whether it is brainstorming in a conference room or being able to continue to work in the traditional environment. that being said, we know that hybrid work is the future. things are not going to look like they were two years ago where everybody came into the office five days a week. at the same time, things will not be as remote as they've been the last two years. the future is hybrid. at the center of enabling a hybrid strategy is cloud technology and being digital first. for us, that will mean many of our meetings will continue to be virtual.

we will continue to stitch the work we are doing together globally using the cloud, whether you are coming into the office or working remotely. as a platform provider, we think that will create a huge opportunity for us to innovate for customers in this hybrid workplace where you want to be able to share and collaborate on your most important digital information whether you are doing that from home or in office. emily: the question is, how hybrid is the work world going to be? san francisco, some people say it is a ghost town appeared i was watching a raccoon walk down the sidewalk in the middle of the day. aaron: to be fair, i saw that raccoon before the pandemic. [laughter] emily: does san francisco recover? do we get back to the vibrant city filled with tech workers that it was before? aaron: i live in the peninsula so i am not the best proxy for

the latest goings in san francisco. at least outdoors, it felt pretty similar to how things have looked in the past few years, even before the pandemic, a lot of bustling, but that said, office buildings are not at capacity. that does have an impact at some point on the feel of the city. i cannot predict what sf will look like. i do know that the future is hybrid. different companies, different teams, different individuals will likely land on a different cadence or rhythm as to how often they want to come back to the office or stay remote. we have to get used to this as not a binary outcome of fully remote or fully in person, but instead where things will be hybrid and companies will exist on a continuum around how much of their work is done remotely or fully digitally and how much

is done in person. you will be able to stitch that work together using the cloud, and that is a guarantee for the future. emily: how concerned are you about the macro economic outlook given a war happening on the others of the world, but impacting everyone in the world? aaron: we are in interconnected society and economy. the invasion of ukraine is a huge tragedy on a human life and impact level and does ripple economically throughout the world to varying degrees based on the industry you are in, and i would say it is too soon to try to predict what that looks like. right now, our focus is anybody at box with ukrainian relatives or anybody directly impacted, just making sure they are in a good spot.

it is premature to try to model too much for the long-term economic impact of this. emily: aaron levie, thanks for joining us on your analyst day. aaron: thanks, emily. emily: taking on amazon, that is the focus of instacart's ceo as the grocery delivery embarks on a massive transformation that she wants to drive. she spoke exclusively with me for our latest edition of " bloomberg's studio 1.0." >> we want to help grocers get all of the technology they need to compete with amazon. amazon is investing heavily in grocery, and they have a lot of technological capability. i decided to acquire caper, which is small-scale technology. i want all of our groceries to have the same edge that amazon has, so i see it is my

responsibility to build all the technology that they need to compete with amazon so that we can be the antidote for them. emily: there is uber and doordash. how does instacart stand out from these different players that are competing for a piece of the pie? fidji: these players compete with our grocers. they want to attack the market by being third-party retailers and owning their own inventory. that is not our approach. our approach is building technology to help our grocers. the second thing is they are focused on one piece of the market, quick commerce, and while that is important and we have seen our convenience business double in the last six months, we address all the needs that consumers have. we are also the weekly shop. we are also your monthly bulk stock up.

emily: inevitably after i interview you, i will get feedback on social media from shoppers and drivers who are not happy. one instacart shopper posted a picture of an order, they delivered 51 items, got paid $7.51 and no to. is that representative? >> it is not representative. shoppers care about their earnings. they want flexible earnings whenever they want. our job is to make sure they have more access to work. emily: what is representative? what is the normal wage for a delivery like that? fidji: we are in line with industry average, so that is something we try to nudge the consumer -- your shopper did a good job, could you tip more? emily: what if they don't do? you are leaving it up to the customer, and some customers think, you should build this in.

fidji: we do, and we make it transparent to the shopper before they accept in order what the order will look like, how much we are going to pay them, and how much the consumer is paying them, so they can decide whether to take an order or refuse it. that is the flexibility our shoppers prefer. emily: are you seeing a labor shortage, and what are you doing to combat that? fidji: it is different in different places. the demographic is different for food delivery and ridesharing. we are 70% women. a lot of the job on instacart is different from being in the car with strangers. it's about going to the store, doing a good job of customer service, picking the right product for the consumer, and we see that appealing to women.

emily: the instant delivery space, is that something you want to double down on? fidji: it is something we want to offer. our customers want the full range of offers. it will be relevant on nights where i am craving ice cream, and it's an emergency when that happens. emily: chocolate chip cookie dough for me. you've made strategic acquisitions. what about in the rapid delivery space, joker, gorilla? fidji: we haven't. all of these players are doing third-party grocery. that means their own inventory. it is not something that is interesting to us because our approach is building infrastructure so that our groceries can do 30 minute delivery or 50 minute delivery, whereas they are bypassing the process. emily: do you think retailers trust you, instacart? fidji: when i took the job, i

was surprised by the strength of retail relationships, but there was this lingering question that retailers had, which was, what are your intentions? are you planning on becoming a retailer? i had to address that head on and explain to them in great detail why it makes no sense for us to go in that direction and why we will build a much better company if we focus on what we are good at. emily: you can catch more of my exclusive conversation with fidji simo, her move from meta, and working with mark zuckerberg . all that on the latest episode of "studio 1.0." coming up, is the nft fad losing steam? how sales have fallen and what

it means for those making a living off of them, next. ♪

emily: nft sales had a breakthrough year in 2021 with the volume hitting $23 billion in the last 12 months, but sales are plunging amid the ongoing selloff of cryptocurrency. i want to dig in with our crypto reporter. there are a lot of people trying to make money off of the nft industry. what does this mean? first, we have to look at how much of the trading has dropped

off. there was this humongous boom, according to data from nft go, and then a significant drop-off this year in january. nft weekly sales peaked at nearly $1 billion, and now the past week, that is less than $70 million. less than 1/10 of the weekly sales we have been seeing. you asked what it means for people being paid in this market. if you are somebody that moved over, musicians earnings going from $300 to $60,000, the price has also declined significantly, in addition to sales dropping off. it has recovered a little bit this year. it has held up quite a bit as far as the market goes, but this market is dominated by a lot of whales. 10% of buyers accounting for 90% of the market.

emily: why are nft's dropping off? does it have anything to do with the market? sonali: that is an interesting question. if you look at it, i am going to steal something from investor lead rogan, but he points out that trading volumes have fallen off, and he says until the volume and retail investors come back, prices are not going to go up. one thing he points to is eight coin -- apecoin. emily: thank you for that update. we are going to keep following that one. coming up, a year into the great resignation, how workers are feeling about their jobs and the idea of returning to the office. we are going to break down microsoft's annual work trend index. that's next. this is bloomberg. ♪

emily: as more companies bring employees back to the office, many are saying, i don't think so. a survey by microsoft finds even more employees are considering quitting their jobs this year, and more than half of younger workers are contemplating a job change. for more on this, jared spataro is here, microsoft's vice president for modern work. why do you think the great resignation is in fact accelerating rather than slowing down? jared: the survey data tells us we are just not the same people who went home to work in march of 2020. what has happened is people have changed in significant ways, and one of those ways is how they think about work. flexibility is something that is so important to them that they

tell us they are willing to give up other things, including move to a new job. emily: what is the biggest mistake companies are making as they try to get workers to come back? jared: the thing that jumped out to me in the survey data, when we asked the leaders what they were planning to do in the return to the office, over 50% said they would have their employees come back full-time, no flexibility, and that contrasts with 70% of workers who say that flexibility is something that they treasure. we see some tension being set up that will need to be worked out over the coming weeks and months. emily: i can see you talk about managers being wedged between the boss and their own team. jared: that's right. we think that managers will be the key here. the same thing we are finding as we get into qualitative work is that the most practical thing you can do is encourage or managers to be working with their employees and talking

through individual and team agreements. what does it mean to find a win-win? we found over 95% of people who have those conversations said they were able to reach an agreement that worked well for them. you have to make sure you take the time to do it. emily: how is the return to work going so far at microsoft? jared: we are in the process of doing that. we've declared in the puget sound we will be heading to our final stage of flexible work, the flexibility stage, which ends on march 28. many of our managers have had those conversations, and we feel like we are going to learn like everyone else. this is a very dynamic time. emily: there's a question about the future of emerging technologies, a lot of talk about the metaverse. microsoft is working on products to take companies to the metaverse.

do employees want to work for metaverse? emily: we asked them that -- jared: we asked employees. 13% of employees said they didn't know what the metaverse was, but 52% said they were open to the idea of using digital workspaces in the metaverse for team activities. we've gotten the sense that there is a lot to be figured out in the metaverse. just over half of people are open to being able to use the technology. emily: over the next year, what do you think the biggest pain points are going to be? i talk with a lot of people. they don't want to go back, or they are reevaluating. jared: it comes back to this idea of employee expectations. emily: who is going to have to compromise, the employees or employers?

jared: it depends on the market, and today it is an employee's market. i think employers will learn a lot as employees talk about how important flexibility is. you cited the stat, 52% of gen z's and millennials say they are willing to move if they don't get the flexibility they need. that gives you the sense for where employees are. emily: check it out, microsoft's latest work trends report. fence and aid -- fascinating stuff that you've uncovered. that does it for this edition of "bloomberg technology." join us tomorrow. we will be speaking with jennifer tejada, ceo a pager duty, along with kiersten green, founder of forerunner ventures, about where she is placing her biggest bets. plus, today show is on our "bloomberg technology" podcast. you can find it on spotify, iheart. i've listened to it myself, and

it's not bad. i am emily chang in san francisco. this is bloomberg. ♪

♪ good morning. welcome today broke australia. where counting down to asia's major market opens. >> good morning. the fed tightening begins. the central bank is raising rates by .25% and signaling further height. that hikes. >> wall street reacts to the s&p 500 sing the