>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. i am emily chang in san francisco. this is bloomberg technology. president biden calls vladimir putin a war criminal. this as the atrocities in ukraine mount. president zelensky makes a plea

to u.s. congress. we will take you to the front lines of the other war russia is raging. i will speak exclusively with the ceo of box. this is a rapidly evolving work world. this has changed a lot in the last two years. we will show you how there is no going back to how it used to be. first, stocks closing near session highs after jay powell struck a more positive tone on the prospect for economic growth as the central bank raised interest rates for the first time since 2010. >> it has been a roller coaster of a day. you saw the day started higher and and higher but in the middle of the day you saw stocks drop into negative territory. the nasdaq is outperforming here. but what is really coming out is

the highlight of doing this. this was not that you did see the rate hike at the start of that regime. that sort of positivity pushed stocks back from negative territory. speaking of extreme rises, we are looking at some very strong gains. they are actually looking to make a better dialogue. they are looking to increase more liquidity. it is about that 10 year yield. as you look at the fed talk about this, front and center this will be the commodity

readthrough. when you talk about things like energy and food prices, that is where you see that inflation get pushed forward. you can see they are very sensitive. the fact that the federal reserve is trying to target some of these things you are seeing on the back of the invasion of ukraine. we should talk about what stocks did not do so well. you did see locket market drop. you saw cybersecurity stocks rise. you can see people favoring tech as opposed to the broader market. >> as the invasion of ukraine and attempts continue, gloomy

zelensky made this plea to president biden. >> you are the leader of the nation. i wish you to be the leader of the world. being of -- the leader of the world means to be the leader of this. >> let's bring in jack fitzpatrick on capitol hill for more on this. it was a powerful speech. it referenced pearl harbor, september 11 and the direct message to president biden. how has this influenced to the president himself? >> that was taken in a very positive way. lawmakers are very supportive of ukraine. every member i talked to said they found it very inspirational.

it did not seem to persuade people on the specific request for a no-fly zone over ukraine. there is some skepticism about the f -- efficacy of sending fighter jets. there is a really broad and bipartisan support for ukraine and we may even see work on another funding bill as soon the next few weeks. but it didn't really change anybody's mind in the white house or on capitol hill. >> there are talks between russia and ukraine. where do those stand? could that change the conversation here? >> it has not really changed the conversation yet. there is skepticism about

russia's faith in these talks. whether it is an attempt to get a listing of sanctions. lawmakers on capitol hill and seemingly the white house as well are a bit skeptical that russia has -- the russian government has changed their mind in any way. it has not really changed the u.s. approach. >> obviously we are waiting for president biden to visit europe next week. certainly lawmakers will have influence on him. do we expect any change or any stepping up in terms of the aid or support? >> you can expect a stepping up of the sanctions on russia.

quick there is a lot of bipartisan interest. lindsey graham who is the top republican senator for funding the state department said they think there are already news for the justice department and you and food programs. as far as sanctions, congress is trying to get a bill together following up on the presidential decision to revoke russia's trade standing that would allow more tariffs on russia. the house is having talks on that right now. we will see if they add sanctions. these conversations are still going but we could see a deal in the house vote as soon as tomorrow. we could expect action pretty soon although congress is leaving next week. quick thank you for those updates. i want to continue the conversation and return to russia's were on information. tuesday, employee of channel one

television interrupted the main proquest. don't believe the propaganda. they are lying to you. this is now awaiting an additional penalty. i want to talk more about this with joan donovan, this orenstein center on public policy and that woman was able to release a video. she has been released from custody in russia. >> it is the first major test of this new law put into practice a few days ago. essentially saying that the reporting about special military

operations -- had to use certain words, could not use the word work. this editor jumping out on screen worked at the tv station and it is a huge deal. the fact that she has been let out is strange. it is propelling a lot of conspiracy theories online where people say this is managed dissent. as long as people feel like there is a voice advocating against the war, there is not much they will do about it. i happen to think this was an authentic and real cry from the media itself that they didn't want to be part of this. >> this information blackout coming down in russia, the blocking of facebook and twitter, what are they actually receiving? how much can they actually get

around the firewalls and access that is available outside of the country? >> it is burdensome but they can deal with it. what is happening is they still have access to television and radio. there is a lot of state media on the rails. with the internet, it is difficult. the media outside of russia has a difficult time penetrating audiences and getting in. russians have been creating vpn parties where people get together and learn how to circumvent the ban so they can access outside content that has been banned by the russian government. what is even more difficult is because of the way platform

companies have been acting very unevenly, it is hard to tell what kind of content people are seeking out and if they are trying to seek out more russian state media because maybe you two was the place they were 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. >> to that extent, we see russians protesting in the streets. do russian citizens support the war or are they against it? >> this is another thing that is complicated by the iron curtain. the digital iron curtain if you will. lots of independent media. particularly the new york times have removed their reporters. getting a sense of what is

happening in the street is difficult. just burning the russian passports, they don't want to be citizens. as long as the content about the protest is circulating, we can imagine the momentum that will grow more and more toward this antiwar sentiment. this as the death toll rises and the data being done to the russian economy increases. that is what the temperament of the people are. how many people are going out in the streets, how many people are getting arrested and with every twist and turn of the sanctions, how many more people are willing to stand up for their own

freedoms as well as to express this antiwar sentiment. >> how are organizations like yours finding and debunking information on the war in ukraine? why does russia's disinformation campaign matter to someone who is not in the country and not necessarily on the direct receiving end of that. >> the why is a big deal for us. we believe on our team and being an academic, humans have a right to access the truth. you should not get a bunch of anti-semitic websites. you should get content that is going to feed that need for information. when we go out and look for this

information, we look for what is a hot button issue that has the potential to be polarized. we look for digital shenanigans. are there questionable engagements? that is the easy stuff to spot. as we look at well-crafted propaganda campaigns, especially the ones out of russia, you see them across -- across every platform. they are very well spread out but they have a kernel of the same messaging. they will sometimes use a very particular word. people heard the term

denazification and that was a very strange word. we looked into that and saw there were different propaganda networks trying to make that idea that putin was going into ukraine to d not to file ukraine -- the different networks were trying to make that happened and why it was not a very successful one. another one we would look at in particular is keeping our eyes on things like isle labs and weapons because of the way in which those words were contorted during the pandemic. if you pay attention to disinformation long enough, it is in a pattern so we often see the same tropes coming back again and the same actors come back. with the biolab one, we hear that the u.s. and ukraine have been colluding to build

biological weapons together. that is something that people have roundly debunked but at the same time it becomes a really important source of animosity and confusion and it can lead to demoralization of people that would be is support of ending a war, may be feeling like there is something that russia might be onto here. i think the last thing i will say is that truth needs an advocate. our work is that work. >> we are grateful for your work to get us to the truth. thank you for breaking down these. we appreciate your time. coming up, helping gen z succeed with the rising cost of college.

trying to make it helpful for young people to realize their dreams. that is next, this is bloomberg. ♪

>> helping students achieve their dreams is the ultimate goal of the new fintech company here. by reimagining banking for gen z and helping students overcome financial barriers to pursue higher education. this as we come out of a two-year pandemic that has greatly impacted young people posit schooling and mental health. i want to talk about this with

my guest. thank you for joining. such a fascinating personal story. what drove you to find your company? you fled to paris. you could not get a degree yourself. can you talk a little bit about your background and your own experience with social movement? absolutely. thank you for having me. you know unfortunately, my story is not that uncommon. millions of people were fleeing to europe. the difference is in my case there was no popular interest in

what was happening in tunisia. this is the case of most european countries. that was obviously the trigger. the trigger is to have everyone get access to this. that is how you can get an education and go to college with less loans. emily: you said on twitter that you lost a friend in the war on ukraine and you also say this is not the first time you have lost a friend were but that this time it feels different. can you explain why? >> it feels different because it feels like it could have been avoided.

i am worried about friends that i have in ukraine and russia. the whole world knew about how far putin could go and we waited. we waited way too long. i was listening to zelensky and it feels lonely. >> there are 3 million people who have fled ukraine. how do you think you have created. help some of these? they have to start over and pursue their dreams elsewhere. they may never get to go home. >> absolutely.

they will be needing a lot of work to get an education. i hope the west would join the effort in locating and welcoming refugees from all around the world. through that, we don't have access to education in the u.s.. we do have a lot of students that don't come from from this where they have access. our goal is to make the dream of higher educational accessible to everyone in the u.s.. >> thank you for sharing your story with us.

much more ahead. we will be right back. this is bloomberg. ♪

>> a few other stories we are watching. amazon has won the unconditional approval from the european union to buy mgm. that deal coming as amazon is facing increasing pressure to acquire more programming in the very competitive streaming market. consumers are pulling back as consumers cut into buying power. if you factor out all of this, gas station sales have been fact that i. how he plans to keep feeding

wall street expectations. ♪

all's >> welcome back. i am emily chang in san francisco. one of the leading contact cloud providers just finished the annual analyst day. the company estimated double-digit revenues by 2025 which makes other software companies that were growing quickly struggled to maintain that momentum. join now is aaron levie. good to have you back on the show. talk to us about the outlook here. what do you attribute all of this to?

>> thank you for having me. overall, there are three big megatrends that enterprises are dealing with right now. the first is the continued push toward hybrid work. the second is everything is going to do even as we come back into offices. finally, cybersecurity challenges and compliance risks are at the center of what every organization is facing today. when you think about those three big megatrends, these are the marketing assets, the most sensitive intellectual properties. all of this needs to be shifted, being able to work and collaborate anywhere, being able to keep it protected and secured. we have been building a platform for over 15 years here.

that is what allowed us to bring all of this. we think we can bring this target model this afternoon. >> you fought off a pretty bitter proxy battle. has this influenced strategy and how you map out and predict future growth? >> at the start of our active journey, we partnered with our investors generally and laid out aggressive top and bottom line targets to drive the future of the company. i think going forward you will see us take a very strategic

look at how weak drive growth in the future. this will drive our growth rates in the future but at the same time we think that driving increased profitability will help us build a much more durable and financial model. i think that will continue to be the case over the next few years and beyond. >> you and i spoke almost at the beginning of the pandemic and acknowledged it will be difficult to get people back at all. especially engineers. do people want to come back? are they how is the working world going to be forever changed by what we have experienced? correct there is no going back to pre-2020 ways of working. but there is a lot of demand and

fewer companies that we talked to for all of those that live near offices. to come back and deal with this as a means of being able to catch up and do some work in person or even being able to work in their traditional environment, we know that hybrid work is the future. at the same time, i think things will not be as remote only as it was in the past few years. for us, that is going to mean that more of our meetings continue to be fully virtual.

we will stick together the work we are doing using the cloud. i think that will be the case for most companies going forward. you want to be able to share and collaborate on your most important digital information. that is the platform we are building out. >> the question is how hybrid the work world will be. some people say that san francisco is a ghost town. i saw a raccoon walking down the sidewalk in the middle of the day. true story. >> i saw that raccoon. >> does san francisco recover? do we get back to the vibrant city full of tech workers that it was before? >> i am not the best proxy for the latest ongoing in san francisco.

i was there last week and at least outdoors it felt pretty similar to how things looked in the past few years. a lot of bustling around the city. that being said, office buildings are not at capacity. people are not coming back into the office everything the day. that will have an effect on the feel of the city. i can't predict what will happen. different teams and different individuals will likely land on a different cadence and rhythm about how much they want to come back into the office or be fully remote. we will have to get back into not thinking about this as a binary outcome. instead, one where things will be hybrid and companies will exist on a continuum on how much of their work is done fully remotely.

but ultimately you will need to stitch that together using the cloud and that is a guarantee for the future. >> how concerned are you about the macro outlook given the were happening on the other side of the break question mark >> we are interconnected in a society and in economy. the invasion of ukraine is a huge tragedy. it does revolve around the world economically. i would say it is probably too soon to predict anything about what that looks like. our focus is anybody at box. to that extent possible. that is sort of our focus. i think it is premature to try

to model too much of the long-term impact of this. >> thank you for joining us today. we always enjoy having you. >> taking on amazon, that is what she wants to drive. take a listen. >> we want to help all of the technology you need in order to work with amazon. they have a ton of technology. i want all of the grocers to have the same as that amazon has. i see that as my response ability to deal -- to build all

the technology they need to compete with amazon. correct then there is uber and doordash. go outside the united states and how does this work? >> they want to attack the market. that is not the approach at all. this is to help all grocers. the second thing is we are focused on one very particular piece of the market. that is quick commerce. we actually address all of the needs that we have. that is what retailers want.

i will get feedback on social media from shoppers and drivers who are not happy. we had one order where they delivered 51 items. >> i seem to know that fundamentally, shoppers really want flexible earnings whenever they want to. our job is to make sure they have more access to work. >> what is representative? >> very much in line with the industry average for these kind of jobs. we can nudge the consumer of your shoppers doing over the good job. can you keep a little more? >> what if they don't know -- don't? >> we actually do.

we make it very transparent to the shopper with the order will look like, how much we will pay them and how much the consumer can pay them. >> it is different in different places. >> we are 70% women and half of them moms. a lot of the job on instacart is a lot different than being in the car with strangers. that is about going to the stall and doing a good job of customer service and we are seeing that is very appealing to women. >> the 15 minute delivery space, is that something you want to double down on?

>> it is something we want to offer. all customers want the full range of options. this is not going to be relevant for everything. it will be very relevant when i am craving chocolate ice cream. it is really an emergency when that happens. >> you made some strategic acquisitions. what about and rapid delivery space? >> we have not and the main reason is all of these players are doing their own inventory. it is not something that interesting. this is all about building infrastructure. >> do you think that retailers trust instacart? >> when i took on the job, i was

surprised by the strength of our relationships. there was always that lingering question that retailers had for me. what are your intentions? i had to address that head on and explained to them why it would make no sense for us to go in that direction and how we would be able to build a much bigger company if we would just focus. >> you can catch more of my exclusive conversation where we talk about the impact of inflation on food prices. her moved from meta and working with mark zuckerberg and her journey from a small fishing town in france to becoming the head of instacart. all of that on the latest episode of studio 1.0. coming up, is the nft fed using steam? how sales have fallen and what it means for those taking a living off of them.

that is next. ♪

>> nft sales had a breakthrough year. sales are now plunging amid the ongoing selloff of cryptocurrencies. i want to dig into this with our crypto reported. there are a lot of people trying to make money off of the nft industry. >> first we have to look at just how much the trading has dropped

off. there was a significant drop off this year in january. nft weekly sales peaked at nearly a billion dollars and now that is less than $70 million. less than 1/10. if you are somebody who moved over to write about spotify, remember that the price has also declined significantly in addition to sales just dropping off. it has recovered a little bit this year. it has really held up point a bit as far as the market goes but remember, this market is still dominated by a lot of whales. >> why are nft is dropping off?

does it have anything to do with the macro environment? >> there are so many of the cryptocurrencies that we track. he points out what -- that trading volumes have fallen off. prices are not going to go up as well. one thing he points to is a coin. a market that can hold up prices for a few days. >> thank you for that update. we are going to keep following on that one. coming up, how workers are feeling about their current jobs and the idea of returning to the office. we will break down microsoft's annual work trend index. this is bloomberg. ♪

>> as more and more companies bring employees back to the office, many are saying i don't think so. a brand-new survey by microsoft finds that even more employees are considering quitting their jobs this year than last and more than half of younger workers are contemplating a job change. for more on this in the future of work, we have the vice president. why do you think the great resignation is accelerating rather than slowing down? >> we are just not the same people who went on to work in march of 2020. the people have changed in significant ways. flexibility has become something so important to them that they are telling us they are willing to give up other things

including moving to a new job to get it. emily: what is the biggest mistake companies are making as they try to get workers to come back? >> when we asked leaders, over 50% asked us what would happen. that contrast with over 70% of workers who say that flex ability is something they treasure that they want to make sure is something that keeps coming out of the pandemic. this needs to be worked out over the coming weeks. emily: how do they work that out? i see you talk about managers being wedged between the boss and the untamed. >> we think the managers will be the key here. we are going to get down and do qualitative work. the most practical thing we can do is talk about coming through

team agreements. we heard that over 95% of the people have the conversations that we were able to reach an agreement with. we got some data then. this could be done. you just have to make sure to take the time to do it. >> how is the return to work doing at microsoft? >> we will be headed back to our final stage of flexible work. what we called the flexibility stage on march 28. this month is a big month for us. we feel like we are set up and we will then like everybody else. it is a very dynamic time. emily: there is a lot of talk about the metaverse. meta has one vision. microsoft is working on products to take companies through the

metaverse. do companies want to -- do employees want to work in the metaverse? when we asked them about the metaverse, 13% said they did not even know what it was but 52% said they were open to using digital immersive spaces in the next year. we got the sense that there is still a lot to be figured out in the metaverse. a little over half of people are pretty open to this type of technology. >> what do you think the biggest pain points will be? i talked to a lot of people. they do not want to go back or they are reevaluating. >> i think it comes down to employee expectations. >> who will have to compromise? the employees or the employers? >> i think employers will learn

a lot here as employees talk about how important flexibility is. you cited this stat earlier. 52% of millennials or gen z say they are willing to move home if they don't get the flex ability they need. >> all right. fascinating stuff that you uncovered. take you for joining us. that joins us -- that doesn't for this edition of bloomberg technology. tomorrow we will be speaking with jennifer to hot up. along with kiersten greene, more on where she is placing her biggest bets in this market. the show is now a podcast. you can find it on the terminal, online, apple, spotify, i hard. i listened to it myself. it is not bad but also, check it

out. i am emily chang in san francisco. this is bloomberg. ♪

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