>> 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 in this is bloomberg technology. with russia's invasion faltering, could prudent be about to get more brazen? even make a nuclear threat? a security expert says it is time for a no-fly zone.

a tech founder helps 100,000 people flee ukraine with a single google doc. more and more women are flooding into crypto and most of them are humbler. how women are making their way into the text new trend to get a piece of the pie. the nba presents its first game in the metaverse, they call it the netaverse. we will take you to the virtual court. stocks coming after a volatile session. we will walk through the latest moves. >> u.s. stocks finished higher after a volatile session. but it does bring us to a

three-day rally of the s&p 500. the longest three-day rally going back to november of 2020. you have the dollar trading lower, a 10-day low for that dollar. this is the day after the fed begins an aggressive tightening cycle. and we have those key recession indicators flattening. we do see some underperformance, the new york index, this is not the likes of apple, amazon, netflix. it was the two chinese tech names baidu and alibaba dragging the index lower. that brings me to a terminal chart where i want to look at the golden dragon index. it is the purple line on the chart that had the monster rally yesterday. today could not hold onto those gains. i wanted to point out that it hasn't been an idiosyncratic move. we look at the u.s. tech market, ipo's, stock index, the flagship that has struggled and follow that path. the names have pushed higher today. j.p. morgan said this route in tech is almost over, according to him.

he recommends investors play the names that struggled this year. interesting to keep an eye on those names particularly as today they get relief, emily. emily: president biden and chinese president xi jinping are about to speak on russia friday after biden branded putin a war criminal and offered more arms to ukraine. jodi schneider joins us from washington. what can we expect from this call between the u.s. and chinese president tomorrow? and how much could this move the needle? jodi: i don't think anyone is expecting there to be any big breakthroughs on this call. it is the first time the two presidents have spoken since november and the first time they

have spoken since the invasion of ukraine by russia. the u.s., according to officials and those bloomberg news has spoken to, think that what the u.s. wants is to get the chinese president to agree to push him to agree to try to help stop the russian incursion, the further incursion. and to try to get putin to back off some. there has been kind of a lot of different messages coming from china, so it's unclear if xi jinping has any appetite to do that at all. but there have been signals in recent days that china, at least publicly, wants to look like it is on the side of ukraine. we heard the other day from their ambassador to ukraine saying that they want -- china is a friend of the ukrainian

people and would never attack ukraine. publicly, that is the stance china is making. the u.s. wants to try to further that kind of rhetoric and see if there's some way xi jinping can try to help stop this further invasion. emily: we got a dire warning from a top pentagon official, this coming from the u.s. defense intelligence agency director scott berrier who says as this war and the consequences slowly weaken russian conventional strength, luck -- russia will increasingly rely on its nuclear deterrent to signal the west and project strength through its internal and external audiences. what does this mean? jodi: it is pretty chilling. we just saw that report. a 67 page report on threats that came from the pentagon defense intelligence agency saying that if the war continues, the longer

it continues, putin will increasingly ramp up the rhetoric about nuclear threats partly as a way to signal the west that it is serious about strength, and also as a further rhetorical implication for threats that they've already started making. we've seen president putin make some of those threats already. beware that you can see a lot more of this rhetoric if the work continues in the ukrainian resistance continues. emily: chilling indeed. it jodi schneider, thank you for your assessment. i want to continue this conversation with security neil genial -- i want to get your reaction to what jodi just said. this report from scott berrier saying that putin will increasingly rely on its nuclear deterrent to signal the west. how serious is this? >> i think there is serious

concern anytime you're dealing with a nuclear weapon state engaged in aggression. you have to measure if they will rely on capability. it is a signal. it's not that they will use nuclear weapons, but they are making the point that they still have them. if that is the position and you can't respond to the russians, that gives vladimir putin clear way to do whatever he wants. we can't engage when they have already begun crossing lines. that will be enough.

now they are going to kyiv. we have seen them escalate. a civilian buildings, schools, hospitals. a tremendous number of casualties increasing over time. we can't always be afraid of the nuclear deterrent to stop us from helping. emily: why shouldn't we be afraid? we see the escalation continuing to happen. you're calling for a no-fly zone that president biden has clearly said will lead to world war iii. why is that a risk worth taking in your view? jamil: the challenges that we are not necessarily going to avoid world war iii by doing nothing. every turn where we have not shown strength, he has tried to take the next thing whether it was crimea of the eastern provinces. we see him doubling down. the ukrainians all know about

the escalatory dynamic of vladimir putin and they are the one saying a no-fly zone will bring this to a more rapid end. supplying more weapons will absolutely help ukrainians, but it will extend the conflict at the cost of more civilian lives. it might get putin to realize he has a conflict he doesn't want and cause them to come to a peaceful resolution sooner rather than later. emily: why don't you think it will get to that nuclear level or world war iii? jamil: there is always talk if you get into conflict with a nuclear weapons state, of course that is true, but the real situation is we have seen over the last 50 to 70 years that states don't news -- use nuclear weapons because they recognize a catastrophic consequences. if the u.s. were to begin enforcing a no-fly zone, it is less likely we will go to nuclear options and will likely

come to a conventional resolution. vladimir putin doesn't want war with u.s. or nuclear war. he wants prestige and he wants some deal with ukraine that gives him a win. we need to bring it to a close. there will be more civilian deaths, more schools, more hospitals, more unnecessary suffering. emily: we haven't necessarily seen cyberattacks on the scale some expected. why is that? does that mean defenses are working or could the worst be yet to come? cyberattacks could be fairly devastating in a much different way. jamil: i think we have seen some cyberattacks in ukraine. the deployment of the whisper gate and malware recently deployed in the ukrainian theater. and in 2017, malware similar to whisper gate leaked out and armed american and other international western companies to the tune of $300 million each, $10 million worldwide.

there is the potential for damage in ukraine and collateral damage of cyber activities. the sooner vladimir putin estimates, they can engage in some level of cyber activity without accruing too big a cost because he has done it year after year. why haven't we seen it yet? right now, he has the need to deploy that capability. the u.s. has stayed in only engaged in supplies of weapons. he's getting tired of the sanctions. so he will turn to something. it's not likely to be nuclear or chem-bio. it's more likely to be cyber and the civilian campaign. cyber can cause damage. we should make it clear that he should not do that and if he does, there will be a significant response. we have to put the military offers back on the table, emily.

emily: founder and executive director of the national security institute. thank you for sharing your perspective. coming up, we meet a woman helping ukrainian refugees get to safety all with a single google doc. she will join us next. this is bloomberg. ♪

emily: the war in ukraine has shown the power of the kindness of strangers. nearly 3 million have been forced from their home with the close on their back. an open access google doc helps with every step of the way, leaving the ukraine, what resources are available. how to enter neighboring countries. joining me is alayna vandenburg,

cofounder of the software company chili piper. thank you for joining us. this google doc is incredibly detailed. information about traffic lights, traffic, transportation, medical aid, accommodations, food. what sparked the idea to do something like this? alayna: with companies, it's hard to figure out what we can do to stop something of great proportions. a war is hard to stop when you're working on tech in software.

but as we saw the attack on ukraine unfolding in the region with such great distress, we see what would be the best path to get them to save shelter. we started working with our partners and the community and we realized many more people needed it then we thought initially. it started growing from there to where it is now 90 pages or so. and it keeps growing. emily: when you started, it was just you and one or two other people. how many people are working on this and how constantly are you updating it? alina: it is a real-time update. a lot of people are contributing from different countries as new policies are being added in australia, germany, or u.k. the policies are in the google doc. they will get information to make sure that it is embedded. very important the information gets out there because this is a life-and-death situation.

emily: we are actually scrolling through the google doc right now. are there any stories that stand out to you of the people who have helped by this? i'm sure you have stories flooding in. people who would not have known what to do. alina: it is heartbreaking. there are dozens of whatsapp groups and telegram rubes where people are asking left and right for help on how to get to certain borders. to try to make sure that they have nothing in the line of fire and that they get shelter on the other side. most people in ukraine, as you can tell, stay behind to fight including our own employees. the ones that are going out and looking for shelter are mostly women and children and elderly.

so it is harder for them to access something like a google doc because they are not typically used to that kind of format. there is one leader out of three or four groups that tells them there is a document you can rely on to find shelter. and that person usually leads them on their way. recently, they just got 12 kids to a romanian hotel and sent me a picture with them being crowded on mattresses. it is a constant outpouring of messages like that. emily: you yourself grew up under a dictatorship in romania where now so many ukrainians are leading. -- are fleeing. what are you hearing from friends and family about what that's like to see all these people, us the border? -- come across the border?

alina: people have lived under some oppression from some kind of russia. there are friendships that have formed. i don't feel like anyone feels like there is a war between russia and ukraine. mostly that there is a war between putin and ukraine. everybody who is on the more educated front on russia feels like even though they are not allowed to talk about it, this is not a sentiment that they share. and in romania, there is a looming fear that is reminiscent of communism and dictatorship where everyone was afraid to speak out. everyone was in a state of fear. and the constant propaganda played on tv. emily: grateful for the heart and soul you're putting into this document that is helping so many people.

alina vandenberghe, cofounder of chili piper. shares showing death soaring after -- shares soaring after results. we get results next. this is bloomberg. ♪

emily: seeing a big boost after reporting a better-than-expected outlook for the year but the stocks are still struggling year-to-date along with the rest of software. joining us to discuss is jennifer tejada. shears jumping here. what will describe the next year of growth as we come out of a pandemic in facing these macro headwinds.

jennifer: thank you for having me. i'm proud of our results with accelerated growth, growing revenue at 32%. and we see a lot of momentum on the back of really strong performance in our enterprise and been market segments with customers spending over one million with us, over 100 k growing 39%. the macro has been really challenging over the last couple of years. that continues. if you had asked me five years ago if i thought i would be dealing with the new price almost every quarter, i would have thought that was a crazy question. in the macro environment, we are not seeing a change in what so

far is a pretty strong buying signal. a lot of the long-term tailwinds are still in play. we see customers adopting the crowd -- cloud. digital acceleration in particular still going on. it's not just a covid thing. companies realize the primary way they will engage with customers is through a digital experience. we're seeing it as a potential driver for increased appetite amid operation. emily: what are the global trends that stand out to you? it seems like we are seeing a reset on big tech and enterprise software. i wonder if this is something that will continue for the foreseeable future. getting back to the multiples that so many tech investors have gotten used to. jennifer: we are definitely seeing some normalization. some multiples were very high and hard to rationalize. we had some companies that were not playing in the same range. every company is becoming a software company.

that is the reality. i don't think software is going away anytime soon. i think investors will continue to look for a path to profitability. we were thrilled to share with our investors this week that we intend to be profitable by fy 24. we will continue to gain operating leverage is the company scales. i see this as a way to become a true durable grower from the broader perspective. if you look at what is going on in the macro, the way customers and employees work has changed is a lot more interrupt work. unpredictable, unstructured work coming at employees. some of the more traditional platforms don't serve that type of work very well. if it is designed for technical crises to start, we are seeing crisis management which is unfortunately becoming a much more important practice. emily: obviously we have seen the stock under pressure despite the strong results.

what is next, quickly? jennifer: i am a long game player and i've been at the company for six years so you'll have to carry me out and about. i have a lot of confidence in the team and the company. we have a very sticky customer base. growth attention has been above 90%. we expect to keep that pace. i think there is a lot of upside. we are very focused on our purpose and our mission to revolutionize operations. we think this is what modern companies need. if you look at what is going on in the backdrop, that remains true. i feel good about the direction we are going. emily: jennifer tejada, ceo of pager duty. thank you for stopping by.

coming up, the unpredictable consumer landscape. we will talk with the founder of forerunner renters and longtime consumer investor about her thesis driven approach from pre-revenue startups to multibillion dollar enterprise. what she sees in the macro environment and how that is impacting her micro decisions? that is next. this is bloomberg. ♪

emily: welcome back to bloomberg technology, i'm emily chang in san francisco. between inflation and rate hikes, the war on ukraine, the pandemic, the consumer landscape has changed dramatically over the few months. here to talk about where the consumer is going and more is kirsten green. great to have you back on the show. kirten: good to see you. emily: you spent decades walking to the malls. i'm curious where you think the consumer is going now, facing all of the shocks, uncertainty of higher gas prices. what is that telling you about where they will be wanting to spend their money?

kirsten: there is a list of things on the macro level impacting us today. over the last two years, an unprecedented time of change and disruption. this consumer has really been through a lot the last couple of years. as much as anything that has been demonstrated is that people are resilient. we have definitely had higher savings rates, lower spending during this time period. sentiment fluctuating and going up with the most recent going down again. we are back on another leg of the roller coaster. as we entered this year, i was really looking forward to seeing what are the new norms people are establishing. that's what we keep our focus on. it is not going back to where we were before.

it's not where we've been the last two years. it's thinking about the recent events going forward. throw in a war, inflation, interest rate increases, and that's a lot of uncertainty. and you see that show up in consumer sentiment and consumer confidence numbers. emily: what does that mean for the next leg of the roller coaster and where you will be putting your money? your job is to figure out those early bets that none of us see. kirsten: savings rates have been higher and spending has been lower. they are particular about what they are buying and how they are buying. i think that continues.

if we thought this year would be the year to reemerge and everything to come back on, i think you have a whole other host of reasons for people to be a bit cautious. that being said, people are fully healthy. we had to higher savings rates. spending has started to take back and savings rates are still higher. the job market is incredibly favorable to people looking for jobs. so there is kind of a counterbalance to some of the things that feel threatening out there. and i think people should proceed with caution. but i think they want to get out and spend a little bit more and do things again. emily: there has been a ton of money flooding into the ecosystem and valuations have been high. i'm hearing valuations are starting to come down given this uncertainty. kirsten: that is the tiering. it seems like the practical or expected thing to have happened. everybody's life has been different the last two years. we talked about the consumers life being different. investors have been, to. we went home on march 20, 2020, and thought we can't do our jobs

because it is such an in person type of job. last year was a record year for investing and the ecosystem was more than two x the year before. people at work, focused and cranking out making new investments. it is navigating an uncertain environment. a time to take apposite make sure people are set up for success. think about how you set priorities for this year and the changing landscape. things were frothy last year on a lot of levels. it's never all across the board. there's a lot of innovation and newness driving innovation. this does give people pause to reset a little bit. it is healthy for everybody and the ecosystem in general. it is more of a conversation right now about how do we expect that to play out?

emily: you have raised over $1 billion and you are celebrating the 10-year anniversary of forerunner ventures. how do you put those hundreds of millions of dollars to work? kirsten: i feel so invigorated to be entering the next decade with 10 years of experience working together as a team and feeling excited about what we do in the face of a tremendous amount of opportunity. you have been covering the tech industry for a couple decades and i've been investing in it. it is at a place where it is ubiquitous, not just part of business, but people's lives. and we are seeing more useful cases for it. i think this happened because of technology and conductivity.

it was catapulted forward in the face of the pandemic, which is this idea that we want to be more self-reliant and take more things into my own hands. maybe i want more flexibility because people are changing career paths and how they make money or seek opportunity. that is feeling like a new landscape of potential across the board. and is also shifting how people are spending money. i think there is a lot of opportunity happening. i think there's more conversation about sustainability and how to do good for business in the future. there's also conversation about crypto. our team feels definitely like we are getting a tremendous amount of opportunity and change. emily: why are you excited about crypto? kirsten: we are on a steep learning curve. how do we think about making it something more approachable and practical to people in business so that it is not just a

subsector of the economy. it's a new protocol and a new way of doing things. it will allow different kinds of access. how do we think about leveraging that in the context of what we are already doing? does it make business transactions easier? does it change the goods you buy? really thinking about how to make that unapproachable experience. emily: one thing not changing fast enough is the representation of women in the tech industry. this 2% that keeps being thrown around, 2% of venture capital funding went to women only. that is like 17%, but that means more than 80% of tech venture capital is going to only male entrepreneurs. why isn't that changing faster? what is going on?

kirsten: it is incredibly disappointing and frustrating because it is a down tick from the year before and it is unacceptable on all kinds of levels. on the positive side, 12% of partners that venture firms are women. that is up from 2% a few years ago. women raised $7 billion last year, that is up substantially from any year in the past. and i sincerely hope and believe that that changing landscape is going to blow through to a more diverse group of founders being funded. and i don't want to get hung up on one year as a trend. we can't accept that, right? last year, let's call it an anomaly and this year say the inputs will drive better output because it is so obviously clear when you look at results that multi-gendered, multiethnic teams are better company cultures.

and after having invested in 150 plus companies over the last decade, we can definitely say one of the biggest indicators if not the biggest indicator between a company that does well versus a company that does really well is the culture that they build. it's the ability to get the right people engaged and to give them the right opportunity to flourish and do their best work. emily: i will take a little dose of your optimism and hope that you are right and that things get better. it's good to see you. thank you for having me -- thank you for joining us. we are told about the role of women in the ever-expanding blockchain ecosystem. they want to piece of that pie. we will talk to the co-founder next. this is bloomberg. ♪

emily: bitcoin fluctuating after the fed signaled additional tightening and increasing interest rates making rick -- risk assets intentionally more attractive. let's dive in. how much will that deter potential investors given some people don't think of digital assets as a risk at all? guest: we really need to take a long-term view here. we need to look at that point over the last five years. if you bought bitcoin in the last year, you had a lot of volatility, but five years ago, you made many times your money

and we are trading just over 40,000 now, just back in 2017, we were trading back at 14,000. you have more than doubled your money. if you buy stocks or buy a house, the idea is to build your wealth over time. let's look at ethereum, a smaller by market cap. volatile in the near-term, but much higher than if you bought it five years ago. the question remains, where does it go five years from now? does it hit the 500,000 mark? or does it go higher than 40,000? either way you see how people think the long-term can be a good investment. emily: let's talk a little bit about where women think that curve is going. also, senior vice president of operations out with a new report on women and crypto. the big concern is that women will be left behind in another big tech revolution.

that crypto and crypto companies are already very male-dominated. what is the data telling you about the representation of women in crypto? guest: it's great to see you both again. i am very focused on making sure that while we are in the early stages of developing the technology behind crypto, we are paying attention to the demographic sanding. we ran a survey where we asked 1000 individuals who identify as women what they think about crypto. and what we learned was very interesting. 92% of women had heard of crypto and one in four, slightly higher than the statistics actually own crypto. i think it is important to look at the trendlines. the statistics are not where i would like to see them today, but we ran a survey six months ago and today to track how many women knew to buy crypto.

and in the last six months, that number has doubled to nearly 46% of women. the statistics are not where i would like to see them today, but we are trending in the right direction. and i think there is so much more that we have to do. emily: the majority of women that you talk to are planning to hang on. do you think that crypto could be the great equalizer that some are heralding it could be? >> i think it definitely has some promising aspects to it. they were just talking about the five-year returns and crypto. what was he with women and investors in general is that people who buy crypto do believe in the long-term value. the majority of women that we interviewed are buying and holding onto those investments, believing in the long-term returns.

and in terms of equalizing access to digital assets, i think it comes to ways. one is that this is a branded technology and nobody is an expert. we are all on the ground floor and we have a chance to bring in passivity from the ground up and i think that lowers barriers. the second aspect is the fact that crypto has allowed financial access on a global scale. you can access u.s. grade financial assets and oversee it instantly on your phone. >> you came from a more traditional finance background. this is a common critique that women don't manage risk the same way and don't think about risk the same way. so in crypto, one of the riskiest asset classes, how do women start to think about risk and get comfortable taking it on? and not just go with the assumption that things go straight up, but could also hit roadblocks along the way?

guest: i think one of the interesting things we found in our survey is that the majority of women on the 50% of women make financial investment decisions off of conversations with friends and family. when you think about exclusivity that has an excluded from the financial system, and everybody is learning about financial decisions from their communities, that is going to effectuate exclusivity. the number one thing that we can do is talk about the statistics and perpetuate education to our communities and our peers. i think that for every single individual that i can convert to the space for the first time, we can bring that knowledge back to our communities and make an exponential change in who gets to plan the space. emily: beyond the people investing, can you speak to the companies themselves?

when you look around at these giant investment firms that have really done well over the last five years, do they have enough women at the top? are there skills women should be presenting to get themselves to the top role at this time? guest: kirsten that you just had on was talking about representation. and i do think having women in leadership positions will perpetuate more inclusivity in the crypto space over time. and i think one thing that is really interesting about the crypto space that many people may not know is that you don't need crypto experience in the space. we're looking for people with traditional experience to come in and bring their traditional experience into the space for the first time. if there are women out there on the sidelines hoping to break into the space for the first time, i hope that they can see me and hear me. we have 100 100 jobs posted

online and there are many crypto companies out there hiring. emily: how would you describe your own journey to this space in your experience rising up within this industry? that by many accounts has been so male-dominated, even if it hopefully won't be so male-dominated in the future. guest: i think my experience is based on the people around me. making a jump in any industry is making sure you are surrounded by a team that lipsey web. -- lifts you up. in those conversations, are you talking to people who can propel you forward? i think the one thing that is really beautiful about the crypto industry is because we are in the early stages, there is so much innovation to be had.

my experience in traditional finance is sometimes that we were in a crowded room and a lot of sharp elbows to compete. there is a lot more camaraderie and support in terms of being able to propel your own career forward faster. emily: flori marquez, along with our own correspondent. thank you both. jumping into the metaverse. what worked, what didn't, and what it means for the future of sports. ♪

emily: for the first time, a live virtual broadcast of an nba game had a peak into what the future of the metaverse and

sports could look like with it being called a video game come to life. that's what many viewers felt as well. some people thought and others did not. what was your take? >> i'm glad to be here talking about the nba. the nets-mavericks game, two great teams. i thought it looked like a videogame, straight out of nba live or nba 2k. but it did not look so great. i'm not sure what the advantage is for consumers. i think it looks like a gimmick or something that you would play. when you're watching a game on tv, you want to see it in real life. i don't think this presents any benefits. if you watched ent through their apple tv app, what you can actually get is you can watch the game live view with multiple angles.

i think that is really what the future of watching sports is, being able to see four or five different angles simultaneously versus watching it through vr. some companies are approaching this. apple bought a company called to vr and they developed technology that does justice what you are seeing right -- just this, what you're are seeing right now. it is clearly a direction some companies are heading but i don't see the benefit. emily: this is a partnership between espn, disney, nba, canon, and six separate feeds. how could some of this technology spice up the future of the game experience? i want to see players playing in real life. is there something here that could make it cool? >> the future of live sports is probably augmented reality where you're wearing ar glasses to a game and you are able to see stats or other information while watching the game.

some tv networks have a future where on top of the players, it tells them what percentage based on past history isn't likely they will make the shot based on where they are standing with the ball in that particular second. that is where you're getting helpful information. in terms of watching this content, it looks cool, but clearly, there is work to be done on the cameras and angles and such. people pointing out it does not really look so great, like players are running into each other when they are not. it is not looking so hot. maybe in a couple years it will look better. i'm not sure why anybody would want to substitute real life or virtual reality, especially in sports. emily: mark gurman, thank you. fun to talk about the nba even if it is not the lakers. we appreciate you taking the time to join us. that does it for bloomberg technology. tomorrow we will have colleen

mccreary talking about the gender pay gap. also, please relisten to our show on the new bloomberg technology podcast. download it for when you were the go. it is great. this is bloomberg. ♪ >> the following is a paid

program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> this is a paid advertisement for csn. >> many times i have been out here with the new coin release and i have asked for a drumroll and in the past it has been nothing but hyperbole. but this time i really would like a drumroll. i really think i should have one. this is the singular most important numismatic