this is "bloomberg technology." >> i'm taylor riggs. coming up, a warning from president biden to xi jinping. there will be consequences if china supports russia in its

invasion of ukraine. what a call between the two leaders could mean. plus what more needs to be done to reach poor -- true pay equality. and he is hoping -- helping raise millions. we will meet the man behind the project including what inspired him to get involved. we will get all of that in a moment. first, we take a look at the markets. i think what is fascinating is the weekly gains, some of the best weeks we have had since november 2020. >> indeed we end the session high today. a four-day rally on the s&p 500. even more spectacular if you look at the weekly. tech made a comeback on the week. if you think u.s. tech has had a

good week, look at chinese tech names. the nasdaq golden dragon index up 26% printed. we see yields rising. the 10 year yield 2.41%. the high yields don't often bode so well for tech stocks. i want to stick with this theme. look at my terminal chart, i am looking at big cap tech names. what you're seeing is that we are bouncing off the lows earlier this year. a lot of questions around this like is it just a blip in what has been a volatile year so far for the tech sector? especially as we get rising interest rates. or is it just the worst cases of

inflation are perhaps being priced in? maybe the market is more sanguine about the fed. going to be interesting to take a look at the tech sector in the coming weeks. finally the top movers on the date. nvidia having a good day extending the rally's we have seen this week. i am also looking at docusign up 9% credit the ceo selling $5 million shares. then gamestop. i wanted to give you a loser, but it erased its losses. ed: i thought the nft would have saved the day. taylor: thank you, happy weekend. president biden spent tough leak -- roughly two hours on the

phone with xi jinping. they talked about ukraine and what to do next. for more is our political director jodi schneider in washington. what does it sound like for you for how the call went? >> they are very different versions. they agreed that they talked for two hours. the first time the two leaders have spoken since november. obviously the first time since the russia invasion of ukraine. the chinese summary came out first. in it, they said that xi jinping made the case that they did not want to see an invasion of ukraine and they did not think the countries conflict should be settled on the battlefield. they did not mention russia by name and did not publicly and

have not publicly criticized russia or denounce it for the invasion. on the u.s. side, we got the statement several hours later and they said that joe biden came out strongly and he said there will be implications and consequences for china if they were to take direct support of russia such as selling aircraft or military equipment to them for that invasion. also made the case that president biden -- president biden made the case that the u.s. has taken a number of steps including sanctions to try to stop the invasion in the first place. taylor: how do you think about the significance of these talks given the heightened geopolitical risk we are already in? this was our relationship that was already pretty strained. >> that's right, these ties have been frayed a number of things.

trade tensions, tensions over things like intellectual property disputes. hong kong, taiwan. the fact that they are talking is significant. we have nuclear powers discussing the invasion of a country by another nuclear power and the fact they are talking and neither side -- that both sides seem to be willing to come back to the table that was another headline that they said they will keep talking is significant in itself. they didn't talk about trade or other issues. taiwan did come up with the u.s. saying it continues with its support of taiwan. status quo which is that it supports the democratically elected leadership of taiwan and china had a fairly strong statement on taiwan saying that their actions -- the perceived actions on taiwan have been misread and misjudged by the u.s..

there was an implicit warning there. taylor: we are just coming off of a conversation where we talk about the effectiveness of sanctions. they can work when they are targeted, but it can continue to isolate a country like russia and push them further into china's hands. how are you thinking about globalization, three order of the world as we are thinking about these bilateral relationships or is it more the eastern powers versus western countries? >> it certainly has the potential to shake things up and deliver more of the cold war world. the other thing was sanctions is how much further can they go? this has been the u.s.'s big arsenal and trying to prevent the invasion. then when they couldn't prevent it, to punish russia and try to isolate them. there doesn't seem to be much more they can do in terms of

sanctions. that's a real question, what comes next. taylor: we will stay tuned on what comes next. jodi schneider, thank you so much. let's stick with the impact of the war in ukraine. i want to bring in our guest with his read on it. what do you think are going to be within cybersecurity, how do you see this thing out in the world of equity markets? >> there is clear elevation of threats we think upwards of 25% in terms of the elevation since -- the cyber warfare already underway from russia. you look at names like palo alto, z scale or crowd strike. those are the basket of names among any others -- many others. we believe that spending is

going to be up for cybersecurity. right now we're are seeing the importance of being protected enterprises as well as agencies within the beltway. taylor: does that tech spent come from somewhere else? it was supposed to be strong coming into this year, but the fed raising rates we might be looking at a slowing economy. if the company has to choose where they spend that, is it going to be cybersecurity does it come at the expense of something else? >> that's where it is clouded cybersecurity the priorities. we are seeing cloud budgets up 35% 40% across the board. cybersecurity goes hand-in-hand. where that is coming from in terms of being negative, some of the hardware, networking purchases that can be negative for the likes of cisco and others. the work from home e-commerce

names are catching a falling knife. spending is in enterprise software, chips. in our opinion this week with the fed, the tech bottom we believe is in once they rip the band-aid off this week. taylor: the macro picture is the federal reserve is raising rates. the headwinds of raising rates, the pressure that is putting on valuation. why are we at bottom? >> because i believe tech stocks are the most oversold we have seen in the last five or six years relative to growth. the risk off trade, everyone is heading for the elevators at the same time. uncertainty, it's a horrific situation in ukraine. the file -- the fed has laid it out. now there's less uncertainty and

combined with what we saw in valuation compression and the growth, then you look forward especially in software, chips, microsoft, google, apple among others in our opinion it's a bright green light to own tech and that's what you're starting to see. i could tell you for five to one investors calling us looking for by versus shorts. taylor: it's interesting to think we are all becoming nickel experts in the last few weeks. the impact it is having on electric vehicles. oil shortages and cutting off supply from russia but then the nickel supply and the ramifications it is had in the market. how do you think about ev's, batteries, the push forward on that initiative. if we are struggling to keep her hands on raw materials? >> that is bringing up the issue front and center. you saw tesla put up a price

increase this week. the average ev is going to increase to -- $1000 to $1200. you will see other sources of raw materials, some being underwater and maritime areas becoming front and center. ev's overall, i don't see this as denting overall demand. when you look at gas, what happened in europe and across the u.s., i believe the ev demand by two to three years, price increases but overall the demand continues to be massive. a lot of the stocks are well oversold. taylor: what about not tesla but another ev maker that tried to do price increases and had to roll it back?

are you worried about a consumer who may be is feeling pinched and says i'm not going to accept that price increase? how do you think about the impact on margins? >> when you talk about rivian, the price increase, that was a disaster. it continues to be ahead scratcher in terms of what they did. when you look at tesla, i compare their price increases much more modest to the likes of netflix raising prices. the stalwarts know that they can increase prices and minimal demand impact. you can paint across the board with the same brush. we can still see the price increases with tesla and the demand is out shipping supply. taylor: coming up, we are going to stick with the theme of ukraine talking to the man

behind the one k project. it helps ukrainian families displaced by the war. how he has managed to get millions of dollars in the hands of those who need it most. this is bloomberg. ♪

taylor: as we watch the horrific images coming out of ukraine, many wonder how to help. days after russia attacked, my next guest decided to help families in need by getting money to them. he has helped 2000 families so far all sponsored by people

donating $1000 each. he was born and raised in ukraine before fleeing the country in the cold war. talk to me about how you set this up to make sure the money was really going to this families. >> the premise of the project is simple. families in the u.s. and around the world sending $1k directly to families impacted by the war in ukraine. this is direct human to human help. taylor: how do you make sure that it isn't overtaken by people who were taking money away from it? you want all of that money to go to those in need. how can you be sure that the ones donating the money, that 100% of it is going to the families? >> great question. we are not a nonprofit. we basically take no fees. we match sponsors who go to $1k

project.org and it takes 10 minutes to sign up. then we have a key with families that were vetted based on their applications and our volunteers are reading these applications around-the-clock. once you sign up as a sponsor, you basically get matched to the family and you get instructions for how to send money directly to their bank account. taylor: it's a wonderful project. i am curious what you are hearing from families on the ground. we have seen horrific images. what they are telling you about how they are trying to continue to contact you, to talk to donors from around the world while they are in the middle of a war. >> you are absolute right. we are able to help families in war zones, who are displaced within ukraine and families who are refugees.

consistently what we are hearing from them is they needed money for basics like food, clothing for children, rent, increasingly people in ukraine need money to move out. we are absolutely flooded with incredible gratitude and love that underscores strength and resilience of ukrainian people and how meaningful this money is. $1000 helps them, it helps families with three to four people primarily single mothers and those who are not able to generate income in any other way. it's exceptionally meaningful. taylor: talk to us about the long-term resilience. we have been having a lot of conversations, the humanitarian toll. long-term, we just spoke with the economic advisor to ukraine, how you rebuild the schools, bridges, roads, elting.

how are you thinking to help to rebuild if people can you -- return to ukraine at some point? >> i wish we could stop tomorrow. i wish every day the war stops immediately. the problem is the devastation is so big and the displacement is so large, there are so many refugees it's going to take months and years to rebuild. the project gets its meaning in the north start. our goal is to help as many families as we possibly can. to date, we have raised over $2.7 million and help over 2200 families. we have thousands of applications and we know that there are 3 million or more refugees. we have a long way to go and every thousand dollars counts. you can make a difference and an impact. our mission is to continue through the end of the war but

more importantly to be the bridge to help these ukrainian families to come back home and rebuild. taylor: very well said. the founder of $1k project for ukraine. there's going to be much more ahead on this. this is bloomberg. ♪

taylor: it's the return of in person events. we speak to the south by southwest attendees in austin, texas as the conference returns for the first time since the pandemic. >> we are here in austin, texas for the first time in three years. this conference used to draw 3 million people to austin. what's it like to be back?

>> it's huge. >> it was a big moment in my career professionally. >> people are really excited to be back. >> how does it feel to be back? >> it feels really good. >> how often does this happen were people take your picture? >> it canceled in 2020. we are back for the first time in three years. it is the biggest change? >> people are a lot more patient. there's a good energy. everyone is really excited. seeing blockchain and nft's and more crypto coming to the forefront. >> do you feel like there is much focus on covid? >> no this is texas. >> it doesn't feel quite as

busy. there's also just the rules of covid and staying safe. we have to have the app and masks and navigate where and when it is safe to be masked and unmasked. >> i am saying masks and no masks. people are wanting to do this as safely as possible. >> it's almost a smaller scale. >> definitely smaller this time around. >> small crowds are bad for small businesses. bars and restaurants used to make their -- half of their yearly revenue from this conference. those who are here are ready to dive in. >> a lot of the local bars, this is their lifeblood these events. were happy we can have it and keep them in business. >> business is back and this is a huge opportunity. it's going to be great for everybody. >> madison mills who gets all

the fun assignments. there are a few other stories that we continue to watch. the debut apple's latest iphone changes, the way customers can buy it. it's a way to cut wireless customers -- carriers out of the process. users will no longer have to provide carrier information when they buy an iphone if there carrier is at&t or t-mobile. they also will not have to pick a network trend during -- plant during the process. a surprise move in a response to a rebuke by shareholders. a ceo total compensation was dropped. coming up, we will speak with credit karma's chief people officer. how she has worked to remove

bias and variability in how they pay their employees and what other companies can do better. this is bloomberg. ♪ if you're a small business, there are lots of choices

when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™.

this is "bloomberg technology." payday was this week. -- equal pay date was this week. my guest joined credit karma in 2018. she is the chief people officer. you think of credit karma and it's within the tech sector.

that is were some of the worst discrepancies have been when it comes to equal pay. what is the backdrop and the numbers hind not only all sectors but specifically the tech sector and are we any closer to closing that gap? >> the unfortunate reality is that what we are still seeing is women only make up 82% of what a man makes and -- in any job. i don't know if tech is any better or worse, but tech is so competitive that it puts a big light on the talent shortage and the fact that they are not doing a great job of keeping and retaining women which come back down to how women are treated and paid. taylor: what did you do credit karma, some of the changes that you have found have worked and stuck? >> credit karma was a startup

for a long time. it was 700 employees and they had a massive patrician problem. -- attrition problem. the other piece was their employees didn't believe their pay was spare. i didn't understand how they were being paid either. it took the journey to get there and we moved to the system called world based pay. instead of using ranges and a performance review and moving somebody's pay a few thousand dollars here or there, everyone in the same job gets paid the exact same thing regardless of how long they have been there and what gender they are or where they worked before. taylor: sorry to jump in. what if i've been there for longer and of committed and voted myself to the company? >> what we have seen is the opposite. our attrition even now is the

lowest it has ever been. the other thing we saw is that the offers that were accepted and for the most part employees embraced the idea that they thought it was the most fair way of being rewarded. to be understood where their pay came from, how would -- how we were determining it and we made adjustments twice per year. taylor: how do you compensate for experience? what about someone who has more time and knowledge in the industry? do you argue that they are in a different role with a higher pay and that's how you can equalize that experience cap? >> what we did is we built a job framework for all of our functions. we got clear on what was expected of each role. where someone interviews and they come in, they are slotted

as a level one or four and it's a combination of your skills and experience and we posted those so people were clear on that. we moved to doing promotions four times per year so people were sitting around waiting to be recognized for their work. providing the level of clarity and the opportunity of knowing when they would be reviewed and building out calibration so that everybody who is being considered for promotion at that time was being considered against the same framework in every team we had. then we were able to assess and root out potential for biases and make sure all of the managers are looking for the right skills. providing that transparency and clarity for employees helped a lot in making people believe and understand that they were being paid equitably for their experience and contributions. >> the key is transparency. many companies have said you don't talk about your pay with other people. corporations haven't always told

other people with her colleague is making. how this comes down to transparency may be on the corporation side. >> it's illegal for corporations to tell employees they can't talk to each other about their pay. i think employee should talk to each other. i don't put someone's pay on an internet site or say what everybody is making. you can't un-see those decisions. compensation is inherently an unfair thing, it's market driven. i'm not going to out somebody who isn't comfortable with someone else seeing what they are paid. but if they want to share it amongst themselves, i think it drives, it's a check on the corporation are we living our values. then employees can understand amongst themselves how each role pays. taylor: a lot of our viewers are investors.

when you think about the rise of esg, the role that pay equity has to do with trickling down to the top but then the bottom line, what advice would you give companies are the positive changes they can make and positive impact it might have on the company and the bottom line? >> i would start with the pay program we put into place. if we reduced attrition by two thirds as soon as we roll this out. then, our acceptance rate went up substantially. from a talent perspective of keeping and attracting the right employees which has an impact on your bottom line and if i look at credit karma in particular, we had a rough 2020. we were in affected by the pandemic. since then, we have had record quarters. a lot of that speaks to the talent we have been able to attract. taylor: the credit karma chief

people officer, we appreciate your time. now let's move on south. south by southwest. today, we will bring you one of the companies that won an award. it's the 3d scanning app. we caught up with the ceo at the event. >> what we do is 3d scan you then allow you to customize the heroic version of yourself. kind of like making a videogame avatar. >> when you're ready, make your action faced. >> as long as the entertainment industry has existed, there has been a business problem which is that you can't just make one hero that everyone can identify with. the change for the entertainment industry is what if you can make

every person the hero? one of the things that is important to understand is we are making action figures who were creating a version of each person that can be used across media. what we are building is the on-ramp into the metaverse. i worked for mattel and hasbro. every time someone would visit, we would make them a doll or action figure that look like them. everybody loves seeing themselves in a heroic world. we knew the people had liked the concept immediately and if we scaled it, we had a hit. the problem was the manual labor and supply chain issues of the technology at the time couldn't scale. in 2018, apple added hardware to

the iphones. i recruited dream team to bring this to life. we are so honored to be here. we just one the pitch competition and the entertainment and gaming category. we are raising a little bit of money so we can take this experience and bring it to stadiums in theme parks. imagine going to a stadium, getting yourself scanned then during the tv break, seeing your animation on the jumbotron. that's we want to bring to people. taylor: like i said, she always gets the fun assignments. coming up, bitcoin is stuck with the fed signaling additional tightening and increasing interest rates.

what can help jumpstart the crypto industry again? a big discussion coming up next. this is blue bird. -- this is bloomberg. ♪

taylor: you think it's the weekend, but crypto doesn't stop trading. we have been talking a lot about this. about some of the rate hikes, the geopolitical uncertainty. then some resiliency within the crypto markets.

>> we look at the rise back above $41,000. you see a dip going into the weekend, but the rise back up this year has not just help bitcoin, it is helped companies related to bitcoin. look at the next screen, this company recently went public his just started to see the lift in recent days. significant rises after riding the wave down. with this adoption curve moving forward, what can give crypto the next leg higher? thank you so much for joining us. how do you think about the next couple of weeks and months when it comes to cryptocurrency and the companies, countries and people that may adopt it in order to give it the next leg?

>> thank you for having me. we are looking to connect the digital economy. trying to bring innovative crypto experiences to the customers of non-crypto native businesses. crypto capabilities to your local regional rank and credit unions. we are working with brands to enable crypto rewards, changing the way people can enter the asset class through this passive acquisition through using everyday spend as a way to accumulate a small amount of crypto. or even enabling gig economy workers to get paid a portion of their salary in crypto be incentive in crypto. if you look at adoption, what we are doing is broadening the base by trying to create these new opportunities for people to enter the asset class. >> there's still a lot of friction when you look at paying for products and services in

crypto. what can start to make it easier for money to move through crypto markets rather than traditional dollars? >> the first thing you have to look at his volume. people and businesses are focused less on the volatility and more on the volume they are seeing in the overall crypto economy. our role in this connective tissue in playing the role of connect -- playing the connected economy is seeking to remove as much friction as possible. we take care of the tax. we make it easy when people are selling to complete the necessary tax obligations. we're working to make it easy for businesses to be able to accept crypto then we are looking for other ways in which businesses can engage and create innovative experiences like rewarding and crypto. we think about that, we look at the ability for people to be

able to redeem for crypto as well as earn rewards in crypto. our role is to take the friction out. is to allow us to embed these experiences in the environments where consumers already are. to meet customers where they are. whether that be embedding the ability to buy or sell crypto in your banking application or attach a crypto reward option to the credit card or debit card that you already have. taylor: meeting the customer where they are, part of that has been conversations around privacy and regulation. some people would say it's a great way to avoid the sanctions. others would say it's a great way to send money and crypto to people on the ground who need it most. how do you think about that? >> one of our founding principles is that crypto is an asset class it's going to mature much faster in an atmosphere where we regulation compliance and security. we have built those principles into our platform from day one.

our former parent company engendered to that thinking in every thing we do. we have made sure we have the right infrastructure in place to build that trust and security. we operate under a charter, we have a license and money transmitter licenses across the u.s.. we are focused on being a highly regulatory compliant and secure. we look at the opportunity for us to be able to help regulators better understand digital assets to develop regulations creates safety in the system and we want to ensure that we keep that agility in the core of everything we do. taylor: my colleague here sonali basak spoke with a guest earlier about cryptocurrencies. >> we thought we would be in the

$30,000 range to $50,000 range. five years out, if bitcoin is not at 500,000, i'm wrong on the adoption cycle. we see an adoption cycle that accelerates. bitcoin grew so much faster last year than the internet in the 90's. >> is the price keeping up with that adoption cycle that he describes? >> what we can say is adoption is definitely here. we are moving through an inflection point. we have seen an uptick in those buying cryptocurrency and we have for quite some time. the volume of transactions is important because as volume increases steadily, it starts to signal the interest in velocity. we are focused on driving the next wave of adoption. bringing in the crypto curious.

a slightly older demographic potentially, someone who is less tech savvy and we are looking for new ways to introduce them into the crypto economy. we look at price and we are focused on the volatility, but we are more focused on growing volume overall. there's no question that adoption is here and we're moving through that inflection point. taylor: we really appreciate it. coming up, apple launched its first new product in 2022. we break down what to expect and what is still to come. that's next this is bloomberg. ,♪

>> apple has launched its first new products of 2022. the new se doesn't move the model -- the needle much because 5g is still a marketing tactic and the other upgrades are not that significant. the new ipad air is nearly identical to the ipad pro. if you're in the market for a tablet i would go at the air instead of the pro and save the cash. i like the new alpine green phone color and i hope it sticks around for the fall. the mac studio shows us how much intel was holding mac back in the chip department.

while the new display $1600 price point is reasonable in the apple ecosystem, it's not the best deal you realize that an imac is $100 less. looking ahead, the new chip sets the stage for a slew of m2 max. that would include a mac mini, 13 inch pro and mac pro with as many as 48 cpu cores. apple is also working on a new high-end display. in the next year, we should get new devices with new chips along with a new mac studio. apple's new chips are clearly outpacing rivals and they are at the core of apples present and future and i am looking forward to seeing how the chip roadmap continues to take shape in the coming years.

taylor: don't forget you can subscribe to his weekly newsletter at bloomberg.com. there are other stories we are watching. take a look at nvidia. shares rallied on friday with chipmaker extending a recent advance is analyst all look ahead to the company's conference and investor invents -- events next week. shares are up putting it on track for its biggest weekly get -- gain since march 2020. a container ship has been stuck since sunday night. in hopes of getting it unstuck, evergreen marine has hired the same company it used to free three other container ships when it ran aground in the suez canal last year and the over number that. it disrupted global trade for

months. that does it for this addition of -- edition of bloomberg technology. wall street week is next with david westin. a big week from the federal reserve, i know they will touch on it. plus we listen to today show on the bloomberg technology new podcast. you can find it on the terminal as well as online. have a great weekend, everyone. this is bloomberg. ♪

>> the fed, inflation, and war in ukraine are all coming together. this is bloomberg wall street week, i'm david westin. larry summers on the fed playing a tough hand. >> i think they are recognizing that they are behind the curve. i think they've still got a long way to go. david: blackrock on the federal reserve during multiple crises close to the zero bound.