>> from the heart of where innovation, money, and power collide, this is "bloomberg technology," with emily chang. emily: coming up in the next hour, nato talks tough, sending more troops to the eastern border of europe with russia and warning putin against the use of nuclear weapons.

we will have the latest on the biden trip to brussels, sanctions, and what it means for russian oil. plus, bloomberg exclusive, apple working on a hardware subscription for apple. why buy a device out right when you can pay a monthly fee? and uber will now left new york city -- list new york city taxicabs in an attempt to get a leg up on their arrival, lyft. oil, sliding, stocks rising along with it, bitcoin hitting a three week high. taylor riggs is here to break it down. taylor: when we think about the biggest moves on the day it's those inflationary pressures that were underway. really important when we think about the federal reserve. the equity markets as you can see are taking it in stride, they were posted near the highs on the session today, take a look at the nasdaq 100. big stocks that you just mentioned jumped with stock

index chipmakers at more than 5% on the day, led by nvidia, intel, you name it, the 10 year yield, up eight basis points on the day to a 237 with a lot of those inflationary pressures starting to build. it wouldn't be a technology show if we didn't touch on gamestop just a little bit. these are the last days, emily, 82% on these meme stocks. i cannot give you fundamental news about this except maybe it is the original og meme stock with short-sellers again like we had a few years ago continuing to carry the story higher. getting serious again here, as you started the conversation talking about oil, think about how this always fits into the narrative around russia as well. for the first time in many weeks we got a reopening of the russian stock exchange and as you can see there it closed up 4.4 percent with a lot of caveats, where the trading was

really limited and you couldn't do a lot of shortselling within the market. for the limited session it was open it managed to close higher but there were certainly a lot of restrictions around that trading today and we have to talk about dollar ruble strength and weakness approaching here 102 with another big measure that we were watching around 98 or so, focusing again around the liquidity. we know the ruble has been under pressure with sanctions. a 100 to handle catching your attention. emily: thank you for that round up, taylor. continuing now, the war on ukraine entering its second month, president hyden marking that grim milestone in brussels, meeting to discuss what can be done to stop the unprovoked aggression. the president asked if russia

should remain in the g20. this is what he had to say. >> my answer is yes, depends on the g20. that was raised today. i raised the possibility if that can't be done, if indonesia and others do not agree, we shouldn't my view ask to have ukraine be able to attend the meetings. emily: for more on the president's visit we are joined now by our washington correspondent, in brussels. obviously a significant statement therefrom president biden. what has so far been the reaction to what he has had to say and his meeting with top european leaders? annmarie: yeah, this was the main headline coming out of that rest conference following that extraordinary meeting. it has been a slew of diplomacy here in brussels. he had a nato meeting, g7 meeting, then the european commission to address european

leaders. when he says he thinks russia should be vetoed and disinvited from the g20 he said that if not every g20 nation agrees, he thinks ukraine at the very least should be invited to make sure they are there for part of the conversations. after this the president will move on to poland overnight and tomorrow morning he will be traveling there and meeting with counterparts as well as seeing what is happening in terms of the human toll the crisis has taken. this is going to be more of an emotional day. today was a diplomatic day, tomorrow will be about humanity because this crisis has caused 10 million ukrainians to be displaced than their own home or 3 million have actually fled to bordering countries with poland being the ground zero for that. emily: there is this question about who the president is going to meet in the next 24 hours. he was circumspect about what's coming next. what do we know about who he is going to meet and what the impact of the meetings will be?

annmarie: some of these details at the moment are not released to the press obviously for security concerns but in the morning the president will begin brussels, sitting down with ursula von der leyen. and he signaled this evening a few more deals about what the u.s. can do in terms of shoring up natural gas for europe, we know how dependent europe is on russian gas and oil, the lifeblood of the russian economy that has pretty much been saved in terms of the harsh penalties and sanctions. when the president goes on to poland we know that he will be sitting down for a bilateral with his polish counterpart and there will be a number of issues to discuss but the top priority will be the humanitarian focus, given the fact that poland is really dealing with an influx of refugees and asylum-seekers from ukraine.

emily: the big question, everyone wants to know if he's going to meet presiden zelensky. looks like we lost annmarie there in brussels. she is of course part traveling with the president and we will be following his every movie and bring you her reporting over the next 24 hours, of course. meantime, new exclusive deals on the details in the breach of okta in the group behind it. a 16-year-old from england is believed to be the mastermind behind the attack. william, just to is this 16-year-old teenager who lives with his mom and how did he pull this off? william: we are not naming him, obviously, because he's a minor, but he's a very talented hacker. one person i spoke to responding to him hacking a company said he was so fast and proficient, when they first observed the activity they thought it might be automated.

no, he's a 16-year-old kid who actually has a pretty expensive online presence of him dabbling in hacking and you know, now he's probably one of the most notorious cyber criminals of all time, achieving that label quickly because this group has hacked into microsoft, okta, nvidia. these huge targets who spend millions on cybersecurity. i haven't seen a cybercrime group like this in many years. so, emily: so, now that we know who he is, what could the consequences for an attack like this be? william: it's interesting, the laws in the u.k. around miners and these kinds of crimes are pretty different and historically there has been a problem with minors who are hacking, kind of keeping them off the computer. this is really reminiscent of the hack of twitter that happened last year where there were a lot of miners involved.

now, it's different because many of them were in the u.s. and were quickly arrested. but it's difficult, really, to keep the kids away. emily: and what do we know about the actual consequences to okta and the businesses affected? okta has been very clear that they were not breached but there were these three hundred 66 other businesses compromised. william: right, right, and in part of the story yesterday you might have noticed we were that the hackers used their breach of okta in order to enable further hacks. we don't know the details but if you are a company like okta, that's the worst case scenario. we don't know exactly what happened to read we know what the company has said so far, but when you are a company that offers a service that does identity management, it's the last thing you want to happen. emily: all right, william, we will continue to watch your reporting on this. thank you.

meantime, the first alliance of its kind in the united states, uber will list new york city yellow taxis on their app to help combat rising fairs and a driver shortage. you heard that right. next. this is bloomberg. ♪

emily: uber will list new york yellow cabs on its app. the first alliance of its kind in the united dates, the announcement sending uber shares jumping on thursday.

i want to get more on this from jackie dava los. this is after years of acrimony. no one thought that's what happened. why now? >> no one could have seen this coming. it has been a contentious decade ever since uber stepped onto the scene. it's an acknowledgment by uber that they can't do this alone. they have said they want to get every taxi in the world on their app by 2025 and that's an ambitious goal. to pull it off in new york is a true sign that they will tackle this head-on in the u.s. and a good sign that they might get a competitive edge over lift. a few things at play but more so you have to think about the driver shortage. they needed a boost to supply and this will give them that. emily: what does it mean for drivers and fairs, given gas prices and inflation more broadly? jackie: for sure

the boost in supply, 14,000 taxis in new york will be available on the uber app. customers can handle ride like they normally do but now it could be a cab waiting to pick them up. for the cabdriver, they will be paid the same way other app-based drivers are paid. they have a minimum wage set by the city that different -- differs from the metered fairs they are used to. uber says the rate they are paid by the city is better than the metered rates. it could be a boost in earnings but also just more business. they saw the demand for cabs decimated when ride-hailing came to town. from one perspective it is not just going to put more people in their cars, but also may be more money in their pockets. emily: all right, how times have changed. we will see how this works out, jackie. we will continue this conversation with the ceo of uber himself. i will be catching up with him at one of the biggest retail conferences in the world in las vegas.

meantime, shares of ev maker rivian rose to their highest levels in three weeks. they have been in the spotlight since their glitzy ipo but the stock as tumbled ever since and value has gone from $150 billion to just 40 $2 billion. bloomberg news spoke with the company cfo, who said that if they can build capacity, the share price will "take care of itself." coming up, iphone is a service. apple planning a new subscription product that will lend you devices for a monthly fee rather than buying them outright. could be there but -- there biggest push yet into automatically recurring sales. next. this is bloomberg. ♪

emily: with the war in ukraine still wait -- raging and inflation here in the u.s., companies and investors contending with markets. how long will it last and what is the path forward? let's talk that all -- talk about it all with the partner at sapphire ventures. what are you telling your clients about how to navigate this? >> it's great to be here, first of all as always. what confusing times we are living in, right? everyone trying to make sense of it all and i'm super happy to be here today to give my perspective as a venture investor. everyone describing their current approach to the market as uncertain. half of the nasdaq has had valuation cut by 50% in a matter of weeks.

uncertainty has really the fall in the markets and the turbulence is creating a very confusing fundraising environment for entrepreneurs and investors. frankly, knows -- no one knows what's going to happen, right? because no one has the magic ball, there are ways founders can prepare themselves even though we don't know when the other shoe, so to speak, will drop or how far it is to drop. emily: how is this impacting valuations? seems like things are taking a pause, with some companies even taking a haircut if they are trying to raise money right now. cathy: you know what? software companies have not yet meaningfully corrected. i am hearing anecdotal stories about lower valuation and summary trades in later stage deals, but there has not been a lot of durable pattern yet. frankly the early-stage seems to

be quite insulated at this point in time and i think it is important to also call out that there is a lag between public-private partner movement. we haven't seen the full impact yet in the private market. the lag has been seen in prior cycles as well, the.com crash, the great recession. this time there is also just a massive amount of dry powder on the sidelines. $100 billion was raised last year. emily: so, given the amount of dry powder, do you think we won't necessarily see as dramatic an impact that we would have if the money had not been raised? cathy: it's definitely a counterforce to what's happening in the market, that my prediction is that we will see an impact in the private markets.

first on the late stage, which we are kind of seeing already. usually these things take a quarter, two quarters, three quarters to see, hitting late stage companies first, then hitting the earliest stage companies. emily: what do you see is coming next? if you could map out the second half of the year, what are you planning for? cathy: at the end of the day what we do at sapphire is trying to back the most successful entrepreneurs and companies of consequence. regardless of what's happening in the market, following that north star of following the best companies i feel will cut through the volatility in the longer term. what i'm telling my ceos is that there are certain things you can do to protect your business in case the fundraising markets tighten up for the rest of the year. things like making sure you have

enough cash on your balance sheet, right? taking care of your current customers. it costs way more to acquire a new customer than to retain a current one. don't forget about retaining employees as well. emily: kathy cao, thank you so much for sharing your perspective with us. big apple news, bloomberg learned the iphone maker is working on a subscription service for the iphone and other hardware products, a move that could make vice ownership similar to paying a monthly app the. i want to bring in mark gurman, who broke the story. how exactly will this work? >> it would be no different than the $10 apple music subscription, say. you pay for the phone on a monthly basis. this is different from installment carrier subsidy programs today. what apple and the carriers allows you to do is let up the costs, $1200, $1400, less, over 12, 18, 24, 30 months.

this would be a set fee that is not the costs of the phone divided by how many months or year or two years. emily: with this apply to not just the iphone but ipads, watches, how far does it go? >> it will start with the iphone and it will eventually expand to others as well. part is the ability to upgrade to the new model annual like if you have apple tv plus or apple music, you are constantly getting new features and as a part of that monthly fee that you pay. there are other devices that are annual like the watch. i see it expanding over time and i believe that one day this could become the preferred method of buying apple products, instead of having to pay the prices at the beginning of the purchase.

emily: so, what does it mean for apple and of revenue? does this bring in significantly more revenue if people don't buy them outright but spring for the option because they don't have to? >> this will be just one option, right? lots of people will be using the installment programs from the carriers, a lot of people who will buy the phone outright. this will be another option at checkout, tying the subscription price to your apple id and ultimately i think this will increase revenue because instead of just getting a $1000 payment once, they might at 20, 30, $40 per month for several years and they will be able to sell the phones over many years to consumers with some people paying $300, $400 per month for a group of products or services. i think it will be a positive for apple and more downloads and service purchases.

i think it's a smart transition you will see happening and they are not the only ones doing this , right? google has the pixel pass, with their devices, but they are nowhere near as popular as the iphone. peloton as well, it is a $100 monthly fee for leasing their bikes. obviously palatine is not doing as well as apple but these are examples of other companies moving in the same direction. emily: when is this transition happening? when can people do this? >> they have been working on it for a little while now. probably between the end of this year and sometime next year. emily: how quickly do you expect apple to ramp up something like this, moving from iphone to other hardware products? >> overtime, right? if they continue to generate more revenue, you will probably see this rapidly expanding. i think it will be iphone focused and iphone first. even their own upgrade program,

the card program with the phone. i think they are just continuing to add different purchasing options to make it more and more appealing to more people. i think it will be iphone focused for at least a little while. emily: great scoop, mark, thank you for bringing that to us. coming up, the ceo of disney, his future continuing to be in question as calls ring out from some for him to go, including one of my next guests. we will talk about it all, next. that is coming up, this is bloomberg. ♪

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>> welcome back. we are still assessing the fallout of employees walking out on disney after the ceo initially refused to take a position on a florida bill then changed course. my next guest says bob needs to go calling him the worst disney leader he can remember. adding that the company needs to bring back bob iger printed joining me now is the person who said that. i am also joined by a chief investment officer. thank you so much for joining us.

why are you so disappointed in him so far? emily: it started with scarlett johansson the way he was handling talent when he took over he ended up giving her the same amount of money anyway and when you start ruffling feathers with the most talented people in your movie business, that doesn't make sense. disney has always had a history of liberalism and educating people about liberalism. for so long, we educate our children to new ideas through disney. i find that the leadership in florida was something that he waffled on and something that is crucially important in our society that we have more acceptance of all people and disney stands for that.

that this was such a difficult issue for him to deal with doubts my belief in his ability as a leader. he was such a gentleman and always made disney look good no matter how difficult the situation is. i am biased because i'm a big fan of bob iger. i with up to see him back. emily: ivan, what's your reaction given that you are bullish? you have such a high price target and you must believe bob chapek is doing a good job. >> i do. he became ceo right as we were going into the pandemic lockdown where travel was shut down, movie studios production was shut down, theaters were shut down.

cruise lines and the parks were shut down. he did a great job stewarding the company saving cash cutting expenses and investing in the expansion and increased content for disney plus and their direct to consumer streaming service. he has gone through difficult time. i agree that bob iger was a great ceo, but i don't agree that in this unfortunate time that bob chapek, i think you did a great job. he said in his note to employees if he took a large stance on either side of this position, that it would be used as a political weapon and i agree. disney is a company that leads in a lot of areas. especially in acceptance, but they are not a political company and they do sidestep controversy whenever possible. i don't think -- i think he

acted as best he could as someone in the position he is in but as far as investors, he has so far done a great job as the ceo in a very tough time and i think he will continue to do so as the parks open and travel opens. you already see that to the extent parks have been open. they have had records levels of attendance. record ticket prices, record in park spending predict the company is doing well and he has grown disney's direct -- to consumer streaming services. emily: is taking a stand on this really a political issue? it's a small world after all. would taking a position on this from the beginning have been that political? >> yes.

it would have been whatever stance he took would have been used against him. >> what's wrong with taking a stance against discrimination and having people who are forts cremation be against you? -- having people who are for discrimination be against you? running a park is one thing and leadership is another. i agree one hunter percent. if you put him in a room by himself, he has done a great job operating parks or disney plus. but the ceos job is to be in the public and to represent the values of the business. not just operate the business. that is a coo's job and that's where he was and that's where he should be. talking about leadership and things geared to take a position on such a simple thing, it is wrong to discriminate against gay people especially children in school to make a lot to do that and have any confusion over this because you don't want right-wingers attacking you, this is the problem. people care about the moral

values of the ceo identify with that company and they are on strike and nobody is happy with what he has done. emily: bob chapek got a lot of pushback, then he changed course. doing this listening tour. isn't that leadership when you can and you made a mistake? >> i think it's stupid. emily: ivan? >> i don't believe his stance was stupid. i do like people who can change their opinion based on information. the fact that people change their opinion on things i don't think is negative, i think it's a positive. disney has been a supporter of the lgbtq community for years. there were one of the first companies to extend benefits to same-sex partners over 25 years ago. they are an extremely inclusive company that produces extremely inclusive and enlightening content.

i think he -- it's not a simple stance. it happens to be, they have a tremendous presence in florida. florida has been a very politically charged state. unfortunately, his first reaction of not to take an extreme stance because it would have been used against him and it is being used against him now no matter what position he takes, if he takes a more aggressive position toward it, he is also been criticized. you can't criticize him on both sides. so my job as a research analyst is to focus on investment opportunities. as an opportunity, i think disney's brand equity, the leadership, the quality of content, the direct to consumer streaming service and the fact that they get a bang for their investment and content dollar because not only is it on streaming, it is theaters, broadway, licensing, driving people to the theme parks to their cruise ships.

they really create a lot of value with the content. content is king and disney is the king of content. emily: ross, bob iger has said that he is gone. any thought he might come back to the company is ridiculous. if bob iger is not coming back, who is the right person to lead the company if not bob chapek or maybe we give bob chapek some more time? >> you never want to say never. i never would have expected howard schultz to be back at starbucks which epic will be beneficial. -- which i think will be beneficial.

bob iger is a young person for his age so he has the physical ability to do it and he has moved on from disney. the pick should have been kevin mayer. it should still be him. he has gone on to do a wonderful job working in many businesses now. i have met him and i think he's one of the sharpest people in hollywood. he is super connected and he has a type of personality that could handle this a lot better than bob. not to say that anything ivan is saying is incorrect. i own the stock personally and for my firm. ivan doesn't. i am an activist shareholder. what that means is as the owner of the business, i don't like what my ceo is doing. i'm talking about that. that's what i'm saying. i would like to have the ceo of disney represent the values of disney. the fact that he is going on a listening tour is called placating people.

i don't think his views are any different. he just has to placate people and that's my problem with all of this. emily: ivan, i'm going to let you have the last word. we have pushback on a few things. >> he's right about howard schultz. that was good to see at starbucks. this is a different situation. we do own disney on behalf of clients and accounts that we manage. our policy is analyst and portfolio managers cannot have portfolio positions but we do own it on behalf of clients and it is on our focused opportunity research list and portfolio. >> you said your firm didn't on the stock. >> we did. bob chapek, it will be a learning experience for him and the company and i think the bigger picture is the company has responsibility to a lot of stakeholders not only shareholders but employees, vendors, customers, the people who visit the park.

they have a broad base of clients and customers who view their content, go to the movies, go on the cruise ships and to the theme park. he has a big audience, a big group of stakeholders that he has to care for and overall, he has done and will do a good job. emily: certainly, disney has a lot of opportunities and challenges ahead. i appreciate both of you joining us. we will continue this debate. coming up, bitcoin rallying but will it last as the war in ukraine rages, so does the volatility. we will talk about all of that and more. this is bloomberg. ♪

emily: time for our crypto report. crypto breaking out of its recent narrow trading range. this closely narrows gains among u.s. equity indexes. it was also boosted by speculation that russia is mulling accepting it for payment. the owner of a blockchain is buying the token as a reserve. my next guest is from watching capital. what was driving the jump today? >> all of those headlines are

having an impact. there's probably a question of what type of hard asset do people want to own and an inflationary environment? that backdrop is driving additional demand. emily: bitcoin has been trading in a narrow range over the last few weeks despite being such a big part of news and the global headlines we are seeing. why is that? >> it's part of a longer-term trajectory of reduce volatility over time as its market cap and trading volume in the infrastructure chores. there has been some debate about what the current market backdrop of secular growth, increased demand for hard assets means coupled with the world of rising interest rates were the course of -- cost of capital is rising.

emily: looking at short-term moves, what about the long term? what happens to bitcoin? what does the market look like five years out? we talk to someone about that, take a listen. >> the whole year, we thought it would be 50,000 range. risk to the upside not the downside. five years out, bitcoin is not at 500,000, i'm wrong on the adoption cycle. we see an adoption cycle that accelerates. crypto group so much faster than the internet group in the 90's. emily: is it at 500,000 dollars in five years? >> i'm not sure. we might disagree on many different points, but i agree with him. people overthink bitcoin and crypto as a whole. i think the easiest thing to do to do well is to have a long-term horizon.

what's going to happen in any particular day or year is uncertain. a lot of people prefer to do themselves brain-damaged trying to anticipate the market moves when the easier solution is to have a small percentage of your portfolio toward the long term and it could be crypto or a basket of bitcoin assets. emily: what is your take on the executive order and the role that crypto is taking on the role in ukraine. are we looking at a turning point in history for this cryptocurrency and crypto in general? >> potentially. crypto is a component of this discussion. what has been made very clear not just with ukraine, but across global events over the past couple of years has become evident the money and financial services have become weaponized. sometimes that weaponization is used for things -- that would probably have broad support.

other times, there's opposition. regardless, there is demand for a neutral a political money and infrastructure and that's what bitcoin and public blockchain represent. emily: there's a concern that it can be weaponized. the russian oligarchs could use it to sent -- circumvent sanctions. does that concern you? >> no. most of the u.s. government and foreign experts on these agree that there is no material portion of monday laundering or sanction divisions that involves crypto. the vast majority still occurs in hard assets or paper u.s. dollars. emily: always good to have you here, thank you for giving us a long-term view. coming up, the latest travel trends from the cfo of away. how things are changed in the last couple of years and will change in the next couple of years. that's coming up.

this is bloomberg. ♪

emily: more and more people are looking to get away. joining me is catherine dunleavy. there's a lot of conflicting things in the world today. in china, we are seeing a spike in infections. in the united states, businesses reopen and the effort to try to live with the virus no matter how badly it comes back. how is this all impact and travel in the months and years

ahead? >> travel is seeing a terrific recovery. amtrak 4 million more passengers booked this year than last year. even road trips, 26% more road trips these days. people are just wanting to get out. it's important to note that the definition of travel has changed post-pandemic. travel can still be a trip across the country or across the world, but it can just as easily be a trip or a hike to upstate new york. walk around the block or going to the gym. people are getting out of their house and we are making the products that are inspiring the journey. emily: is what's happening in china a concern to you? it's a massive country. there are more restrictive lockdown measures. what are you taking away from that? >> i think that people view travel as a critical part of

their self-care routine. they're going to find a way to travel. it's just going to be different. they will find ways to travel that will be safe for them. no, it's not concern to me. emily: how has this impacted your business? you have launched a few new products, but you still need a suitcase whether you're going to a national or flying across the country. >> right. we have a lot of momentum. every quarter and month of last year, we saw an increase in demand. in the fourth quarter of 2021, demand exceeded pre-pandemic levels. our revenue was up over 20% in february compared to pre-pandemic levels. emily: how has away adapted the pandemic? or what have you learned about

how to be more nimble in the next two years? >> we just kept going. we launched new product. we launched a new store in seattle. we took the time to write a long-range plan that provisions us for future growth no matter what happens. we have great supply chain strategies that allow us to build inventory and have it close to the consumer so that no matter what happens, we will be able to meet consumer demand. that's exactly why our results are so strong. emily: what about the rise in inflation and gas prices and how that's going to hit pocketbooks? is travel going to be the first thing to go? people have been able to do it for so long.

>> we spent a lot of time talking to our consumers about that. what they are telling us is its a part of their self-care routine and it has moved up in their share of wallet. 45% of people expect to spend more even with the current economic and unknown conditions, 45% are spending more than they did before the pandemic on travel. emily: certainly it's going to be an interesting months and year ahead. thank you so much for joining us. that does it for this edition of bloomberg technology. tomorrow we will be joined by the head of institutional coverage at falcon next to talk about all things crypto. don't forget to check out our new podcast. you will find it on the terminal and online. basically wherever if your podcast. i'm emily chang. 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. >> you know a lot of times i have been out here for a new coin release and a lot of times it has been nothing but hyperbole, but this time i think i really d a