>> from the heart of where innovation, power, and money collide, silicon valley and below -- beyond, this is " bloomberg technology" with emily chang. emily: i'm emily chang in san francisco in this is "bloomberg technology." the power players of retail are gathering in las vegas to talk

about the future of commerce as interest rates and inflation fleece consumer pocketbooks. we take you there live. plus, the smack seen round the world. will smith, overshadowing his own oscar win. sparking memes for days, maybe decades. a report from hollywood. and we speak on the promise of new science in a post-covid world with jennifer dabney. all of that in a moment. first a look at the moments with -- a look at the markets with ed ludlow. >> it's a continuation of the risk on sentiment we have seen. looking at the nasdaq 100, up to its highest level in six weeks. it's interesting, bitcoin is on there as well. it has been a bit under the radar but it's the highest level of the year on bitcoin, raising year-to-date losses.

real momentum there. you have got to flag oil, not necessarily related to tech, but oil down sharply with west texas intermediate down per barrel, there is now a narrative around the question of global consumption, particularly china. biggest consumer of global energy products. every so often a chart comes along. i want to talk about apple. apple on monday for its 10th consecutive day had its longest streak of gains since october 2010. let that sink in for a moment. that is despite reports that apple cut production of the iphone se by 20% because of waning demand because of inflation in the conflict in ukraine. investors didn't seem to mind. apple really leading the charge there quickly, amazon now

positive year-to-date as well. despite the narrative around higher rates, investors are looking close at mega tat -- make cap tech stocks. investors looking for other stock split's. 8% on cash deals for poly, one of the makers of remote work tools. you see investors taking it negatively. amc entertainment up 45%. do you know why? emily: why? >> no idea. [laughter] emily: always love your history lessons, love it. we are in las vegas where moguls are getting together to talk about the future of retail. agendas covering the latest in technology and trends. connie is in vegas at the conference and joins us now live. you were a speaker on stage

today. wondering what the key trends you were most bullish on from day one? >> looking at combinations of short video, live video, all of these topics, looking at the right host, the right seller to host the videos, there's a lot of talk of incorporating technology into the everyday shopping experience. emily: looking at retail companies and consumers, how are they going to respond? >> they are looking to foster more brand loyalty, make sure

customers have more confidence in what they buy before they purchase them. examples like using video or personalized chat or having these one-on-one expert recommendations are always so brands can make sure that consumers are more confident in their purchases. emily: you focused on china as an e-commerce player and in that shopping economy we know there are so many different kinds of experiences that have yet to translate to a global audience. talk to us about what you see that has the most promise and if these trends catch on around the world. >> the big trend would be live shopping, it has taken things by storm. you can purchase everything by live video in china now. everything from medical procedures to clothing, fruit

farming. anything you can think of that can be purchased online can be purchased through online video. the trend is now showing that they have a lot of promise in the u.s., plenty of companies are experimenting with live video and seeing great results. emily: you have talked about the rise of shockertainment in the past. -- shopertainment in the past. what you think about the competition in this space? >> they have such a fantastic way to sell things. you know infomercials are effective if you grew up watching them. testimonials, live demos, un-boxing, it's all a fantastic way to sell product in get customers more excited about what they are buying. you are right, these large

platforms will be experimenting with it. i also think that a lot of brands will be experimenting with putting it on their own apps, and third-party apps rising as new shopping video platforms that will do tremendously well. emily: in the broader environment, funding and valuations, instacart marked itself down from $39 billion to $24 billion. is there going to be a slew of other markdowns? is this happening at a lot of companies? >> i can't speak to that particular company but i tend to focus on the early stages of precedes. a lot of these companies have long time horizons and we are less concerned about neil -- near term shocks to the market and it wouldn't change our

focus. emily: are you saying that the broader economic environment isn't factoring into your calculus at all in terms of the early investments you are making? >> at the early stage i don't think we're that phase. many of our founders are building for 5, 10, 15 years out. emily: let's talk about where you are willing to invest in terms of companies and trends. coming out of this pandemic, hopefully, fingers crossed, we are facing uncertainty around the future of hybrid work. where are you placing your bets? >> covid brought a lot of behaviors forward in a great way and it accelerated a lot of the trends that were going to happen anyways. looking at new forms of

commerce, people creating new formats, video or ai driven, i'm particularly excited about companies that use ai at the forefront, rethinking the entire experience to begin with. i'm excited about ai and video in particular. emily: take us five years out, how will we be shopping differently? >> i think that video shopping will be, mainstream behavior five years out. you will be shopping all kinds of platforms. not just on e-commerce platforms, but social media platforms in other places you spend a lot of time. with ai there will be much better personalization that improves the shopping experience for everyone across the board. ideally that means you are buying things that you can return, that fit your style and

naturally delight you. ai is a wonderful way to get a more personalized shopping experience. emily: this is a smarter version of qvc? >> of course, the original shopping video platform. but if you look at what happened in china, you can get a glimpse of what's possible in the u.s.. in many ways it is now one of the most popular ways to shop and people are doing it on their smartphones throughout the day and you can purchase literally everything on -- anything on live video shopping and it's great, you can ask questions, get real-time answers. lots of limited time discounts. think back to your infomercial days. order now, get a freebie. get an extra one to give to a friend. often limited time promotions with exclusive drops in pricing, it's all much more possible through live video. emily: what is the role of the

creator economy and all of this? influencers replaced by ai? >> they are important because they are curating products and building trust with end viewers, right? there are particular folks i watch on youtube and i trust their recommendations based on what they did in didn't recommend in the past. creators are still really important as curators or creators of products in the cure ration is valuable because it gives me a better glimpse into more information about what i'm purchasing. emily: all right, connie, great to hear your view of the future. thanks for stopping by. meantime, netflix heading for its biggest quarterly drop in a decade. in its final week of the first quarter they are down 38%, making them one of the biggest

losers in the nasdaq 100. investors wary about disappointing growth outlooks. coming up, heading back to las vegas where brad stone sat down with the instacart ceo days after they slashed their valuation. that's next. this is bloomberg. ♪

>> is a private company, even though business is incredibly strong, we wanted to reflect the

fact that you are not immune to the volatility of the public market. so, by practically taking down our valuation to reflect what it would be like if we were a publicly traded company, it's an employee first move so that we can start granting stock to employees and have them participate in the upside. emily: the instacart ceo there with brad stone talking about the company possibly markdown last week. they slashed their valuation by 40% to $24 billion to reflect public market decline on companies like doordash and shop a five. saying that this is to give employees more upside. brad stone joins us to discuss. big question, this the start of something we will see happening more broadly at other companies? what more context did she give you their?

>> you heard it, she called it employee first, saying would help instacart with retention but i think they are in a unique position in it will be more difficult for other companies to follow. remember last year, the ceo and founder of instacart stepped aside and she really signaled a full pivot for the company, just from food delivery into a more kind of full-featured enterprise business where they provide technologies for supermarkets, building ghost warehouses for 30 minute delivery. i think the reset bought them more runway and it allowed this private valuation reset. other companies facing liquidity demand who might have to go public soon are going to have less flexibility. liz: -- emily: pushing the idea of instacart as the antidote to amazon, and i'm curious as to

what you think of that, can instacart really take on amazon and the way that she is expressing? >> it's funny, that's not really the right question, at least not right now. amazon is a measly 2% player in the grocery business. whole foods, they haven't done much, they are doing great things with -- interesting things with checkout technology, but the big bogeyman really is walmart. kroger, another big giant. if you are a small supermarket, maybe amazon motivates you a little bit, but really the dragon in the room are these big scale players that are modernizing very fast, the real reason for the digital transition needed at small supermarkets. emily: since we spoke a couple of weeks ago we had a debate in that episode about a share -- fair wage and shoppers told me

that their typical payment for a shop is seven dollars. she told me that wasn't consistent with what is normal but it sparked a frenzy of shoppers out there sending me screenshots of their orders, many of them getting paid seven dollars, low as five dollars. what did she have to say about this, wages, if they are fair and if this kind of economy is sustainable? >> right, and i mentioned that explicitly. for anyone who writes or reports about instacart, you tend to get these testimonials that their shoppers are suffering. from what i recall, listening to the tape, i asked directly if you could raise the wage in she talked more about the kinds of hurt's that come with being a shopper, trying to instigate more demand because in times of peak demand you maximize savings. she talked about lots of specific features for female

shoppers, a preponderance of their labor ecosystem. i have a feeling that they might be a little constrained on the economics. she talked about running a delivery business at costs and making margin on things like advertising and enterprise sales. it might just be that the economics of instacart delivery are not that great and that they are limited with what they can do for shoppers despite the vocal percentage that are complaining. emily: all right, brad stone, joining us live. i will be with you there again tomorrow to interview the uber ceo and much more. hp agreeing to purchase plantronics in a deal that will help the laptop maker further capitalize on their pivot to hybrid work. they sell phone headsets and audiovideo accessories. the all-cash deal gives shareholders a premium to the closing price on friday. coming up, it went viral in

seconds. will smith, slapping chris rock at the oscars. more details on why and what's next, coming up. this is bloomberg. ♪

emily: it is what everyone is talking about, at least on social media, as the slap. will smith smacking chris rock on stage in the middle of the oscars ceremony after chris rock made a g.i. joe g.i. jane kind of wife about will smith's wife, who has suffered from alopecia and embracing it by going bald over the last couple of months. lucas, i got to ask you, 24

hours later, a more details on what happened here, the back story? next? >> noni details on exactly what happened on stage, we all saw it, but the real question is what was happening behind the scenes, what did the academy try to do or not try to do in the moment in what will they do going forward? there have been some reports about how they considered trying to intervene and stop will smith from speaking. the question now i think amongst many is will he be punished in some way, will he be barred or suspended for a couple of years? normally as best winner actor, he would be back next year. probably we won't know in the next day or two but we shouldn't the few weeks. emily: let memes about the incident are insane. i'm pretty sure -- pretty sure these will be going on for

decades. it overshadowed his own oscar when. in his own speech he didn't totally apologize, he kind of apologized. you know, what does this mean for will smith's career? >> it is one of the most surreal moments certainly in the history of the oscars. arguably in tv history. it marred what was supposed to be the culmination of his career. he's been one of the biggest movie stars in the world for 20, 30 years. he has tried to win oscars before, his career has been on the down slope for a bit and he's really revived it in the last five or six years and this was going to be the pinnacle of all that and to your point, we are just talking about this one kind of unfortunate incident. he is someone who has lived very much in the public eye over the last little bit and i'm curious to see how he tries to navigate this and what his response is

after he has time to digest it. emily: in the meantime, chris rock had sort of remarkable composure in that moment. we still haven't heard from him, right? why hasn't he released a statement? >> you are right. he handled it so well, a lot of people thought it was a bit. people asking me that this morning even. i don't expect he will say a whole lot. emily: all right, lucas, thanks for the update. that was not the only thing of note of course that happened at the oscars, just the thing that everyone is talking about. as my colleague alex webb points out, there was a lot more. >> much of the conversation around the oscars is focused on will smith hitting chris rock but there was another significant first, the best picture oscar went to "coda," the first film distributed by an online streamer.

it wasn't netflix, wasn't amazon prime, it's apple. it says a lot about the way that economics of film are changing. the upsides are greater than the classic studios. in the old model if you could convince people to go after having won a few awards, you might get $15 on a ticket in the studio might take home half of it. in the new model you might be encouraging someone to sign up for your streaming service. apple tv plus costs about five dollars a month. if you can commit someone to sign up and they stick around for two years, that customer could be worth $120 to you. rather than seven dollars or eight dollars you get 100. -- $120. on top of that the cachet of being an oscar-winning studio, the ability to encourage other filmmakers to bring their talents to your studio can have a real snowball effect further down the line. emily: alex webb, there.

huawei earnings out, despite tightening u.s. sanctions. this is bloomberg. ♪

emily: welcome back to bloomberg technology. shares of tesla jumping 8% after the company said it would seek shareholder approval. the newsng the stock higher despiteive sources say tesla has halted production at a shanghai plant. ed ludlow with the latest. why another stock split? ed: the street is hypothesizing

the rationale is the same as the last stock split, which is to lower the barrier for entry. elon musk has talked regularly about how tesla investors on the retail side are often tesla owners. they owned the cars. they own the energy productshavf the company than institutional investors. with the stock at the level it is, it might be inaccessible to them. i doing a stock split, you lower the per unit price and it democratize is the access to the stock. emily: what were details to we have on how this will work? ed: that is the whole problem. we don't have details. tesla came indicated this in a tweet. then they put out a regulatory filing saying they are to ask investors to approve the additional shares that would need to be offered for the stock split at their annual meeting we don't know the date of the annual meeting. last year it was in october.

this is classic tesla pair they don't communicate like other public companies do. don't know what the ratio of stock split's will be. this is classic tesla and it is hard to track. clearly the share reaction took tesla into positive territory for 2022. emily: what do we know about what is happening in shanghai and how problematic is it? ed it is problematic. authorities in shanghai are doing mass testing because of reserves and shoved covid to -- because of a resurgence of covid. where the tesla plan is is the focus of the testing. tesla shut down through april 3. don't know how long it will go through in total. shanghai accounts for almost half of production. the difference is the cars coming out of shanghai are more profitable. they have higher margins because the supply chain is localized appeared in february, tesla

delivered 56,000 vehicles from that plant, which is indicative of them outperforming the vehicles in that capacity. it could be disruptive for a company that has a lot of momentum in terms of scaling production. berlin is online and we expect the new plant in austin to come online soon. this is one we are watching closely. emily: thanks for the update. huawei help with the company's annual report and seeing that profits surge 76% despite the revenue decline to andy purdy -- despite the revenue decline. the chief security officer is with us now. curious how huawei is able to pull this off and how the company will keep it up in an uncertain economic and geopolitical environment. >> my last trip to china, the

company was planning the strategy to try to survive. this is very heartening. part of the work given the limitations on their ability to buy nonsensitive technology from the american semi conductor industry, we had to realign our business portfolio. we had to invest heavily in r&d. 22% of our revenue this year in r&d. we are emphasizing the importance of digitalization, the importance of cloud, the importance of carbon. we are pleased that we have over 700 cities. 267 of the fortune companies have chosen huawei. it is a long haul. we are making progress. we are going to worker way to the flourishing future. in the process, we are providing real value to our partners and customers around the world. emily: now we are facing another

geopolitical crisis and that is russia's were on ukraine. how -- russia's war on ukraine. how will this impact huawei? it has become russia's largest equipment supplier. >> we are upset about the invasion. in 2019 went to kyiv twice to visit some friends. learning about the history, going to museums and seeing what they're going through now is horrendous. as you know, our rotating chairman said we are studying the various approaches of companies and governments around the world to keep up with what our tactical up with what our approach is going to be. emily: does huawei need to abide i sanctions imposed by other nations and would've china imposes sanctions on russia? >> that is part of what we are

studying. one of the things we have been doing even before the pandemic was improving diversification of our supply chain. if there is a disruption in certain areas we can pursue other areas. with the investment in r&d and research, having the ability to find value, create value and working as part of the information and telecommunication industry to move toward carbon negative. so we have got a lot of flexibility in different kinds of products and components. we operate in 170 countries in the world. we are going to find a way although it can be very difficult. the idea of dealing with supply chain challenges, business continuity is all part of what major companies have to do. emily: let's talk about that way forward especially with your overseas business strategy given that your smart businesses have been hard-hit by u.s. sanctions.

it does not seem like this geopolitical uncertainty is going to end anytime soon. >> from one certainteed to another. -- one certainty to another. there was a recent study of the 5g networks in switzerland and germany. they said that while way provides the best user experience. our consumer business, wearables, smart screens saw a tremendous surge in that business. we have 6000 partners coming up with these solutions. last year we had 10,000 5g to be deployments. there are a lot of different ways we can survive. by heavily investing in research, we are finding ways to find our way. emily: what is while way doing to address the security concerns

raised by foreign countries, in particular the united states? i know you don't agree with all of them but clearly these concerns remain. >> in light of the recent cyberattacks that demonstrated an old axiom is no longer valid. we are working with our competitors, the major carriers in the world to try to strengthen and improve standards for 5g and particularly standards for telecom equipment and working to create performance programs and independent testing programs. the u.s. government emphasized the importance of greater information sharing when it comes to cyber incidents. don't wait until bed things happen. try to share information sooner so the dots can be connected. we are open to having the u.s. government come into our facilities and hopefully those of our competitors. to give advice about how we and other companies can be more transparent, how can we be sure we are doing what is necessary to promote resilience and find

ways to do that before bad things happen whether it is data breaches or cyberattacks. we need a greater capability as a global community to figure out where we stand so we can avoid really bad things happening. hopefully the united states is going to get more active in these efforts. emily: we have seen the chinese government cracked on chinese tech companies. how can you assure your overseas partners that you can avert this kind of intervention and it will not negatively impact huawei's business? >> that is one of the reasons we are partnering with so many different companies. we have 30,000 partners around the world. we are continuing to strengthen the global assurance and privacy protection program we launched shortly before i joined almost 10 years ago. the idea of internal testing,

external independent testing, participating in these standards bodies where you have to have certifications and trying to find ways to be increasingly transparent so our customers and the customers of others know what we are doing. we have then one of the most tested companies in the world and we believe the folks who have been our customers and stakeholders recognize we are committed to following the laws in those countries and we are committed to the best practices and a and we are open on ideas of how to improve. emily: while way technology's usa security officer pip help crypto markets are continuing to be impacted by the war in ukraine and how they can recover. more on that next. this is bloomberg. ♪

emily: time for our crypto report. let's take a look back on the crypto market since the start of the war in ukraine. the queen and others have fluctuating ever since caught in the crosshairs between russian sanctions abroad and rising interest rates in the united states. let's bring in sonali basak. quite an interesting pattern. >> what is important to note is even amid the volatility, coin has a raise to losses for the year. in's the war had started, you see that bitcoin has risen significantly. within 25% the last couple of

weeks. there has been a big buyer. the lunar cup -- the leader foundation has confirmed they have been buying more than $1 billion since january including millions worth of purchases on monday. that is a steady rise for bitcoin in the last couple of weeks. it does outpace the s&p 500 since the war started, which only rose 6% in that timeframe. if you take a look at ethereum , it has risen even further. that is around the excitement around the merge. about a 30% rise. over the last 24 hours, we have seen a big jump but that has started to level off. we will see how much room it has to run. people are waiting for it to get to 50,000. emily: what are the biggest hurdles that remain for bitcoin?

obviously there is a major regulatory one. sonali: the sec has not approved a spot to the futures-based etf taking off here. the proshares bitcoin etf, not a huge rise since it first started but we do see it coming back up along with the rise in bitcoin for the year. you can look at it both ways. the big banks. goldman sachs among other big market makers have started to make a lot of bitcoin derivative products that help institutions get exposure to bitcoin. my sources say everyday there is not a spot etf. more people get into these derivative products to get exposure to bitcoin while they cannot get exposure to a more direct etf. emily: what about nft's? we saw sales sputter a bit. are we seeing any recovery? sonali: you see a little bit of recovery. it is down significantly from

the highs. you are seeing -- and this is by volume. if you look at by market cap, it is still quite high. this all goes to say bitcoin itself has taken a rise. all these other products follow on the heels of how fast bitcoin can arise. let see if nft cells can catch up. -- nft sales can catch up should emily: coming up, the future of our tech investing and of the gene editing technology in a post-pandemic world. a biochemist and nobel prize winner joins to talk about all of that and more next. this is bloomberg. ♪

emily: as we come out of the

pandemic, what the future of the biotech industry holds. you see a professor is trying to level the playing field by launching a new program to help women founders in biotechnology. running us to talk about that old and more is professor doudna. most people would agree we need more jennifer doudnas in this world. talk to us about the new program. jennifer: we are so excited about the new program. we launched a women in entrepreneurial science program. founded by a wonderful female entrepreneurial philanthropist, we have an incredible opportunity to recruit the best female entrepreneurs to the institute, give them a head start to get their ideas launched and found companies off of those ideas. it is an extraordinary idea.

emily: why do we need more women in biotechnology in particular? jennifer: i am a big believer the best science gets done by a diverse team should we have to have people from all walks of life contribute into the future of biotech. we have seen over the last decade they can advances made both on the innovative side and on the applied side. i think going forward we want to have the most -- the largest opportunity to recruit people from everywhere to come in to this field and work on opportunities and genome editing. emily: what is your assessment on where we are at this phase of the pandemic and the role that gene editing will play in preventing the next pandemic from happening? jennifer: crispr is such an extra neurotechnology. it came out of the study of a

bacterial immune system. naturally works in nature of a way of protecting cells against viral infection. going forward, we are using it not only as a way to detect the presence of infectious agents but also to use it to make the kinds of changes in the genome that could be protective against future infection. i think those are the ways we will see crispr having an impact in the future to prevent the pandemic. emily: berkley recently lost a drawnout patent battle with m.i.t. and harvard over the ownership of this technology. what has been your reaction to this? jennifer: this is a common theme in areas of technology where there is extraordinary opportunity. there always disputes about intellectual property. crispr is no different.

i am proud of the fact uc berkeley, university of california retains within 45 issued patents that are not part of the interference or we have a very strong intellectual property suite around crispr. we continue to do our work at the institute. we are not impeded by that ongoing dispute. emily: how does this impact your efforts and your dream to commercialize this technology and apply it to our problems for generations to come? jennifer: not at all. i had a wonderful conversation last week with victoria gray. she was the first united states resident to receive a crispr therapy for her sickle cell disease. incredible to talk with her and hear about the impact on her family, her life. she is enrolling in business school. something she could not have imagined doing all she was dealing with the ongoing impact

of sickle cell disease. we are going to see more opportunities to change peoples's lives in better ways. emily: talk to us about your near-term goals and your long-term goals on the therapeutic roadmap. jennifer: near-term, i think we are on a path to continue expanding the kinds of applications that crispr will be used for peer now only for very rare disease but i think in the future using it as a way to protect against disease. there already companies -- they're already companies that are on that same path. further down the road, i think crispr becomes a standard of care for certain types of disease. that is something i can envision. it will only happen if it is developed with an eye toward this -- toward sustainability. it has to be affordable. victoria grace treatment was close to $2 million. we need to bring down the cost.

one way to do that is due the kind of research we have ongoing at the innovative genomics institute and partner with companies when it makes sense. emily: what is your outlook on the future of wyotech returns -- of biotech returns? for so many years, this was underinvested do you see a new era for biotech investing being ushered in over the next decade? jennifer: i do. one thing i think is driving that is the intersection of biotech with other kinds of technologies. i think many of us see that there are amazing opportunities when these areas of technology converge and that is what we are seeing right now. i think the next decade will be very exciting for scientists and also for investors. emily: where should investors be putting their money?

jennifer: one area i would recommend looking into is agriculture and synthetic biology. these are areas where we need crispr and we need other technologies to address the challenges of climate change. how do we keep people fed with high nutritional value crops? crispr will play a big role there. emily: dr. jennifer d oudna. thank you for joining us. that does it for this edition of bloomberg technology. join me tomorrow with my enter -- for my interview with the uber ceo. will be alive with the show on the shop talk floor. don't forget to check out our new podcast. you can find it on the terminal as well as online. i'm emily chang in san francisco. 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™.

>> a very good morning u.s. stocks bonds gyrate as investors respond to a growing list of inflation to the war in ukraine. haidi: u.s. stocks are gyrating