>> from the heart aware money and power collides in silicon valley and beyond. this is bloomberg technology with emily chang. >> the retail event of the year. brands from around the world have gathered to talk about the future of commerce. this is bloomberg technology. coming up in the next hour, over wants to outdo -- uber wants to

outdo amazon. plus, rihanna's lingerie company could be valued at $3 million. we have the retailer president of ar technology in store online and more. and the iphone maker on an 11 day hot streak. we will dial into the company's best performance since 2003. we'll get to of that in a moment. first let's take a quick lack -- quick look at the market. cracks a prospect for a resolution or scaling back the conflicts and ukraine, technology is the best performing sector here. it was interesting to see commodity futures fall in the yard. the bloomberg commodity index softer by these percentage points. then the supply of oil and soft commodities like industrial metals could improve. yields rich reading.

the 10 year u.s. treasury yield down two .4%. we got some inversion on the -- on this. in other words, the yield is higher than long-term duration bonds. for many, that is a signal of recession. bitcoin dropped to below $48,000 per token. we are also in the earnings season. look at the stock after hours. overly bullish outlook. this is a maker of memory trips. they are saying a main driver of demand and their outlook is continued investment -- that stock higher by 4.4%. we will talk about this one a lot in the show. apple is up for an 11th straight day. there is a lot to talk about. this idea that we will see more

battery metals. it is interesting to see makers like rebbie and of 17%. the biggest jump since the ipo on november 11. lucid is getting up there as well. >> thank you. we will be back later in the show. we are live where the retail industry power players are talking about the future of commerce and e-commerce. i caught up with the over cf to talk about everything from this to create a super app to ukraine and inflation. a head start by asking how drivers feel about the pressure at the pump. and as rising gas prices. here is what he had to say. >> i am hoping that with the early signal of there being some kind of a light at the end of the tunnel as it relates to the situation, a terrible situation in ukraine, we will have some relief or at least things will get worse.

i think the good news for us is that earnings are at significant highs. earners are earning an average of $31 an hour. those are pretty robust earnings. the pain at the pump is heading everybody. especially our daughters. >> drivers say that it is not enough. you have the drivers protesting at your new york offices today. will this surcharge go up with gas prices? will it continue beyond may 11 if gas prices are still high? cracks we were the first in the industry to move on this surcharge. this helps recover the majority of the fuel prices in italy. not all of the increases in fuel prices. we will look at the situation.

we want to be there side-by-side with our earners and help them make a great living. cracks we want to earn a fair profit and we are doing all of this so that we can put as much of the dollar to put it in our earners pocket. >> inflation at 40 year highs. a new variant here. how is this impacting supply and demand? this is our commerce business

that we are talking about here. it really isn't showing up in the business. earners growth continues to be very significant. more earners are feeling safe coming back to the platform. everybody wants to get out of the house. we are not seeing any kind of a signal that would indicate something is going the wrong way. we are benefiting from the secular trend. on-demand transportation. as a result, i think we will be relatively resistant to whatever happens in the broader economy. >> we are at post-pandemic highs. >> i want to talk about the war in ukraine. out of ukraine, you have been offering free rides, especially at the border. what is the status of your employee in ukraine right now?

>> our employees have gone through relocation and we are tracking them. second, we are running our systems in the towns that the government wants us to run them and we are now plugging in our uber direct. that is a religious text technology to be able to power the u.n. to carry food around. at the same time, what we are doing is raising money for ukraine. we have raised over $2 million. it is incredibly easy to use. >> you do have a stake in your joint venture. i know you're looking to accelerate the development of that but when you open that, you can still call a car. cracks that is essentially a skin. it is only branding of our technology. there is no uber technology

being used as part of the original transaction. uber is a very big brand but we don't directly touch them in any form. >> what is it about selling on this asset? >> i think right now everything is on hold. we have stated intent to sell. we will sell as soon as reasonable. people are much more focused on humanitarian aid. hopefully moving forward with some semblance of normalcy and then we will look up and see what we can do. we already invested about a billion dollars out of that business.

>> i don't think you can predict the market. my job is to run a business. i think that we as a company had made this profitable last year. we hit it earlier then our promises. we said that we will be profitable. all of them will be profitable. we made this sooner and at scale. i think that this will be a much bigger tailwind. quite a big milestone in london. the 2.5 year extension.

that is a big deal because they rejected your last request. how will you do that? >> we committed quite early and every single ride in london, we take some amount of that and put it into a pool to help drivers in london move from gasoline powered cars to electric powered cars. we love that vision. we have been working on that. >> i don't think anybody thought that would ever happen. >> we are talking to many cap companies. we have over 100,000 cabs on our platform. benefiting from the demand that the over platform and the

services that uber brings. this is just an extension of that same technology. super excited about new york. cracks marty walsh said that he thinks some gig workers could be or should be classified as employees. it has been reported that you have had conversations with him that have been productive. when was the last time you spoke with the secretary of labor or the labor department? what progress have you made? >> you would have to ask him his particular view. my conversation with him was last year. i think he wants to learn about the benefits of gig workers and some of the issues with gig work. we don't think this world of having to make a choice between flex ability of earnings which is the number one reason why

drivers engage on our platform. they don't want to be employees. we don't think there has to be a difference between flexibility and benefits. we can have both. this was an outsized winner with voters. i think the department of labor is listening. we are hoping we can get to this win-win. cracks you can cash that will interview on bloomberg.com. coming up, much more from shop talk. we will talk about the future of shopping on and off-line and the role of ar technology. that is next. this is bloomberg. ♪

>> we are back live in las vegas where the power players of the retail industry are talking about the future of retail and e-commerce. one of those up-and-coming retail stars is this andre company fronted by rihanna. they have been mulling a public offering. as talk about this with the company copresident. you worked at the gap,

victoria's secret. what is different about this and what rihanna brings to the table? >> it is an amazing brand. i have had the good fortune of working for some of the great mainstay brands in this industry. what makes it special is we have been built from a place of authenticity. really driven by our founder. we are celebrating, acknowledging customers that have not been seen and acknowledged by the customers in this industry. it has been a very powerful brand to be a part of. >> do you think being run by a woman has made a difference? >> absolutely. no question. everything we do comes from a place of authenticity. we could not be anything but inclusive. we could not be anything but about female empowerment. that is what rihanna stands for. she has brought that to our business and i think you see it

across everything we do from a product assortment to how we show up and external marketing. if you look at our website and social media channel, we show a very differently than how other people have in the industry. >> it started out as a pure e-commerce play but you opened up brick-and-mortar stores here in las vegas. what is the strategy there? >> it is an important part of how customers want to shop. i think the thing we are doing very different is it is not just transactional. it can't just be transactional. it has to be about an experience and a place that customers really want to take time out of their day to go into the store. >> what is the difference as far as the online shopping experience? we have not seen it come to fruition. >> one of the things we are super excited about is how we are leveraging technology. for us, it has not changed in

decades for how a woman determines what the right size is. we are leveraging technology in a different way. they can take a scan of your body and get your exact measurements and map that back to our product assortment is to say here is the best fitting bra for you in the right size. it is important to bring technology to bear in physical retail in a way that actually adds value to the customer. >> lingerie could be seen as a luxury good. we are facing record inflation. the highest inflation in four years. how is that impacting customer choices and how much are we willing to spend? >> we are very sensitive to that. i think because our customer is very value conscious. they are feeling the inflation in the pocketbook. we are looking at our product as

replenished above. people always have to wear underwear. at some point in time, that product wears out. we are making sure we are adding value for them. this entices them to come to our brand. cracks have you seen any pullbacks in general as a result of the pressure that the consumers are feeling? >> we can see that within our business. that is what we are looking for. this is a nice luxury to have that is not breaking her pocketbook. that is something she wants to spend her money on. >> what was hot in the pandemic? what is sticking around? how are things in lingerie changing?

we are shifting back to this. cracks how involved is rihanna? >> incredibly involved. whether it is on our marketing side. she really has her finger print on everything we are doing as a brand. kouachi is working on these established fashion brands. >> it is a wonderful breath of fresh air. i know rihanna is a global pop star. i see her as a business partner. she understands the customer. she understands people's bodies and people's pain points when it comes to their bodies.

she always make sure we are developing product and addresses and acknowledges that. she thinks about the customer. cracks there are reports that you are considering a public offering. >> we can publicly comment on anything related to this. i think if an idea makes sense for us, we will evaluate that. cracks obviously we are seeing inflation. there is a lot of economic uncertainty. don't know what is next. cracks absolutely. that is what is most important happy -- >> absolutely. that is what is most important about being a leader. where can we add value for the customer? how can we give them a little bit of joy? >> we are doing some future casting. take me five years out.

how is the retail industry different? >> i think you will continue to see this merge of physical and digital in ways that complement each other but then take advantage of the strengths that each channel has to make. you've heard a lot about the meta-verse and how that will come to bear. you will see that come to bear in a real way. that will dramatically expand how people shop and what that opposition looks like. everybody wants to know. but you have a great choice of colors. thank you for coming to join us. >> thank you for having me. thank you for stopping by. much more coming up on this edition of bloomberg technology. stay with us. this is bloomberg. ♪

>> will smith has apologized for slapping chris rock on stage at the academy award. smith said he was out of line. the academy of motion picture arts and sciences has opened a review saying that he will has no -- he may face consequences for his actions. the consortium is being led by

brookfield asset management. they provide this to the premier network. they have had enough of those turbotax commercials about being free. the government agency selling to stop it from stopping prospective customers from saying that it comes at no cost. everyone else has to pay. they spent a lot of time and effort only to find out they have an upgrade to a paid service to complete the returns. the sec claims are not credible. coming up, apple's hottest month since 2003. how soon before we hit 3 trillion. we will talk about that next. this is bloomberg. ♪

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>> welcome back to bloomberg technology. apple has been on is how to streak since 2003. ed ludlow has been digging into the numbers. when is it going to happen? >> we are on the precipice of the 3 trillion market cap once again. we are up 60%. there has been a mix of negative and positive headlines. the positive is coda one best

picture. but then also apple was cutting the base model because of winning demand. we had inflation. investors have been brushing it off. you know i have to track charts like this. apple is not immune from the discussions around the outlook for higher rates. it is a really interesting question. the nasdaq 100 tech heavy index

is down around 7% year to date. the move took up in the positive territory. you see amazon coming back positive year today. there seems to be a differentiation coming through. looking across the technology sector. growth names. there are higher growth stocks that seem to be suffering somewhat. how long is this rally going to last? >> those questions to come. ed ludlow sticking with apple. dan, you heard the analysis there. i know this is a question of if, not when.

>> we are seeing services as rocksolid. the historic win for the oscars. i think we could put together. in my opinion, the scope -- this will go well north of 3 trillion. >> we are looking at a down market across the board. investors holding back on these huge tech multiples. >> this is the oversold tech market. the most oversold in the last five years. the haters will hate on apple but just like many thought this was the first round, now they are playing in the final four.

when i look at what happened with apple, i think they were just heading there next leg of growth. iphone 14 and i think this is still undervalued by the street. now, with that green light on tech, this is not even our opinion. >> what sets apple apart? whether it is meta or amazon. >> what is unique with apple is this would be the 80 billion. underline demand on iphone 13 premium. you compared to meta-, that

business model is a different business model because of the ios changes. this is offensive. i think you are starting to reevaluate street numbers. >> to the production cutbacks concern you? >> i think this continues to be the overall regulatory environment. that will be the overhang on broader tech. there is a better chance of me playing in the masters last month than this impacting the business model. crimes i would like to see it. i will be ready for that.

always good to have you here on the show. thank you. doordash is entering wholesale delivery, announcing a new partnership here. i caught up with christopher payne earlier here in vegas to talk about that and much more. >> 226 doors. mainly on the east coast. >> this powers delivery for third parties. the platform grocers have joined the platform over the last 18 months and it is wonderful to see that trent continued. >> you are picking and packing the items. you are not just picking them up and dropping them off. >> there is more cost when you

are picking them but they are also larger, they tend to be larger than a typical meal order. there are different characteristics to make the economics work but we have a lot of experience. we are very confident in the long term profitability of the category. >> uber is here talking about the future of retail. not just food delivery but potential to everything else. how does that differ from what doordash is trying to do? >> i think consumer expectations are rising. consumers are looking to get more and more things delivered to their door in minutes, not hours. i think many companies will continue to go after it. we think doordash is uniquely situated to do this right because today we have 25 million in monthly access. we are going beyond restaurants.

convenience, grocery. we have jcpenney, office depot. additionally, we have -- past. that is subscription. we think it will be a wonderful complement. we think there are bring it to me now consumers. we think doordash is the leader. that is what we are focused on. >> gas prices are high. how is it impacting orders? >> the inflation touches every aspect of the system. >> most dashers do it as a side gig. it is four hours a week.

we had not seen much impact today, the number of dashers showing up. it is something we will keep our eye on. we have a card that will give them a 2% discount. for those dashers that do the most delivery, we give them a driving bonus with the number of miles we have driven on the platform. this will delay some of the temporary changes. >> with the -- benefit your editing, you have to drive a certain amount of miles to access it.

>> to advise us on what to take. they actually helped create the system that we launched. one of the dangers of adding a consumer surcharge is decreased demand. we are trying to not put further inflationary for -- pressure on the consumer side of the equation. also, by focusing the economic advantage on the gas prices, we believe we are actually focusing on the problem and helping dashers with longer distance deliveries. we think our model is therefore the inflation is. >> christopher payne there in las vegas. coming up, my conversation here.

the controversy about the former ceo's storm each week. this is bloomberg. ♪

>> volt, the e-commerce company known for its one click check out and big plans to take on amazon, paypal and even google. this is making a lot of noise and trying to raise money at a $14 billion valuation.

how the company hopes to stand up from the competition. >> it is exciting that they were able to get a lot of traction. one of the big problems we are going after his the check out for retailers. 75% drop off right at checkout. that is 89% if you are on mobile. they are going after solving that problem and helping retailers to convertible shoppers bringing money on board. >> it is mostly a tool for small businesses right now. do you need amazon? >> right now, most of the businesses have to make a choice.

if they want to give that experience by themselves, that did not exist today. they can share all of the shopper information. >> do you see some of these bigger retailers coming on board and signing onto your vision? >> absolutely. fanatics are engaging with their shoppers. >> they have been trying to raise some money and a $14 valuation. what are the dynamics of that?

do you have to lower your expectations? >> it has been in a great place. we are continuing to see more and more fractions with the big customers signing up right now. more e-commerce partners are signing up with bolt. >> what are your fundraising conversations like right now? are you having trouble raising money? >> not at all. because of all of the big customers and interest we are seeing from partners and everyone around us, what we are seeing is higher interest, mostly in the bond market. people are looking for differentiated products. there are so many players doing the same product is slightly different form.

for us, it is very unique. we are the only ones that do what we do. what it is is this network and the difference, unlike having a separate button, we integrate our product into the existing workflow. >> you recently took over as ceo after being ccl and running operations for a. of time. not without some controversy. the mob bosses of silicon valley. do you agree with his point of view? >> ryan is a great leader and a phenomenal visionary. he can see things ahead of everybody. he and i have such a

partnership. that is why he asked me to take on the ceo role. he will continue to advance the platform for the founders at e-commerce. i think i am really aligned with him on that. >> a pretty passionate defense there. coming up, the future of sustainable fashion. we will talk about a leader about how they plan to get more customers. that is next. this is bloomberg. ♪

>> we talked about the future of retail and fashion but here is a different angle, it is retail. talk to us about how the pandemic impacted the resale market. did you see a shift away from fast fashion to secondhand items? >> he really is our retail exhilarating and when you are all stuck at home and had nothing to do, you saw retail really categorize -- catalyze in that moment. we project growth of about 30 or 35% per year. >> how was the fashion industry

doing to help the transformation? >> i think they are getting started. i think that we have to figure out how brands can scale this. at the end of the day they need to build big, sizable opportunities. price you are partnering with brands like macy's. how do these partnerships work? >> week power a kickback program. you can take back all of your denim and all of those products. we are also powering our retail shop. >> what is the goal? >> we can power a thousand different brands. retail experiences. big and small. >> how key are consumers here?

i think consumers are more savvy than they had ever been about understanding the responsibility. what do you need for consumers to be more of a part of that. >> really thinking about all of this, they think the brand is healthier and they are more excited to work with that brand. >> how much is gen z powering this? >> gen xers, all of us are generally part of the solution. we also have bigger wallets. gen x and boomers have more dollars to spend. quite there was also competition. there is #. what do you see as the real differentiation here?

we do a lot of work for you. unlike postmark you have to do all of your tefillin -- fulfillment, we take this. >> what is the global trend? >> we are doing some retail now. we are seeing the retail market is massive. japan always had a robust secondhand market. germany is the same way. i don't think it is a u.s. thing. it is a first rooting. >> i think this will accelerate over the >> -- the next few

years. >> what will be the challenges? >> the supply chain and the infrastructure to bring it to the masses. >> what needs to change? >> the volume of goods. we estimate there are 17 billion pieces of clothing out there every year. that is a lot of supply chain infra structure. good to have you back here. that doesn't for this addition of bloomberg technology. live from shop talk. don't forget to check out the new podcast. you can look at it wherever you get your podcast. that is all for me in las vegas. check out more interviews at bloomberg.com. i am 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, od presentation furnished by rare collectibles tv llc. the morgan silver dollar is without a doubt the most iconic coin in united states numismatic history, designed by united states mint assistant engraver george t morgan. this silver dollar series was minted from 1878 to 1904 and then again for one year in 1921. the morgan