>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ ♪ >> i am emily chang in san francisco, and this is bloomberg technology. sanctions piling on russia, president biden releasing an unprecedented amount of u.s. oil. we will have the latest on what

the white house is doing to buoy the u.s. economy and how some tech companies are helping refugees get back to work. plus, amidst of the ongoing chip crisis, apple looking for a new chip supplier, even in china. why the iphone maker is expanding its roster, next. a fledgling union takes an early lead in a vote to unionize a warehouse in new york. all of that in a moment, but i want to look at the markets, u.s. stocks sink into their first quarterly loss in two years -- in the two years since the pandemic started. ed: the nasdaq 100, down 2.5%. we all remember the start of the pandemic in the united states. the mega caps have been much

worse. you can see that dropped to the nyse index, which includes chinese tech company shares. that had its worst drop since 2018. as you said, west texas intermediate crude, oil dropping below $100 per barrel as biden pledged to release oil from the reserves, but also pushing this. barclays is basically saying we've got to take a pause in the growth story of this chip stock, and there are some cyclical risks. as you know, there's a lot in the news cycle about semiconductors, looking at the philadelphia semiconductor index, stocks down 2.3%.

a big part of the story is the action the u.s. is taking, sanctioning russia. emily: let's get an update on the war in ukraine a. president biden plans to release one million barrels of oil per day from u.s. reserves for six months to reduce u.s. dependence on foreign supply. emily wilkins on the hill joins us now with more details. talk to us about the president's plan and how much of an impact it will have on everyday americans. emily w.: we've seen president biden go to these oil reserves and release barrels before, trying to ease some of the pressure we are seeing with oil and gas prices, but this is bigger than anything we've seen a. this will be 180 million barrels

when all is said and done, releasing roughly one million barrels of oil per day. this comes as the u.s. is struggling with high gas prices, trying to figure out a way to bring those back down, but there are also struggles going on in europe, russia president vladimir putin announcing that if they want to pay for russian gas, it will have to be in rubles. e are a lot of questions for european countries, particularly germany, that do rely on russian oil. emily: president biden taking steps to help alleviate pressure on u.s. companies with regards to the chip crisis and a potential crisis in electric car batteries by invoking the defense production act. tell us about that. emily w.: it has been used by

presidents to help industries that need a little bit of a boost, and the electric vehicle battery industry is something you've seen concerns about from lawmakers on both sides of the aisle. they have written biden. they've asked him to invoke this act to make sure they are bolstering electric vehicles. it ties into energy, the high prices of oil and gas we are seeing, and it is something biden was initially reluctant to do because of concerns from environmental groups. it shows how much pressure the white house is under to address these concerns. emily: emily wilkins at the capitol, thank you for the update. ukrainian refugees continue to flee, an estimated 4 million so far, amtek companies have not only been cutting off operations in russia but stepping up to help refugees. smart recruiters has been

sheltering refugees while its employees have been ferrying them to and from the ukrainian border, even bringing them into their own homes. the company is working to help refugees reenter the workforce and rebuild their lives. smart recruiter costs ceo joins us now. talk to me about the situation at your office in krakow and how your employees are stepping into help. >> thank you for helping me -- having me. from the second day of the invasion, everybody in our krakow office, about 150 employees, and everyone started to think, how can i help? they started to drive their car back and forth to the border. as you pointed out, quickly it moved to welcoming refugees

in their own homes. many of our employees, almost everybody with a guest room, has a family at home. one of our employees welcomed a mom with a baby and an infant. they had been driving six days throughout ukraine before they reached the border, and they were able to provide them shelter and a baby stroller, the basics, and it has been humbling to see how much people have stepped up in poland, which has received the majority of the refugees. emily: i understand your office has transitioned into a resource center. you are giving a $500 stipend to employees who are donating supplies. talk to us about how the

refugees are doing once they get to you. >> this is a dire situation for everyone. many of them have actually arrived, mothers with children, older people. many men have stayed behind to fight. it is a dire situation. one glimmer of hope is the connection between the people of poland and europe in general and the ukrainian refugees. our slack channel, as an example, would match the age of a kid with someone who could help them. i have someone here with an eight-year-old and four-year-old, and someone says, i have an eight-year-old and four-year-old. bring them over. as these refugees settle, it

opens up the question of, what is next? where do they go from there? emily: many refugees don't know where they are going to be sleeping tomorrow, let alone what they are going to do next. you are a recruiting company. you helped to match talent with employers. how are you helping these refugees reenter the workforce? >> we are a recruiting platform, so large enterprises manage the recruiting. collectively, our customers higher almost one million people per year just in europe. we thought our responsibility, our duty as a business, to actually help. what we've done is created a fast-track application for ukrainian refugees so that anybody who applies can self

identify as a refugee and be put into a fast-track throughout the employment process at companies like red bull. it is the moment in time where businesses that have been incredibly supportive of the war, including sanctions on russia, it's time to higher ukrainians. 4 million people will be looking for a job. emily: that is unequivocal. jerome, thank you for bringing that story to us. coming up, the ipo window could be closing or closed. we will talk about the options for late stage private companies in a down market with phil has like. this is bloomberg. ♪

emily: as stocks continue, some have slowed their rush to market. reddit discussed listing shares as soon 2022, yet as soon filing the paperwork, they have not taken the next step. let's talk about this with the chief strategist at equities end. i was speaking with a venture capitalist who said the ipo window has frozen shut. would you agree? >> it is closed. it is double-locked. nothing is happening for a while. emily: what next? >> we are in this period of uncertainty about inflation and

its impact on companies. you've got good yardsticks of the market legs doing, doc you sign, peloton, and you have geopolitical risk, and until those things have more resolution, you will see companies thinking about raising a new round of funding or starting to control their cash through layoffs or re-projecting growth. emily: go puff, for example, is cutting jobs, and bloomberg is reporting they are raising $1 billion in new funding. they originally raised a $15 billion valuation. what do you imagine is going on behind the scenes at a company like go puff? >> some very stressful board meetings. one of the scary things is a lot of companies raised a lot of private capital.

now they are underwater. you are going to hear the "d" word, the down around. it is if you want to be the first to tear the band-aid off or if you want to wait and see if things get better. emily:emily: they are not in the process of raising money, at least not right now. you are saying mass layoffs. are we going to see companies go under, get acquired? >> i think a combination of all three. i thought what instacart did was gutsy, saying, there is a benefit to repricing ourselves. we can issue stock to our

employees with fair value. i think other companies are going to do so. you will see some consolidation. instead of it being a founder friendly market, it will shift to vcs. they will get better valuations, and we will start to see that happen. because of where we sit, we can see secondary transactions happening. we don't see prices happening a year or two at a time. emily: what does it mean for employees in the middle of the great resignation when people have been thinking about, do i want to keep doing what i am doing? >> a lot of these employees were excited in anticipating some type of liquidity for their shares. when you compound the fact that the markets are down, you are not getting liquidity, goods are

costing more, a lot of companies are starting to proactively reach out to places like ourselves. we expect to keep seeing that happen. emily: your arrival just did a spac. will equities eventually ipo, although not in the future? >> restarted it to bring private markets to the public. we've been able to grow. as a private company, we have not been inhibited in how we deliver that to our customers. one of our responsibilities is to evaluate options, and if there's an opportunity to grow the business and further the mission, we will keep our door open. emily: founder and chief strategy officer at equities and, thank you.

could new supplies start chipping in to apple? why apple is looking to diversify its supply chain for iphone parts. to unionize or not? amazon workers in the midst of a critical vote in new york and alabama. we will have the latest next. this is bloomberg. ♪

emily:emily: apple is exploring new sources for the memory chips that go into iphones after a disruption at a japanese partner, including to others. who is apple talking to for new parts and why? >> apple for one of the first times is looking to a china-based memory supplier. flash memory, that is the storage and macbooks.

this is notable because apple traditionally builds its devices in china, but it does not use china-based suppliers for components of this magnitude. that is potentially going to change. they are having discussions with them. there is no guarantee that these chips will be implemented into an iphone or device this year, but they are working toward it. if you have an issue where a factory became contaminated or a weather disruption or covid disruption, there are backup suppliers. apple cannot afford with everything on the line to delay products because of component issues. that is why they have backup sources.

to some people, it may not be a great look, but business is business. consumers at the end of the day want to get phones. if they need to go to a supplier that may not look so hot right now, it's a bad look, but they will get the phones shipped. you don't want iphones to perform better than others in the eyes of consumers. emily: thank you for that update, something we will continue to follow. a fledgling union taking an early lead in an election to unionize at a facility in new york while in a separate election, union efforts trailing .

josh, we have some breaking news . the fledgling union in new york looks like it is on track to win. >> with the majority of the votes, the union is in the lead, which means there's the potential for a stunning upset. the bigger picture is that in recent decades, unions almost never succeeded in big labor board elections at the top, nonunion, brand name companies in the united states. that the union is in the lead more than halfway through is stunning, and this is happening in a campaign put forth by an employee that amazon fired.

emily: we are seeing the trend shift the other way in this election and alabama. they are doing this election over again because of a lot of controversy, but it looks like the union is not winning yet so far. what do you make of that? >> they are the union is behind by about 100 votes, or there are 400 challenged ballots, or ballots where there is a dispute about whether the votes should be counted. we don't know what the result will be, but amazon in its effort to defeat the union is ahead, although not by as much as last time. union would have been defeated if not for the labor board concluding that there was too much misconduct and the election should be run again appeared in

each of these cases, amazon has, according to workers, been aggressively campaigning against organizing. it is not easy to win a big labor board election against a company determined to dissuade workers from unionizing. emily: how are amazon workers everywhere else watching this? >> we've seen already at starbucks. we've seen how it can be a lightning bolt to inspire others to organize. [no audio] emily: it looks like we lost josh, but as he was discussing, this could be very significant. this is something that amazon employees everywhere are watching the. we will see how these union votes impact potential unionization efforts at other warehouses across the country and around the world. coming up, the $1 trillion tech

rout, from zoom airbnb. who are the winners and losers of the post-pandemic a? we will discuss. this is bloomberg. ♪

emily: welcome back. let's get back to the markets. we ended the first quarter much like we lived. tech stocks down again. ed: it was a quarter of volatility. it was the first quarterly drop since march 2020. much of the united states went into lockdown in that quarter. it's when the pandemic first hit . it touched all corners of the

world in the technology and equity markets. the philadelphia semi conductor index down 13 in the quarter. it is the n.y.c. and decks that i want to focus on. look at this chart, because there is a split. within this index, you have mega caps like apple, amazon, microsoft. you also have u.s. listed shares of chinese companies. apple and amazon are down your today, but they were in positive territory. if you look at netflix and meta, they are down high double digits. there has been concern about the outlook. then you have the stay-at-home stocks. peloton, zoom, netflix are all down. what happens next? first quarter earnings around the corner. what will they need to say at these calls to get investors

convinced that these companies, i use peloton and zoom, will they have long-term futures as life normalizes will may come out of the pandemic? emily: that's a lot of red on the screen. tech stocks, a volatile start to the year shows investors are shifting away from pandemic darlings. what does it mean? what is next? let's ring in our next guest. thank you for joining us. what looks good in tech? >> looking at the screen, not much. the first quarter was one of the first -- worst. we came from such lofty levels, the bigger they are the harder they fall. throwing out tech after the first quarter is about idea

because you just mentioned, it is part of all of our lives and a more increasing part of our lives and that's not what to change, and fact it's accelerating. we have been focusing on the broken names here at j and p -- jmp. the growth rate is decelerating. it had some digestion issues and we are interested in some of those names. paypal is a name we like a lot. the payment space that is overtaking a lot of our wallet, it's part of citizens pay. cash is trashed. people are paying with their phone and that's not going to decelerate. docusign had a tough first quarter. it's part of our lives that is going to continue. we aren't going to go down to the corner to get things notarized. that's what we're looking for and i think some of these big darlings have had a hard time in the first quarter. we are still there and you're

going to see some of the performers on the back half of the year, that's what we're focused on. emily: are these names going to continue to fall and for how much longer before it gets better? >> again, investors will look at their first quarter reports and see the digestion of the reports they have from the fourth quarter. is it still getting worse? again, this is the bigger they are the harder they fall. you put up the faang stocks, we put microsoft and tesla in those names. you look at performance, they don't move in lockstep anymore. apple almost hit a new high today. then you look at netflix and facebook, they are far worse and divergent from those names. we had a market where everything worked, then nothing worked, now

we go to a stock pickers market and that's what we're focused on. emily: the faang thing needs to be reworked. should meta still be in that group? >> it's a leader in the category. a lot of people are playing catch-up. a lot of people are snapping at them and trying to take their share of the wallet. we will learn a lot this year about what names should and should not be in their. wall street loves acronyms. we have acronyms like nifty 50. for some of the names it has been poor. for others like microsoft and apple, it continues to climb the while -- wall of worry. is there ground ahead of them to get the market share? what we haven't talked about in a long time is regulation.

that's a great backdrop for some of these names that have the overhang which could have been multiple compression and we are seeing that. you have to go bottoms up, pick up where the market is leading them. apple is a great example with apple pay. that's what you want to pay attention to. emily: they are talking about regulation in washington on both sides of the aisle, but the war has taken attention. do away with the acronyms? is that what you are saying? >> i added the mountain to it. i added microsoft and tesla. it's an easy thing to put your moniker around, but we have to find some new leadership as well. as long as these five or six companies take a large share of the investing mindset, people are going to look for potentially regulating. we have talked a lot about regulation.

i don't think the average congressman knows how to use twitter. they have a lot of people who help them. if they can't figure it out, how are they gone to regulate it? emily: we have seen tougher regulation happening in europe, but much remains to be seen. thank you, mark. coming up, decentralized autonomous organizations. what are they and what is their role in the crypto ecosystem? we are going to speak to the cofounders of the platform syndicate next. this is bloomberg. ♪

emily: it is time for our crypto report. we're going to focus on decentralized autonomous organizations or dao. it's complicated but i know you can boil it down. >> partially, these are decentralized autonomous organizations. have different vote of -- voting structures that tend to get together groups of people who want to invest in certain projects or give to certain charities and some examples we have seen our constitution dao which raised $47 million to try to buy an original copy of the constitution. they were outbid. another has invested in a series

of nft's and has given millions of dollars to charities. and ukraine dao which has raised millions of dollars for ukraine in the wake of the start of the invasion in ukraine. we have a lot of ways that these have been used. it would be interesting how they continue to take shape in the process of investing more through digital ecosystems. emily: i want to bring in our next guest for a deeper dive. the cofounders of syndicate. there are plenty of definitions out there. in the simplest terms, what is it to you? >> it is a web three technology that enables communities to coordinate capital natively on the internet. if we think about the applications of that, it's pretty profound in terms of how

communities, people, and capital work together. one of the biggest application areas in our view is the area of investing. it's not just about the allocation of financial capital, but also the allocation of human capital as well. what we are building is web three infrastructure to power investing on the internet through our infrastructure. emily: talk to us a little bit more about your view for how syndicate fits into the future of dao and decentralized investing in general. >> i have been involved in this space since investing in the very first dao in 2016. the way we see investing moving it's becoming dramatically more community owned. dramatically more transparent

and accessible. the interesting thing is that daos themselves, the structures they enable are not new. the thing that is new is how easily and quickly and cheaply they are incorporated. 40 plus million dollars in under a week. raising large amounts of money to go to ukraine at a time when they need in a time of crisis. that efficiency is incredibly new. emily: since the start of ukraine dao, you were a member of the early constitution dao as well. are there ways it is changed that has surprised you? >> yes, previously people thought that they would be long-running. the idea and 2016 was this

ecosystem fund to fund projects on the ethereum network for a long time. some daos are being referred to as financial flash mobs. being formed very quickly for a purpose, executing on that purpose, then keep going in a lighter weight way or dissolving. that's what's fascinating. to set up a fund for these things it would take many months of work. because they can be spun up so quickly, they can also be spun down weekly once their purpose is done. emily: are there issues that still need to be worked out among daoa when people think about entering into them? >> one of the potential limiters is held legally these things are

going to be viewed. a lot of investors want to do the right thing. most of these organizations that come together are trying to accomplish a specific and important purpose whether it's funding projects for people that deserve it, whether it's funding some sort of philanthropic or nonprofit or charitable purpose or in the case of ukraine, trying to provide aid to the people who needed the most. most of these organizations and people, they are not trying to do bad things. they're not trying to go around the laws, they don't want to be investigated, they don't want to go to jail or any thing like that. what these need legal pathways where they can accomplish their mission and also protect

purpose, the mission as well as the members. that is a big part of what syndicate and we are doing is providing these tried-and-true legal pathways for people to use this technology for the purposes that are really important. investment clubs as a legal construct have been around for more than 100 years. one of the things we're working on our what are some other legal designs people can utilize the technology and not need to worry about whether or not they are maintaining compliance with various regulations whether it be the sec or otherwise. emily: there are definitely concerns that this can get messy. i'm curious, what are people learning from the constitution dao situation and where is that project today? >> after we spun it down, we

effectively refunded the money and people could get their full contributions back. one thing that is interesting about constitution dao, helped a lot with their compliance, one thing is that we could not give ownership of the constitution. we could give people the ability to vote on where was displayed and for example how it should be presented but we couldn't give them ownership of the document itself. people really want ownership, but the current laws don't allow for that to happen. in reality, the current investor protection laws are leading to people getting even less ownership and protection in the current state. we are on a path where there is a conflict between where the

regulations are written and the desires that people have and i hope that that conflict is resolved where people can have actual ownership of these dao's in the future. emily: fascinating discussion. thank you all for joining us. coming up, women helping women get to the top and stay there. we will speak to the ceo of chief. unduly unwanted unicorn. -- a newly anointed unicorn. this is bloomberg. ♪

emily: chief, a private network designed to drive more women into places of power has acquired new funding. what to talk about that and more with the ceo and cofounder.

thank you so much for joining us. talk about how chief started and what you believe sets it apart from other networking opportunities. >> i am super excited to be able to join you today. the idea of chief came from a personal place for myself and my cofounder where we were getting more senior in our careers and spending all of our time mentoring others and managing our team and we no longer had a network a community resource to tap into as we were navigating the new challenges of senior leadership. it's the old adage of it gets lonely at the top, but it gets lonely at the top a lot earlier for women. we were really inspired to build a community specific for senior executive women and that was inspiration for us launching

chief. emily: how is it different from the wing which struggled to stay in business and it's a different value proposition. i'm curious about what differentiates this from alternatives. >> chief is focused on a more senior executive women. we think there are amazing communities that exist out there for women at large. we saw a real space of being able to focus on senior executive women. for us, it was really about how do we drive more women into positions of leadership and keep them there and focus on that leadership development that is so critical at every stage of your career? while we often are compared, what we often say is we are a community that has a space that our community can come together. we are community first.

emily: what trends are you seeing with women leadership in business? are we seeing more women get to the c-suite? are we seeing more women stay there? it certainly is not enough. >> the pandemic through everything on its head. that is why chief has had such success over the last few years. we went into the pandemic where women in particular were not only having to manage their teams through an unprecedented time, but also their families. that is why you saw so much of the women workforce dropout. how do you navigate the new normal? it was an opportunity for us to solidify what we can provide for

this community. when you fast-forward to where we are today even as things are starting to return back to normal, we are in this distributed workforce where connection is such a critical thing we are all craving and chief helps to provide so much of that. emily: we are in the middle of a down market. we are seeing the ipo window that it is double locked, shut for now. how is that shaping your strategy about how to use this new cash that you have raised? >> first and foremost, all capital we have ever raised is focused on how do we build the best member experience for the 12,000 women that are a part of our network today and the more that we hope joint over the next few years? for us, it's starting to invest in a much deeper investment in our technology and data so we can really start to build

personalization. everybody's career journey is different and we want to connect people with the right individuals, resources, information for them to navigate the specific challenge that they're pursuing. the other thing for us, 70% of our members are sponsored by companies. 60% of the fortune 100 companies have chief members. we are excited to use this capital to build deeper relationships directly with those companies so that sponsorship is a no-brainer. emily: thank you for sharing that vision with us. that does it for this edition of bloomberg technology. join us tomorrow with a discussion with the ceo of bright line.

don't forget to check out our podcast anywhere you get your podcasts. i'm emily chang. this is bloomberg. ♪

haidi: good morning. we are counting down to asia's major market open. shery: good morning. global stocks close out the worst quarter in two years as the war in ukraine, inflation and pandemic risks way on sentiment. >> wti trades near the $100 mark.