>> from the heart of where innovation, money, and power collide in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: we will have the latest on what the white house is doing

to buoy the u.s. and tech economy and how some tech companies are helping ukrainian refugees get back to work. plus, i'm it's the ongoing ship crisis, apple makes a plea for new chip suppliers. we talk about why the iphone maker is expanding its roster next. and a fledgling union takes an early lead in an election to unionize and amazon warehouse in new york while the union trails in a separate election in alabama. we will have the latest. all that in a moment, but first, i want to look at the markets. u.s. stocks sinking to their first quarterly loss in two years, two years since the pandemic started. our led ludlow here with the day. ed: technology shares no exception. look at the nasdaq 100. it's biggest quarterly drop since march 2020, a quarter we all remember as the start of the pandemic here in the united states. the mega caps have been much

worse. you see that 2.9% drop, which also includes u.s.-listed china tech company shares. that had its worst quarterly drop since 2018, so clearly, there is something going on with tech shares. as you said, west texas intermediate crude, oil dropping briefly below $100 a barrel as biden pledged to relieve that massive oil supply. semiconductors have been really big in the new cycle and the worst performing stock on the s&p 500 this thursday was amc. it had its rating cut at barclays to equal weight from overweight. they are basically saying that you've got to take a pause in the growth story of this chip stock and there's some cyclical risk out there to end users. the types of chips that imd cells, but as you said, there is a lot in the new cycle right now about semiconductors. looking at the philadelphia semiconductor index, stocks were

down 2.3%, outsized declines relative to the nasdaq 100, and a big part of that story is, of course, the action the u.s. is taking, sanctioning russian companies linked to technology. emily: thank you. let's get an update now on the war in ukraine as sanctions on russia mount. president biden plans to release a million barrels of oil a day from u.s. reserves for six months to reduce u.s. dependence on or in supplies. bloomberg's emily wilkins on the hill joining us now with more details on this. talk to us a little more about the president's plan and how much of an impact it will have on everyday americans. >> we have already seen president biden go to these oil reserves trying to ease some of the pressure we are seeing with oil and gas prices, but this will be bigger than anything we have seen. those last releases were about 30 million, 15 million barrels. this is going to be 180 million

barrels when all is said and done. this comes as both the u.s. is struggling right now with high gas prices trying to figure out a way to bring those back down with inflation, plus the war in ukraine, but there's also struggles right going on in europe of russian president vladimir putin announcing that if they want to pay for russian gas, it will have to be in rubles. that could potentially be a huge problem for a lot of the european allies that president biden has tried to make sure he is moving with as he goes forward, so i think a lot of questions about what will happen next for a number of european countries, particularly germany, that really do rely on a lot of russian oil. emily: president biden also taking some steps to help alleviate pressure on u.s. companies with regard to the chip crisis and a potential crisis in electric car batteries by invoking the defense production act. tell us about that. >> this is an act -- it has been

used before by biden as well as other presidents really to sort of help industries that need a little bit of a boost, and right now, the electric vehicle battery industry is something that we have seen concerns about from lawmakers on both sides of the aisle. they have written biden and ask him to go ahead and invoke this act to really make sure they are bolstering electric vehicles by continuing their push there. again, it ties into the energy and ties into the high prices of oil and gas that we are currently seeing, and it is also something that i did was initially kind of reluctant to do because of concern for environmental groups, and it shows just how much pressure the white house is under to address some of these concerns. emily: emily wilkins for us at the capitol. thank you for that update. meantime, ukrainian refugees continue to flee. an estimated 4 million so far, and tech companies have not only been cutting off operations in russia but also stepping in to help these refugees. smart recruiters, for instance,

which has an office in krakow, poland, 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 also helping refugees reenter the workforce and start rebuilding their own lives. thank you so much for joining us. talk to me about the situation at your office in krakow right now and how employees are stepping in to help. >> thank you for having me. i think what really happened here happened organically, really from the second day of the invasion. everybody in our krakow office, about 150 employees, started to think, how can i help? they started to drive their car back and forth to the border to pick up refugees. they then brought supplies as necessary, and as you pointed out, it quickly evolved to actually welcoming refugees in

their homes, and at this moment, many of our employees, almost everybody who has a big enough living room or guesthouse, has a family at home. one of our employees welcomed a mom with a baby and an infant. they have been driving for six days throughout ukraine before they reached the border, and it was important to bring them home and provide shelter and food and baby food and strollers and a baby bed -- like, really the basics of welcoming, and it has been heartwarming to see how much people have stepped up in poland, which received the majority of the influx of refugees. emily: i understand your office is sort of an operation center of sorts. you are giving a stipend for employees to help. they are donating supplies of all kinds. talk to us about how the refugees are doing once they get

to you. >> i mean, this is a dire situation for everyone. many of them have actually arrived -- the mother with children, older people, many men have stayed behind to fight, so it is a dire situation, and i think one light of hope here is this new connection that has been built 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 who can help them, so you would have , "oh, i have a mom here. she has an eight-year-old and a four-year-old," and somebody would think, i have an eight-year-old and a four-year-old. bring them over, and at least provide the basics, but of

course, it opens up the question of what is next for them and where do they go from there. emily: right. many of these refugees do not know where they will be sleeping tomorrow, let alone what they are going to do next. you are actually a recruiting company. you help match talent with employers. how are you helping these refugees reenter the workforce? >> yeah, we are a recruiting platform, so we help large enterprises manage their recruiting and we have several thousand enterprises using our software, and collectively, our customers hire almost one million people a year just in europe, so we felt really our responsibility, frankly, our duty as a business, to actually help, so what we have done here is we have created a fast-track application for ukrainian refugees so that anybody who applied can self identify as a

refugee and then be put into a fast-track throughout the employment process, and i think it is actually at a moment in time where businesses who have been incredibly supportive of the war and putting sanctions on russia, making donations, and i would say now it is time to hire ukrainians. that is the next step because 4 million people are going to be looking for a job. emily: that is certainly unequivocal. thank you for bringing that story to us. coming up, a window could be closing or close. we will talk about the options for late stage private companies in an ongoing downmarket with equities hedge. this is bloomberg. ♪

>> our team has been in ukraine since 2014 and we are now expanding relief efforts. the needs are immense. you can help.

emily: as stocks continue to whipsaw from the startups that were expected to go public earlier this year have slowed dire brush to markets, reddit, for instance, has discussed listing shares as soon as the first quarter of 2022, yet even after filing the paperwork for an ipo, they have not taken the next step. i was speaking to a venture capitalist this week who said the ipo window is frozen shut. would you agree? >> it is frozen shut, close, double locked. nothing is happening for a while. emily: so, what is next? >> i think we are just in this period of uncertainty about inflation and its impact on

companies. you have tech stocks down to almost pre-pandemic levels of pricing. zoom, doc you sign, peloton. you have geopolitical risk out there, and until those things have a bit more resolution, i think you will see a lot more companies thinking about raising a new round of funding for something we are starting to see now, which is starting to kind of control their cash through layoffs or re-projecting some of their growth. emily: go puff, for example, is cutting a lot of jobs, and bloomberg is reporting they are raising $1 billion in new funding with no ipo in sight. they had originally raised a 15 billion dollar valuation. not sure if that valuation will hold up. what do you imagine is going on behind the scenes at a company like go puff right now? >> some very stressful board meetings, for sure. i think you will see some valuations come down. one of the scary things is that a lot of companies raised a lot of private capital in 2021 at

really high valuations, and now they are probably effectively underwater and a little bit behind strategies and projections, so the big day of reckoning is going to be when companies admit it and start layoffs, and you are going to have to hear the d word in silicon valley, which is the down round. it is really if you want to be the first to kind of tear the band-aid off or if you want to wait and hope things are going to get better, but i always say, hope is not a strategy. emily: we saw instacart sort of tear off the band-aid, lowering their lua should voluntarily. they are not in the process of raising money, at least not right now. you are seeing -- you are saying mass layoffs, mass down rounds. are we going to see companies go under, get acquired? >> i think a combination of all three. i think what instacart did was a gutsy move to come out and say there is a benefit to valuing

themselves. i think other companies are going to do so. you are probably going to see some consolidation and i think you will start to see a paradigm shift where instead of it being a very founder-friendly market to raise capital, is going to shift to d.c.'s and equity investors adding better terms and better valuations. one of the interesting things is because of where we sit, we can see secondary transactions happening in between the last funding round, right? we usually don't see prices happen for a year or two at a time, and we are definitely seeing pricing progression versus just a quarter ago. emily: what does it mean for employees in the middle of the great resignation? >> absolutely. a lot of these employees were really excited and anticipating some type of liquidity for their shares, and maybe they had started thinking about life events, so when you compound the fact that markets are down, you are not getting liquidity, goods

are costing more, and a lot of companies are starting to proactively reach out to places like ourselves and start to think about liquidity for employees in private markets, and that is part of the capital market structure that has grown a lot in the last seven or eight years. we expect to keep seeing that happen. emily: your rival forge just did a spac. do we see an ipo in the near future? >> window is very close right now. we have been fortunately able to grow and as a private company have not been inhibited by how we can deliver that to customers, but my cofounder and i, one of our responsibilities is to evaluate all options, and if there is an opportunity to significantly grow the business and further that mission, we will keep our door open for that. emily: founder and chief strategies officer at equity zen.

coming up, why apple is looking to diversify its supply chain for iphone parts. and 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: apple is exploring new sources for the memory chips that go into iphones after a disruption at a key japanese partner, including its first chinese producer. joining us now, bloomberg's mark gurman, who covers apple. who is apple talking to for new parts and why? mark: apple, for one of the first times, is looking to a china-based memory supplier. that's the storage they have in iphones and ipads.

this is notable because apple traditionally builds its devices in china but does not use china-based suppliers for components of this magnitude, right? that is potentially going to change. they are having discussions with them. there's no guarantee these discussions will be implement it into an iphone or another device this year, but they are working toward. what apple has always tried to do is diversify its component sourcing as much as possible, so if you have -- like we had with one memory department an issue where a factory became contaminated or you have a weather disruption or a covid disruption, there are backup suppliers. that's why they tried to have that cup sources. emily: what is the significance of apple looking at a chinese supplier in the midst of this big push to bring to production

back to the united states? >> to some people, it may not be a great look, right? but business is business, and consumers at the end of the day want to get their phones. investors at the end of the day want apple to be able to ship the phones, so they want to go to a supplier that may not look so hot right now -- it is a bad look, but at least they will be able to get the parts shipped. these suppliers traditionally have not done a good -- as good a job at creating some of these components as other suppliers elsewhere in the world, so that would be my main concern. what you don't want is for some iphones to perform better than others in the eyes of consumers. emily: thank you. something we will continue to follow. meantime, a fledgling union taking an early lead in an election to unionize at a facility in new york while at a completely separate election in alabama, union efforts trailing. i want to get updates on this.

we actually have some breaking news that fledgling union in new york looks like it is on track to win. josh: with the majority of the vote, over half counted and more counting tomorrow, the union is in the lead, which means there is the potential for a really stunning upset here it in fact one of the votes are counted, including any challenge ballots that end up getting counted, they have a majority. the bigger picture is that in recent decades, unions almost never succeeded in big labor board elections at the very top non-union brand name prominent companies in the united states. that the union is currently in the lead more than halfway through is stunning. this is happening in a campaign where the union is a pretty diy effort led by an employee that amazon hired a couple of years ago.

emily: meantime, we are seeing the trend shifting in the other direction in this election in alabama, which as you know the history of this very well, they are doing the election over again because of a lot of controversy, but it looks like the union not winning yet so far there. what do you make of that? >> there, the union is behind by around 100 votes, and there are around 400 challenge ballots, we have heard, which means ballots where there is a dispute between the two sides about if the envelope should be opened and that vote should be counted, so we do not know what the result will be, but amazon in its effort to defeat the union is ahead in alabama, though not by as much as last time. last time, there were challenged ballots, but there were not enough to make a difference, so the union would have been defeated if not for the labor board concluding that there had been too much misconduct so the election should be run again, but in each of these cases,

amazon has, according to workers, been aggressively campaigning against organizing, and it is not easy to win a big labor board election against a company that is determined to dissuade workers from unionizing. emily: how are amazon workers everywhere else watching this? >> we have seen already at starbucks how a win just one place can be a lightning rod, a lightning bolt in terms of inspiring other people to organize. we saw with the first -- emily: looks like we lost josh, but certainly, as he was discussing, this could be very significant. this is something amazon employees everywhere are watching closely. we will see how these union votes impact potential unionization efforts at other amazon warehouses across the country throughout the world.

coming up, the $1 trillion tech route from netflix to meta to zoom to airbnb. who are the winners of the post-pandemic age? we will discuss. this is bloomberg. ♪

emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. let's get back to markets and our ed ludlow. we ended the first quarter of the year much like we lived it, tech stocks down again. ed: it was a quarter of volatility. we talked about how for the nasdaq 100, it was the biggest quarterly drop or the first quarterly drop since march 2020, which we remember because much of the united states went into lockdown in that quarter. it is when the pandemic first

hit these shores, but what is interesting is it touched all corners of the world of technology and equity markets. you look at the philadelphia semiconductor index, down 13% in the quarter, worse performer than the nasdaq 100, but it is this index i really want to focus. look at this chart. there is a split. not all tech stocks are created equally, right? you have the mega caps like apple, amazon, microsoft. you also have the u.s.-listed shares of chinese tech companies, but what is interesting is amazon and apple have performed quite well. they are actually down year to date so far but had been performing in positive territory. you look at the likes of netflix, meta, they are down high double digits. there is concern about the outlook. and then you've got the stay-at-home stocks. look at all that red on the screen -- peloton, zoom, netflix . first-quarter earnings are around the quarter, -- around the corner, and you have to ask

what they can say at these earnings calls to get investors convinced that these companies -- you know, i use peloton, as you know -- but will we use zoom day today as we returned to life after the pandemic? emily: i use all those things. tech stocks, volatile start to the year shows investors are shifting away from pandemic darlings. what does it mean? what is next? let's bring in jmp securities, a citizens company, ceo. what actually looks good in tech to you right now? >> looking at the screen, not much. the first quarter obviously was one of the worst performers in the entire market. we came from such lofty levels that i think it is kind of the bigger they are the harder they fall, but i think throwing out tech after the first quarter is

a bad idea. you just mentioned it is part of all of our lives and a more increasing part of our lives, and that is not going to change. in fact, it is accelerating. i think it is just what investors are willing to pay for it. we have been focusing on some of the more broken things that have still garnered a lot of wallet. it is just the growth rate is decelerating, it had some digestion issues, and we are still interested in those things. paypal is anything we like a lot, the payments space, which is overtaking a lot of our wallet. it is a big part of citizens. hey is changing -- pay is changing. cash is trash. people are paying with their phone. we mentioned doc you sign. had a tough first quarter. we are not going to go down to the corner to get things notarized and have stacks of paper. that is what we're looking for and i think some of these big darlings could have a hard time in the first quarter, but we are

still there and i think you will see some of the performers the back half of the year certainly do better than the first quarter and that is what we are focused on. emily: do you think these things will continue to fall? and for how much longer before it gets better? >> again, i think investors will look at first-quarter reports and see the digestion of the poor reports they had from the fourth quarter. is it still getting worse? i think even a slight diminution in that getting worse will be enough for investors to take note. again, this is kind of the bigger they are, the harder they fall trait. you put up the faang stocks. my good friend would put microsoft and tesla in those names. you look at the divergence of performers within the thanks, which used to perform lockstep, and they don't anymore. apple almost hit a new high today, and you look at netflix and facebook. we had a market where everything worked. we had a market for a little

while where nothing worked. now we are going to a stock pickers market, and i think that is what we are focused on. emily: i think this whole faang thing needs to be redefined of it, and i think it should be maang, since it is not facebook anymore. it is meta. do you think amazon should still be in that category? >> it is a good question. we will learn a lot from 2022 about what names should and should be in there. wall street loves acronyms. they love themes. they have the nifty 50. we have all these names over time. they usually end poorly. for other names like microsoft and apple, it continues to climb , and i think what we should be looking at is if there is ground ahead of them to gain market share. what we have not talked about in

a long time as the specter of regulation. that is a great backdrop for some of these names that have that overhang, which could have been multiple compression, and we are not seeing that. you have to go bottoms up. you have to go where the market is leading. apple is a great example, what they are doing in apple pay, and that is what you want to pay attention to. emily: they are certainly talking regulation in washington on both sides of the aisle, but obviously, the war has taken mind and attention share. do away with the acronyms -- is that what you are saying? >> micro soft and tesla have been doing that for a while. i think it is an easy thing to put your moniker around, but we got to find new leadership as well. as long as these five hour six companies take up such a large share of our investing mindset, i think people are going to look for potentially regulating -- again, we have talked about regulation. i have not seen a lot. the markets regulate themselves,

which is really interesting. i said to somebody not too long ago, i don't think the average congressman knows how to twitter -- how to tweet, excuse me, how to use their twitter. they have a lot of people to help them. if they cannot figure it out for themselves, how are they going to regulate it? emily: we have seen tougher regulation happening in europe, but much remains to be seen. thank you, as always. coming up, dow -- that is decentralized autonomous organization. what are they and what is their role in the crypto ecosystem? we will speak with the cofounders of the decentralized investment platform syndicate next. this is bloomberg. ♪

emily: it is time now for our crypto report, and we are going to focus on decentralized autonomous organization. to expend with those are, our crypto contributor to nelly bostick. it is complicated, but i know you can boil it down. cinelli: let's try to boil it down for you, partially to use cases. -- sonali: let's try to boil it down for you. they try to get together groups of people who want to invest in certain projects or give to certain charities, and some of the examples we have seen are for example, constitution dao, which raised about 40 $7 million to try to buy an original copy of the constitution. as you know, they were outdated.

have invested in a series of nft's and given millions of dollars to charities, and ukraine dao, which has raised millions of dollars for ukraine since the start of the war in ukraine. it will be interesting to see how they continue to take shape in the process of investing more and investing more through digital ecosystems. emily: thank you. i want to bring in our next guests for a deeper dive. the cofounders of syndicate joining us now, which is shaping its own role in the dao space. there are plenty of definitions out there. in the simplest terms, what is it to you? >> the way we think about dao is it is a technology that enables communities to coordinate capital natively on the internet. if we think about the

applications of that, it is 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 and when we think of investing, it is not just about the allocation of financial capital but also the allocation of human capital as well, so what we are building is infrastructure to power investing on the internet through our infrastructure. emily: on that note, talk to us a little bit more about your view for how syndicate fits into the future of dao and decentralized investing in general. >> absolutely. i have been involved in the space since i invested in the very first in 2016. the way we see investment moving is becoming dramatically more

community-owned and dramatically more transparent and dramatically more accessible. dao's themselves, the structures they enable are not new. the thing that is new is how easily and quickly and cheaply it can incorporate data. raising 40-plus billion dollars in under a week, if it's ukraine dao, raising large amount of funding to go to ukraine at a time when they needed. that speed and efficiency is incredibly new, even if the structures themselves are things that we have seen before. sonali: you were part of the early members of the constitution dao as well from what i remember. are there ways that dao's have changed that surprise you? >> previously people thought they would be very long-running.

the idea of the dao in 2016 was a kind of ecosystem fund to fund projects that work for a very long time. the ones that form now essentially formed very quickly for a specific purpose and execute on that purpose and then in some cases keep going or dissolve completely. i think that is something that is really fascinating. if you are going to set up a phone for these things, it would take many, many months of work, but because they can be spun up so much more quickly, they can also be spun down so much more quickly once their purpose is served. sonali: are there structure issues or governance issues that really need to be worked out when people are thinking about entering into them? >> yeah, one of the biggest things that we see is one of the potential limiters for the impact is just how legally these

things are going to be viewed and handled, right? so a lot of the members and originators, they want to do the right ring, right? most of these organizations that come together are trying to accomplish a really specific and important purpose, if that is funding projects for people that deserve it, if that's funding some kind of philanthropic or nonprofit-related or charitable purpose hour in the case of ukraine dao, trying to provide aid to the people that need it most. most of these organizations and people, they are not trying to do bad rings. they are not trying to go around the law. they do not want to be investigated. they do not want to go to jail or anything like that. so what they need are legal pathways where they can accomplish their mission and

also protect the purpose, the mission as well as the members, so that is a big part of what we are doing, providing these very tried and true legal pathways for people to use this technology for the purposes that are really, really important. investment clubs as a legal construct have been around for more than 100 years, and some of the things that we are working on are what are some other legal designs where people can utilize the technology and not need to worry about if they are maintaining compliance with various regulations, if it's the sec or otherwise. emily: there's definitely concerns that this can all get a little messy. what have been the learnings from the constitution dao situation and where is that project today? >> yeah, yeah. constitution dao, after we lost

the bid, we spun down. we effectively refunded the money and people could get their full contributions back. one thing that is interesting about constitution dao -- i helped a lot with their compliance helping guide them through it, and we could not give ownership of the constitution. we could give people the ability to vote on where it was displayed and for example how it should be protected, but we could not give them ownership of the document itself. i think there is this regulatory gap we see right now where people really want ownership, but the current laws as they are structured do not allow for that to happen. in reality, the current investor protection laws are leading to people getting even less ownership and even less protection in the current state. we are definitely on a path where there is a conflict between the way the regulations

are written and the desires that some people have and i hope that that conflict is resolved where people can have actual ownership of these dao's in the future. emily: syndicate cofounders. fascinating discussion. sonali basak as well, thank you for joining us. coming up, women getting to the -- women helping women get to the top and stay there. we speak to the chief of a newly anointed unicorn. this is bloomberg. ♪

emily: chief, a private network of senior executive women designed to drive more women into positions of power, is announcing $100 million in new funding, bringing their total valuation to $1.1 billion. i want to talk about that and

more with the ceo and cofounder. thank you so much for joining us. talk to us a little bit about how chief started and what you believe sets it apart from other networking opportunities out there. >> i'm super excited to be able to join you today. the idea of chief -- it came from a very personal place from 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 no longer had a real network of community resources to be able to tap into as we were navigating the new challenges of senior leadership, and it is the old adage of it gets lonely at the top, but it gets lonely at the top and lot earlier for women, so we were really expect -- really inspired to build a community specifically focused on senior executive women, and that was

the inspiration for us launching chief. emily: how is it different from, for example, the wing, which struggled to stay in business and is a different value proposition, but i'm curious what you think differentiates it from alternatives? >> chief is first and foremost, as i mentioned, focused on a more senior executive women. we think there are just amazing communities that exist out there for women at large. we saw a real whitespace of being able to focus in on senior executive men, and for us, it was really about how we drive more women into positions of leadership and keep them there and really focus on that leadership development that is so critical at every stage of your career. so while we often are compared, i think what we often say is we are a community that has some

space that our community can come together in, but we are a community first. emily: what trends are you seeing right now with women leadership in business? are we seeing more women? certainly it is still not enough . >> i think the pandemic just threw everything on its head, and that is why chief has had such success over the last few years. we have run into a pandemic where women leaders in particular work not only having to manage their team through an unprecedented time but also their families, and i think that is why you saw so much of the women workforce actually dropped out, and it is why something like chief resonated in such a big way in that moment because there were no playbooks. there was no place to turn to of how you navigate this new normal, and it was a really amazing opportunity for us to solidify what we can provide for

this community, and i think when you fast-forward to where we are today, even us things are starting to return to normal, we are still in this distributed workforce where connection is just such a critical thing that we are all craving, and chief really helps provide so much of that. emily: we are in the middle of a down market. we are seeing the ipo window. our guest earlier said it is double locked, shut for now. how is that shaping your strategy about how to use this new path that you have raised? >> all capital we have ever raised is focused on how we build the best member experience for the 12,000 women that are part of our network today and the many more that we hope join over the next few years, and for us, that is to invest in a much

deeper investment in our technology and our data so we can really start to build personalization. everybody's career journey is different, and we want to make sure we are connecting people with bright individuals, the right resources, the right information for them to navigate the specific challenge that they are pursuing. the other thing for us, 70% of our members are actually sponsored by companies. 60% of the fortune 100 companies have chief members, and we are really excited to use this capital to build deeper relationships directly with those companies so that sponsorship of something like chief is a no-brainer. emily: carolyn childers, thank you for sharing that vision with us. that does it for this addition of bloomberg technology. join us tomorrow for a discussion with the ceo of a bright line. don't forget to check out our new podcast.

find it anywhere you get your podcasts and get our daily roundup. i'm emily chang in san francisco. 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 adement for csn. >> you know a lot of times i have been out here for a new quarterlies and i have asked for drumroll and a lot of times it has been nothing but hyperbole, but this time i think i really would like a drum roll. and in all honesty, in the past, it has been nothing but hyperbole. but this time, i would really like a drum roll. i don't think i'm go g