>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is bloomberg technology. coming up in the next hour, travel is back and will continue to boom, this according to airbnb, out with its earnings beat that shows despite inflation and global macroeconomic uncertainty, people are on the move. we will break down the report.

plus, the leak heard around the country. a draft opinion of the supreme court reveals plans to overturn roe v. wade, hitting the u.s. like a bombshell. some businesses are taking a stand. and how to use deep tech to tackle society's biggest problems. but can you solve climate change and still make a profit? more on that later this hour. all of that in a moment. first we are watching lyft and airbnb and another volatile day for stocks. investors waiting for more clues about what will happen if the fed raises rates later this week as expected. our ed ludlow to break it down. ed: we swung between gains and losses on the nasdaq 100 multiple times. very tech heavy index. ultimately closed up 1/10 of 1%. it was the first back to back or two day gains for the nasdaq 100. since april 19. we are expecting a 50 basis point hike from the fed on tuesday. why are we talking about the rate hikes in a tech show?

because tech stocks judged on their future profit are more sensitive to higher interest rates. you see discounts on that rate of future profit -- profits. with all eyes glued on the fed, it has been one of the main psychological drivers for the market around tech stocks. bitcoin dropped below $38,000 on tuesday, its lowest level since february. it is this treading water moment ahead of this key fed meeting. two key companies for a read on the economy, the first, lyft. down 22% in after-hours. the number of riders they reported were lower than expected, even if first quarter revenue beat analyst projections. they have 17.8 million active riders in a quarter. below what analysts were looking for. a different story with airbnb, giving a revenue projection for the current quarter of $2.13

billion, well above street expectations. the company saying they are seeing substantial demand going into key summer months. emily: ed ludlow, thank you. i want to stick with airbnb and lyft. great to have you back with us. i want to get your headline take away from airbnb to start. substantial travel demand that airbnb is seeing despite the fact that we are in the middle of an ongoing war in europe, facing global macroeconomic uncertainty, and 40 year inflation. what is your take away from that? >> we are tired of being inside doing zooms. we all want to get out. i think the travel pent up demand from what we can see at jefferies is like no other, which means we are shifting from outfitted our home to our lives. the amount of travel across

borders, returned to cities, the actual return to european travel is all ramping up significantly. if you look at the number of trips that we survey, consumers are wanting to take the summer, it is incredible. i think the cross borders is the biggest return in help for airbnb. ultimately we have also shifted. i really do believe this, ultimately the world has changed in the sense of how we work, where we work and how productive we can be. i am a firm believer that they are going to participate in that. the big concern is as inflation hits and we have less dollars in our pocket because our mortgage rates and car payments are higher, does this pinch travel? i don't think it will in the short term because there is such pent up demand to be out.

right now no one wants to sit and have a summerlike they did last summer or the summer before. that is only going to help them in the interim. as business travel comes back too in some sense, that will help the return to cities. if i'm going to new york and going to spend weeks with my team, i don't want to stay in a hotel. that is also going to help with the return to the office in some sense that it helps the enterprise business over time, which is a piece of the overall pie. emily: it is interesting that travelers are booking further and further out, not doing this last minute, waiting to see what covid restrictions are. we are seeing the same thing potentially with lyft, also beating estimates. what do you think this says about the health of the consumer? is this a post-pandemic pop?

what happens later? brent: everyone is in more uber and lyfts. i have been and more in the last month than the last two years combined. just look at your own consumption personally and from a work perspective, i think the challenge with lyft is their guide for the next quarter is way below the street. the street was looking for 83 million, the guide is 10 to 20. stocks getting hammered on the increase in investment. i think this is the challenge we face in many of these reopening trades, is how much money are these companies willing to reinvest back in the business as they see demand come back to get drivers, consumers back on the platform, to build the network out? as they said during the pandemic, they have brought the cost structure to the studs. there was no walls inside this house, it was studs. they have that quote during the middle of the pandemic. they are now right sized and

putting dollars back. the big worry for investors on lyft is can this business sustainably make money? in my opinion there is way better opening trades than lyft. uber is a global platform with multiple applications that they can benefit. lyft is right here in the u.s. only, and they are really limited to the u.s. market. ultimately there is better opening trades. we at jefferies like booking, airbnb. i think uber is in a better position. on some of the other tech stocks recover. emily: lyft shares are way down after hours, 25%. why do you think that is? brent: that comes back to the guide. they are ramping up expenses. ultimately to your point on , inflation, we are all feeling it. it doesn't matter who you are, you are going to feel the pinch of what is happening with the broader economy starting to slow. as that slows, are we going to see the air brakes come on,

consumer spent? i think the concern is is lyft the best play? airbnb is up lyft stocks are down, there are other stories that are better. the guide was terrible relative to what the street wanted. hopefully they are just being conservative now with the new cfo in place at lyft. emily: brent thill of jefferies, always good to have your analysis. thank you so much. do not miss our post earnings conversation with the airbnb ceo brian coming up wednesday on bloomberg technology. he just tweeted that the biggest change to airbnb in a decade is coming. i'll ask him what that could be. more of elon musk's vision for twitter. musk telling potential investors he could return twitter to the public markets at a later date, this according to dow jones. musk considering staging an ipo of twitter in as little as three years. twitter shares unchanged in late

trading. we will have much more on that later in this hour. coming up, a seismic shock hits the u.s. supreme court. we will get the latest from washington and how some companies are responding. that is next. this is bloomberg. ♪

>> this opinion is just off-the-wall. i'm really shocked that alito had written it, assuming he did. this is not some fluke. >> this is the result of a decades long campaign by extremists and extremist republicans to overturn roe v. wade. >> i would be more shocked if the other justices in the majority were to sign on to this opinion. >> this is the issue that can

decide elections, at least as far as women are concerned. >> there are people on both sides of this issue. what we need to do as being good participants in a democracy is to listen to both sides. >> this will be a galvanizing issue in the upcoming election. emily: reaction after a leak of unprecedented proportions, a draft opinion from the supreme court. that draft written by conservative supreme court justice samuel alito shows the justice overturning the 1973 ruling of roe v. wade. i'm joined by our washington correspondent for more on this extraordinary turn of events, from reaction from the white house. what do we know about this leak so far? >> there is two parts to the story, first is the fact that this is an unprecedented leak and you have a lot of republicans all day pointing to the fact that this was a leak

and going against really this institution that many believe should be guarded in terms of how they have their normal operating procedure. then you have the supreme court saying they will go after the leaker for this egregious act. then you have the leak itself, the content. as you outlined, what this leak does show is the supreme court as of february, this draft opinion would be overturning the 1973 roe v. wade and basically saying that a woman's right to an abortion, that constitutional right, they would be striking that down. this would be up to the states to decide. as you can imagine, this has really set off fireworks in washington dc. emily: tell us more about what president biden had to say in response to this today? annmarie: president biden made a number of comments. first a written statement and then he breathed reporters on his way to alabama.

he is talking about the fact that this would go against basic fairness given the fact that this is about a 50-year-old law. take a listen to what he had to say. pres. biden: it goes far beyond in my view, if it becomes the law and what it is written is what remains, it goes far beyond the concern of whether or not this is a right to choose. it goes to other rights. annmarie: biden also points to the fact that he did get a phone call saying this draft document was authentic and the supreme court also said that, they said this draft document is real, but that does not mean that opinion will be upheld. this is basically how we are going into potentially to get that opinion finalized in june. the president clearly pointed to the fact that if this was to be overruled, that now it is up to elected officials and also voters in america in november to

go to the polls, so now this has become a hot button election issue. emily: hot button indeed. i want to continue this conversation and talk about how companies are reacting to this news. i'm joined by the cofounder and chief revenue officer of a company that has been proactive in offering reproductive benefits to employees. you made the decision in january to cover legal fees up to $5,000 if an employee or a partner faces legal issues due to anti-abortion laws. you are also giving them travel stipend, medical cost stipend. why did you decide to do this? >> this was important to us for a lot of reasons, but the two i will highlight today is that our mission -- we are a fintech company -- we really want to see equitable outcomes in the financial services industry play a big role for people, particularly people of color

and women. this aligned well with our mission and vision as a company. the second reason is that it supports our hiring and retention. we already have tons of policies and benefits in place, as do many companies, that help us retain the best talent possible. this was an easy way to say this ends on to our medical benefits, our pto policies, all sorts of stuff. it was a necessary thing we had to do to remain competitive. emily: you told bloomberg news that reimbursing workers for abortion-related travel is the low bar of what they can do. what more should companies be doing? >> this is one piece of how to make life a little bit better for the poorer, the people who have to go through this in our lives. it is not anything anyone wants to deal with.

it is just one piece of it. i think our policy will evolve as we decide how other potential benefits we can offer, what reproductive rights means even for our population at alloy. i hope other companies do the same. it is a really competitive talent industry. this is probably a low-ish bar in that it is a relatively inexpensive set of benefits compared to others. it is what we have to do to fill in the gaps that the government has left us with. emily: sheryl sandberg of meta posted today, saying this is a scary day for women across our country, every woman matter -- no matter where she lives must be free to choose whether and when she becomes a mother. you think they are more important to women's health and equality. this is a drafted opinion, it does not necessarily signal where the supreme court stands at this moment, but we are seeing a lot of criticism about

how other companies are handling reproductive benefits. amazon came out with their package earlier this week. there is criticism that it does not cover contract workers, who are the lifeblood of keeping the trains running on time at amazon. do you think their policy is lacking? laura: i have not looked at that policy in detail. i would assume if it does not cover contract workers, that the same like a big gap. considering that is a big part of their workforce. that is true of a lot of companies who are probably contemplating this. that said, we have not seen many companies do this. i was happy to see yelp, citibank, amazon do this in the last few days. i would encourage facebook, meta, if that is how they feel about women, they should put something in place, offer good benefits. we know they have a ton of money, a ton of cash. this is a pretty easy thing for them to implement. i would encourage any company who has the luxury of doing that to do it.

emily: alloy has a history of taking public stance on political issues. for example, you prohibit companies from using alloy's products if they would deny customers access based on immigration or citizenship status. have you found taking these public political stands has hurt business at all? laura: no, we haven't. i can't promise you it never will. we will have to cross that bridge we get there. we haven't. i think the benefits of what it has given, the alignment between our values and our team, keeping folks engaged, getting them on board and getting them excited about our mission, has outweighed any negative impacts we have seen so far. i don't think there will be zero negative impacts. we work with a bunch of banks which are historically much more conservative. as you can imagine. i would display some fallout at some point. there has basically been no negative impact thus far.

the moral imperative as well as the business case for this outweigh to me -- make the risk very much worth it. emily: i'm curious what the internal reaction has been. often companies don't want to take up political stance because it might impact the retention and recruiting efforts. not necessarily everyone agrees with your policies, even people who work at your own company. what has been the reaction internally? laura: so far really positive. i am sure there are people who disagree with this who work at alloy. we are open to the idea that you don't have to agree with every single thing we do to be at alloy. however the response i have seen has been unilaterally positive. i have gotten a ton of messages from people, both when we announced the policy january, and today when we put out a statement given the leak that happened last night, positive feedback that this aligned with their values and that they are proud to work here.

i got a message today from someone in one of the states that a think will be the most impacted who just said they really appreciate it and it means a lot to them. that was heartening to hear. emily: laura spiekerman, cofounder of alloy. thanks for joining us. laura: thanks for having me. emily: coming up, between supply constraints and covid lockdowns, why apple's third-quarter forecast has analysts worried. that is next. this is bloomberg. ♪

>> apple investors and wall street analysts were initially excited when apple reported its second-quarter earnings. the company said it generated $97 billion in revenue with $50 billion of that coming from the iphone and another $20 billion coming from a strong services

quarter, but the jubilation was short-lived. after announcing the results for q2, apple said q3 would be a challenge. apple said is expecting a $4 billion to $8 billion negative hit to revenue due to covid related lockdowns, the ongoing chip shortage, and global issues like the war in ukraine. that means when apple reports q3 results july, the overall revenue number will be up to $8 billion less than it could have been. this led to questions from analysts to ceo tim cook, such as, should the apple supply chain be shifted to avoid issues in china and chip problems? cook defended his infra structure, but said apple is always looking at making tweaks. analysts are still picking a year-over-year revenue increase for the current quarter, a number of around $84 billion. that remains fluid. several apple suppliers and assembly partners work temporarily closed in april amid china's ongoing crackdown on covid cases.

so far that has led to some delays on the high-end versions of the macbook pro and supply problems for the ipad. apple's intense warning indicates that consumers may have a hard time finding apple products in the coming months, including the apple watch. emily: don't forget you can subscribe to mark's weekly newsletter at bloomberg.com. sticking with apple, bloomberg learned the tech giant has hired someone who helped lead safety efforts and vehicle engineering at ford. this assignment at the iphone maker is wrapping up at of -- development of an electric car. they worked at ford since 1991, most recently serving as its global director of automotive safety and engineering. a bipartisan group of u.s. senators wants to loosen google's grip on the digital ad market. they plan to introduce legislation that would force

google to sell off parts of its lucrative ad business. the measure could have implications for amazon and facebook parent meta. and the sec is beefing up its crypto enforcement team. the wall street regulator adding 20 staffers to its unit focused on policing crypto market abuses, from new coin offerings and crypto exchanges to defi platform's and nft's. the office brought more than 80 enforcement actions since launching. we will have more of that in our crypto report later this hour. coming up, one click payment. my next guest says no such thing. i will talk to the founder of a shopping app with a one click check out function about that and the controversy surrounding its competitors, next. plus, we will have the latest on that reporting for elon musk's vision of twitter truly becoming a public company yet again. that is next. this is bloomberg. ♪

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emily: welcome back to bloomberg technology. i am emily chang in san francisco. let's get back to elon musk's evolving vision for twitter, taking the company private, but not blocking out the possibility of becoming public again in the future. our ed ludlow here to discuss. we are getting a new report from dow jones. ed: dow jones is reporting according to their sources that elon musk is telling potential co-investors, because he's still trying to line up the equity portion of this deal, that he can eventually take twitter public again and do that within

a three year timeframe, which is interesting because he is trying to take twitter private. emily: talk more about what he has said, what clues we have about how he plans to evolve twitter, and how it would then make more for it to be a public company again eventually. ed: in the letter to twitter's board, he said these changes that i want to enact can only be done if twitter is private, which range from removing bought, open sourcing the algorithm, having a time-limited edit button. twitter can be the best inclusive platform, he said, but it has to uphold free speech. he is also trying to line up cofinancing. the question for investors is how do we make money off this? >> what is the timeline for him to line up that? >> the deal has not actually

closed, the expectation is existing twitter shareholders will go for it, but who knows? emily: i am sure there will be more dribbles of news all the way to the bitter end. ed ludlow, thank you. meantime the world of one click check out startups has been a race to number one, but recently there have been a number of questions about viability. one company was sued by its most prominent customer, which includes the parent company of forever 21 alleging bolt failed to deliver on promised technology. lead to a $100 million loss on online sales. i want to talk about this with the founder and ceo of a universal shopping app with a one click check out function. albert, thank you for joining us. i want to clarify, you are in the same sort of general business, but do some thing different to what bolt promises to do. can you explain your one click check out technology?

>> yes, thank you, emily. i'm excited to be here. nate is the the world's first universal shopping app. you can download it, enter your shipping and payment information once, then skip checkout anywhere, pay now or pay later, and share shopping lists with your friends. nate is a consumer business. we don't sell software. emily: what is your take on the controversy surrounding bolt on the which in turn has shined a spotlight on this space? there are some people who think that bolt is hiding shoddy business fundamentals and that maybe it's grossly overvalued. albert: look, i can't speak about the specifics of bolt. i know that every company is different and every management team is different. i'll tell you that, broadly

speaking, when you are building a payments business, you have a choice to make. the choice is, who is your customer? is your customer the retailer or the consumer? much like in real estate, do you represent the seller or the buyer? there are lots of really interesting software companies that are selling software to retailers. sometimes they sell software for conversion in the form of one click check out or in the form of point-of-sale financing or in the form of shipping insurance. those are great businesses. that is not what nate does. nate is a consumer business. emily: i want to talk to you about the founder of bolt specifically, because he has been incredibly vocal and opinionated for better or for worse. it seems like he was ousted from the ceo spot. he's staying on as chair. do you think the founder should be that outspoken?

albert: i know how hard it is to build a business from scratch, i can tell you that firsthand. different founders have different approaches to product development and teambuilding. i have the utmost respect for those who are more or less vocal about doing those things. my style is more focused on observing this new generation of shoppers and building for consumers and letting the pieces fall into place. emily: then you have another company in this space which recently shut its doors. there is this question, is this kind of technology really possible, is it overhyped? albert: i actually argue that one click check out is a great feature, but it is a feature nonetheless.

the question is, if your customers are retailers, then what are the other services that they need in order to build a compelling product? in the case of nate, our customers are our consumers. i can tell you without a doubt that consumers want one click check out. there is no doubt about that. but they want a few more things than one click check out. they want aggregation, the sort of aggregation that happened in music with spotify. it happened in food with doordash. it happened in transportation with uber. it's happening now in e-commerce with nate. consumers demand aggregation of at least 2 million retailers in the economy. emily: you have bolt. and fast. why is your company called nate? albert: nate is in a way an assistant that lives in the cloud that those things on your

behalf. we know we wanted to personify. i wanted to make sure that we did not use a woman's name because there are lots of assistants that have associations with the word woman. we are going to objectify a machine that does the heavy lifting for us it will have a man's name. it was a play on native commerce. comers that is native. emily: it sounds like a very interesting play we will continue to follow. albert saniger, founder and ceo of nate. coming up, the coinbase ceo spoke at the milken global conference about everything from crypto adoption to a decentralized twitter. we will talk about all this and more with a web three company, next. this is bloomberg. >> i think frs

is with defending. crypto, a lot of it is about economic freedom. freedom of speech is another version. i think there is an opportunity for twitter to essentially embrace using a decentralized protocol, just in the way that you have heard of defi, decentralized finance, there is another one called deso, decentralized social media, another emerging area coming up. ♪

>> if you look at how crypto has grown over the last year or two, it's growing faster than the internet did the early days and now there is about 200 million people in the world that have crypto or have tried.

if you plot that curve out, that means within this decade we will have over one billion people in the world using crypto. to me, that is incredibly exciting. emily: coinbase ceo brian armstrong at the milken global conference. i want to dive into all of this and more in our crypto report with the director of the graph foundation, which has a mission to allow for full stack decentralized applications within indexing protocol. thank you for joining us. what do you think, one billion people using crypto in a decade, will it happen? >> it will totally happen. the question is where these individuals are coming from and what they are going to do. we often think about crypto in a speculative nature, but what crypto and web3 enables is access, access to banking, to content. even echoing brian's ideas of decentralized twitter is in the

works. we like to think about this as the next step in iterating the gig economy. people like to stake their tokens on web3. it is similar to holding an asset and expecting it to be useful in the fiat or web2 world, but here you get to work for a protocol. we are excited to see where people start putting their capital to work and getting to earn a portion of that revenue. emily: there is still a wild west feel about the crypto landscape. coinbase is also now cracking down on the issue of people front running tokens. based on whether coinbase might be about to list them. what is your take on that? eva: like in typical startup worlds, you will have nine out of 10 startups that don't succeed. similarly in crypto, the value of the token or productivity of the token protocol or success of a community is still going to be reflective of its quality.

i think we need to start focusing more on which tokens and protocols are sustainable, which are going to provide real value in the next decade or three decades, and which are the communities that are going to sustain themselves. one major difference between web3 and web2 is the switching costs are much lower. it is inexpensive for a user to start using a different protocol, whether just transferring tokens to another wallet, or completely up and moving. i think these product teams have pressure to deliver high-quality expenses. -- experiences. emily: the sec is adding 20 more people to its team policing crypto markets. i am curious does that signal , more regulation, more enforcement coming? eva: we have always been fairly open that regulation is welcome. it's not that the crypto industry wants to be unregulated, we just want more clarity. in general this bodes well for having more resources focused on our industry, and our goal is to have more folks that are

developers, full stack and backend and make it easier for anyone to build across applications, across chains and acting as a uniting layer where any way you access this data should be open source. and anyone should be able to do that and build on top of any protocol. emily: i'm curious about your thoughts on open source and how far that goes. what do you think about open sourcing twitter's algorithm? eva: i am all for the decentralized movement,

especially with something as useful as twitter. my general stance with open source versus closed source, at the end of the day sustainability is what matters when it comes to a good business or product. if you can continue building on a protocol, whether it's open or closed source, is a challenge. the protocols that are more likely to succeed are the ones that innovate on top of existing models rather than just replicating and moving on. emily: how do you see the ethereum merge impacting the broader landscape? how tectonic do you think that will be? eva: there are a few narratives. on one hand this is the first major blockchain moving to proof of stake. there will be ripple effects. and how does this impact other chains? but more broadly, the first step for non-technical people, nondevelopers to see what it means to have your assets put to work, to have a utility token

like ether and being able to earn revenue and generate income as an individual from participating in that blockchain. it is a completely novel concept. even the gig economy is fairly new, but web3 enables this possibility that individuals can have full sovereignty over their assets. in a way that they contribute to technology. emily: eva beylin, director of the graph. thanks for joining us to share your view of the crypto defi future. coming up, solving climate change with deep tech. we will speak with dcvc's co-founder about how they are hoping to tackle society's biggest challenges and make money doing it. this is bloomberg. ♪

emily: time for this week's technomics segment, and we are speaking with zachary bogue, which has a mission to back on's maneuvers -- on snores solving trillion dollar problems to multiply capital for everyone but all the while reduce costs, problems like climate change. but what does that mean? tell me about your mission. zach: we like to back entrepreneurs solving trillion dollar problems computationally. these are hard problems in life sciences, in trance forming -- transforming industry. emily: historically we have seen big venture capital firms dive into cleantech investing and then pull back because the returns were not there, at least not in a reasonable time horizon. why do you think you can make it work now? zach: over the past handful of years, there has been massive advances income be taken all

-- in computational approaches machine learning that have , massively reduced the capital required to solve some of these problems. not all. some of these problems are still great for government, but there are companies like mine that are replacing synthetic fertilizer , 9% of global greenhouse gas emissions with microbes. , there is real possibility to make big changes in this sector. emily: let's talk about the contributions we have seen in this sector, alphabet, elon musk, and many more commit more than $2 billion to startups tackling climate change. talk to us about where you see the capital flowing and what is most significant about it. zach: those declarations are great and we need much more of those type of things. we see money flowing into areas like methane remediation, one of the lowest hanging fruit, industrial transformation, electrifying everything, just basic deep tech areas. emily: the lowest hanging fruit. why do you think that is?

zach: methane is a relatively ephemeral gas. it is the largest source of greenhouse gas emissions for the planet. it is short-lived in the atmosphere. our aerospace company hopes -- helps detect methane leaks. they already had a bigger impact than tesla. many are surprised to hear that. emily: let's say that again. which company has a bigger impact than tesla? zach: tesla's 2020 impact report, 5 million tons of co2 prevented, ours in 2020 was 7 million. it is only increase from their. emily: how do they do that? zach: they have sensors for oil and gas and for structure which is very leaky and help companies fix them. emily: the challenges ahead are tremendous, but there is a lot of macroeconomic uncertainty, inflation, consumers and businesses under pressure. look what is happening in the public market.

does that concern you in terms of some funds that have been pouring money into these spaces potentially pulling back? zach: absolutely. the public markets are in a risk off scenario. we all know that. there is a lot of bad stuff going on out there. things have slowed down. we have seen deals repricing for follow-on deals of our existing deals. we have also seen a lot more structure come into deals. this affected the whole market and we are taking a wait-and-see approach. we are still doing good deals, but i think everyone is taking a bit of a breather and the pace of capital deployment is slowing down. emily: you invest in deep tech, which takes time to scale and deliver these computational approaches. how to ensure that companies hit their milestones and still make a profit? zach: absolutely, these are problems that are capital-intensive. we just heard the capital requirements are less if you can rely on computation. you need a great executional

team to hit their milestones. they are solving trillion dollar problems. once they solve them, they create durable capitalist companies that produce returns. emily: how big are the returns? what is a huge return in your view? zach: huge return is, you know, creating the next trillion dollar company, right? the types of companies that you create this tech is fixing the fertilizer industry, that is a $212 billion industry, 95 million acres of corn in the u.s. that can be transformed into a less polluting industry. if you can solve that, you can create a durable business. emily: let's say in a decade, could the trillion dollar companies in a decade be the next google and facebook, could they be companies focused on tackling climate change? zach: larry fink of blackrock

said the next trillion dollars of 50 unicorns will be these companies. emily: what is going to make or break whether or not that happens? obviously the problem is real, but investors want returns. will those returns happen fast enough? zach: these companies are more capital-intensive, but there is going to be insatiable demand for high-quality public equities that are addressing the climate. our pathway is we are going to back these companies at the early stages and ultimately get them public. there will be huge demand for these stocks. not to mention they will be profitable because they are solving trillion dollar problems. emily: is the government giving these industries enough support? zach: the government can always be doing more. we don't back regulatory change. or perspective regulatory change. i want there to be regulatory change, but we don't view that as venture back about. the government could put in a

-- this is very much a capitalistic endeavor. >> what more could the government do? >> the government could put in a carbon tax, which has been pernicious. they could encourage more investment. obviously some of the best , technological breakthroughs have underpinnings in government research. those are two huge areas the government could have an impact. locally the government of california could have our last functioning nuclear power plant open. it would have a huge impact for the climate. emily: we will be watching to see which is the first of those companies to become the next trillion dollar company. zachary bogue, cofounder and managing partner of dcvc, thank you for joining us. good to have you back on the show. that does it for this edition of "bloomberg technology. tomorrow the airbnb ceo will talk about the company's earnings results and the biggest change to airbnb he says coming in a decade.

don't forget to check out our podcast. you can find it anywhere you get your podcasts. i am 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. >> the following is a paid presentation brought to you by rare collectibles tv. ♪ >> over two centuries ago, the coinage act of 1792 was signed, officially declaring the dollar as the united states of america's standard unit of money. two years later on october 15, 1794, the first american silver dollar was struck.