>> from the heart of where innovation, money, power collide, this is bloomberg technology with emily chang. ♪ henry: -- emily: i'm emily chang in san francisco. the fed unleashes its most aggressive policy and decade. we talk with lizzie young about what it means to be economy, consumer, and tech.

substantial demand for travel is the message from the airbnb ceo after a better-than-expected earnings report. he will join me live to talk about how tourism is responding. one third of market cap wiped out in a single session. uber releasing its results early to prevent investors bringing them down. ober shares taking a leg down. we speak with john zimmer about the market reaction and what's next. all of that in a moment. i want to get look at the markets. a big day for the u.s. economy. the fed has voted unanimously to raise the benchmark interest rate i have a percentage point. stocks soaring, bonds rising during the press conference. ed ludlow is here with the reaction. take it away. ed: the s&p 500 rising by 3%, its biggest jump since may,

accelerating gains throughout the press conference. the nasdaq 100 up by more than 3%. we saw yields fall back, off by about four basis points. it was interesting to see bitcoin get caught up in this risk on sentiment. backing up -- back above 39,000. equities rising. the him -- the producer pointed out this is the biggest jump in interest rates since 2000. the focus is very much on inflation. the federal funds rate takes us to 0.75. we got that quarter percentage point hike in march. for much of the last two years, rates have been near zero because the fed was trying to prop up the u.s. economy from the immediate impacts of the covid 19 pandemic. the gap between rates and where we see inflation is the most on

record. the spread between those two measures that we track in the u.s. economy. fed powell was saying that he envisages 50 basis points. could we see a 75 basis point hike? he said that wasn't currently being considered. lift and uber, two very different stories. similar market reaction. biggest drop on record. huge chunk of the market cap lost after it gave a week outlook. they have to spend heavy on driver incentives which are going to weigh on profit. uber showed some strength. again, the stock suffering in conjunction with its industry. big questions about how these companies stand on their own two feet in this post-pandemic world. emily: thank you. the federal reserve giving a much-needed boost to tech stocks by rolling out a more aggressive

rate hike and assuring the u.s. economy will say strong's -- strong. biggest one-day jump in a week. liz young joins us now. look, lots going on here. what do you think the ripple of -- effects of this are going to be over the next few months and the next couple of years? liz: this is the first of probably a few larger hikes that we are going to see. it was important to get the first big 50 basis point hike behind us. the anticipation was really killing us as far as investor sentiment goes. we are probably still going to see another 50 in june. we nee -- macy another 50 in july. the effects of those together should probably dampen demand to a point where some of the supply demand stuff becomes more in balance. and we see a rollover and inflation concurrently. the issue here, i heard you

talking about the spread between the tenure treasury and the cpi and the spread between cpi and where the fed funds rate is. it isn't that we are trying to get the cpi rate to meet anytime soon. as the fed funds rate moves up, we want cpi to go down. we want that with a quick pace. that's what is biting into the consumer. the issue we are going to face their summer is that we are sitting at an 8.5% cpi number. even if this the peak, it's not going to fall from 8.5% up to 3%. there's going to be a gradual reduction. we are just hopeful that as we raise rates, hopefully for 50 basis points, that cpi comes back a little faster and the fed funds rate has to go up. emily: tech equities have taken a giant hit this year. what does this mean for tech stocks in particular? liz: if we use the nasdaq, it is

in bear market territory. after today, it might be narrowly out of bear market territory. it probably should have been. given where valuations were before we started to worry about fed right hikes and monetary policy tightening, some of that needed to come out of the system. some of the bloat needed to come out of the system. the correction to this point makes sense, given the inflated valuation we are at. also, when you look at some of those tech stocks, they are still at high valuations. i wouldn't say that they are not going to go to -- go down further. long-term, when we look back at this time five years from now, we are going to look at it and say, some of those names were really good bargains at those levels. this is an ok time to be looking at tech as a longer-term holding . longer-term, i'm talking two years, three years, five years.

looking for the companies that are high quality, that are still offering you growth prospects, and that armed over letter or trading at unreasonable valuations. emily: ok. how do you look at a company like lyft losing 30% of its value? uber's earnings are different story but they are taking a slight letdown today. it's a gauge of the health of the consumer. liz: right. there's a lot of different ways to look at the gauge of the health and consumer. because of a lot of that bloat coming out of the system, you are seeing companies react in the stock market based on fundamentals. we've gotten not as much of a tailwind from low rates. you see earnings come out and companies are reacting to that. the market overreacts in the short term. i happen to think that this big rally we saw after the fed meeting today was a slight

overreaction and we will end up giving some of that back. it's possible that we need the dust to settle. frankly, i want to see the market react earnings. i want to see the market paying attention to fundamentals. wanting to get what it pays for. holding companies more accountable from a fundamental perspective instead of relying on the macro backdrop to drive prices. emily: i'm about to talk to the airbnb ceo. airbnb seeing substantial demand through the rest of the year. are you concerned that some of the demand companies are seeing his pent-up demand coming out of the pandemic and we will see another reordering as we move into next year? liz: depending on the sector that we are talking about, i think the travel sector is still seeing some of that pent-up demand that people have been waiting to unleash once they could. the problem that the travel

sector -- sector will face is that prices are going up. flights are more expensive. all the experiences we were hoping to have are more expensive than they were a year ago. people are going to start to make different decisions on that front. as far as pent-up demand, a lot of that pent-up demand has already been unleashed. should i don't know that we will see that huge surge in demand that we saw when things started to open back up for the first time. should emily: liz young, great to have you back on the show. coming up on thursday, i will speak with uber ceo. that's 11:00 a.m. eastern time. tune in for that. also, airbnb rising as big

demand heading into summer. the ceo says the biggest change the company in a decade will be announced next week. i ask him what he means by that, next. this is bloomberg. ♪

emily: everyone wants to get away. travel experts expect this summer to be one of the best the industry has seen after two years of pandemic lockdowns. if airbnb is earnings are an indication, it will be a big summer indeed. the ceo seeing higher than historical demand.

joining us now, brian chesky himself. great to have you back on the show. i know some of the trends you're seeing surpass even your internal expectations. what is it most about the demand you are seeing? brian: i was expecting last year to be the biggest travel rebound that we had ever seen in a century. we've never seen so much pent-up demand. what surprised me is we are seeing even more pent-up demand this year. maybe that isn't surprising. people weren't quite comfortable crossing borders and you had the delta strain. the thing about travel is that there are some things that when they are taken away from you, you don't want to do that again. i don't think that is travel. emily: you used the words pent-up demand. i'm curious how you think the summer might compare to next summer.

are you expecting the growth rate to slow down? brian: no. i don't think so. number one, asia probably won't recover right away. it will take some time. that's where the large percent of the world population lives. i think that next year, you will see a huge amount of growth coming from asia. we have a lot of pent-up demand for europe and north america. the thing i would say is this. there are no use cases that are here to stay. people traveling to rural areas. people staying longer, a month or longer. our bread-and-butter historically has been cross-border burden. that is now back or above 2019 levels. we are seeing a combination of the old trends coming back and new trends sustaining. that will continue. you will have other geographies. i'm pretty bullish on the next couple years. emily: how strong is the consumer? with inflation, the cost of flights is going up.

is there a point where inflation catches up with the consumer and overwhelms that pent-up demand? brian: i think that it could affect travel more broadly. i think it's impofoo distwhare businessduring the pae recovered faster than any trouble -- travel company. we have nearly every type of space in nearly every community and price point. when people feel like they can't fly, they can get in a car and book in airbnb. they are typically still cheaper than a hotel. we are pretty resilient no matter how changing travel demand occurs. emily: investors not excited about lyft's outlook. a different company. another measure of consumer sentiment. i wonder how you read that, given that people need this kind of transportation to get from place to place, airbnb or not.

brian: every company is different. i think the phenomenon of how people are moving within cities is pretty distinct from the phenomenon of people traveling. yes, people do need transportation within markets. the thing i would note is that half of our businesses outside of cities. we have a lot of vacation rentals, rural areas where ridesharing would not be prolific. emily: you are seeing huge demand for homes. i wonder how this is translating into demand for urban travel. when do you think tourism and cities will fully rebound? brian: it is already above 2019 at this moment. i can't say it's a buffer everyone. i don't know if hotels are back to pre-pandemic levels. i think the summer, it will be back. here's the difference. before the pandemic, our business was dominated by urban areas. the way people traveled was to go to vegas, las vegas, rome.

now their consideration set involves 100,000 places all over the world. they are open to national parks, rural areas, small towns. there are wider options now. emily: the aipac region still struggling with covid. what steps are you doing there? there isn't much demand. do you see things improving their? brian: they are gradually improving. money can't fix the problem. people need to get comfortable traveling. they need to start crossing borders again. that is inevitable. people will travel in asia more than they ever have before. until they are comfortable, that is not something we can fix with money. we can wait for the market to be ready. it will start coming back this year. you will see a bigger rebound for asian next year. again, those questions are beyond me. it's more a matter of where the recovery is in those countries. emily: let's talk about something that isn't beyond you,

your work from anywhere policy. you've announced that airbnb employees can work from anywhere . i'm curious how you think that will impact recruiting and hiring. brian: i will give you one stat. we announced last thursday, april 28, that employees of airbnb can now work, live anywhere in the world. if you move within the country you work, we aren't going to reduce your pay. you can go to 100 different countries, live for 90 days at a time. since that announcement, more than 800,000 people have come to our jobs and careers page. that gives you a sense. flexibility is the future. flexibility will be the most important benefit employers can offer. the best people aren't in silicon valley or new york. they are now everywhere. any company that limits their

talent pool will be at a disadvantage. emily: you just announced an anti-party crackdown. still, given the moves airbnb has been making, we've seen people of faith the rules. we saw what happened in pittsburgh and the shooting at an airbnb that killed two teenagers. what more steps do you think airbnb could take in this arena to make sure that people are always safe when they are staying at in airbnb? brian: number one, you just said it. we want to make sure that people always feel safe. the name of the game is that we can always do more. we are always trying to do more. what we've done is background check everyone in the united states, every guest and host. we have a risky reservation system we put reservations on high alert during certain holidays. this memorial day and this july,

will be on high alert about parties. we banned party houses. you can't get an airbnb for more than 60 people. we are doing a lot of things. you have more and more aggressive things. the incident rate has steadily been going down over time. the bad news is that one incident is always one too many. we have to continue to work very hard. emily: you tweeted that you will be announcing the biggest change to airbnb in a decade. we are on the edge of our seats. what more can you tell us? brian: you want me to say it right now. yeah. i will say this. number one, i'm excited. we have the biggest updates to our product in 10 years. we've been thinking about this for a long time. i will give a couple clues. number one, there will be a new way to search on airbnb. it's going to be a new way to find really interesting homes. the second thing is that we are going to have a big change to our service level and the

customer service we offer. you will see a number of updates next week. i'm excited about it. may 11, 9:00 eastern. there will be a short video and you get all the updates then. emily: we have to ask you about crypto payments. what progress have you made on that? brian: we have been steadily making progress insofar that we researched it. we've looked at a number of ways that crypto can be used. obviously, it's a popular request for people to pay with crypto or receive money as crypto. that's about all i can say right now. emily: you've also been tweeting about web three and curious about what it does and doesn't mean. how do you see web three or crypto opening up new possibilities renovation? are some of these technologies potentially overhyped? brian: i think both are very possible. i was not around during the.com days.

i was in design school at the time. most of the companies then aren't around. that being said, almost all the ideas that didn't work now work. in some later incarnation. i think that the technology is really exciting. the idea of empowering people all over the world is really exciting. i do think that like any new emerging technology, the vast majority of companies won't be around in the future. the ones that are around could be very large. amazon emerge from the dot-com bubble. i think there will be large companies emerging. there's a lot of speculation. looking forward -- emily: looking forward to next week. looking forward to speaking to you again. thank you for taking the time today. coming up, why bother? that's the question being asked inside twitter right now ahead of an imposing sale to elon musk. moran what the company is trying to mode -- do to motivate

staffers, next. this is bloomberg. ♪

emily: a few other stories. twitter doing its best to quell concerns of employees ahead of the elon musk acquisition. twitter's vp tried to appeal to workers sense of community, saying they have a response ability to each other.

twitter employs more than 7500 people, warning about a possible staff exodus in a regulatory filing this week. muscat suggested cutting costs including layoffs as part of his plan to grow twitter. the securities exchange commission is investigating didi's chaotic 2021 debut in new york. that's when the ride-hailing giant raised $4.4 billion days before revelations of china's probe into data security tank the stock. didi's had fallen 85% since last summer's ipo. the white house is boosting support for quantum computing as china pours billions into the next generation technology. president biden signing several tech focused directives. one would require them to adopt new standards against the threat of code cracking from quantum computers. coming up, lift shares taking a beating.

i speak to the lyft president, getting his reaction to the market and what's next. that's coming up. this is bloomberg. ♪

emily: welcome back to bloomberg technology. let's get back to earnings. lyft shares tumbling after providing a second -- disappointing second-quarter outlook. the ridesharing company planning to spend more to attract drivers on the road ahead. the stock falling as much as 29% , its steepest ever drop in a single session. i want to bring in the lyft president john zimmer. investors are spooked here. what is your response to their response?

john: we don't like it. we take it seriously. we believe we are doing the right things for the long-term shareholder value. first, reflecting on q1. q1 was a good quarter. it was a new covid-rights. we had improvements on both the driver and writer side. obviously what the market reacted to was saying, coming out of q1 where we had the largest spike in covid cases with omicron, we want to make some additional investments in the market where we see a lot of upside opportunity for a return on those investments. what the market wants to hear is more guidance than what we will get for that. we will do that in the quarters to come. it's on us to prove it as we put up numbers in cute, -- 2, 3, 4. vonnie: a 1980's rocks -- emily: a 1980's rock star like disaster. part of what you are spending on

is driver incentives. what about if this could lead to a race to the bottom with uber? john: i think that statement is extremely not tied to what we are doing here. i'm not concerned about a subsidy battle. there are fundamental investments we are making. the one that we talked about and got the most intention -- attention is on the driver side. you had a lot of inorganic things happening when you have a spike in covid. whether that is a reduction in demand, an increase in demand, and the need to add drivers quickly. we are seeing drivers come back organically. year-over-year, we had 70% new driver activations. based on data we are seeing now, there's a lot on -- more demand on the horizon and we want to prepare for that in the most responsible way. investing in drivers and our marketplace technology to us is a prudent way of doing that. emily: you've said the cost of

incentives will be passed down in part to customers. do you have any concerns about alienating writers? john: we always think about the price. that's actually a big part of this investment. to make sure that we have the best eta's and the best prices in the marketplace. so i think we are trying a few different things. when you have different pricing and prices goes up, those go down and are paid by the writer. we are making a few investments here. that being only one of them. emily: investors are wondering if they've overestimated the opportunity and ridesharing. our higher prices here to stay? is ridesharing a luxury good? how much growth is there really to be had in the writer base? john: i mean we are reporting on q1. q1, we have 40% growth year-over-year.

4.3 million more active writers than year ago. we are seeing that growth. what is not being private anymore is the fact that we are coming out of the pandemic and we need to -- demand turns on a dime and supply chains take a few additional months or quarters to catch up. we want to get ahead of them. emily: do you see ridesharing as a utility? is this something that only a small group of people can afford? john: a growing number of people are going to beat turning into it. we had two years were people were asked to wear masks and not be around each other. we are coming out of that. we have continually seen historically more and more people turning to this use case. we will be bringing back shared rise -- rides which have been missing for the pandemic, a lower price product.

i'm not concerned. the message we are saying is that we see the demand coming back and therefore we want to invest in supply. emily: huber says they won't be spending significantly to maintain or increase supply. they are talking about tweaking their algorithms to make things more transparent for drivers. is this something that lyft would consider? other levers to get drivers to come over. john: we are investing across the board in the experience for drivers. a lot of that is in our marketplace technology. whether that is masks to have higher utilization, whether that's our pricing algorithm to fine tune specific things that happen at an airport when multiple planes unload at the same time. all those improvements payoff as rides continue to rebound. we feel strongly that these are the right investments to drive

the most growth in both the short and long-term. emily: how much overlap do you see in drivers versus -- are you also competing with instacart and grubhub and doordash and amazon and domino's pizza? they need drivers, too. john: within the category of drivers, the highest earnings historically on average have been found within the rideshare segment. we typically require newer vehicles and background checks and driving record checks are always required. that isn't something in these other industries that is always the case. there are segments of the population that want to earn more and have access to newer vehicles. emily: i want to move to another story. huge story we are watching. the leaked draft opinion from the supreme court that signals

that roe v. wade could be overturned. that has -- lyft has come out in support of reproductive rights. you will defend drivers facing legal action where we've seen antiabortion laws make progress. what is your reaction to this draft opinion? what more is lyft prepared to do? john: it is very concerning. we've been clear on our viewpoint on women's rights to choose and have the reproductive health access. we've made a donation to planned parenthood, a significant donation to support their work on that. we were the first to speak out on the laws in texas and more recently in oklahoma. our speech is important. we are working to make sure that women who are coming to a different state have access to transportation to make that experience a bit less stressful.

we will continue to speak out when we think the rights of our community are at odds with what's happening in the world. emily: is this issue -- half of states could enact laws like this. some of those laws would be triggered immediately. are you prepared to defend drivers on a national level? john: yeah. the specific laws that we reacted to in texas and oklahoma, in addition to disagreeing with the overall viewpoint and believing that women should have the right to choose, there were laws that said that a driver, without them even knowing where they are taking someone, could found -- be found criminally liable for taking someone to an appointment that they had no idea where they were going. that is wrong on many levels. that is something we will continue to defend our drivers from. emily: do you have any concerns about alienating writers and drivers by taking this stand.

you are running a business. why speak out on this? john: it's important for companies and individuals to speak out when they disagree with something. we've shown that throughout our history. we aren't afraid to speak up. we think that ultimately doing the right thing for society and speaking to that can also be beneficial for the business. we care deeply about our impact and our ability to impact the world around us. emily: john zimmer, lyft president and cofounder, thank you for stopping by. i will stick with lyft and uber now. a big move from lyft. talk to us about the size and scope of these moves. we heard john zimmer's response. he doesn't like it but he disagrees. ed: investors clearly concerned. 30% drop in the stop is significant. biggest drop on record. it's more than 3.5 billion

dollars of market cap lost in a single session. come to me and my terminal. this is the way i have been think about this. these two stocks in particular, since their ipo's, have not performed well. you see that as we emerge through the initial phase of the pandemic and things improved, we see a rebound. actually, mid-2021 through the present day, the stocks have seen declines. we were down as much as 12% on wednesday. ended up dropping by the most in five weeks. there are questions about whether these companies can stand on their own two feet. lyft, there are some bright spots. one of them is revenue per rider. pretty high, around $49 right now. way above where we were in 2019. if they will spend on incentives, growing the top line through raising prices, that's not satisfying for investors.

a lot of wall street analysts said this was overdone. you heard it from john zimmer. that's a bullish sign, that lyft sees demand coming in the future. uber didn't fare well in the equity markets. lots of people pointing to their different business models. the orange part of the chart is mobility. delivery increasingly important. they have a diversified business. i heard you ask him about this. what are they doing to win over drivers? don't just drive people. you can also do delivery. you have the choice to maximize the money you can earn. it's an interesting differentiation. emily: thanks. coming up, the role nasdaq plays encrypted markets and how that could grow with more regulatory clarity. we talk about that, coming up next. up next.

emily: time now for a crypto report. some companies are still looking to make their stockmarket debuts. what insight does the nasdaq have and what role will it play in crypto markets? we spoke about it earlier today. take a listen. >> nasdaq today is a scale of technology company that serves the broader capital markets and the broader financial system. we have a big role to play in

facilitating and helping crypto markets as well as banks and brokers manage new digital assets. we provide our technology to 130 other markets around the world. we are up to 10 crypto markets that are leveraging our technology for trading, surveillance, and other means that they have to make sure that they can grow and expand their business. we also have a very scaled anti-financial crime solution where we have created a new module specific to digital markets to make it so that banks can evaluate risk as well as fraud risk in their digital wallets as well as in their more traditional accounts. we also have a crypto index that we've launched outside of the united states. we have a role to play there. as a market operator, we are still trying to understand the regulatory landscape as well as the overall maturing of it for the institutional use of crypto

before we make bigger decisions as a market operator. emily: the nasdaq ceo there. california's governor has heard her calls for more regulation. gavin newsom just signed an executive order to spur blockchain innovation, making california the first date in the u.s. to start creating a regulatory framework. said, too often governments lag behind technological advancements so we are getting out of her -- ahead of the curve on this, allowing for consumers and business to thrive. how the fed rate hike could impact tech valuations and investing. more on that, next. this is bloomberg. ♪

emily: back now to the biggest story of the day, the fed rate hike, the biggest since 2000. the fed signaling more to come. i'm joined now by mark goldberg. give us some thoughts. he has some insight on fintech. thank you so much for joining us. mark: pleasure to be here. emily: big macro echo -- macroeconomic changes afoot. mark: we are coming off of a year that was the most exciting year in fintech and venture capital market in a decade. money was available in spades.

the market has changed. we are telling our companies to focus on building, not fundraising. emily: how do you build without funding? mark: these companies raised huge balance sheets last year. the distraction of constantly funding every 12 months has gone away. emily: how is this impacting sentiment? can we expect that to continue? mark: the sentiment is about as negative as you've seen. it's negative. i think that's overseer. we are seeing an opportunity. the best investments are made at times on the others of a cycle and that's the opportunity we have in front of us. emily: how is that impacting your strategy? mark: we are focused on finding the best generational companies. if that holds true today, we will be just fine. emily: you are predicting a tsunami of fintech m&a.

where specifically? mark: we will see a wave of consolidation. last year was the party, this year is the hangover. we saw a lot of excitement. what is going to happen now is consolidation. what is exciting as the number of consolidators. five years ago, we would have thought of it as a vertical. it has become totally horizontal. now it could be apple, google, stripe. the number has grown significantly. it will be an exciting year. emily: will we see crypto joining forces with traditional finance? mark: i think it might be. it's a possibility. we will start to see this combination this year. emily: you've made a number of predictions. you said fintech and gen z traders on the ride. they are rolling out more crypto features. which of these things is still going to happen? mark: we have seven months so i

will wait until then. one of the more exciting trends is the fusion of fintech and culture. we talked about meme stocks of last year and robinhood. we are starting to see that fusion of fintech entering the pop-culture mainstream, the way that cash app has a clothing store. who would have thought that people would be wearing the clothes from a bank? emily:emily: that trend is going to protest -- propel us into the next few years. robinhood is down from last year. mark: the genius was the ability to do my right -- democratize access to the stock market. that has been one of our biggest indexes. how do you think about serving the 80 million underserved americans? one of my most recent investments is called nova credit. they are able to offer immigrants without credit score and ability to get a mortgage or car loan. we think extending access is one of the big things we will be

working on this year. emily: you are investors in a company called fast, a one click checkout area. it recently disappeared. completely. just went under. what happened? mark: our investment goes around this idea of one click payments. anyone who has been through an amazon checkout experience, there's an opportunity for streamlined checkout. that was our thesis. it didn't work out. that's venture capital. we are excited about getting behind great founders. emily: let's talk about spac's. there are many good four letter words but there are a few not good four letter words. what you think about that? mark: stocks -- spac's are an interesting invention. we have to see what was durable and what was something that didn't last as long. emily: where are you placing your bets? mark: in fintech? emily: and beyond. mark: we are focused on finding

opportunities. i think this is tremendous generational shift between people that want to do banking from their phone versus doing it out of a branch. today, less than 10% of consumers in the digitally native bank. that will change in the future. this is the opportunity we are most excited about today. emily: you are an investment banker during the tesla ipo. what was it like to work with elon musk back then? what do you think of him taking over twitter? mark: back then, it was the formative experience for a 23-year-old out of college to get thrown into that. he was the same iconic figure he was then as he is now. he had a few fewer zeros on his balance sheet at that point but the same attitude. emily: you like the idea of him owning twitter? i'm looking at some of your tweets right now. mark: twitter is a private company. what they can do if they optimize for the long run as opposed to quarterly earnings. there is so much uncertainty in the direction that he will take

the company. i like the idea of it being progress -- private. emily: wilkie -- will the algorithm change things? mark: it will be excited -- exciting to see what they will work towards. emily: what about employees that want to leave? there's a story called, why bother. that's what employees are thinking. mark: we will have to see. there has been a lot of negative sentiment. if they can make the right long-term been -- emily: thank you so much for joining us. appreciate it. that does it for this edition of bloomberg technology. we will be back tomorrow. i'm talking to the over ceo, joining us live at 11:30 a.m. eastern time. we've got an action-packed show. much more coming up tomorrow. this is bloomberg. ♪

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