announcer: from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco. this is "bloomberg technology." coming up, whoever said streaming is slowing down did not tell disney, reporting a major increase in subscribers for disney, plus, this after the shocking drop for netflix. we will look at where the business goes from here. how low can crypto go?

the massive selloff is spilling over to cryptocurrencies. bitcoin and ether have fallen 50% since last year. google gives us a sneak peek at ar glasses. when can you get their hands on them, and how did they not repeat the failures of google glass? all of that in a moment, but first, stop sliding, inflation signs not going away soon, and the nasdaq closing down 3%. emily has the latest. emily: it was another volley day for the u.s. equity market, s&p 500 down 1.6%, but the pain was concentrated in the tech stocks. the nasdaq 100 fell over 3%, big giants like tesla and apple following along with the index. this came after some cpi data that showed investors that inflation is higher than expected and probably going to prompt the federal reserve to

continue the aggressive monetary tightening path. that does not bode well for high growth stocks. yields for the 10 year were lower, but did not have support for u.s. stocks. u.s. dollar in new york largely flat, but approaching its highest level since may 2020. we talked about pain in tech stocks, but the pain is worse when you look at the crypto markets. bitcoin falling below the key $30,000 level. this was near an 11 month low. ethereum down 43% year-to-date. the risk off mood and markets have been weighing on cryptos, but the pain is being felt because of the plunge in an algorithmic stable coin that lost its dollar peg earlier this week and plunged 80% today, paring back some of those losses , but worrying investors. we also saw luna, a crypto token

linked to help maintain the peg for that coin fall. there was an exchange traded product tracks it. it felt 90% today. i heard from bloomberg intelligence that that is one of the worst single date exchange traded product declines in etp history ever. a lot of losses. disney reported earnings. missed on revenue and eps, but didn't beat on disney plus subscribers, reporting more subscribers than expected. quite a change from netflix. the stock plunged after reporting earnings for netflix. disney down post market. year-to-date, disney down over 30%. we will see how analysts are taking this, which was largely positive. emily: thank you. i want to stick with disney and talk about those results with the our guest -- with our guest.

he is a longtime disney shareholder. subscribers light, but you have to look at the massive increase, and feel some sense of relief, even surprise, i don't know. is this what you were expecting? mark: -- ross: it is so hard to predict what consumers do based on what content is being released on each streamer, but we now see at the end of this earnings periods that -- period that disney did lose some subscribers. certainly we don't know if that is a permanent change in behavior, because we think streamers go back and forth between what is popular at the time, so disney had good results for their streaming businesses, much better than we expected, because obviously we thought they had a tough comparison to the covid era, and quite

frankly, all of their businesses are starting to improve and we are starting to see revenue dramatically increase in parks and resorts and a wonderful weekend at the theaters this weekend, so with the valuation so cheap now in the stock market , stocks like disney are quite compelling for long-term investors. emily: i'd like to what the ceo of disney had to say about subscribers who are grown-ups, but don't have children. take a listen to what he had to say. bob: it is certainly popular with families. almost half of disney plus subscribers are adults without kids. emily: and he said he would try to cater more to that audience. what do you make of that strategy? ross: his point is trying to broaden the market. disney plus is just a no-brainer. what would be your impetus to getting what is perceived as a kids channel, but when you're

talking about adults, you're talking about gen xers who have grown up with star wars. he is saying there is an enormous audience base of people who do not have kids who are into the intellectual property like star wars and marvel movies and you think, oh, these are kids movies, but they are not. they are adult movies with adult content and that is why they have been successful, because there is stuff for different age groups on disney plus. emily: how do you think disney plus holds up if netflix releases a lower-priced, ad-supported tier? ross: i don't see it as an issue. you have three main streamers now with hulu, disney plus, netflix and what will be hbo discover or whatever that is. those will be the three main players. amazon and apple are the players who do not charge for streaming services and try to sell other

products, so when you look at the environment that is out there today, i think disney is extremely well-positioned and the multiple content offerings, also with espn plus, the agreement with ufc, and their numbers would have been blowout numbers if it were not for the $1 billion they had to pay producers and other people to put stuff on the streamers instead of the theaters over the last year or two, so disney took a big hit investing in the streamers, but that will pay off big time long-term. emily: meantime, he is talking about rolling out into 53 new markets. we have talked a lot about netflix's global appeal with new content coming in from south korea, for example, in the success of squid games. you thinks disney can repeat that? ross: nope, and it would not benefit them. disney has a different approach to content.

if i make a pixar movie, that would play in all countries in the world. you just change the language. but the content works globally. where netflix does not make kids content relate, and so it does not work globally, so i have recently watched a lot of the asian-based shows they have been making, korean dramas, japanese crime movies, some of this on netflix, and netflix has a far deeper approach to the local cultures and artistic sensibilities then i think the approach disney has. i think netflix ultimate will be more successful internationally. when disney is focused on is you have hot start in india, where it is a massive market and they are focused on that market and it makes a lot of sense for them to focus on bigger markets where they can put money into content and not have to spread it between so many regions. emily: let's talk about parks.

let's talk about parks, because bob chapek saint domestic parks are firing on -- saying domestic parks are firing on all cylinders. -- as we know, shanghai is on a very restrictive lockdown. how concerned are you about that? ross: i mean, for me, this is probably the biggest concern i have as an investor right now. i am not worried about the fed actually, because it easy for them to stop causing pain, but china has, we have a lot of business in china, apple, tesla, disney, and many others, and shanghai has been hugely detrimental to the economy in china, the people in china, and it may or may not work, unless believing that it will work, that this is a big issue for

disney on the short-term, and maybe even the medium and long-term in a country like china was so high -- china, so i do not expected to be easy to do business in china for the foreseeable future because of the goal of no covid and the fact that theme parks are the exact opposite of what the chinese government once people doing right now, but i do think that is more of a short-term issue than a long-term issue, but one that will weigh on disney. emily: i wonder if you think doing business in florida is a short or long-term issue. you have been cleared you are not a huge fan of bob chapek and don't think he handled the situation in florida well. disney is losing these special privileges they have enjoyed in florida for decades, as a result of this very controversial don't say gay bill, and it is clear lawmakers in florida are taking this out on disney. what is your take on bob chapek, now that you see these numbers?

are you having a change of heart or you are still not a fan? ross: well, he just fired the pr guy for what is going on in florida. there are a lot of things i do not think he is handling the way i wish. the florida situation is a tough one, but i think that disney wins in the end, because whether you are on the right wing or left wing, your kids want to go to disneyland and there are a lot of people who tie set to twitter and facebook when they go to disneyland, so i don't think that is an issue, but the higher cost, higher taxes, disney's relationship benefits florida, so what i think is this will smooth out over time and these political wars over the right and the left are more laid out in the media then in the actual behavior of people. emily: we continue to get headlines from the call, disney

saying they expect disney plus to grow even more in the second half of the year, though maybe not as much as we have seen it grow in the first half of the year, so that is the number to watch, that big subscriber number. ross, always love having you on the show. thank you. coming up, the route is not over protect stocks, the nasdaq falling to the lowest level since november 2020. we will talk about how persistent inflation is weighing on growth. this is bloomberg. ♪ ♪

emily: -- >> there are a lot of disturbances around the world going on, but for us, it is

focusing on our long-term strategy. >> as mortgage rates have gone up, and they have further to go, home buyers will have to trade down despite lower price points, but most of the data around housing predict strong housing appreciation. >> i think people are overreacting to some of the inflation worries, some of the other players. >> we have been studying inflation carefully for the past six quarters. i think the growth of inflation occurred more sharply than some anticipated. it certainly continues to be a real concern. emily: some top tech executives. we had them here. concerns about rising inflation. one report painting a troubling bigger picture protect, especially as the fed tries to combat rising prices, all adding to the decline in tech stocks in particular. for more, i am joined by steve, founder and partner at one

company. thank you for joining us. woody think the impact -- what do you think the impact of inflation has so far been on tech? >> when you look back to the 1970's, the best sector was consumer-products and the worst was information-technology. that is a testament to how mission-critical a lot of the software was then for businesses. it is more mission-critical today. we expect tech to perform better. where it will show up is in the form of pain or equity prices declining are those software programs and businesses that use those on an ancillary bases that are not core to the business. we do expect inflation to affect technology dramatically. in growth stocks, we have seen it as were down 70% across the board, and we are seeing it in private markets as well. emily: what you expect the impacts will be, massive down

rounds, inability to fund raise, more layoffs? steve: you hit on all the key factors. we saw this before there is a strong bias in the markets for the last 12 years and even through the great financial crisis, growth stocks never went down, so it will take time for prices to adjust. we are seeing the early cracks, some of which come in the form of less competition. we are seeing converts, and what they do is maintain an equity price that allows the company to extend its runway. what follows converts are down rounds. the other thing that is coming and we saw this today with carvana, layoffs. we think technology that the layoffs will be shocking. they will be shocking. we have seen meta freeze hiring on same with uber, and -- hiring , same with uber, and this will be many people in the next 12 months. this is just the beginning. emily: you are comparing it to

the bust. how close? could it take 12 years to play out? steve: so, it is unclear how long it will take. our current view over the next 12 months is that it will be very rocky. the back half of the next year, things should firm up in the tech sector. that bust was unique to that time period. more liquidity, company business model stronger, better understanding of how to get the company to profitability, management level, board level, and that is happening right now. i suspect the downturn will be a little bit more violent, but the recovery will be faster. the next 12 to 24 months will see some interesting opportunities, but we have to flush through these down rounds. companies with six to 12 months of capital that will struggle to raise money in this environment. emily: who makes it out of the gauntlet and who does not? steve: so, those with

fortified balance sheets, those who trimmed staff when necessary. it is unfortunate to do layoffs, but it is part of what needs to happen during a downturn. we will see the most pain in the larger businesses, the unicorns. the smaller companies that can adapt and extend the runway for three or four years should be ok. those with less than two years will struggle. more broadly, what will work, commerce, commerce infrastructure, fintech, although we are seeing competition increase with a bloodbath in the public and private markets, and transportation, logistics, and security. emily: wow. giving it to us straight. steve, we will be watching. well, it was supposed to be the biggest change to airbnb in a decade. >> we have the biggest updates to our product in 10 years. we have been thinking about this for a long time. i can't say a lot, but number

one, there will be a new way to search on airbnb, a new way to find really interesting homes, and the second thing is we will have a big step change to our service level and the customer service we offer. emily: airbnb has now revealed its big update and which includes a new way to search for homes, trips between a couple of homes, and more protections while traveling. they are calling it there cover, which -- air cover, which is a gift which you booked promise. we would talk about that and more with the ceo and cofounder brian chesky tomorrow. and, coming up. >> we need a name. >> we? >> we live. >> we dream. >> wework. emily: what did not work and what lessons can be learned from it. -- it? we will talk about all that and

more. this is bloomberg. ♪ s is bloomberg. ♪

emily: companies are competing for talent. they are changing in person requirements, even going fully remote. i want to talk about this with the chief learning officer at one company, and one person with the new book, re-culturing. melissa, the pandemic has reshaped the work place for better or worse. how should companies re-culture in this environment? melissa: yeah, the biggest question i did now is how do we bring our culture back. that is the wrong question. because it is assumed that culture is the office, and while a lot of us enjoy the ping-pong tables, doughnuts, and free food

, that is not what culture is. it is how work happens between people, so the focus needs to be on the values, the behavior, and how were showing up with different ways of communicating, versus how we can get people back into the office. emily: let's talk about what companies are doing wrong. you have companies changing their work from home policies, trying to create these new perks for when people are in the office. melissa: i think that it comes down to going a little deeper than just defining your values. i think companies have a list of values on the wall or they are on a website. the companies that are thinking

through this, and we are doing this here, they are trying to codify culture. what would a value for instance of teamwork show up? is that collaborating with each other? is it that constructive debate? and how do we do that in a way that is in a hybrid environment? what are the opportunities to come back to an office that is more of a brainstorming opportunity then doing it remotely? it is less about getting people back into the office or how do we make sure that we are continuing to figure out ways to provide food, it is more about how to connect. emily: so quickly, what are some parallels you can draw from your experience and what we are seeing now in tech, market turmoil, companies getting punished, whether you are growing or not. melissa: i, you know, i think of organizations again, as a total

system. i think that we work and other companies get this wrong. we think of it as a separate hr initiative, versus how to look at how to, connected to your purpose, to your strategy, and closing those gaps, so if your mission is to come in you know, to make a life not a living, and you invest, there is a gamut they are. yeah. -- gama there. yeah. emily: thank you for joining us. coming up, google high-tech glasses. we will have all the announcements and when you can get your hands on these new glasses. this is bloomberg. ♪ berg. ♪

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emily: welcome back to

"bloomberg technology." i am emily in san francisco. breaking news. headlines involving twitter. dow jones reporting investigators investigating elon musk's disclosure of his sizable stake in twitter, probing his late submission of a form investors must file when they buy more than 5% of company shares. he started messing shares in january -- massing shares in january, but did not feel stake until later. we will get more on that later. meanwhile, google with upgrades to its map, searches, augmented reality ambitions, like a new phone and a google pixel watch, and even a pair of new ar glasses.

the senior vice president for devices and services joins us now. let's talk about the phone first. talk to us about the strategy and the need for high end of lower end devices. rick: you bet. thank you for having me, emily. first up, i want to mention our vision for computing is a vision of ambient computing where they are all around you. the center of that universe are phones today. that is why we are investing so much in this area. google tensor is that technology substrate on a chip that powers all of them. today, we are enveloping -- unveiling the pixel 6a, including our premium tensor

technology. that is pretty key. later in the year and the phone arena, we will launch the pixel seven, so we talked about that. emily: let's talk about the google pixel watch. how does it stack up to apple watch? how many can you sell? rick: first, it will be a terrific offering. i have it right here. beautiful device. circular design with stainless steel and beautiful features. some of the key things for anyone who uses the pixel phone or family of devices, this will be the watch for them. it deeply integrates with google's ecosystem of products. you can get turn by turn directions without your phone and use google wallet to pay for anything. the google home app will be available. the best part is it deeply

integrates with fitbit. i have been a fitbit user for 10 years, so everything that been doing for 10 years seamlessly sinks, tracking, so it is really exciting. i think people will love this product. emily: any chance you have a pair of those new ar glasses in your pocket too. rick: i do not have them with me. it is a prototype. we have been involved in the ar space a very long time. we are excited about the advances we have made. we see this area as a key part of the ambient computing vision, to have something on your face that would enables you to do real-time communication, live caps on the world around you, powered by ar systems and tensor technology. we are excited to show a little bit of the future. this is a prototype, but we

continue to invest in the ar space, and we see it as a key part of where we are headed with ambient computing in the future. emily: is it like google translate on a pair of glasses or something more? how does it work? rick: it will end up being a lot more. it is early days. we don't have a ton of product details today. we were shown how one facet of it might work with powerful speech recognition and communication. we have a lot of the same capabilities on our phones, google maps, things like that. you will see continued investment in the ar space. we believe strongly using -- offering users health, and that's what we're focused on with these efforts. emily: glasses are in the research stage now with a limited number of users. testing it? how far along are you with the prototype? rick: we have a number of

engineers and developers building product in the space for internal use. we are still in the research phase, so it is someways off, but we are excited about where it is headed. emily: there must be a lot going on with the processing on the backend to make it work. rick: yes, ar is one of the more sophisticated computing capabilities. we have prowess in our computer capabilities and in the data center. what is new is we are adding intelligence to endpoints, and you can see that with tensor. we are able to leverage both of these capabilities together to offer the powerful experience in the future. emily: so the big question is when, when will these be available for consumers, or how

many years out are we talking? rick: more to come. it is not imminent. we are in the prototyping stage. we will tell you when they are about to be out. emily: last question on the glasses, but book, google glass -- look, google glass was not what it was hope to be, becoming the but of jokes. how do expect to avoid that? rick: we learned so much with google glass. we learned how hard it is to develop this technology and what users care about and what is important, so that informs us and gives us a great background to understand what we need to do in the space, so we are glad we had that initial effort. it has helped us to think through where we need to be for the future, so we are excited about it and are excited to be using our learning in this

space, and you will see the benefit of that in the future. emily: you say you plan to release a tablet as a companion to pixel, and i believe you said and 2019 you said, no more tablets. so why the change of heart? rick: i think, the android team has invested a lot in larger screen devices, larger form factors. in the last couple of years during the pandemic it became clear how important having these large screen devices is for the home for various use cases. so between all of those collective things at once, we decided it was important for us to develop one. it does provide a new facet, new experience for pixel users, so we thought it was important to have it as part of the pixel portfolio. emily: how many facets? is this a foldable tablet? rick: you know, we just showed up little bit of a prototype of what we are building now today, standard tablet. there will be a lot more detail

share next year when it comes to market. emily: ok, bigger picture, how do you measure the google hardware division when you look up other companies and compare the numbers? google is not quite there, but still growing and a place where you are investing. what is the bar for you? rick: well, clearly we want this to be a large business for the company, and it has been growing quite significantly. for example, we talked about in earnings that pixel six has sold more in its first six months then others combined. without a doubt, we are investing a lot in this area and growing a lot, and our intention is to continue to grow the business. we are at no doubt a challenger and entrant in the space relative to others in it, so we are starting from a small base, but we expect to grow and are investing in the future for that. that is why we are making investments in the pixel

sponsorship for the nba playoffs, which have been terrific games to watch. so yeah, this will be the space where we definitely invest and grow in the future. emily: so in the future, how big of a piece of pie do you see hardware being in the overall google portfolio? rick: well, we will see. oakley it would become a meaningful parted with hope to continue to be a contribute and part of google success. emily: thank you. thank you for giving us a little peek into the future. we appreciate you stopping by. rick: thanks, emily. emily: coinbase falling to new lows in this ongoing bear market, coming up and more, and another crypto exchange. this is bloomberg. ♪ his is bloomberg. ♪

emily: time now for her crypto report. coinbase shares falling to new lows, even the word bankruptcy, the big b-word being floated. we now have more. >> thank you. you have shares in bonds of coinbase plunging to new lows after results disappointed wall street. goldman sachs saying coinbase is unlikely to return to recent levels of profitability in the near term. they added a disclosure that if the company files for bankruptcy, the court might treat customer assets as a line

for repayment, meaning customer assets will be at play. i want to be very clear about this. brian armstrong, the ceo saying this is about a disclosure, a disclosure about crypto assets, and not about the chance of bankruptcy at a coinbase. while that is not a risk near-term, he is saying your funds are safe at coinbase. still, a huge drop-off in the shares in a huge question about the exchange business moving forward. to answer some of those questions, i want to bring in steve ehrlich, ceo of voyager digital, a crypto trading platform. you are a longtime member of the crypto community. when you look at the exchange model moving forward, a lot of concerns about profitability. how do you make this work in a down market? steve: look, the exchange model is something that has become very profitable across

traditional exchanges. we are in the early stages of adoption of crypto, especially in the u.s. we are working through thoughtful regulation, so my belief is that exchange model will become extra me profitable over time, but we will have bumps in the road until we get there. today is one of those bumps in the road, but i'm bullish on the model in general. >> the idea there is a claim on assets here, if there were to be bankruptcy, a lot of firms have not gone public yet, so they don't have similar disclosures, so what kind of risk does that entail, and what does that make the customer aware of at the end of the day? stephen: it is interesting because the sec said they did not disclose the level of customer assets they were holding, but they changed disclosures and said hey, if you are holding customer assets, you have to put it on the assets and

liability side of the balance sheets. now you can see how many assets they really do have, but to your point, a public company like coinbase and voyager have been disclosing that since day one and have been public three years now. that is a good thing for consumers, because they see our assets cover all the liabilities and we are nowhere near a bankruptcy situation in either case, and now have more clarity than if you were investing in a private company and holding your assets in a private company with no required disclosures. >> what about the model itself in terms of making money? there are questions about whether things will start to go to zero, like you saw in the stock market has spread started to come in. stephen: i think that, you know there is a place in this business for commissions. consumers are getting a great price, great action on all the trades, but i do think that there is -- this is where the market changes

and is different for crypto versus the traditional markets. the traditional markets have that offer, or you have price protection on every trade. in the crypto market, you don't, and that is why we are looking for thoughtful regulation, but as long as there are exchanges holding and trading crypto, there is opportunities for commissions and spreads for everybody in the industry. >> let's talk about price protection as it pertains to --, trading at $.70 on the dollar. you made a decision not to, but why? stephen: when we looked at the underlying, we saw it was not the same stable coin. the u.s. dollar stable coin is backed by u.s. dollars in u.s. treasuries, and it has an attestation from a prominent accounting firm. we are comfortable that there will always be a dollar for

dollar there. when we looked at ust, we did not see the same assets behind it, but were uncomfortable bringing that to our customers. we did list luna in terms of price action so that they could trade it, but not take it off the platform, because one main reason was to stake it and earn those rewards. we did not feel comfortable. we chose not to list it. we listed the other one. emily: wilmore exchanges be more discerning moving forward about the -- will more exchanges be more discerning moving forward about the types of assets they list? stephen: everybody will take a different look at how they list their coins. we go through a detailed process. everybody will expand the processes for that as well. i do think we saw flight out of defi today, consumers bringing assets back to a centralized

place so they can be comfortable holding the assets. in the defi world, you're putting it into some contract and will get some reward on it but we now see those rewards may not be as good as they look, and to do the other party to do the diligence for you, we saw massive inflows and trading volume today. emily: so what are the ultimate ramifications for defi this year given it's not just ust falling, you see bitcoin falling below $30,000. stephen: i think that this is an opportunity for a reset opportunity. ust did have an impact on the entire market today, because it was backed by bitcoin, and there was a lot of selling of bitcoin related to that, so you are seeing a reset time and we are close to the bottom, if not there already, and we will see that rebound, but it is an opportunity for people to learn more. individual consumers, brokers

like us need to educate people, consumers why these cryptocurrencies matter, and therefore they can make an educated decision on which ones to him. >> thank you very much. the ceo of voyager digital. emily. emily: thank you. nike is escalating its legal battle with stockx, saying that it purchased four pairs of counterfeit shoes despite being advertising that they were authentic. this is after it acute stockx of writing on the back of nike's trademark. it is listings for physical sneakers stored in its vault and can be traded by users. coming up, disney earnings. what bob chapek had to say about pricing power for disney plus. and, rivian results in production goals. that is all next. this is bloomberg.

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emily: -- >> we believe we can move up and cascade up our net price over time given the price we started with in the increasing price-value relationship for all new content, but we are pretty bullish about that. emily: bob chapek speaking about pricing power and future pricing power for disney plus. disney saw big growth for subscribers, beating estimates, finishing the quarter with 137 million subscribers globally, up 30% from a year ago. disney not the only one reporting results. rivian out with earnings. ed ludlow has been listening on the call. what are the headline takeaways?

ed: it is still hard for rivian, but they still plan to build 25,000 this year. semiconductors are still hard. supply is still hard. the good news for investors is they have a lot of trucks built sitting in a parking lot waiting to be delivered. they are finding out the hard way it is not easy to be real company. emily: what about the supply chains and what is going on with china? ed: they are disappointed. they built 5000 people since production started. 2500 in the quarter. they have had to stop the line. you are in the factory. all these great robotic arms stopped because they don't have enough points. they say they are speaking to suppliers and we have seen the worst of it and hit the bottom. we will get better from here. there were some disputes about reports about battery supplies. if you look over a five-year

horizon, supplies or find, but it is longer-term wind the whole world is clamoring for electric cars that is the concern. emily: did they have anything to say about amazon? ed: allied. the 25,000 -- a lot. the 25,000 figure includes 5000 amazon vans. they are on track and starting to roll up more in cities around the country. emily: the analyst from morgan stanley grilled them. did he get somewhere? ed: he kind of did. if you look at the equity story, rivian has fallen to around $20 per share. investors have lost patience with the company as it burned through cash. how are you going to do better, limit costs, spread out spending smartly? you could see the stock reaction is modest, but up.

emily: certainly matters with inflation and rates going up. ed: and labor and supply chain snarls and everything. emily: ok. thank you for that update. i appreciate it. that does it for this edition of "bloomberg technology." fact -- back tomorrow. airbnb will be back to talk about the new redesigned changes to search. we have the ceo of arm, and the ceo of sonos. vic showed them all. don't forget to check out our podcast -- big show tomorrow. don't forget to check out our podcast. i am emily chang in san francisco. this is bloomberg. ♪