announcer: from the heart of announcer: from the heart of where innovation, money, and power collide in silicon valley and beyond, this is bloomberg technology with emily chang.

caroline: caroline: coming up in the next hour -- we will get the latest.

we will get thewe will get the e ground. plus one of the most famous apps in the world is tiktok -- it's under pressure with the challenge of its >> the tech stocks we know our

ultra rate since which brings me to high data stocks. we know that is a trade that has not been working but today it performed well because the likes of tesla, microsoft, google, they've all been taking a beating. is it enough to have have a turnaround for arc innovation given the flood we have seen in

this market. so that we are going to keep an eye on. let's cut to the next slide which is not just all small tech. you sought in biotech as well. -- saw it in biotech as well. these are your biggest movers on the day, also your biggest index contributors on the day. do we see this again tomorrow.

how much is a technical trade? i'm curious to see if this is a sustainable move. a great round up. tesla actually hired after a disappointing quarter of deliveries and record month of production. >> there have been different reports out of china and germany that the plant is going to be off-line for a couple of weeks this month. the glass half empty would say what a terrible time to be off-linethis market. so that we are going to keep an eye on. let's cut to the next slide which is not just all small tech. you sought in biotech as well. -- saw it in biotech as well. these are your biggest movers on the day, also your biggest index contributors on the day. do we see this again tomorrow. how much is a technical trade? i'm curiou disappointing quarter of deliveries and record month of production. >> there have been different reports out of china and germany that the plant is going to be off-line for a couple of weeks this month. the glass half empty would say what a terrible time to be off-line --this market. so that we are going to keep an eye on.

i think the world has changed. >> the world has changed but the vibe is similar. heavy covid restrictions in

place, but there is a lot they are discussing. the backdrop is they are competing in a highly competitive streaming space. caroline: overall, remember last time you were looking at the relationships, the fact that mark zuckerberg -- there has been a lot of change at the top. ed: those same awkward moments are happening. you have elon musk and the twitter ceo and cfo. of course they are going to talk about the deal. when they are walking through the corridors. whatever it is.

caroline: remind us what everyone is meant to be doing. is it about relationship building? what is the overall impact? ed: sun valley is hosted by allen and co.. you look at the name and the deals, they are advisors on the twitter deal. the idea is they bring together all of these people from telecom, media and tech. this is a place where future deals are born. the idea is discussed. what is thrown in this year is the world is changing, markets are volatile.

central banks are fighting inflation. they have these big picture discussions, giving worldviews. that is the premium access. thoughts of wall street, executives. caroline: coming up. tiktok remains under pressure. why the fcc wants apple and google to remove the app entirely. this is bloomberg. ♪

caroline: in the u.s., tiktok is

installed 300 million times. our next guest is calling on apple and google to remove the app. joining us now is the fcc commissioner. thank you for joining us. overall, why would you want it removed from the app store? guest: it's not just another app for sharing funny videos. it operates as a sophisticated surveillance tool, it's pulling all sorts of information. it's a national security concern. it comes into play with policies that more data has been flowing back to beijing than previously reported. it's important how app stores

allow applications to continue to be -- caroline: you are referencing the buzzfeed piece. what data are you are -- are you assessing? brendan: internal communications , including one that says everything can be seen in china. tiktok sends a letter to senators that indicated a lot of information going back to beijing. some of that information shared with the administration. an agency group out of treasury

is taking a look at some of this , to move swiftly in light of these revelations. caroline: overall the company said china can access user data, robust cybersecurity controls and protocols overseeing by a u.s.-based security team. the ceo said i would be very willing to engage with lawmakers to set the record straight according to a spokesperson. have you reached out to tiktok? brendan: i have not just yet. for years, they were asked directly if officials are accessing private u.s. data. they would say all u.s. data is

stored in the u.s.. there is a tremendous amount of information flowing to beijing. i am not so sure about that. the buzzfeed article had an official saying these are tools built by china, and we will see if they continue to get access. frankly, this comes down to a matter of trust. where the data is going. for years, i don't have trust in tiktok. there was a member of the australian parliament that wants to know if user data is going there. this is broader effort to take a look. caroline: you are one of the three fcc commissioner's appointed under the trump administration. we saw bands floated. in general, it's not what users

want. do you see any middle ground? any assurances the company could maintain -- brendan: i am open-minded but skeptical. i am one of four commissioners, we can only take official action with a vote. there are other agencies that hopefully are stepping in as well with concerns. caroline: have you heard back from alphabet, google and apple? brendan: i have not. i asked for a response by july 8. there is precedence with uses of data to take action. i'm hoping for them to tell me

here is why it is a violation or not a violation. the national security question is clear. u.s. military devices have banned tiktok. we warn families of u.s. troops not to put it on personal devices. there are concerns about national security threats. caroline: thank you. come back when you have heard back and let us know. we thank you. coming up, while the deal for vmware is closer to reality. that is next. this is bloomberg. ♪

caroline: let's talk about deals. broadcom deal is going to move forward. the expiration gets broadcom past one hurdle. the biggest ever takeover by a semiconductor maker. the u.k. will force owners of apps to curb disinformation. the crackdown is part of the forthcoming online safety bill. the eu wants to increase the number of tech startups in europe through the eu listings app which can make it easier for

founders. the eu has fewer tech firms and the goal is to attract more tech and have them relocate to europe as well as investing women and diverse founders. the crypto exchange signed an agreement that includes an option to purchase the lender. they spoke exclusively with sonali basak on friday. >> there are synergies. if you look at what block five has built out, they have a loyal customer base. they have a program people love. we have been focusing on a lot of the backend infrastructure.

those match up somewhat nicely. i think there are ways our products can work together in a way that is better than either independent. they have been working really productively with regulators on building out regulated yield products. we are excited they are doing it in a regulated way. that is going to serve them well. it is something we are excited to work with. reporter: are you worried about moral hazard? that bailing out a company may not be what is best for the industry at large? guest: it's a good question.

does that bailout accompany that should have failed? i would say two things. i am more excited to bailout customers than shale hurlers. -- shareholders. the question is not as much shareholder value, it is how do we protect customers. that is one thing. one of them is more important for the ecosystem. the other thing is we are trying to find the responsible players

and could use short-term liquidity. rather than which companies should never have existed. as of today, maybe we should just let it die a quiet death. that is something we have to be thinking about. caroline: coming up, we will speak to the nasdaq chief commercial officer on the abrupt halt of companies going public and whether it will pick up in the second half. this is bloomberg. ♪

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caroline: welcome back. last year, companies went public at a record pace.

now, inflation, recession fears, has brought an abrupt end to the listing party. next, nasdaq chief commercial officer joins us. is the party over? jeff: if you look at the first half, we had 108 new listings. while that's a dramatic fallout from last year, historically, that's a good number of new listings. that's compared to 12 on the new york stock exchange. what fell off a cliff was capital raise. we only saw $12 billion raised in the first half of last year. that was a fraction. still seeing a number of new listings, but not big listings. caroline: at one point it felt like a spac party. is that gone? jeff: of the hundred eight -- 108 ipo's, 59 were spac ipo's.

there has been a slow down in that market compared to last year based on the market perception. we saw business combinations get completed in the first half of this year. it is a viable way to come to market but definitely more scrutiny. caroline: we have heard it theorized. how are they assessing the market and what does the backlog look like? jeff: there is it an enormous backlog. with the company went on file confidentially in december of 2021, it takes two to three months to work through the process. by the time they got to the end of the process, they were not going to go in the market as choppy as it was. everyone is looking for a little more stability. they want to see the volatility index come back down.

they want to see some of the macro uncertainty get flushed out of the market. we are hopeful we will see some big deals come back to the market after labor day. caroline: how private companies can help their employee base, how there can be liquidity for these businesses. i know you were president of liquidity solutions before, how you can have these events. what are people looking at? jeff: nasdaq private market is a viable alternative. as long as the private markets hold up. we see capital available, although we are seeing valuations come down to follow along with the public markets. whether companies do a tender offer to give a broad-based liquidity, whether they want to run an auction to do some price

discovery to see with the true value of the common stock is, or do one-off sales for founders and early execs, nasdaq private market has a great platform to help companies achieve that liquidity. caroline: how many of those companies want to lock in those new valuations? some i watering. -- some are i watering. -- eye watering. jeff: it makes sense companies on the private side would see a similar compression. one of the things we track closely is the price to earnings multiple in the public market relative to the 10 year interest rate. there is a clear trend over time that is the interest rate goes up, pe multiples comes down. future cash flows are less valuable. caroline: who are some of the pools of money still willing to commit to this?

we have heard of certain institutions looking to help ridge the gap when companies are unable to raise new funds or go to the public market. jeff: a lot of folks will look to step in. the question companies are asking is, should i raise the new round of equity or have to price the round or a convertible debt security? part of this is the psychology of the founders and ceos. they just raised funding last year, announced it very proudly, and now they are reticent to go out and announce a lower round valuation even though that's probably where the market will clear. that trade-off is something we hear companies talk about. caroline: are they all u.s., domestic base? there was a time where chinese companies wanted to list. jeff: we definitely have seen

some headwinds in terms of recruiting international listing along with the geopolitical uncertainty. there has been a lot of nationalism in the search for new listings. the accounting issues the sec is working on. we have seen an increase in demand from southeast asia and other emerging markets. for u.s. investors, we think it's critical we keep attracting high-growth companies from emerging markets so we are hard at work on that. caroline: what about the innovation on your side? what more are you looking to do in terms of ensuring they keep on coming to nasdaq? jeff: we always like to say we have solutions for companies at every stage in their life cycle. we talked about how nasdaq can

help with liquidity pre-ipo. an issue that's getting more important is what are you doing around esg disclosures? the sec proposed rules around climate disclosures. we are advocating on their behalf to make sure the new regulations are reasonable. we are looking into the commercially viable options to help companies with new recording -- reporting requirements. we completed the acquisition of an esg platform that's going to help companies accelerate the way they report nonfinancial metrics. caroline: when you think of esg, the move nasdaq was making to ensure thinking about diversity, how is that conversation going? how much are investors caring about that at the moment?

jeff: one of the hallmarks is to have great corporate governance standards. we introduced a disclosure rule around board diversity. we think it is critically important. we have seen a great response in terms of companies and investors. there is a lot of work that is going into human capital management, how they are thinking about that during this challenging time. caroline: it is great to catch up with you. coming up, after the overturning of roe v. wade, we will discuss with the ceo how crypto is looking to support women during this difficult time. this is bloomberg. ♪

caroline: let's talk about crypto for a cause. fundraising has been forming around causes. digital assets are being looked to potentially aid women around the country with costs. the ceo of women lapses with us. talk to us about what you are looking to do in terms of forming some sort of dow around supporting, funding women to

access abortion. guest: one of the interesting things we have started to see is a lever for social activism. people are going to crypto, and fts as a way to donate money to support causes like planned parenthood. my organization runs an nft project. we were the first crypto donation ever to the parent organization of planned parenthood. i think we are starting to see and fts as a fundraising measure, but one step further, self governed entities will start to create this network nationwide of people that live in safe states where women could get an abortion. people that live in states where people woke up and realized if

they need access to an abortion, they no longer can legally do that. to be able to sponsor emergency trips. the interesting thing with this is for people who are upset about what just happened with overturning roe v. wade, there is an opportunity to get involved in a mobilized action driven way. instead of going out in the streets and protesting which we have seen does not always have as much of an impact in driving change. this is a great way to mobilize people who are passionate about how can i wake up in the morning and do something. caroline: do you think it brings new people to the world of cryptocurrency? elissa: there was a

misconception about the fact that crypto was associated with the deep, dark web. we are seeing that it is creating this underground network, but it's an underground network for good where you are able to connect people to drive together towards something fundamentally what we believe in , driving human rights. it is bringing new people in. caroline: there is also a misconception that crypto is anonymous. how do you ensure you are protecting women who are actually using funds to ensure they are legally protected in some way? elissa: i would strongly advise anyone getting involved or the recipient to use crypto in a self hosted wallet.

not using and storing platforms you might be more traditionally familiar with like coinbase, news recently that coinbase might be selling geo tracking data to the government. we are waiting to hear the extent of that information being shared, but i would caution people to realize when you are using a centralized body as a platform, they are tracking your information. if you are using something that purely bids on the blockchain that you manage and host yourself, you can maintain the on and emanate new are looking for. -- you are looking for. caroline: we will look to get some sort of reaction from coinbase and other entities on that fact. i'm interested in your perspective more broadly. i look at what you have provided

. i am interested as to -- how quick were you able to raise funds in this difficult environment? elissa: we saw incredible excitement. there is a lot of people in the industry that were outraged with the news we came to light in the past couple of weeks, people who are thinking about this as an opportunity to be a part of driving change in history. we have outpouring support from our community and there are a few other projects doing similar fundraising measures to be able to donate back to organizations like planned parenthood. the market has been rallying which has been rallying.

caroline: you think the dow is a more accountable way speaking -- elissa: every person that is donating and participating has a say in how funds are distributed. for every individual to feel like they are a partial owner in what is being distributed, from a personal impact perspective, people feel like they are driving change in being a part of that. having that sense of closeness being the result of what you are putting funds toward helps to get people more involved. there will be plenty more initiatives that come out. caroline: have you looked for

celebrity endorsement in any way? i felt like and fts got caught up in the world of celebrity and had -- elissa: we are connected with a few high-profile women who are excited to be involved. we feel like that has been really helpful for us. as women are scared of the world of crypto, seeing familiar faces you respect and no are high-profile individuals in the mass media world, having those people be a part of the ecosystem helps to normalize it a little bit. i think the people that have been interesting -- interested still are, they are active advocates and are connected with quite a few of those. caroline: have you changed your

narrative, people were slightly scared of crypto, how do you ensure you are doing this with financial literacy you want to ensure they have, they could lose money when putting it to work? for example, the nft project. elissa: it's important to educate women who we know are risk-averse. educating on the impact, something you view as a short-term roi, a long-term investment horizon. encouraging people to do a significant amount of research. there may be a downturn right now, but if you look across the tech market in terms of risk asset, everything is down. we are encouraging people to

spend this time doing a lot of research, being a strong driving factor in the industry one year or two years from now, and if people want to invest, they invest with conviction. having the time, energy and educating themselves, and we as a community putting a lot of effort to make sure women are well educated on the different terms, the ways you can invest, get involved in the industry beyond being a collector or investor, but an entrepreneur or project builder. caroline: women labs ceo. thank you so much. coming up, a bloomberg school. i washington wants to curb beijing's plan to become a world leader in chip production. this is bloomberg. ♪

caroline: how to a bloomberg scoop. the u.s. is pushing the netherlands two chipmaking gear from china. joining us now is eric martin. looking at the u.s. potentially reducing tariffs on china but looking to ensure technology is not going in that direction. reporter: that is absolutely right. this is something we have seen both the trump and biden administration united in terms of trying to stop china's advance, china looking to catch up and surpass the u.s. in terms of technology. one of the chokepoints in the bid to do so is this equipment.

this equipment for printing and pewter chips. we understand u.s. officials have been pressuring the netherlands and asml to stop providing china with this equipment. china produces very little of its own equipment for this process. this is an area where if china can't get access to it through asml which provides about 95% of this equipment globally, it could put the brakes on their ability to catch up with the u.s. on printing not even just the most high-tech kinds of computer chips, but even more mature, older chips. caroline: do you think the netherlands will agree? reporter: that is something we understand they have not yet agreed to what the u.s. has been asking for. this is certainly a place where the biden administration has

been looking to build consensus with allies. we understand a similar request has been made of japan and nikon in terms of the other major company, a small percentage of that market, the part that asml does not have. this is been an area where the biden administration is working with allies globally to try and align export patrols to make sure it is something china can't get. caroline: great scoop. we thank you for bringing it. a truly global perspective. meanwhile, that does it for this edition of "bloomberg technology."

more coming up from sun valley. don't forget to check out the new podcast. you can find it on the terminal. from new york, this is bloomberg. ♪

heidi: good morning.