>> 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. coming up in the next hour, apple announces a rare sales promotion for the iphone in china. but is the discount a bad sign? we will discuss. on the latest episode of keeping up with tiktok, meta introduces a new revenue-sharing feature to help creators make money from videos set to music. what it means for facebook and instagram's efforts. tech workers may be leaving a hole in san francisco. can the city recover? does silicon valley need to reinvent itself as a tech hub? we will talk about that later this hour.

first, the markets are equipped sawing with tech dropping lower in what could be a brutal week for earnings. ed ludlow has the biggest moves and one of those is walmart. ed: earnings season hitting us in the face. the nasdaq 100 down 0.5% for a second day of declines following a negative end to the week. the philadelphia semiconductor index, or sox, also lower 0.7%. even with the administration giving talks with business leaders about bringing the production of semiconductors back into the u.s. and the progress they hope to make with the chips act, looking for optimism, 1.4% on the nasdaq. a local media report out of china says beijing regulators are looking at scenarios and data driven approaches and ways to avoid the delisting of u.s. listed shares of chinese tech companies. that sending u.s. listed shares of chinese tech companies higher overall.

yields are back to two point 8% on the 10 year. this is a bit weaker, i hope you are ready because there is a lot coming our way. let's take a quick look at the calendar. this is what we are bracing for. monday a reprieve, but tuesday, wednesday, thursday, these are the biggest names in technology coming at us with earnings. but also their outlook. we are focused with the fed meeting this week. speaking of earnings after hours, big names reporting, a nxp semiconductor had been higher in the post market sector but down 1.6%. a strong outlook for the third quarter, strong demand across sectors and the bombshell drops, we will take a look at walmart down significantly after hours, cutting its profit outlook for the second half of the year. citing higher inflation and fuel costs, the feeling that consumers will stay away from general merchandise and it will have to heavily discount to shift inventories. down 9% after hours and this is

going to be a big story this week in a key week. emily: expecting amazon as well. for more on walmart, i want to bring in our consumer team leader, john edwards. what is your take on these results? john: to some extent, it is a surprise given that walmart had expressed confidence previously in how it would handle bringing its inventories down. it was something of a contrast with target, which had moved aggressively to start cutting prices more quickly, to really slash those inventories. which have built up at a lot of retailers. walmart had said it would let them ease down but what we are seeing is consumers are even more hit by the high inflation than they had expected at walmart. and so, they are also having to

move more aggressively than they had hoped and thus cut prices deeper than they had hoped. thus cut into margins. emily: walmart's ceo says the increasing levels of food and fuel inflation are affecting how customers spend. we are seeing more pressure on general merchandise in the back half. this will not assuage fears about recession. will this potentially have a big impact on markets across the board? john: i think people will be concerned by this. again, walmart had been out there speaking pretty brashly about how it was going to be able to handle this situation without taking any drastic steps. but what they are seeing is the shift in consumer behavior,

which is part of what led to the inventory buildup in the first place, as people started going out more and shifting away from the spending on house and home that they had been doing in the past. now a further shift is happening as people realize food prices and fuel prices are really hurting them. and so, they are shifting away from big-ticket ticket items, and continuing to spend on food and things they have to buy. but the margins are lower on this. emily: yes indeed, wealthy -- well the pressure is on. john, i appreciate you sharing extra context. john edwards, who leads our u.s. consumer tech team at bloomberg. thank you. walmart's results, not going to help quell anxiety among tech investors as we await more earnings this week. we are expecting results from apple, alphabet, amazon and meta, which could indicate how

large a recession looms. meantime, the market market turmoil has sealed the ipo window almost shut. 2022 will be one of the quietest years for public offerings in recent memory. phil haslett is a founder and chief strategy officer. this is not going to help. the ipo window will seal more tightly shut. >> i think that is absolutely right. this is another month of more hits to the ipo market and its prospects. walmart may be a different company compared to technology companies where it is selling milk and staples but it will still feed through to other companies. the real eye will be on tech stocks as they report later in the week. i'm sure a lot of bankers and companies hoping to tap into the markets are waiting with bated breath. emily: is the ipo window shut across the board for all kinds of companies?

or with this walmart move, does this affect companies focused on e-commerce or is this something happening more broadly? phil: i think that is right. we define so many companies as being in technology. i think any company related to consumer spending, coming up with solutions for aviation or groceries, are going to be severely impacted. on the other hand, a lot of companies are selling direct to enterprises, traditional software companies. they will feel less impact from the walmart news but they will keep a close eye on bigger tech names as they report. however it is still a perfect storm where we have continuing uncertainty about inflation, really tough earnings updates and guidance given from companies like walmart and snap last week. and you also have a historically slow part of the year for ipo's, so that comes together and you probably aren't seeing anything go out the door until q4. emily: kkr says ipo's are a year away, how far away do you

think they are? phil: i think you have companies preparing everything if the economy turns around more quickly. you have finance teams at pre-ipo companies, we speak to them a lot and they are gearing up to be ready when the window becomes available. maybe there is an opportunity for the strongest names, but other than that i tend to agree it probably won't be until 2023. emily: the closed ipo window is creating some tension between employers and employees. you have all of these employees working at startups who thought maybe they would get an exit and soon. that is not happening. what are you seeing below the surface? phil: we have a good lens into the feelings and sentiment of employees that hold shares. a lot of conversations the employees had with employers, we last year, was that everything is great, we are raising money and will go public soon and will get liquidity and that is not

the case. it is exacerbated by the recent news coming up from some companies where insiders, executives or founders, took a lot of chips off the table in 2021 in better times but didn't make that available to employees. to me, that is serving as fuel to the fire for what i imagine will be probably an uprising is a bit extreme but a movement from employees to ask employers for more opportunities for liquidity, since it is so important. emily: there is a company, data robot, the ceo reportedly resigned in part due to share sales that executives were allowed to do that long time lower-level employees were not allowed to do. what are the ripple effects that you see happening? do you think employees will start walking out, looking for other jobs or are there not a lot of choices right now because the market is so tight? and you have got tech hiring freezes and layoffs happening across the board.

phil: if you ask recruiters at a venture backed company, it is not easier to hire engineers. the job market for those folks is still really hot. i think there will be voting with their feet. the data robot situation was bad in the sense that these executives only joined the company two years ago. at equities zen we see founders who put their blood, sweat and tears and built the business for the last 10 years and i think that is well received by employees. when you see senior executives who haven't been around long, that is when it frustrates people. founders and ceos have a choice. you can be reactive and hope employees stick around or you can be proactive and talk about liquidity, because it is a valve companies can use to retain their best employees without having to dig into more money out of their balance sheets that are obviously getting hurt in the current economy. i think it is a win-win for everyone. emily: it is good to hear about some win-wins in a situation

where it sounds like there is a lot of lose-losing happening. equityzen securities founder, thank you. always good to have you on the show, thanks. iphones for sale but only in china. we explain why, next. this is bloomberg. ♪

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emily: in an unusual move, apple is offering a discount for a slew of products but only in china. iphones, apple watches and airpods will be on sale in china for four days as the company prepares to roll out the next generation of apple devices. the discounts come as china's

economy is struggling under the weight of multiple covid lockdowns. mark is covering all things apple. this is fairly rare? mark: incredibly rare. in the u.s. appellees gearing up -- apple is gearing up for the tax holiday. a handful of states will be able to buy apple products without tax. singles' day in china is a popular shopping day. cyber monday and black friday in the u.s., education discounts, but a one-off rare shopping holiday for a few days in china, this is not something i have ever seen before. now here is something to point out. on thursday, that is apple earnings day. on friday, the sale kicks off. as you mentioned there have been economic issues, sales slowdowns, economic concerns across china over the last several months. perhaps this might be timed in response to the day after earnings because maybe the china results, this is speculation but they aren't going to be as hot

as some expected. this is a quick and easy way to prepare investors and analysts to show we have a quick solution and we think a sale, nearly $100 in savings on some items, those four days could boost sales immediately into the fourth quarter. emily: we are obviously looking ahead to earnings in the next few days. we will learn more there. you're saying this is potentially a bad sign? mark: potentially a bad sign. if things are all perfect in terms of sales in china, i don't know if apple would do a random sale like this. their sales are usually tied to a specific holiday or event. there is none going on in china this week that i could think of. there is a reason they want to drum up excitement and sales over these products with these discounts. i don't really see this as a reason to clear inventory. i don't think that's necessary. the new iphones won't go on sale for about three months so they still need a quarter of a year worth of inventory.

many products going on sale for this four-day special are going to remain on sale even after the iphone 14 and other new products come out. the apple watches they are handling with this discount, the iphone se, iphone 13, the third-generation airpods, though se are going to be on sale next year anyways. they want to draw up sales somehow with this. emily: interesting. we will be watching your coverage of earnings later this week. then we will be watching to see how this promotion rolls out. mark, thank you. meta continues to add tiktok like features to its platforms. is it working? we will talk to a former instagramming executive next. ♪

emily: just call it the latest episode of keeping up with tiktok. meta is introducing music revenue sharing on facebook which helps creators make money from videos that use licensed music and might help facebook compete with tiktok. or will it? last week, facebook also changed its timeline algorithm to look more like tiktok. the former head of communication at instagramming who now consults big tech companies about the creator economy for us. and that ties into kylie jenner, who just posted on instagram saying, "stop making instagram look like tiktok." >> i thought you did that on purpose. kylie jenner, huge on instagram. she said stop trying to make instagram look like tiktok, we want to see our friends and family on this app. you might remember a few years

ago i believe she tweeted about snap and the redesign, and it sent the stock plummeting. she has good timing. facebook's earnings are in two days, so she is getting her voice out early. emily: are all of these efforts by meta to make facebook and instagram like tiktok, is this the right direction? or should they be working to differentiate instagram and facebook from tiktok? >> i would say tiktok is the best place for views and the worst place to build a sustained reoccurring audience. instagram's identity for so long was the place for building a dedicated audience. you can't even share links on the platform. so if they go all in for a tiktok for you page, feed for you is what we call the tiktok feed. this is a departure for them identity-wise. i'm curious to see how that plays out. emily: i wonder on that note,

should instagram lean into more things that make instagram great rather than just some say copy , tiktok? >> on one hand that is a way to keep your place in this world. if everyone is rushing towards the same spot, they are kind of giving that up. on the other hand they are seeing behind the scenes, things that motivate this. if you are instagram, and liz would know this better than i would, if you see people maybe leave or spend more time somewhere else, the reality is facebook is chasing that attention. that is what is going to happen. but you are right, maybe long-term keeping that foothold with friends and family would be a smarter play. emily: you worked at instagram for many years. is that happening internally? are they watching tiktok and just thinking about how to keep up? >> i can't speak to what is happening internally. it reminds me of bit of the stories launch, which i was there for. there was a lot of dialogue, people thinking it wouldn't be

successful. actually there was a huge market that the format was perfect for who weren't necessarily using snapchat. we think of tiktok as ubiquitous but there is a market for people who love the format and love consuming content in that format who might not go on tiktok. there is an opportunity there of course. emily: what is the value proposition to creators? if you are a creator, where do you decide to invest your time given the options right now? >> it really depends on your goal and what type of content you want to create. for younger people in general i , do believe in adapting to what young people want. mobile video tools, good mobile video editing tools, tiktok is very underrated for how good and easy their mobile video editing tools are. every platform has upped their

game and that is good, giving young people the tools they want and are already using to be able to communicate across more platforms. competition is a good thing among social media platforms. it might be an unpopular opinion but it is good for tiktok to have competition. emily: there is not just competition for eyeballs but competition for attention and for creators. talk to us about how that competition plays out. talk to us about the music, which is what the changes at meta are geared towards. >> that drives culture. these are the songs that people want to see and pair with their video. let's be real, this also all comes down to business. if you are a creator, where can you not only get the most views but where can you monetize those views? that is why youtube has historically been a great place for creators, better than facebook for video because it is easier to make money there. we saw vine, which was tiktok before it was tiktok. there wasn't a great way to make money on fine, so they went to

other places. i think it will come down to which platform can give people a chance to make a living. emily: there is a graveyard of these social media platforms. liz i wonder what you make of , kylie jenner's comments. snapchat has never been the same since what kylie jenner said. but what do you think about this idea that at least one celebrity power user doesn't want instagram to look more like tiktok? and maybe wants instagram to be instagram? >> i think anybody whose business, and hers is on instagram, it wasn't even the same way on tiktok and is predicated on having followers to be key, will be resistant to this. and resistant to change in general. this seems like it is catering to an audience that prefers a different format. we are talking about music rights and sound, something that is also a very underrated thing

about tiktok. music.ly which was popular with teens was central. the first foundational communities on the platform more dancers. it is no surprise that that was the case, the biggest stars came out of that. video became important because of music as a feature. that has been a defining difference between tiktok and other platforms. it will be interesting to see if hopefully this music rights platform will be expanded and close the gap a little. emily: what has facebook said in response to the accusations that it is copying rather than developing its own -- >> it is not shy. i spoke to them when they did the newsfeed changes last week and i sent, people are going to identify that you are copying tiktok and they were like, these are good ideas.

same things they said when stories came out, this is a good idea. emily: maybe it is not who can do it but who can do it best. kurt wagner, liz perle, great to have your perspective. thanks for joining us. coming up, getting your pediatrician on the line in 15 minutes. also, you can text them. that is what a health start up is trying to do. more on how, next. this is bloomberg. ♪

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emily: welcome back to bloomberg technology. i'm emily chang in san francisco. tesla shares dropped to start the week after the quarterly regulatory filing details updated capital spending plans. a new sec subpoena and more on its bitcoin investments. who has more about our own ed ludlow with the latest. what do we know? ed: you get the nitty-gritty, the details of what was not discussed. tesla down 1.4%, that snapped a hot run. if you look at the stock over the last nine days, it rose for eight straight days, the best run since march and suddenly dropped off to reflect the session on monday. there was a lot of information in there. let's bring in the key details. capex will be between $6 billion-$8 billion in the next two years, a slight revision upwards from $5 billion to $7 billion. elon musk called tesla factories money furnaces burning money to ramp up production. then you get the disclosures,

the new sec subpoena relating to the original 20 arrangement between elon musk and the sec. the sec wants more information on what the company is doing to hold him to that original deal. there is the impairment on bitcoin. bitcoin was one of the mainstays of tesla's balance sheet over the first half of the year but it has had a rough start to the year. tesla registers $175 million impairment loss but they sold bitcoin in that period in order to, they say, preserve cash on the balance sheet because of what could be fallout on an ongoing basis of the shanghai shutdowns. emily: elon musk in the headlines again for some non-tesla news, that he, according to the wall street journal, had an affair with sergey brin's wife. sergey brin of course is the cofounder of google. the journal reporting brin ended

his investments in musk's company as a result of this. we know he filed for divorce earlier this year. elon musk denies this. what do we know? ed: the wall street journal reported the affair took place december of last year and the relationship with brin and musk had broken down. they cited anonymous sources. musk tweeted in response to somebody who tweeted the article, calling it inaccurate, for want of a better expression. i won't use the terms he put on the screen. he also tweeted later during the day saying -- it was in response to a photo tweeted of elon musk and sergey brin and musk claimed they had been at a party together just 24 hours previous. not only did he deny the affair, but he denied the idea that they had fallen out, and that they had been partying together as recently as this past weekend. another elon musk story that has little to do with the companies

he leads. emily: one we will continue to follow. thank you. i want to turn to the booming digital health landscape with summer health, a pediatric telehealth startup aiming to make responses to common medical questions more accessible through a telehealth platform. the idea seems to be resonating with investors. you start up just raised a seed round led by sequoia and lux capital. the ceo and cofounder of summer health joins us. talk to us about the idea, the driving premise of summer health. >> thanks for having me. the idea behind summer health is a very simple one. we believe that all americans should have a phone number they can text and get an answer, staffed by a doctor, within 15 minutes for any of their medical needs. this started out of my own needs as a mother. we are very excited to launch summer health today. emily: you are focusing on pediatric care. why is that? the idea that i could reach my pediatrician in minutes is

totally novel and kind of amazing but also seems like a moonshot. >> sounds like you as a mother may have also experienced this. we are starting in pediatrics for many reasons. two of the primary reasons our parents are thirsty to get more medical attention for their children. there is no shortage of parenting questions that come up around health and wellness that parents wish they could ask a pediatrician but because pediatricians offices tend to be overworked and sometimes unfortunately understaffed, they have nowhere to turn. the second reason is we want to get more access and resources to pediatricians who want to work more. we have learned through starting summer health that one in five medical professionals are planning to leave the industry in the next two years, according to the american medical association. anecdotally in pediatrics it is

far worse. we know pediatricians are looking for alternate ways to practice medicine. we believe summer health is a great way for them to do so. emily: why are providers leaving and that it is worse among pediatricians? >> covid was tough for everyone, most notably physicians. physicians have been overworked, understaffed, put through the ringer because of covid. they also have not necessarily benefited from the ability to work from home the way a lot of other professionals have been able to do. and so many of them are turning to professions that would allow them to work from home, and summer health, you don't even necessarily need to be face-to-face with the doctor. your provider can be at her child's soccer game. in particular with pediatrics, pediatricians tend to be disproportionately women, who as we know have been affected by covid and lack of childcare resources. 25% are part-time so look to

fill the rest of their time with other pediatric work. if summer health is the best platform -- we believe summer health is the best platform for them to do so. emily: amazon acquired one medical last week. there is a lot going on in the telehealth profession. what do you make of the move? >> we have been following the news closely and we believe it is a boon to the telehealth industry when a large player like amazon comes into the space. it is legitimizing for the telehealth industry. we view it as a positive for patients and for the industry as a whole. emily: there are lots of patients who are potentially concerned about amazon owning this company, concerns about how our data for example is going to be used. how can we be sure this is definitely moving the industry in the right direction? >> we think about this a lot. there is such a thirst for more medical care.

our health system today is mostly reactive and mostly done in person. it's not necessarily servicing the broader needs of patient. what we learned through covid is that 88% of americans have access to some form of telehealth in the past two years and 77% of clinicians expressed telemedicine can drive better outcomes for care. we know the industry is ripe for this kind of modality. i'm fairly certain amazon will abide by regulations around phi and sharing of information, but broadly speaking when we see larger larger players coming into the space, i wouldn't be surprised if google and apple and other companies start to play in this category. we see a net positive for patients who can access doctors faster. emily: interesting. ellen dasilva, really

interesting what you are starting and we will continue to follow. google confirmed it fired a software engineer who worked on the ai team over his public contention he had conversations with a bot that had become sentiment. -- sentient. he argued computers have feelings. google says his comments were unfounded and he shared confidential company information to third parties. he predicted his own termination in an interview with me last month. >> i don't think we need to spend all of our time figuring out whether i'm right about it being a person. we need to start figuring out why google doesn't care about ai ethics in any meaningful way. why does it keep firing ai ethicists each time we bring up issues? emily: you can watch the full interview at bloomberg.com and on youtube. coming up with the crypto winter taking hold after a massive crypto selloff, we look at the

future of crypto security with ledger, next. this is bloomberg. ♪

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price pressure, and do your point it has some catalysts that could make the ride ahead a little rocky. the $19,000-$22,000 range has everyone wondering if the leverage is out of the system. if you take a look, we have the pressure on pricing but over the last seven days, you see bitcoin trading higher than seven days ago. i want to show you a ethereum because even as we are seeing a bigger decline than in bitcoin over the last 24 hours but over the last seven days, there is some excitement about ethereum and bitcoin. for ethereum there is the merge date on the table. does the excitement push prices back up in the face of uncertainties? that's the big question. and one more time, is the leverage out of the system? emily: we will explore this more. our next guest has his own read on this, the chief experience officer at ledger, a platform that provides hardware wallets for securing crypto assets.

we are going to get into crypto security in a moment, but i want to get your read on the winter. do you think bitcoin has hit the floor? is it only up from here? is what we saw over the past couple of weeks just a head fake? >> i don't think any of us know exactly what happens in the short term. for us it is a long-term bet on digital assets overall. i think from our perspective you have this new human invention and it's going to have a massive effect on humanity. what's the arc on that? what are the ups and downs? difficult to say, but having lived through the dot-com bubble, this is like asking what's going on at that moment when the market had crashed but the internet was inevitably going to have a massive impact on humanity. emily: you could talk about bitcoin all day to that end, but

what about everything else? what about the nft landscape, what about web three overall? how are you preparing for what the industry may look like coming out of the crypto winter? >> just today at ledger we launched ledger market. that was 5.5 hours ago and we have done $3 million in business in the last 5.5 hours. i think we are going through this once in humanity digitization of everything. if you fast-forward for dean, 20 years -- fast-forward 15, 20 years from now, your passport is a digital document in your digital wallet and the way you prove you are you who you say you are, you prove you are the owner of the digital wallet. that is the scale of what we are talking about. it is difficult to pick winners and losers like in the late 1990's or early 2000's, it was difficult to pick winners or losers but you could bet on the internet long-term. from my perspective, if you can bet on digital assets, security as things that are long-term, if

you have a portfolio focused on those things, it's likely to return over time. emily: you talk about self custody and storing your own crypto. what has this moment in the industry taught people about ownership of crypto assets themselves and the difficulties in doing so, especially as you see so many exchanges show you they own crypto you think you own. >> great question. unfortunately people equate the bankruptcy of celsius and voyager with crypto overall, which is like equating bernie made off -- bernie madoff with the stock industry overall. it doesn't make sense. what unfortunately it has done the hard way is taught people what people in the crypto industry have known for a long time, not your keys, not your coins. one of the great inventions you

can actually hold onto your assets so run on the bank is impossible. unfortunately if you just go into a system where you give somebody else your money and ask them to manage it for you, all kinds of things can happen. emily: you are a former apple music executive. i am curious what the relationship is -- what you see as the potential relationship between music and crypto. are there any lessons you learned in your former life that you are applying to crypto security? >> definitely. i left college in 1995 to go on tour with the beastie boys. and then i worked at lvmh for five years. even though my background is computer science, if i learned nothing about marketing with those geniuses, i would be pretty stupid. i think one is just how do we take a brand like this and bring it into culture? that is one of the things we are trying to do. with respect to music is typically, music is already

99.9% digital. i think the internet brought us this revolution of information and what we are going through now is a revolution of value. given that music is on some level information, it has kind of already been set free and digitized. but to the degree, as you can see i'm a record collector -- those are collectibles and those will have different levels of utility. what happens over the next year is, you get applications that in some ways resemble myspace. myspace was early, it was messy, old people didn't understand it at first. people will use it as a way to showcase their digital belongings and those digital belongings will give them access to other parts of the world. if i buy a louis vuitton handbag, it gives me a token and i can get into the louis vuitton world and i'm not on the street in line anymore. this combination of digital and physical will bring this to us, digital and physical ownership. emily: i'm curious about your thoughts on the evolution of the music industry.

earlier in the show we were covering facebook offering new tools to creators who want to make licensed videos with licensed music in them. obviously tiktok has reinvented the category of social media videos to musical tracks. what do you see as the evolution of using combined with social media? >> i think what i have always said is, when i was at lvmh it was the same as the music business in that we sold culture as a prerequisite to selling product. when people are buying music, even buying compact discs, you were not buying compact discs. you were buying, when a teenager bought an eminem cd, they were buying what eminem means, like when somebody buys a dior handbag. do your means something in culture, therefore you purchased

the product. we have this revolution of information with the internet and information is free. someone in a small town in indiana, where i grew up, has the same access to culture that someone in new york or london or paris or tokyo does. i think that is what is completely revolutionized. largely it has moved us away from these mass media sources and into tribes and cliques. we all feel that coming out of the pandemic, but that affects everything, including music. music is not just sonic, it is a way of belonging. emily: that is kind of beautiful. ian rogers, appreciate you taking a swing at that with us. chief experience officer at ledger. thank you. coming up, san francisco is becoming kind of a ghost town, some say. we are going to talk about the real-life impacts of the flea --

the flight from silicon valley, next. this is bloomberg. ♪

emily: the market downturn hit the u.s. economy hard but it has hit san francisco's economy particularly hard with local giants like apple and google planning to slow hiring and more tech workers from home permanently. the tech sector that supercharged the economy is leaving a vacuum and silicon valley. you have a big piece out on this now. why does it seem like san francisco has been hit harder than other u.s. cities? >> san francisco has been hit really hard because so much of our economy revolves around tech. unlike new york, which is finance dominated, tech

companies here have embraced remote work policies so that means fewer employees taking transit, fewer employees going to restaurants, fewer employees shopping and supporting the economy that san francisco depends on. meanwhile you have a lack of international tourists, and international tourism hasn't rebounded to the level pre-pandemic. that means the recovery in san francisco is trailing other major u.s. cities. emily: you are seeing more companies offering more remote work options. i wonder if we can't depend on tech to revive the city. if not, what can the city do to revive itself? >> the city is making its biggest push yet to revitalize downtown and give office workers a reason to go downtown. they are going to emphasize, let's take this vacant

commercial space and have festivals and markets so that employee would think, maybe i will go into the office today because i can do something cool after work. the hope is to get workers going into the office three days per week. that would be a huge help to the local economy. emily: is there any hope that tech will come to the rescue? >> i think they are working on making the city seem safe and secure and that is why they had these so-called ambassadors around transit stations and major tourist sites to make it seem like you can come to the office, it will be fun. if they can get tech workers and other people, but mostly tech workers, to comment three days a week, that would be a huge benefit to the city. emily: it wasn't long ago i saw a raccoon walking down the sidewalk in the middle of san francisco at 11:00 a.m.

there was a raccoon on the sidewalk. >> i believe it. emily: that is what this has come to. great piece by you today. catch it at bloomberg.com on how san francisco is dealing with this. thank you for joining us. that does it for this edition of "bloomberg technology." this week we are all over earnings. join us tomorrow when we break down alphabet results along with microsoft. don't miss that. i'm emily chang in beautiful san francisco. this is bloomberg. ♪