>> from the heart of where

innovation, money, and power collide, silicon valley and blake -- beyond, this is "bloomberg technology," with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up, highest earnings in history as some companies had full recovery from pandemic ny supplies seems to finally be meeting demand and coinbase with a deal through blackrock reinforcing crypto status on wall street and is the crypto winter starting to thaw? we will discuss. 40% of food in the u.s. goes uneaten. we are looking with -- looking -- we will have a chat with someone who has ai to prevent from going waste. a choppy day of trading as tech

outperforms at the close. ed ludlow is here with the latest numbers crossing after. ed: doordash and lyft, beating on the top and bottom lines and in the face of inflation, consumers are still getting take out and it's a good sign for a company like doordash. the company likes what it sees, paring their post-market gains around 22%. lyft with record profit, ridership up strongly. experiencing the same things huber did earlier in the week that the difference being that lyft has done comprehensive cost-cutting that appears to have paid off. you wonder about the broader economic ramifications it will have on the psychology of the market. frankly, thursday was a boring day. the nasdaq 100 was up, not really pulling in either direction. the yields have been all over the place for five days.

the market is super focused on earnings right now and it is really interesting how zero in we are -- zeroed in we are. the nasdaq, coming higher into the bond market for the first time, a debut with $10 billion in notes, a really interesting move. apple made a similar move not for the first time ever in a week, dragging down the nasdaq 100. and not a name that we discuss a lot, but a big player in market cap, down 16% after cutting revenue guidance. ev cutting forecasts and the rest seem to be doing ok. earnings are key right now. emily: thank you. i want to get back to our results with jackie don veloso.

is this the start of a broader trend? >> they are edging a lot closer. the numbers for rides are under pre-pandemic levels, but what we could see is that they are not sacrificing profits in order to who the numbers and you saw that in the language that the ceo was imparting to analyst. saying look, we went through rigorous cost-cutting measures and it was tough to bear with employees being laid off. what we are seeing is airport travel is incredibly strong. a lot of that coming from air travel rebounding. you are also seeing these market share battles between huber and lyft -- uber and lyft.

emily: again, uber's results were strong as well. take a listen to what they had to say. >> the number of new drivers in the u.s. is 70% up. the surge is down. ta is down. the business is hitting all cylinders and that's reflected in the stock price, which is great. emily: does a rising tide lift all boats. cars? [laughter] >> it seems to be. a shared rebound. where we started to see the divergence is the strategies they took to get the drivers back. that's what's driving ridership. the more you have to meet demand, the lower the fares go.

more people using it than the yellow cab or the subway. lyft acknowledged that a lot of what spooked investors last quarter was not very much coming through in fares to consumers. they bore the cost and now that weight times are coming down and fares are coming down, ridership levels are recovering following suit. emily: if you were looking for weakness in uber numbers, it was food delivery. but then there was doordash. what are they doing better than uber in this case? >> they started off as a food delivery core play and they have refined it to a t. you saw it come through,

convenience business profitable by the end of the year, impressive considering that they just launched it less than two years ago. with uber it has taken time for them to really tweak the way that they match certain orders with whoever is on the road and now that they are trying to cross sell rides in delivery to drivers and consumers they had a lot of work to do on the algorithm side but they are catching up. emily: all right, jackie, thank you so much for helping us dig in. we will see how these on-demand companies fair in the next quarter. coming up, tesla cyber roundup begins with a focus on transparency and standards. more on what to expect, next. this is bloomberg. ♪

emily: elon musk, poised to take questions at the tesla cyber roundup in austin, texas. focus on corporate transparency around workplace diversity and batteries. here to discuss that more, partner from the wesley group. steve, what are you expecting this year? >> awfully happy shareholders.

the tesla share price is up this year. second, record revenues. $56.3 billion last year. 62% year-over-year growth. no one in the auto industry is coming close to that. profitability that no one expected. the tesla net margins are 17%. the other majors are from people making cars for years at 6% and it's there 12 consecutive quarter of profitability, awfully good news for investors. it's no surprise to me that tesla is flirting with a $1 trillion valuation and the big question today will be about corporate governance and esg. it should be fascinating. emily: meantime we are entering

a tough space in the economy. even elon musk said he had a super bad feeling about it. how should tesla fair in a recession? people dropping money on new electric cars? >> the fact of the matter is that they are posting record sales. if you want to purchase one today, it's a year-long weight. the interesting thing is how many do you manufacture? that's where it gets interesting. they will go from 900 and 25,000 vehicles to 1.5 million. other firms are not selling a fraction of that. the real question is who has figured out supply with factories up and running. tesla buying factories. california, texas, germany, china, all gearing up. most of the others have yet to great -- break cloud -- break ground. we will see how they do. emily: is production still the

main challenge and how much does that have to do with continuing supply chain issues? >> they are all intertwined. i was on the board years ago. they made mistakes but they have grown up and are hitting the ground running with long-term supply chain relationships in place. growing 60, 70% per year. it's hard working to watch firms that i'm pulling for who make dutiful cars, 20,000 units this year, a pittance. 12 million dropped to six. a reminder for all of us that it is harder to make electric vehicles then it -- you might think. it took tesla 10 years to get to where they are and it will take a while for others to catch up. emily: let's talk about the competition. which competitor are you most optimistic about? which of these companies are going to give tesla potentially

a run for their money? >> let's start at the beginning. mary barra said they would catch up with tesla by 2025. over at ford. they are not. they have produced 8000 electric cars. they are way behind. struggling to get supply, struggling with manufacturing. ford appears to be rising from the ashes to sell 25,000 cars already this year with the new 150, a great car. and the mustang. they are rising from the ashes while general motors is literate he looked -- literally and figuratively trying to put out fires. much as i'm pulling for gm and ford it doesn't look like they will be a real challenge anytime soon. most likely a real head of steam out there for the first half of the year, year-over-year producing half of what tesla is,

eight times more than ford and gm combined. vw is in a strong place. manufacturing facilities on every continent. deep pockets. if anyone has a shot to catch tesla short-term, it's volkswagen. and don't count out the chinese, the world's largest producer of batteries. the chinese government subsidizing the batteries and producing half of the's in the world. china -- ev's in the world. don't forget, 30 new ev companies came into the market last year precisely at the time that the economy slowed down. expect it to shake out in the marketplace. emily: meanwhile, you have got the twitter sideshow going on for elon musk and even you when we last spoke about this were not happy about his behavior.

a huge distraction. tesla owners not happy. how much do you think that has hurt the brand? has it hurt the tesla brand or the elon musk brand? >> it's a tale of two cities. a trillion dollar company, the most powerful brand in the auto world with no marketing budget. five years ago someone would have said it is a dream come true but it could be too much of a good thing. for many people, including the fcc, it's something of a distraction and something that needs to change. people need to realize that this is a multitrillion dollar smack down. who is going to control the global ev market for cars and trucks? the control next weekend comes to the move over autonomous vehicles and i think that tesla

needs to throw every ounce of focus that they can into the driver's seat. they have had the best longest range least expensive most reliable batteries in the sector. now they are developing a revolutionary composition in confederate range that is cheaper and greener than anything ever made. in china they claim to have deep pocket advantages. this will be a fascinating smack down. tesla will meet everything they can get. whoever wins the next round will have to be doing something special. if they win the autonomous race it would have to ba.2 trillion dollar company. emily: thank you for stopping by. always good to have you here. coming up, meta-pus -- meta's

tackling of a russian troll farm. this is bloomberg. ♪

emily: meta says they just shut down a russian troll farm. they outlined the actions they took against fake accounts and hackers who tried to create an appearance for the support of

the russian war in ukraine. we have more on this now. i talked about this particular operation, how widespread and effective was it? >> in terms of being widespread it was trying to hit everywhere across the internet at the same time. it was a troll farm, an organization out of russia hiring people off the streets to run fake accounts kind of everywhere on the internet. fake accounts on youtube, telegram, youtube, twitter. we found them on instagram and they tried to make it look like there was large-scale support for the russian invasion of ukraine. that's the widespread effect. but all we saw was that they were not very good at that they did. a lot of the fake accounts were caught by the automated systems before we could investigate. real people kept calling them out as trolls and there were cases where they tried to steer people towards celebrities on social media and then they got

their own cap. they tried to steer people towards the u.k. foreign secretary and instead of finding that they found something that hadn't been seen since 2018. they were trying to spread themselves why do but nothing that we saw showed they have much of an impact. emily: sounds like this operation was not sophisticated. how unique was that? have you seen this before? >> we have seen attempts like this before in different parts of the world. we have taken down troll farms in nicaragua in the past. albania. we have taken down other activity from russian trolls as well but there was an interesting twist to this case. the operation we were looking into was running a public channel on telegram which was trying to if you like crowd source comments supporting russia and when they didn't get them, they would use the fake accounts and go in instead.

it's the same operation running these things and then what the people would do is they would do interviews on russian state television and say look what a great job we are doing. it's like their work multiple layers of deception nestled within each other but ultimately they were trying to make it look like they were effective and then the fakes got caught. emily: in general how effective have russian disinformation campaigns been regarding the war in ukraine? >> we have taken down about half of a dozen different russian operations since the war began. in general we have seen them struggling to get real engagement. but we have also seen that they keep on trying and this is the time to keep our foot on the gas . we need to take these operations as a lesson, learn from them. we know they are not going to go

away and we need to take them seriously and each time we find something like this we need to explain to people here is what it was, here's how it works, here's the kind of content because this time around they were not good at what they do but we need to prepare for the next one. that's what we have to be ready for. emily: are you speaking directly with other big companies about coordinating efforts on this front? >> whenever we do a threat report on this, we share with industry partners, researchers, the public, and we report these things because we find that influence operations are like mold growing in your house, they grow best in dark places so when you find them, you need to clean them up and then you need to shine the light on them and move them into a bright lace and we have always found that the more that we can share information on these operations and make people aware of how they behave, it's

harder for them to come back. emily: what keeps you up at night? we are heading into the midterms. have you seen activity rising on that front? >> i'm a threat investigator, investigations keep me up at night, it's what we all do on the team. in terms of the midterms, sorry, we haven't seen uptick in activity so far. for example this russian operation that we took down was really focused on the war in ukraine and it was all about pushing the russian point of view one of the big things from the russian operation was what they were trying to do was use a fake operation to make a more public operation look like it was working and we call this perception hacking. like dropping an ice cube in the water and saying that there is an iceberg underneath it. that could be easily transferred to other areas.

we have to take it seriously. just because they were ham-fisted this time around doesn't mean they will be next time. the thing that keeps us up at night keeping ahead of the trends out there. emily: we have been following a story about tiktok and the chinese government or an entity supported by the chinese government trying to set up a stealth account on tiktok to target western audiences with propaganda. is this something that concerns you? >> if you look at the threat reporting of the last few years we have taken down operations from around the world. we have some that dashing them from china, iran, -- seen them from china, iran, india. the idea seems to be that influence operations are a that many different countries do and our job as threat investigators

is to go find them and shine a light on them and share information is more -- is much as we can. the more information we can get, the more we can try to capture them. the russian troll farm, the way it was exposed, they were trying to hire people off the street and one of the first people they hired turned out to be an undercover journalist that exposed the operation. emily: fascinating. then, thank you for sharing all of that with us. -- ben, think you for sharing that with us. warner bros. discovery results out, plans to gut hbo max. this is bloomberg. ♪

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emily: welcome back. ed is back with the latest earnings results. ed: it doesn't look great after hours. this was the first time investors got a look under the hood of this combined entity one discovery. across hbo max, they added 1.7 million net new subscribers. they weren't the only streaming name to report earnings this thursday. paramount is up. across paramount plus, it added 3.7 million subscribers in the quarter. it is seeming to get some traction in its user base.

what they both had in common was the ad business underperforming. that's surprising given what we have heard in the market in recent weeks. we have zeroed in on who's doing well and who is not. paramount is the relative outperform. netflix is still really ugly down 60% year-to-date. they had a shocked the first half of this year. a loss of its subscriber base. there are still big questions in the face of inflation, what is the consumer doing? personally, i have a lot of choices. top gun puzder -- boosted paramount. emily: i haven't seen it yet. let's continue this conversation with our next guest.

let's start with warner bros. discovery. clearly, they are making changes and planning to make a lot more. there is some uncertainty about where this is going. what's your take? >> the first thing we have to do is almost step back from the amount of subscribers gained. what is the actual value of this content? how do we go through hbo max and discovery? will we talk about the team's approach to streaming, it's different from netflix or disney where there increasing constantly. he does not want to be in the

content spend war. instead, he wants to say we want to get to profitability, we want the most value for our dollar. emily: what are you expecting them to do as they merge these two platforms? they talk about a big culling. hbo max is taking movies out of the rotation that are already filmed because they don't want to spend money on marketing. i'm thinking about the new batgirl movie which has already been shot. >> the key thing is amortization. looking at the amount of debt that the team brought in, looking at what he can do specifically with hbo max, i think we will see less of a culling.

the earnings report -- what we are seeing is that hbo max skews male and discovery skews female. as discovery plus comes in, they are saying we are already making this content, it's doing well on cable, some are going to bring that to hbo max. they can focus on scripted content that works. we think we will not see as much of a culling as the reports made it out to be. when you talk about streaming services, there is far too much content. we are in an oversaturated market and it has never been easier for subscribers to say this is mediocre and this is great.

content isn't performing, why keep it on the platform? emily: let's talk about paramount plus. service has been a minnow thus far but it has been racking up subscribers. the bottom line doesn't look great so far. top gun, yellowstone. will people pay for four streaming services? >> before interest rates and inflation, i would say yes. now, we are looking at close to 2-3 as people look at where they will choose to put their credit card dollars every month. that being said, everyone has looked at paramount and said don't really know. we are bearish on paramount and what they want to do with their streaming. not only are they great streaming service, their numbers are increasing, they are also great seller.

they can license in demand content to netflix and other players and charge for it because their content is so in demand. i think woman look at paramount, the question three or four years ago even two years ago, what 2-3 services will people serve -- sign up for? it used to be disney, netflix, hbo max. i think what we will start to see is a company like paramount that can offer really great pricing on the ad front and also on the subscription front that has the shows and film franchises that people want. i think you will see them emerge as a strong contender. the hbo max, that's a great product and combining hbo max

and discovery and await that is scalable and accessible, that's going to help them not beat out netflix, but definitely be a contender. emily: so you are saying to spread your bets right now? >> i think we are trying to declare a winner in the streaming wars. it's far too early. we need to see what a lot of these companies with studio components, we need to see what their strategy is for handling all that content across a bunch of different revenue streams. the key take away that we are seeing as the subscriber growth slows down a little bit, i think the take away is that streaming is not necessarily the end game these companies, but an important support system for its other different investment areas.

two or three years ago, everything was streaming. now, everything is but also includes streaming. emily: what about disney next week? it has been a tough ride. >> my major concern with disney is he promised over projection the bob did -- bob chapek gave was ambitious. eventually, you run out of countries to launch in. my biggest concern is what disney will have to do to get those projections. unless they come in next week and say they are changing the projections, but i don't think that's going to be the case. as long as disney has marble fans and star wars fans, it will continue to be a well supported service.

you have to increase your total market which means ringing in more hamilton and west side story. in the united states with hulu, that becomes an interesting conversation. globally, we will see what the future of disney plus looks like and that it can -- what it can offer in acquiring subscribers and maintaining them. emily: thank you for breaking all that down. another story we are following, brittney griner 9.5 year prison sentence in russia. president biden is calling it unacceptable. he says the white house will work tirelessly for her release. she was found guilty of drug possession and struggling smuggling after being found with vaped cartridges containing cannabis oil.

the u.s. has been trying to broker a prisoner swap for her return. coming up, coinbase partners with accra next. -- blackrock next. this is bloomberg. ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect.

emily: one of wall street's biggest traditional financial players blackrock is teaming up with coinbase.

here to break it down is sonali basak. >> it is so interesting. if you look at coinbase shares, it's up 10% on the day. it is interesting especially because coinbase shares have gained more than 40% over three days. you are seeing some of the gains come back to coinbase stock that is down still more than 60% this year. on to talk about what wall street really feels about coinbase. the 12 month price target has also come down meaningfully among some of the larger challenges even with some love from people like blackrock, you have the 12 month price target around $101 per share. today, it is just below $90.

with the challenges, there is still love from wall street. there have been a lot of questions about whether the momentum would move to the downside for coinbase. what's interesting is the opportunity provided from blackrock because the partnership is with a part called aladdin. it works with a lot of wealth management platforms across wall street and the globe. it potentially exposes you not just institutional clients but more people who can fly into the additional retail business when companies like robin hood are under more pressure. emily: what does this mean for coinbase long-term? how much colder -- how cold is

the road going to get? >> that's a good question because it's all correlated to bitcoin prices. transactions have really slowed. how much powder is there left on the sidelines for investors to get back into? the good news coinbase is when you see some of the rivals under pressure, it is good news for coinbase. you see that reflected in coinbase stock. it is still a company that is under $20 billion in market cap. it was once $75 billion in market cap. that was at the end of last year. how quickly can bitcoin recover? that will have a lot to do with whether coinbase can regain

former glory and whether that matters as people see more bitcoin adoption. emily: what are you looking for next year? there has been a wave of difficulties. what is going to be the next inflection in the story of crypto? >> we have been talking about the idea of coinbase versus the sec? the more they don't part with the sec, they look more like traditional exchanges. ftx has been highly regulated working with more traditional players. you wonder if there is a future where they go token or public

hearted the world are merging. today was a big institutional partnership. how much do they stick to the heart of crypto which was focused on decentralized finance and things that were so far away from wall street as we know it? emily: thank you. coming up, the ai startup that is saving grocery stores millions of pounds of food per year that would otherwise be wasted. this is bloomberg. ♪

emily: as much as 40% of the food produced in the united states is never eaten. enter afresh technology. it is helping its ai software will help grocery stores reduce food waste. they just raised new funding and they are on track to save millions of pounds of food waste by the end of this year. how does this technology work? >> we believe that food more than anything else shapes the health of people and our planet. within that, we think that fresh food is driving the future of the grocery business and what people want to eat. at the same time, we observed that most if not all of the tech knology was built for non-fresh stuff. for things that come in a box and have a barcode and last a long time.

there were processes that were not built for fresh and that would cause hundreds of billions of dollars food waste across the world and a lot of other problems. emily: how can ai help? >> we are building technology specifically for fresh food. that allows us to optimize the quantity of food that goes into different parts of the supply chain to be as fresh as possible. to order just the right amount and not too little. that allows us to prevent food waste while keeping grocers in stock. emily: for me, it's either too much or not enough. >> it's a classic balancing act and it's really tough. the way we do it is we empower store employees at grocery stores with an app on a tablet. that is powered in the background by artificial intelligence trying to predict the future how much will be sold, understand how much is in the store, and use that information to create a profit maximizing waste minimizing order keeping shelves full while

minimizing the inventory in the back room. you don't want them over order you don't want them to under order. the other problem we are seeing is empty shelves. we want to do is find the sweet spot where you go to the store and the shelf is full, but they didn't order to much that they will cause waste. emily: why is getting fresh food so difficult? sometimes at the store produce is already going bad. >> we think fresh is the future, but so tricky. when you pick a berry, it's a race against the clock until it's moldy. it has to stay refrigerated and move quickly. there is no best buy date on strawberry. that's why you have to build fresh front -- fresh first technology.

we are demonstrating results. we have shown that would prevent waste by 15% to 25% while also increasing sales by over 3%. success like that is generating word-of-mouth and creating reference customers for us. at the end of last year, we were live in 200 stores. now, we have signed over 3000. we're going to use the the capitol to help us scale then we will go from our starting point in fruits and vegetables to meat, seafood, deli, bakery. then we plan to make initial forays internationally and higher in the supply chain. emily: what was it like raising money in this environment? >> we are in a unique place where we are of service to this mission-critical industry. during the pandemic, everyone came to appreciate that when

times are tough, groceries are what feed us. we are of service to the industry that is a cyclical or can even benefit from tough times. investors saw all of that and the traction that we had and were willing to bet big on us. emily: what are your longer-term plans? stay independent, go public? >> our mission is to eliminate food waste and fresh food accessible to all. there's trillions of dollars of fresh food sold around the world. we want to build a very big company that eliminates the waste and proliferates the cost in the supply chain. my plan is just to fulfill that mission. emily: how does this impact the suppliers? is it worse for them because groceries are ordering less? >> the population is growing from 7 billion people to 9

billion or 10 billion people. i will say that the population is growing and we are out of land. we are burning down the rain forest to create land to raise cows. we have to do more with less to be sustainable. at the end of the day when we drive efficiencies at the store, growers are appreciative of that as well. emily: thank you this was interesting. that does it for bloomberg technology. tomorrow, the cofounder of lyft and other guests. this is bloomberg. ♪

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