>> from the heart of where innovation, money, and power collide, silicon valley and 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 -- why 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 discussed. 40% of food in the u.s. goes uneaten. we will chat with a startup using ai to prevent from going waste. a choppy day of trading as tech earnings continue 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%. you said it. lyft with record profit, ridership up strongly. experiencing the same things uber did earlier in the week that the difference being that lyft has done comprehensive cost-cutting that appears to have paid off. really interesting going into friday's session. you wonder about the broader economic ramifications it will have on the psychology of the market. frankly, thursday was a boring day. s&p 500 basically fell -- flat. 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.

that is why i bring up friday. 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 -- cybersecurity with a 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. good numbers from lyft. is this the start of a broader trend?

have a fully recovered from the pandemic? >> 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 boost the numbers. you saw that in the language that the ceo was imparting to analyst. saying look, we went through rigorous cost-cutting measures in the second quarter 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. intensifying kamala the concern is that -- a lot of the concern is that they would see that market share intensifying. emily: again, uber's results were strong as well.

big positive investor reaction. take a listen to what they had to say. >> the marketplace is more balanced. the number of new drivers in the u.s. is 70% up. the surge is down. eta 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. if you think about this shared rebound. both of them are benefiting from that. 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 platform instead of opting to take yellow cab or the subway.

lyft acknowledged that a lot of the spend that 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. on the other hand we are seeing strong it 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 can really see that come through. convenience business projected to be 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. this year's discussion is expected to focus on a potential stocks late and corporate transparency around workplace diversity and batteries. here to discuss that more, partner from the wesley group. and a former tesla board member. always good to have you with us. 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. $87 billion this 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. how does tesla deliver on those issues. it should be fascinating. emily: meantime we are entering a tough phase 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 925,000 and 2020 12 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 break ground. there is a lot of ground to catch up. 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. that is why they're able to grow 60, 70% per year. it's hard working to watch firms that i'm pulling for who make beautiful cars, 20,000 units this year, a pittance. they dropped at the 12, then they 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. we was you have general motors, ford and others do. 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.

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 ford 150, a great car. and the mustang. they are rising from the ashes while general motors is literate -- 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. volkswagen 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. global supply chain manufacturing facilities on , every continent.

deep pockets. if anyone has a shot to catch tesla short-term, it's volkswagen. longer-term 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. be careful, the euro betting on the winners, not the losers. >> you have 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. on the one hand a trillion , dollar company, the most powerful brand in the auto world with no marketing budget. if anyone had told you that would've happened 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? and who is going to the next big thing, 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. let me give you one example. tesla has had the best longest

range least expensive most reliable batteries in the sector. now they are developing a revolutionary 46/80 battery 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. i keep the sideshows to the minimum. whoever wins the next round will have to be doing something special. if they win the autonomous race it could be a $2 trillion company. emily: thank you for stopping by. always good to have you here. coming up meta's , tackling of a russian troll farm. we will have more on that from a top meta executive next. this is bloomberg. ♪

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emily: meta says they just shut down a russian troll farm. the facebook. company leasing quarterly reports 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. global threat intelligence strategy lead meta joins us now. 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. 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 account. they tried to steer people towards the u.k. foreign secretary and instead of finding

the foreign secretary's page on facebook 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. this time. emily: sounds like this operation was not sophisticated. how unique was that? is this something you have seen 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 real crowd source comments 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 need to keep looking. 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

they were pushing and here is the way they were operating. 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 -- place 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. there is a kind of tactic 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. we are looking out for as

investigators in 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 seen operations from china, iran, india. it is more than 50 different countries we have seen operations coming from more than two dozen different linkages. -- just. 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 about them as widely 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. meta-executive been, global threat intelligence, thank you. coming up the changing state of streaming warner bros. discovery results out, plans to gut hbo max. how this new media conglomerate is shaking things up. this is bloomberg. ♪

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emily: welcome back. legacy names in streaking -- streaming and media are back

with the latest. ed: it doesn't look great after hours. this was the first time investors got a look under the hood of this combined entity warner brothers discovery. across hbo max, they added 1.7 million net new subscribers. in the quarter. let's compare and contrast. they weren't the only streaming name to report earnings this thursday. paramount is up. 1% in regular trading. one brothers was up almost 5% before the earnings -- warner others was up almost 5% before the earnings. across paramount plus, it added 3.7 million subscribers in the quarter. even though it is a relative minnow and will be called streaming wars it is seeming to get some traction in its user base. what they both had in common was the ad business underperforming. it is interesting given what we

have heard in the mixed picture of advertising market in recent weeks. where do we stand with different names? look at the shares is paramount the relative outperformer. netflix still really ugly, down 60% year-to-date. they had a shock 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? that is a lot of option personally, i have a lot of choices. top gun boosted paramount. emily: i haven't seen it yet. i do not have time to go to movie theater. i will try to make it. thank you. let's continue this conversation with our next guest. there is a lot to talk about here. 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. you can link the subs gained, they gained 1.7 million, is not much, according to the report they lost 3000 the domestic market. we look at what his real game is. what is the actual value of this content? how do we go through hbo max and discovery? in order to ensure that we are hitting profitability on the fastest path we can for our shareholders. will we talk about the team's approach to streaming, it's different from netflix or disney where they're increasing content spend 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.

what goodness he play out is how well that really comes into the case or discovery going forward. emily: what are you expecting them to do as they merge these two platforms? they talk about a big culling. potentially of hbo max. they are taking movies out of rotation because they did was spend money on rocketing. 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. then the press made it seem out to be. the rumor has been a lot on twitter as reporters tried to guess what will happen with hbo max. the earnings report -- what we are seeing is that hbo max skews male and discovery skews female.

before discovery plus came in, they are saying we are already making this content, it's doing well on cable, so we're going to bring that to hbo max. when discovery plus comes and they say we are making this content, is doing well in cable, it is a brand unto itself. hbo max 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. that being said 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? it is the thought strategy that warner brothers and discovery is happening -- having.

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. which is one of my favorite shows. will people pay for four streaming services? >> before interest rates and inflation, i would say yes. globally we do not know. 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. what i think kermit has going from them, -- paramount has going for them 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.

people will pay to have access to it. i think when we look at paramount, the question three or four years ago even two years ago, what 2-3 services will people sign up for? it used to be disney, netflix, hbo max. i think as a streaming wars, a cloak will desk local term for -- a colloquial term for proper competition 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. even hbo max under jason, that is a great product and combining hbo max and discovery in a way 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 would spread my bets a little bit. i think it is too early, i think it is funny 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 in the unites states 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. i think that is really key. two or three years ago, everything was streaming. now, everything is but also includes streaming. emily: what about disney next week?

what are you expecting there? it has been a tough ride. >> my major concern with disney is the promised over projection that bob chapek gave was ambitious. that is an average of 10 million subscribers per quarter being added. eventually you run out of , countries to launch in. when you launch in a country customers will sign up. 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 marvel fans and star wars fans, it will continue to be a well supported service. you have to increase your total adjustment market which means bringing in more hamilton and west side story. in the united states with hulu, that becomes an interesting conversation.

with what goes to hulu and what goes through this eplus -- disney plus. globally, we will see what the future of disney plus looks like and what it can offer in acquiring subscribers and maintaining them. emily: thank you for breaking all that down. appreciate it, director of strategy at parrot analytics. 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 smuggling after being found with vape cartridges containing cannabis oil. the u.s. has been trying to broker a prisoner swap for her return. no deal so far. coming up, coinbase partners with blackrock. this is bloomberg. ♪

emily: one of wall street's biggest traditional financial players blackrock is teaming up with coinbase. making it easier for institutional investors to trade with bitcoin, they partnered with coinbase because their scale and the market. here to break it down is sonali basak. coinbase investors love to this news

. >> 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. i wonder flip up the board a little bit and talk about what wall street really feels about coinbase. the 12 month price target has also come down meaningfully amongst 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.

16% said cell, there's been a lot of questions whether the momentum we mover the downside for coinbase. what's interesting is the opportunity provided from blackrock because the partnership is with a part called aladdin. it gives exposure not just to big institutional investors. aladdin works with a lot of wealth management platforms across wall street and the globe. it potentially exposes you not just institutional clients but -- a growth area for coinbase, 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? obviously the reptile winter is not over -- crypto winter is not over. how cold is the road going to get? >> that's a good question because it's all correlated to bitcoin prices. you saw something similar when it came to earnings that

reported after the market closed today. transactions have really slowed. allow the retail investors that got into cryptocurrencies at the end of last year are very much in the red. how much powder is there left on the sidelines for investors to get back into? volumes to come back again. the good news coinbase is when you see some of the rivals under pressure, it is good news for coinbase. you saw it reflected in coinbase's stock. just to give a sense for how far you have fallen coinbase. 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? give back to that will have a 60, 70,000, 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?

obviously we have seen a wave of difficulties, there is been bankruptcies and increasing regulatory scrutiny. there have been letters from hundreds of skeptics a congress. 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? why does that matter so much? because exchanges, coinbase, ftx, the more they don't part with the sec, they look more like traditional exchanges. like the new york stock exchange. ftx has been highly regulated working with more traditional players. you wonder if there is a future where they go token or public. the worlds are merging. the question to me is how much does coinbase embrace that? 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 upwards of millions of pounds of 34 food per year that would otherwise be wasted. that is next. this is bloomberg. ♪

emily: as much as 40% of the food produced in the united states is never eaten. 40%.

that is the -- according to the national resources defense council. enter afresh technology. it is hoping its ai software will help grocery stores reduce food waste. they just raised $115 million in new funding. they are on track to stop 34 million pounds of food waste by the end of 2022. how does this technology work? >> at afresh 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 technology was built for non-fresh stuff. for things that come in a box and have a barcode and last a long time. the result of that in turn 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?

in the produce category. >> 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. >> how do you do that? for me as a mom 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. >> your basically trying to figure out how to get grocers not to over order.

>> 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. it could be sold by weights of the data structure is not there. there is no best by date on strawberry. everything in fresh is far more complicated. that's why you have to build fresh first technology. >> you have nine grocery chains onboard in the u.s., how do you plan to get more? >> 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. it is enabling us to grow super rapidly. >> how do you plan to use it? >> at the end of last year, we were live in 200 stores. now, we have signed over 3000. we are growing by over 15x. we're going to use the the capital to help us scale then we will go from our starting point in fruits and vegetables to meat, seafood, deli, bakery. all the fresh stuff around the grocery store. then we plan to make initial forays internationally and higher in the supply chain. emily: what was it like raising money in this environment? it is a tough environment that impact your valuation? >> 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.

that we are tackling problems of inflation and supply chain. 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? i looking to stay independent, go public? get bought by a larger food distribution or? -- distributor? what is your goal? >> our mission is to eliminate food waste and make 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. if there is a standalone company or eventually ipo and 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 dynamic we live in is that the population is growing from 7 billion people to 9 billion or 10 billion people. >> contrary to what elon musk is that. >> no comment. 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. yields will be impacted by climate change. 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. i am emily chang in san francisco. great show coming up tomorrow. the cofounder of lyft and other guests. that is tomorrow right here on bloomberg technology. this is bloomberg. ♪

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