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

emily: i am emily chang in san francisco, and this is bloomberg technology. coming up robinhood is launching an index of its funds are traded on its web forms. will that drive retail investors to it? we are going to ask a top robinhood executive. nba champion about what he is taking from the court to venture capital. my conversation with the star about everything intact to an fts and sports betting. we all know about -- but what about mood boards? we are talking to our guest about the future of nft's. i went to get a look at markets and tech driving a strong end to the week in equity stocks, also a big pop for bitcoin. care to break it all down, ed ludlow.

>> happy friday, real risk on sentiment to end the week, you look at the nasdaq having its best take a month up 2%. one of the riskier corners of the market, meme stocks, tech, a coin buying into that as well, a big jump from around $19,000 to $21,000 in a single session. that is the what. the why is harder to understand. we notched our first weekly gain in the nasdaq hundred and four out of three straight weeks of declines, best weekly gain since july. at the same time we see the dollar pulling back, the first weekly decline for the dollar. you see the gain in equities correlating closely, that is potentially the why. the market very focused on the fed and the outlook for higher rates. two stock specific stories i am looking at, docusign having its

best day since may following strong earnings and performance in the most recent quarter. the other one i am looking at his robinhood come up again on friday, dues they are going to create an index of top picks, an index of customer's favorite stocks. emily: we will talk a little more about that right now. robinhood announcing a new index. this is a snapshot of the top 100 stocks users are holding with the most conviction. customer conviction in a stock will be measured by how highly concentrated it is across portfolios. the robinhood head of investment strategy joins us now. talk about the methodology behind this, stephanie, and the end goal. >> we have a new generation of investors, over 20 million, and when it came a narrative that was not there.

our investors are not just meme stockholders. there were a lot of really interesting themes, things that you and i might invest in for the long term. we wanted to bring that narrative and be able to show it to not only the world but also get information to our customers about it. emily: tell us what some of the top stocks, things that we think of as meme stocks. what do you think has been unfair about the discussion of what is traded on robinhood's platform? >> when you look at the other ones, you have amazon, apple, google at the top. there are a lot of companies in our daily lives, and that is no different than generations of investors have been investing in, the things that you know and use every day. the other thing is when you look

through a lot of the data below the top 10, what would you do see is, for example, a scene of investing in electrical vehicles. if this year as not showing you anything about the importance of adopting electric vehicles over time, i do not know what could. emily: how do you expect investors to use data from this index? >> for them it is a way to say what investors or customers are investing in. how are they position relative to me? and right now it will be a snapshot on a monthly basis, but there may be other ways we can offer to our customers to inform them. emily: that was my next question. could we see a weekly, daily, hourly with the top 10 or top 100? >> i do not know it will be updated that often but we could bring in an app and share it with our customers. if you own that particular stock you will see what that weighting

of that stock and compare your performance to it. emily: you mentioned electric cars. talk to us about early dated you were seeing. what are you learning about investors from this data? >> other things i've seen over time especially when we look back at that histories is that our customers have been a relatively good at timing some of the more tactical things that have been out in the market. for example in covid there were investing in peloton and zoom. that has dissipated quite a bit. they were investing in mortgage companies when interest rates were superlow and the housing boom was happening. they were investing in rocket and wells fargo. what they are interesting in is stuff that is longer-term for the future, a lot of financial services companies, not

necessarily all of the banks that have been around forever. some of the new ways we might see finance evolve, and that is because our customers are 32 years old on average. they have time and why not invest in things longer-term that can build wealth. emily: why introduce this now at a time of a lot of uncertainty in the market going into an economic downturn? obviously a lot of questions about how the platform is used. >> we wanted to do it because, one, the narrative has been unfair. our investors are not making crazy yolo decisions. i love it investors have learned from the downturn and are turning their eye toward al qaeda long-term wealth for myself? our platform help to get started with that, and we went to grow with our customers, and having this information available to us

can also help us understand our customers better and give them what they need over time. emily: stephanie guild from robinhood, we will continue to track those now that they are out. thank you for joining us. coming up, al venture capitalists are changing their strategy amid a market downturn. that is next. this is bloomberg. ♪

emily: the economic downturn is slashing startup valuations leading to smaller ipos or no

ipos and less venture-capital activity. how long does it ask? our guest, a managing director joining us now. how long do you think it lasts? i've heard two to three years. >> thanks for having me. i wish i had that crystal ball in terms of how long it will last, but we are certainly in the middle of it now. i think the catalyst has been raising interest rates, part of the bubble being popped that we were in last year, but just an opportunity for a lot of startups, frankly ones that have good balance sheets, great economics and that is where a lot of folks are focusing. are there real fundamentals driving business progress? attention has shifted away from a, high burn and other things popular last year. emily: i hear asset layoffs coming, evaluation right down --

write downs. what we have seen is just the least of it. would you agree? >> at the beginning of the year there was a wait and see attitude, would this be a temporary blip. the second half of the year, reality is setting in. we have seen many startups take on their burning in terms of layoffs, contractors, real estate costs. secondly we have seen a lot of companies shore up their balance sheets, and while they do that they are saying the path for profitability is more important than the path for higher growth. the third thing, and you mentioned valuations, there is a reality setting in that often times it not for the top companies but for the average startup, there is a reality check on the market, and what we are seeing is for a lot of companies with good economics

and good fundamentals they are saying they want to raise amounts of money at a more modest evaluation than last year. and that is a great path. for companies that need money, need capital that is where you are starting to see valuations decline. emily: is there a lot of dry powder to sitting on the sidelines because of all of these firms that raise so much money and now do not have as many places to deploy it? and are vc's waiting for valuations to fall further before getting in? >> there is a lot of dry powder. when you talk to investors in the private equity space and venture-capital space a lot of folk's are fortunate to have raised, the pace of capital deployment has slowing down. there are two things happening right now and i will bifurcate the growth market and equity market.

in the growth market business has continued as expected. there is great innovation happening out of a lot of scientific labs, engineers who are leading other startups, corporations who have their ideas and that continues at the normal pace. these moments of economic downturn are the time more resilient companies are being built. on the other hand for growth equity, growth stage companies, i think you are seeing the pace slow down there. people want to see better fundamentals and economics. emily: the hedge fund tiger global has been such a big player. it has also been blamed for inflating a lot of these valuations, because they had a lot of money to deploy. what do you make of that

criticism? >> i think more broadly speaking there was a lot of money in the ecosystem last year whether it was from folks like tiger or softbank or others, and what they did is they played a very important role in financing these companies. what remains to be seen is the role that they will play and other growth equity players will play in getting these companies on a path toward profitability, an ipo maybe not in 2022 but in future years? their mindset, how they adjust will be very telling in the coming years. we look forward to working with them and other investors in that realm to see how you build long-term sustainable businesses. that is the goal. emily: gary formally of initial

i has been tapped to run another company. there have been many startups born in a downturn like airbnb, stripe. what do you think it future accelerator in a down market when there are other accelerators out there now trying to do the same thing? >> the last two days have been the y com days. we have had a very strong relationship with them before. we think it is one of the crown jewels of global innovation. every six months there are hundreds of companies that present what is new. within that realm there are a couple of those that will be enduring, industry defining companies. one of the things we have noticed in this y commentator --

combinator batch, do notice combinations. we are excited about the increase in the use of artificial intelligence in companies in this field and that is trending. what percentage of companies are using artificial intelligence to build in this ycombinator batch? almost a quarter of companies are doing this. 300% growth of companies doing that, and the only time we have seen that before is a to 10 years ago when you started seeing companies built on the cloud. google, microsoft. when it comes to y combinator

you start seeing these macro trends involved and that is what we are seeing there. emily: interesting stuff, ambar. thank you. coming up an nba champion turned tech investor. my con

emily: as we are entering a potentially lengthy academic downturn i caught up with an nba champion about where he is placing his bets and how the macro environment is impacting his strategy. take a listen. >> me personally in the earlier stage, which is where i am investing 80% of my time and resources, they have not been affected as much. pre- cc, series a have not been

affected as much. those have been affected more than the other sector. everyone is trying to get in, those are still pretty high. you are placing your bets earlier for bigger returns but there is more risk. i am still chasing earlier deals. emily: last year i know you say you want to ensure diversity when it comes to investing, governance, talent. what does that look like to you, and how do you think you can personally influence it given your success as an athlete? >> companies like aggregators, making sure they are doing their duty into helping build the pipeline or just looking for the right talent. but we have been able to do is identify a black founded firm

and using that firm to make sure we are able to build the right pipeline from hbcus, higher education, institutions with a talent and making sure that these companies are building the right culture. it is one thing to hire minorities but it is another thing to make sure those minorities are having success within that culture. you have got to build direct right culture so they can have success once they work there. that has been an issue as well. holding these companies accountable is one thing, and building out projections, or building out pillars make sure this is what it should look like. this is the percentage of minorities you should have within your company. throughout building your company and seeing it through and through. emily: i recently spoke to serena williams into her foray

into venture-capital and she says a lot of people look at her and think i am doing this as a hobby but really it is a passion. when it comes to what she can to table she said i like winning, and i know how to win. what do you think you bring from the court that is unique that traditional venture capitalists do not have? >> there are similarities in terms of winning as a percentage of humans within the sport or just within competing, and i think venture capital investors, it is really hard to win, and there is only a small percent that when at a high click. i have been fortunate enough to be around steph curry. for me it is identifying talent,

identifying how to make use of that talent. i have been in situations where i've been the focal point of the organization. understanding how the ego works, but i have learned throughout my journey intact, the ego is big and tech the same way it is big in sports. do have some of the brightest founders and some of the brightest vc's, and there are battles with stakeholders in terms of the election of a company, and just being able to make sure all of the egos are going out the window and we are all of the same page and how do we build the company efficiently, responsibly with the consumer in mind as well. emily: you were also the cohost of a podcast called .4 -- point forward. you have been making some waves, got in trouble with something that you said on your podcast. what are the trends you were seeing in the media landscape

given this new ability for people like yourself to just go straight to your audiences directly. >> sports as you can see with some of these tv deals and the rights whether it is nfl, nba, the deal the big ten did was astronomical. a great deal done by kevin warren, and they have become actual media companies with live sports, you can pretty much gauge what your viewership is going to be and how many eyeballs advertisers can come across. i feel like athletes are starting to understand their influence in being able to leverage their brand as well and understanding there is not just the financial side but you are

going straight to the consumer and you can talk to your fan base and whether you should monetize it or just deal with that base offense. that is what we talk about with web three, and fts and the consumer part of the business. emily: are you bullish on nft's in the future of sports? >> it is interesting. i think we still have work to do, security being a big part of that. you were seeing cyber investment going way up. blockchain, web 3, and fts -- n ft's. you learn a lot when your account gets act. similar to the dot com bubble and how you were able to weave out and hopefully we are at that stage right now but in the grand

scheme and you look at the thesis, it gives you the opportunity to go directly to the fan base, make it so that it is very unique, differentiated, gives the fan inside that is different. it is cutting out the middleman. we talk about this a lot on the podcast where we have had owners of nba teams, you had sent baker who was a great conversation. that is what we are trying to do in the

emily: amazon's prime video will have exclusive streaming rights starting september 15 for thursday night football kicking

off an 11 year, $13 billion deal that could ever alter the television landscape. this is the first time i streaming service has had his rights to nfl games and a big challenge to main networks that have dominated sports for generations. here to discuss is our correspondent who wrote about this. this is a huge deal, if you want to watch thursday night football you will have to go on to amazon prime video. how many viewers is this going to drive for brian -- prime and will not be worth it? >> amazon is estimating the first year it will attract 12 million viewers a week. that is below what the typical thursday night broadcast has attracted but much higher than people using amazon on thursday. this is a very long-term bed. they see football both as a benefit for their prime members,

the big reasons they are spending billions of dollars on entertainment, but it also could provide a huge boost to their advertising business, which is one of the fastest growing sectors of the company and involves the hottest property on television. emily: a $13 billion deal for 11 games a season. is it worth it? >> amazon is paying less than other broadcasters pay for football. the price of ports rights has gotten ludicrous over the past several years. i find it really hard to answer is it worth the question -- answer the question is it worth it to amazon because they are playing a different game. the bet is that show itself will probably lose money for them, but it brings so many people into cbs that it makes money for them and without that they would

be far less valuable to the operators that need to carry the channel. it is similar to amazon where they are spending a lot of money to bring people into their ecosystem. emily: the problem is that if you want to watch any of these games on a streaming platform is kind of confusing. for example, on friday nights i have to go to apple. notice that move out over the longer term would you have all of these different networks and streaming platforms getting smaller pieces of a much larger pie? >> first of all i cannot believe this is the first time i am hearing that you are a baseball fan, good information to have. emily: do not hold it against me. >> i would not other than the fact that you are probably a giants fan. emily: i am in oakland is -- a's

fan. >> football is easier to baseball. thursday night football is only going to be on amazon. there was a little bit of confusion that if you are in a bar you will be watching directv that they will be paying attention to how you are getting it. if you were in the market of the team playing it you may be able to watch it on local tv. this requires a lot of marketing on amazon's part. they are not used to spending money on marketing their shows. they feel people will watch the shows that they pay to offer. this will be one of the first times where we get weekly viewership numbers, i think the first time where we get weekly viewership numbers from amazon, so we will see in real time each week how viewership is and whether the ability to attract

an audience is comparable to tv. the nfl has only been available on linear networks for the most part for its history and they have given one of their flagship programs to a streaming service. it is the first time a major sports league in the u.s. has done it. it is a big test of where we see the future of media going. emily: all right, lucas shaw. take out -- check out his big day. i went to get to some breaking news the terminal now. advisors were elon musk have apparently written to twitter about a separate basis to end that deal, the $44 billion buyout deal must is trying -- mu sk is trying to walk away from. his advisors wrote a believe this is a basis for terminating that deal. we will continue to follow these

headlines, they are just crossing the terminal now, but either way an additional attempt for elon musk to get out of buying twitter. continuing our conversation on streaming i want to bring in the founder and ceo of bruin capital. bruin has the rights to nfl game pass. i know you are listening to our conversation with lucas earlier. some people are calling this a move toward more streaming platforms, having more sports rights, an inflection point. do you think it is fair to say that at this point or too soon? >> i think it is a little too soon to say that. i do not think this is an inflection point. i think you are seeing more activity, apple, amazon with

thursday night football, apple with soccer, but they are not major moves. no one sees it unseating fox or cbs news or the nfl. i do not believe it is an inflection point. emily: ok, so how long do you think this landgrab is going to take to play out? and what does it look like on the others? do streaming platforms have more power, more power over the sports that so many millions of people want to watch or do the traditional networks hold onto a lot of that power? >> the money is in the old media. sports is the most valuable thing for world media. 95% of the top 10 shows on television or sports. paramount plus, cvs plus, those

are tied to linear television, so that is a chance where you were able to use both streaming and linear in the package. it is different from amazon and apple. they are using it almost as a sponsorship, a way to augment their other business. amazon and apple are different from paramount plus, cbs plus and peacock. it is more seamless on the media side because the content is so valuable. on the retail product side it is still valuable because it is driving awareness to another core product. you can choose thursday night football or another form of entertainment, if you are a media company sports is invaluable. it is far greater than it would be an original product -- in a retail product. emily: bruin has a right to nfl

game pass. what is your take on the league pursuing its own streaming platform? >> i think it is right because they are trying to reap the use, young consumers are where the streamers are. if i am the nfl i am trying to reach that audience whether it is nfl plus, those are critical consumer strip of game, so it is more to try to have as many touch points with the consumer. internationally it is touch to watch nfl all around the world. feed people nfl content in our case in 181 countries. emily: so what does the league making these changes, working for this evolution, what does that mean for game pass and your business? >> for us, we are outside of the

u.s. so it is a different approach. marketing to consumers one person at a time, so international and domestic are quite different. different strategies. it is very important part of marketing outside of the u.s. you have more resources inside the u.s. than outside the u.s.. emily: thank you for joining us, ahead of a big ball weekend in the united states. george, we appreciate your studying but. -- stopping by. amazon vice president of sports global video, four days out from thursday night football, she will join us to talk about prime video. tonight bloomberg premiering the

lineup. the latest on betting trends and talk about the biggest players across the industry 7:00 p.m. eastern friday. coming up, all things nft's with a tech entrepreneur. this is bloomberg. ♪

emily: i went to take a look at nft's with a company that recently announced a big raise,

50 -- i want to talk about what it means for collective expansion plans with the ceo who also founded a social news site back in the day, a general partner at google ventures. he backed twitter, facebook, square and is the host of a podcast. he joins us now along with sonali basak. >> we are really curious because obviously there is been this crypto winter. you were able to raise aid here in a world where nft collections at large have been very volatile this year. what is it that makes an nft collection valuable and how much does that have to do with community rather than the assets

themselves? >> a lot of it is the community and strength of that community and how active and engaged they are in what you were building. as a company we are a handful of people and it is how we deputize our people that makes is so powerful. what we are doing is really the birth of a decentralized brand which the community has the keys to the castle. they get to be the ones to decide how to use the ip and monetize it. it is a flip from someone like disney. they hold the ip and never release it so they get to monetize the entire thing. this is the chance to flip that model. >> one about what it means relative to other nft collections? what sets apart moon bird from others? >> you have to find work community.

every community inside profile pictures have different vibes and different core tenants what they stand for. we are this idea of love and appreciation for art, this point of view. that is what we have done it proof. we are not getting into muddy waters of flipping nft or how to make a quake 5x and we have been doing this for 20 plus years having built many differences over that period of time. many of the players on our team our x google so there is a level of maturity coming to the table to build this business, and people have a lot of confidence in who we are on that team. there are a lot of products that launch with anonymous founders, but in a world where there is this uncertainty as to can certainly be places where a

project disappears six months later. we are serious about this, we will raise venture capital and we will stick around for many years to calm. >> to what extent is their utility behind them? how did they go beyond being digital art and into something that has a broader purpose? what do you say to critics like that? >> i think this is a very new idea and concept for people to wrap their head around. for the very first time you actually have and collect something that is a core piece of ownership of a project. as these projects become more popular value accrues back to nft's as collectible pieces of art. if you are dealing with a traditional media company we are just a consumer. if you go out and watch a star

wars movie or use some help participate in that it experience, they are great media experiences but there is nothing to walk away where there is a part of that project. you have different members of the community and taking this artwork that they actually own and going off and doing very created -- creative things with it. you are deputizing a community of bridge builders to blow this up and get more creative exposure that you never thought possible. the bet is we believe there is a different way to build a media business and it is not one where there is a handful of people who get to make the decisions but it is empowering people in the community to do big and bold things are never have. we are the ones making sure the business is running and we are delivering products in conjunction with our committee members.

-- community members. >> for our viewers who are less crypto native can you explain what you think blockchain technology and web 3 is the future and what happens to these platforms like facebook and twitter in the future? do they continue to exist? >> is a good question, certainly the web 3 environment are a lot more privacy focused, and there is certainly this idea that we can come in and to reinvent a lot of the technology underpinning a lot of these businesses in a way that does not put the consumer as the product, it does not sell their eyeballs, personal information. that is a really exciting new direction to move the web, and it is early days. what we are building is the infrastructure and underpinnings

of all of that and you will see that spread across a whole different series of categories. art and digital collectible being the obvious one with nft's rewriting the ways that artists get paid with royalties enforced by the blockchain. it is clear now that the future of a lot of art is going to go in the form of nft's, but certainly there will be the same re-imagination of properties in a way that puts the consumer in more control and gives them a piece of that website so they are not just a product of a massive fortune 500 company, that they are actually part of that ownership via tokens or nft's, so it is an exciting, new change. >> there was a lot about to happen in the next couple of weeks with the ethereum merge. do you think the gatekeepers of the internet today, meta-,

twitter, google, do they survive in this new world or is this new technology a major threat to them? >> certainly they're going to be companies like any major shift when we saw web 1.0 and 2.0 that get it, that understand it at a core level. i would put jack dorsey at that camp like all of the things they have done it square. they are an amazing group of innovators, they understand blockchain technology at the very core level. there are others that are playing in this realm. if you look at instagram and have enabled nft's to be displayed, it is not really a retooling and rethinking of the product at its core. i do not think long-term we are going to do this because it is the hot thing of the week -- i do not think that will play well and it is not the dramatic

change consumers are looking for. for me it would be a lot of new native companies built from the ground up to tackle these problems. brand-new businesses being built right now that were probably in the next two or three years emerge as early winners. the reason we went out and raised this financing is we believe there is a better way to do a media business, and that puts the consumers in control of these assets and gives them a way to experience and collect digital collectibles that have never been done before. that is just one vertical of probably 15 that the blockchain is going to address and reimagine over the next 15 years. emily: it is great to hear what you are doing now, kevin rose along with our very own sonali basak. we are going to be right back. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. ♪ --

this is bloomberg. ♪

emily: here are the stories we're watching tessa considering building a better be great let the refinery of the gulf coast of texas. the company is filed an application for tax breaks with the comptroller's office and will be the first of its kind in north america. the electric carmaker is evaluating a site in louisiana. and amazon sellers are bracing for a bleak holiday shopping season as inflation bitten consumers are curbing their spending. many merchants who sell more than half of the goods on the amazon website are concerned they will be forced to cut prices to move a mountain of unfilled inventory. this is a break from --

that let them check up prices. that is a trend we will continue to follow. that does it for this friday edition of bloomberg technology. monday excited to have ray donahue to talk about the $13 billion for rate into the nfl -- foray into the nfl. also the debut of the lineup. this is bloomberg. have a great weekend. ♪

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david: history was made this week with the death of queen elizabeth of great britain, the longest-serving monarch in british history overshadowing for a moment economics and currencies and central banks and even wars. this