>> after the ftx fiasco, how do

investors. >> the u.s. might bring the sam bankman-fried stateside for questioning. >> plus, spacex's fundraising an evaluation, double what it was in february 2021. but first, let us a check in on these markets. this is a day of macro rather than micro. has inflation peaked? that is what is driving the s&p 500. apple once again the

outperformer. finally inflation might be passing its peak. the nasdaq up one and a half percent. kathy what is buying the dip when it comes to grayscale. seemingly showing some confidence in the world of cryptocurrencies. let's just go on to that. i want to show what is happening in both going. it did in fact rally. the left two days up about 3.2%. this is a story of dollar weakness on the back of the hope that the federal reserve will not have to hike so fast. >> that mentality a massive driver of individual stocks on tuesday. we have some breaking news. apple is preparing to source semiconductors from a plant in arizona. that is according to remarks made by tim cook to employees in

europe. we will bring you more on that story. elsewhere, u.s. producer prices. amazon a bit up, more than 5%. the other big story is the latest regular to filings shows that berkshire hathaway building big stakes in the chipmaker and paramount. look at the strong reaction in those stocks. we are tracking spacex. according to sources starting early talks to raise more money. an evaluation is higher than its previous. it could be in the form of a tender, all subject to change.

>> absolutely brilliant scoop. meanwhile, let's go back to the private markets and ftx. american and behind me and authorities -- bahamas authorities. kt is here with the latest. it does seem you might have to pay a visit to the u.s.. >> just judging by his tweets, and the man has continued to tweet through all of this. but he did tweet this afternoon that he is meeting in person with regulators. he has already met with regulators in the bahamas. we know that the u.s. is interested in meeting with him as well. we note the office of the southern district in new york is

interested in meeting with him as well. there are approximately a million questions here. roughly a million creditors too. >> the other question is contagion. this is happening a spillover effect to other startups in the crypto space. >> the biggest among them is blocked by. they are preparing to file for bankruptcy. we know withdrawals have been halted. that is one develop and story very much in the public. the other lenders as well. think about alameda. one of the biggest borrowers out there. you have to imagine other crypto lenders are have been very serious conversations right now. >> contagion story. what is interesting is maybe this is not the death knell for crypto.

a digital dollar is apparently what wall street is currently about to pilot. we took to our audience with the pole and twitter. we asked them whether this is a good idea, whether it is not, where there the fed are indeed analyzing digital dollar. overall, they seem to say it is not a good idea. it was relatively close. what do you make of this story. >> part of the reason is because what is a digital dollar? it is a stablecoin -- is it a stablecoin? definitions are important here. this is just the test of what the digital dollar would look like. at least with the digital dollar, they have a problem they

are trying to solve which is cross-border payments which can be very cumbersome. it makes sense that the federal bank of new york and also these banks, these payment companies, would be interested in trying this out. >> thank you for the update. let's continue the conversation. you have some exposure to the world of crypto. what is your assessment of what is going on? >> generally, i would feel as though what we were expecting through ftx was for them to be the white knight for the crypto industry. we wanted them to be the regulating body at least domestically.

coinbase is proving they have seize the day in be in the trusted exchange. they will be considered twisted across the board. >> why did venture capitalists who got into this early not see this coming? s up the whole point of crypto currency markets and the technology was transparency. >> i think now the world of decentralization is were -- moving to our world of verification and that is the position of the many of us in venture are looking to abide by going forward. overall, there clearly is not enough trust in it. where we see the world going is verifying that assets, smart contracts, becomes verifiable before becomes decentralized.

>> how hard is it going to be for new areas of growth within crypto to keep on raising funds in this environment? is everything on ice? >> we are all looking to see that there was now an audit trail and to do diligence. there are a lot of companies building where there might be exchanges, but are building traditional finance projects around the exchanges, where we have a lot of faith in where the industry can go. >> i want to prevent to spacex. they are talking with investors and the person puts it at

perhaps 150 billion or greater. what is your take on that? >> star link continues to grow at a clip that is even higher than we were expecting which is promising for us. we are looking out for a launch at the end of this year. overall, it is always going to be an elon musk premium. whether we see it be a new primary ground or tender, it is keeping the momentum following twitter. >> talk to us about an elon musk premium. it feels too many that his own brand has taken a hit. >> we do not believe so. i think he has continued to promise that what he says is deliverable.

we continue to have faith in his ability to execute. when it comes to spacex, there is a lot that can go wrong but what we learned for star link is that there is lower links that elon takes to build the next best bracket. >> what about his management style? the way in which he treats people? the layoffs we are sitting -- seeing at twitter? does that sit well with you? >> i think generally everybody is reducing spend across the board in departments that are not necessarily having top line revenue. >> but the way he is doing it. >> it is obviously a bit unconventional, but that nature of elon is what we have grown to expect.

we are keeping abreast of his management style, but overall we know it is effective. every ceo that we are working with has their own flavor of it. >> would you like to buy into any new round that comes up? >> possibly. >> thank you very much. coming up, more about the impact of the ftx fallout. that is all next. this is bloomberg. ♪

ed: ftx is one of these absolute travesties in the history of financial markets. people will lose bill on some dollars. -- billions of dollars. and that undermines trust in all financial markets. caroline: ken griffin there of citadel. she was speaking at our summit in singapore. we know ftx is in touch with dozens of regulators across the world. what is the impact beyond crypto into the world of fintech more broadly. jason is with us from jp morgan.

it is wonderful to have you with us. ken griffin they're talking about they had to financial markets. do you see i hate right now? >> in terms of broadly speaking the fintech landscape and the left -- the partnerships that can be developed between fintech and banks, we think there are those who have durable business models that are focused on the b to be space. caroline: of course, you helped them to visualize cash flows. how was it for you raising funds, finding partnerships like

you force with jp morgan to raise more funds and how hard is it in this landscape at the moment. >> we closed our last round in may. i've been in start ups for most of my career. raising money is never easy in any climate, but if you are really bringing the right innovation to the market, then it is going to happen. a big part of our story is we work closely with banks. we have four of the largest banks as investors and our company because we are building out this experience to make it easy for companies to manage cash. jp morgan was one of our earliest investors. so i think given the traction and what we largely know is that

fintech is starting to heat up on the corporate side. if you look at the last 10 years, you have not really had to sharpen your toolkit. what we do is we are bringing out, automating the cash forecasting. i think because of those things, it feels like we are heating up. caroline: dig into that. how much do you depend on innovations such as blockchain in any way? is that something you continue to depend upon? >> there is no really dependence. we have been watching it. we are curious what happens.

one of our largest customers, we actually could accommodate that so they could see their bitcoin holdings which is pretty cool. most corporate's are not, i do not think it was a real thing. most everybody is watching. when i started my career it was in the late 90's. i think we will probably see things getting ironed out when it comes. caroline: i am interested, where are you seeing the most opportunities in terms of further partnerships you can forge. we just heard about the digital

dollar. what do you think of in terms of innovations there? >> when we think about innovations, it all starts with the client need. fintech tends to be sharply focused on a specific client need. and so, on the one hand you have fintech moving fast. on the other hand, on the bank side, we have client relationships and distribution. when you married those things together, we think it is a situation where one plus one equals much more than two. caroline: talk to us about the global footprint. how are we seeing this play out globally?

>> open banking is what is happening in europe. but it is largely consumers and small business. those banks are having to pass client data to the fintech community for downstream applications. on the corporate side, they do not have to meet the standard in europe. even corporate banks in europe, that data is still left up. on the corporate side, big banks are building apis. unfortunately, there is not a standard, but that is a big part of what we do. we have the largest library in the world, so customers are looking to us to normalize all that data and really drive the standard. we have some big banks asking us now for a standard spec appeared

-- standard spec. it is making all of the data accessible and speeding up a lot of these experiences on the corporate side. caroline: tell us more about that. what does this mean for my future and my banking relationship? what does it mean for the individuals you serve? >> you can think of open banking as a structural change. it enables the owner of the bank account, whether it be you or business, it allows the owner of the account to provide access to the data and the services in that account to third parties.

it might sound a little shocking. really what it does is it enables a whole suite of products and services to be delivered. on the personal side, you may use a budgeting tool and if you want to have real-time information coming from your bank accounts and credit cards into the budgeting tool. that is a good example of the use of open bacon on the consumer side. on the corporate side, you are constantly trying to get your arms around what is the working capital needs for your business. we have used our apis to get real-time data feeds, index that and overlay user interface for cash forecasting. those are examples of how opening up access to data within

bank accounts could create new value for businesses and consumers. caroline: we thank you. ed: let's get a quick look at how stocks did on tuesday. tech stocks getting a boost from the slower than expected growth in producer prices. chinese tech specs getting a boost from better chinese-u.s. relations. this is bloomberg. ♪

ed: netflix, a lot of talk about its subscriptions.

amazon with an outperform. a lot of optimism we will continue to see penetration in the e-commerce sector from amazon. ed: coming up, elon musk management style does not seem to be in sync with his free-speech focus. we are going to discuss that next. this is bloomberg. ♪

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the top of the hour, but we have

not had a deep dive on elon musk for 24 hours. ed: according to sources, spacex is having a with investors to raise more money, either through our primary or attender or both. the important point is the evaluation. as is always the case, early stages and terms can change. it would once again put spacex at the top of the pile when it comes to global tech, private global tech. if our scoop is right, it would retake the topics but -- the top spot. the big story has been a pullback in valuations for

particular names. it is also all about starlink. the company will need to invest $30 billion long-term to keep it competitive. elon musk has talked about sales of the launch business. the start link business could see $30 billion per year. caroline: elon musk is the world's richest person and we want to talk about twitter. he is cracking down on dissent. according to sources, he has fired a dozen or more employees who have been against his management style. let's bring in alex from los

angeles. so much for a free speech absolutist. >> that is right. if you point out that maybe some of the conclusions elon is strong or wrong, you might be fired. bloomberg has reported that close to a dozen employees who either tweak it back it is not correct or did not simulate pulse enough support for what elon is doing have actually been let go. it is quite the juxtaposition for a man who when he bought this company said free-speech comes above all. apparently, just not when it is against the because he is making internally at this company.

here's what elon had to say about that. >> i have too much work on my play, that is for sure. i working for morning to seven days per week. it is not something i recommend. ed: he was speaking there at the be 20 conference in indonesia. what do tesla's investors think about that? >> i think they might take some pause here. he is the man who has showed up for all the calls for twitter. he clearly is representing what we know about elon musk and the management style he expects.

he is moving the company away from things like having an extra day off, expecting people to be in the office at all times, applauding the same level of work that he seems to be submitting. between the layoffs and the tone he is setting for the company, one thing this clear. the people who stay at twitter will have to change or else they might be the next people out the door. caroline: what about the project itself? the worry about whether with all these people leaving it can function as it should. >> a code freezes where engineers are not allowed to push new things into production. this happened over the weekend. engineers right now cannot write code either.

it is a quick reversal from the days prior when you saw twitter launch badges for pigs to -- subscribers. remember, twitter makes all of its money from advertisers. advertisers are kind of allergic to uncertainty or chaos. between firing people, the code freezes, you would think if you are an advertiser, this is not a good look for them to put out to the people. caroline: what amazed me when we sat down with amanda, she said it is unconventional but we continue to back him. has he lost some of his allure? is he still able to raise money?

>> i think this twitter saga will tell. i look to the debt from the twitter deal that even before elon used the bankruptcy word was looking to be sold for six cents on the dollar. as he the guy who can come in and not just create a transportation company, but use those skills on the social media company. i think there are a lot of skeptics right now. she is doing this in private, but twitter is a private company. i think the jury will be out and this seems like a big make or break moment. does elon musk go, go, go?

is that going to be the key to success here at twitter? this will be a big moment for him as we look decade on. ed: thank you. i want to bring you some news we broke and the less our. tim cook says the company has made a decision to source chips from arizona. mark, what are you reporting? >> congratulations on the relaunch. what we have learned is that apple is going to diversify its supply chain and start sourcing chips out of arizona and out of europe as well. he made this disclosure in a meeting in germany. apple executive is -- executive is recently went on a tour.

cook was asked about this and that was his response that they will move to arizona and europe. tsmc is working on a plan to open in the state in 2024. intel and others are also looking at that state. our belief is that apple and tsmc will begin working together on production in about two years in the u.s.. >> how much of this is to do with some of the incentives that are more learned here in the u.s. now? >> i think the incentives were a key part of the process. they helped bring more chip production back to the u.s.. it is obviously a very clear message for tsmc to do output in more regions and apple is going to be a part of that.

u.s. manufacturing is a good thing for apple from a pr perspective and more importantly, from a strategy perspective. for apple, diversification is a very good thing. imagine the impact if all of the taiwan facilities for apples chip production went down. you see the same chip technology and all of its devices. it is important to have that most critical component diversified globally. >> there was evidence that the latest generation of chips and products outside of iphones are actually driving sales. >> the chips strategy is interesting.

apple will start shifting to a new process at the end of the year. this ts -- tsmc plant, you can expect the tech to catch up with where apple wants to go. caroline: thank you. coming up, how the regulators are moving mental crypto policy after the ftx fallout. this is bloomberg. ♪

>> if you are running the background check on somebody like sam, you are not going to find anything. caroline: anthony scaramucci there. some reflections on his work with sam bankman-fried. meanwhile, another crypto player blockfi reportedly on the edge of bankruptcy. the interesting point here is

that they were previously being bailed out by the white knight that no longer exist. >> you also avoided sure where the bankruptcy lawyer said that they are shocked, dismayed that they have to call this deal with ftx void. but that happens to voyager and its assets. let's talk about ftx and the bankruptcy details itself. the details are very sparse. they could involve one million creditors. in the coming days, we will know what the top 50 creditors will be. that will be very interesting information. there new bird members -- board members have been assigned. why were they operating without

a board? ed: this week, we have had conversations about ftx. where have the regulators been throughout this process? >> two things about that statement. you have a lot of people saying investors will come back, but ken griffin who as we know had been thinking about crypto and in that conversation, he was very dismayed about not just what he meant for crypto, but what it meant for financial markets. on the regulatory front, you have many regulators saying just yesterday that they hope it will help congress push forward in a quicker way when it comes to crypto regulation. i also want to talk about supervision from the federal

reserve. listen quickly to what they had to say. >> another priority is monitoring the risk of crypto asset related activities. it requires oversight to ensure companies are subject to similar regulatory safeguards as other financial service providers. >> so a lot of uncertainty. what will have to be made clear is what jurisdiction the sec has and does the u.s. government have any role in backstopping any of the customers? caroline: what about self-regulation? >> something a lot of people are talking about are proof of reserves, which is a form of accounting by a third party. a sense here to figure out

whether everything is being held that is said is being held. and what are those assets being held in. we are watching many exchanges saying they will do this. how fast they will do this and how can they prove they are more trustworthy and is it enough i think is a very important question. will proof of reserves fix the industry? ed: thank you. coming up, a payments giant from asia makes its way to the u.s. with its latest acquisition. we will have all of that next. this is bloomberg. ♪

caroline: open is a payments platform in japan that is untrue

the u.s. market -- that is entering the u.s. market. it helps process payments for about 20,000 companies. here to discuss is the ceo. thank you for joining us in asia. talk to us about the global perspective. >> i will walk you through what we are doing. we are digital payments company. it has brought us closer to become a global payment company. we provide payment processing for b2b customers to help them grow their businesses. it gives us the ability to entered the u.s. market.

ed: this is that an company buying a u.s. company. any problems? >> no, we are pretty confident about this new merger, acquisition. near-term, we want to be sure of the merger and on boarding the product to our ecosystem. that is our focus. we are pretty confident to become the global company. caroline: will regulators have to take a look? >> yes, we are always complying. as you know, we are already

operating and we have a very strong compliance team and legal team to make sure we are operating accordingly. caroline: talk to us about innovation and where you go now in terms of global payments. >> i was in the blockchain industry. currently, i am not. blockchain technology is a peer to peer payment, especially in southeast asia countries. blockchains enable except in,

sending payments. -- accepting payments, sending payments. ed: are you worried about the strength of the payments market in the u.s.? >> i would say maybe. however, it is a day to day. every one of us uses payments every day. so payment is always needed and there was a demand. if we see contrarian cash flow, we can sustain business strongly. caroline: as you bring on board

another company, there have to bear layoffs -- be layoffs? >> those are very good questions. no, we are not going to lay off anyone. we want to be sure everyone -- also, i believe we have a great talent company. we would like to expand into some other regions, such as europe and latin america. ed: thank you. interesting time to see a $400 million deal of this type. caroline: we had such a fintech flavor to the entire day today.

the deal is still to be done. i am sure in the crypto area, we are dialing back the exuberance of writing checks. ed: that does it for this edition of bloomberg technology. once they, we have the ceo of cerebral. caroline: go check us out on twitter, and instagram, come find us on tiktok. we are truly a socially aware program now. from san francisco and new york, this is bloomberg. ♪

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