ed ludlow is in california. what have we learned? ed: on the top and bottom line, they are adding 12 million or -- or so net subscribers, above expectations. hulu and espn plus also got in on the act. they have now millions of subscribers between them. it not netflix levels but pretty good. that helped boost the top line. it also meant a narrower loss for the direct consumer division , which houses streaming. streamers -- also looking at parks. the parks have issued experiences and products, and since the march quarter of 2020 when the pandemic was so rampant, 300 56 million dollars of operating income when they were looking for $41.2 million. it wasn't a perfect set of numbers. linear tv lower than expected profit because of the return of live sports bringing with it additional costs relating to covid and that weighed on the bottom line. advertising costs and sales for pay-per-view tv helped boost the top line. this isn't a perfect set of results. there is disruption from covid and they warned that will impact film and television as

bloomberg's ed ludlow joins us now. what are investigators looking at here? : the commonality between all of these incidents is that, in each case autopilot or draft aware cruise control was engaged. in each case it involved a collision with an emergency services vehicle or emergency response setting. a spokesperson told bloomberg that the focus of their investigation is around the technology to make sure the driver is paying attention, even if autopilot is engaged. if you go on tesla's website there is a whole page that says, even under autopilot, the driver must have their hands on the steering wheel and be fully attentive. that applies to the test version of not fully at thomas but autonomous technology. . it seems like regulators are asking, how could the events happen if the driver was paying attention. emily: how do you expect it to proceed? ed: it's not the first time it has investigated tesla's autopilot. no sort of regulatory action has taken place. they do have the ability to call for a recall of those vehicles, even if it's a soft recall, where tesl

joining us is ed ludlow. is robinhood officially a meme stock now? ed: it's evidence at retail traders are driving it, but it's complicated. if you think about gamestop, a lot of that was in the options market. we have some posts on it. emily: you have been scouring the reddit boards. ed: they are regularly siding the robinhood app, but they are reminding us that in some cases they are selling amc and gamestop to buy this. maybe robinhood will ban them to -- a reference to earlier this year when robinhood restricted trading on some of the meme stocks. emily: why did these folks not buy on ipo day? there was not a lot of volatility. ed: there was a lukewarm reception, to say the least. one reason was that restriction, these day traders, reddit warriors, whatever you want to call them, they felt aggravated by what robinhood had done earlier in the year. what institutional investors are saying, this is herd mentality. they are seeing what others are talking about on twitter and other social media and getting in on the act. emily: certainly there are inst

i want to bring in ed ludlow on how much funding we are actually seeing. something in the water? did a big gust of wind come through and wake up all the venture capitalists? we have seen three deals, credit the most notable, $700 million. we know about that. carta raising $500 million. and divvy. when you look at what happens to valuations, bring those up. reddit is $10 billion. carta at 7.4 billion. divvy over $2 billion. this takes the equity investments $273.3 billion today. it is a global story. if we look at the funds raised in the second quarter 2021, $166.2 billion, venture capital and startups. you can seat whatever is going on with the pandemic, venture capitalists are not deterred. go to the second quarter year ago, 2020. we have more than doubled the money going into startups and more than pre-pandemic levels as well, so those of the numbers. that is what is happening. i don't know why. maybe they are bullish about the economy coming out of the pandemic, but there is certainly activity. emily: thanks so much. for more, let's dig into why venture

for the macro outlook, let's get to ed ludlow. : nvidia, it really strong second-quarter earnings. a bullish outlook for the third, quarter saying that demand for semiconductors is strong but supply strains remain into next year. facebook, i know you will talk about this later in the show, down 0.1%. f.t.c. trust regulators filing a new lawsuit after the last one was thrown out in june. but facebook seems resistant to any concerns about regulatory. action and i want to focus on netflix as well, up 4% thursday, biggest jump since march, basically on price hikes. the report out saying that netflix is raising prices, particularly in europe. and a little tidbit for you, emily, today's gains take netflix positive for year-to-date, cap 0.5%. let's look at how facebook has outperformed. it continues to outpace the s&p 500. we were talking about concerns about the outlook for facebook when it comes to advertising and user growth, and now we have the f.t.c. coming back for a second bite at the apple -- shares don't seem concerned about that

let's bring in ed ludlow. ed: the market is really taking a pause after that news from the federal reserve on friday. the s&p 500 down about a 10th of a percent. evaluations of course, the s&p 500 index at the highest level since 2000. the process is what happens to those tech stocks as the federal reserve unwind. an area of outperformance, the nasdaq golden dragon index, companies have their business in china up 3.9%. it has been choppy trading recently, and with bitcoin falling around tuesday, we saw some pressure on the bloomberg crypto index. crowd strike reporting earnings after the bell. you can see the stock is down 3.6% despite the company upgrading its full-year forecast. let's look at some of the biggest points movers of the day. apple down 0.8%. there was news of course about difficulty in producing the apple watch. we'll cover that later. crowd strike snapping nine straight days of gains. also, weakness in some other stocks. emily: zoom shares taking a big tumble after the company gave a forecast th

ed ludlow. coming up.ike partners in -- greylock partners in reid hoffman, joby aviation and was the jetsons becomes a reality. this is bloomberg. ♪ berg. ♪ emily: -- >> this is a new mode of regional transportation that is safer than driving, faster, and just as affordable as ridesharing today. emily: part of my earlier conversation on the future of urban air travel with the ceo of joby. the company going public to date in the spac deal, at one point climbing close to 40% above its opening price. for more, i want to bring in greylock partners co-founder and board member of joby, reid hoffman. great to have you with us. a strong debut. you are sponsoring a few specs. you could -- spac's, but you could sponsor anything. why joby? reid: it has that thing that moving urban transport, uber meets tesla in the air. that can transform commutes, stop gridlock and not have the climate impact. to do all of these things in a way that makes cities healthier and more fun, and more ability to get around. that redefiniti

than wall street expected but days after its fallen founder was charged with misleading investors, ed ludlowwith how the current ceo is managing. ed: the long and short of it is they will now only make 25 to 50 trucks this year. they were going to make 50 to 100. what so amazed and shocked me when i spoke to the ceo was that they will not even be able to sell all of them because they will be missing parts like semiconductors, and until they can retrofit them, they are not able to put them down as revenue, so they will just give them away for free for testing purposes. emily: how frank has the ceo been about trevor mildon's behavior? is he throwing him under the bus or defending him? ed: the company has been very careful in what they've said. they said this is only about trevor melton. the charges only relate to him and the actions he took and the things he said. he did say it is hard to draw a line in the sand because by association, people will remember the company for this criminal and securities fraud investigation. emily: right. do they need a rebrand? ed: it is very hard to do a rebrand

let's get to the micro with ed ludlow. ed: amc beating on the top line in the second quarter. $444 million, the revenue. a narrower than expected loss. had been up as much as 10%. this is not a stock where investors pay attention to the fundamentals. this is a reddit forum meme stock. trending on twitter all day long. want to watch into tuesday. peloton, the biggest gain in three weeks. no hard news. but we do know that u.s. covid cases are at their highest level since february on a weekly basis. look at this chart. there is some symmetry in peloton share price with different moves in the u.s. weekly covid rate. what we are seeing is that when peloton share prices peaked in january, it started to fall as those cases came down. as the cases have been rising, we see is the peloton share price has been rising. incredible gains of around 70% on monday, its biggest gain since november of last year when those approvals were going through for the vaccine. according to sources, the u.s. is going to be taking some doses from moderna

ed ludlow is doing this. what are the key elements you're looking for? ed: elon musk says it really will focus around autonomous driving. there has been this mission from elon musk recently that the last 1% of getting over the line is breaking down artificial intelligence. we know it is a priority to tesla to hire in that area. they are seeking the best of the best of silicon valley. there are hints that this might involve some prior terry designed around semiconductors. >> what is the general feeling about this? is this the developers day that we get out of apple and facebook? who is the audience? >> on battery day or when they had this event, the tesla fan and owner that elon engages with on twitter. we know that less of those people are invited and there are some quite notable academics from the world of engineering and computing that have been invited. we know that talent is front and center for this. tessa wants to hire in those roles specifically. we are assuming there will be some players in that industry as well. >> a lot of these days don't live

ed ludlow, take it away. ed: the s&p 500 index up by 0.9%. really, the gains were in technology stocks. the s&p 500 index up 1.5%. a nice sea of green, we like to see that on a monday. optimism around vaccines really driving a recovery for the u.s. economy. my bloomberg terminal, take a look at this chart. the s&p 500 index making gains as the fed continues to add to the balance sheet. the jackson hole symposium this week. the feeling as we look at some sort of mood music at least. the other big story, this landmark u.s. regulator full approval for the pfizer biontech vaccine. president biden speaking on monday, saying this may spur mandates for employers to get their employees vaccinated. american depository up nearly 10%. the other big story, the decision by california courts to throw out that ballot decision that people voted to treat gig economy workers as contractors. interesting, what we saw initially monday, a drop in those stocks come all down. by close of play on monday, uber up more than 2.5%. it was really just doordash that strugg

here to break it down is ed ludlow. what on earth was that? are we still on earth? human in a robot suit. elon musk did outline the specifics of the robot. a prototype could come next year. the idea is to take the underlying technology of self-driving systems in the artificial intelligence that help to decide how to react and put it in a robot that canoe tasks like lifting heavy objects and even go to the grocery store for you. the substance was a new chip which tesla says is as good as or better than most graphics kids and they can even sell it to others. this is what he had to say. >> most people want to work for free. i'm not sure how to pay for it, to be honest. but i should say that if other car companies want to license it and use it in their cars, that would be cool. this is not intended to be limited to cars. ed: the semi conductor designed in-house. it marks a step forward towards dojo that will eventually powerful self-driving. we don't know when. driving will be real out in the wild. investors are with questions going forward. emily: hang on because we ar

ed ludlow, what should we be expecting? be expecting the first profit operating income since march 2020. there is always an eye on disney , new products, new content. what is worrying about the park unit is the delta variant. we will look for commentary around that. even though operating income is coming, we have so many quarters of losses in parks, the outlook for revenue in that unit has been cut because of the delta variant. the visibility of the appetite of tourism you are just talking about, it is so hard to gauge even with soft data. we expect them to double down on the narrative about the recovery and what delta will do for the parks. kailey: i am waiting to see if scarlett johansson comes up on the call if they get a question about it. not because i'm interested and she is a movie star, but it does raise serious questions about streaming versus legacy theater business and what that means for disney. ed: analysts are talking about the recovery in parks. disney plus is king. parks is only 20% of the revenue. the proble

thanks to ed ludlow as well.hares of robinhood tumble after the brokerage warns that the crypto surge it saw in q2 may not last. that is our stock of the hour. this is bloomberg. ♪ matt: time for our stock of the hour. robinhood's first earnings report as a public company came with a morning that one of its key product may be on the way down. dave wilson has a look. dave: you are talking about a company that went public a few weeks ago, came out with its first quarterly report, and revenue more than doubled at robinhood for a year ago, but there lawson's -- losses widened. that is the set up. 80% of robinhood's revenue in the quarter came from transactions. when you are thinking of a key product, you are thinking meme stocks, but not exactly. they made more from cryptocurrencies there and they did from shares or equity options. the ceo said on a conference call that the first trade by new subscribers it was more likely crypto than equities for the first time ever. there are a whole lot more customers, no question

i want to bring in ed ludlow. who else? it seems like a big deal, but is it? but early stages. it takes time. the companies are often talking to a number of states and cities at the same time, trying to get the best package of incentives. so this is what the city of fort worth is offering, a minimum $5 billion investment jobs by 2027, , 7500 and in return, the city of fort worth is offering tax breaks and grants. the next stage is to go to the state and county to get even more. emily: why texas? obviously we know tesla and elon musk moved to texas, so what is special? ed: this site is the frontrunner. they were previously looking at arizona, but were concerned about the infrastructure in that state. texas has good infrastructure, roads, ports, access to talent, close to mexico, where the automotive supply chain is. but it is still just one front runner. emily: we talk about rivian all the time and friends say, when can i get it? and you say they have to wait three years. they haven't produced a single vehicle yet. right? ed: we give them kudos because they are

ed ludlow is back in san francisco. he is digging into rivian. broke some news on this company last week, and now you have written for hyperdrive with kyle stock on whether or not it is worth $80 billion. you cannot put a price on dreams, can you? ed: without getting into too much history, the easiest comparison is tesla. it took tesla 10 years as a public company to reach a market cap of $80 billion. the year before that, it had delivered almost 370,000 vehicles. in the year that followed a 2020, half a million. by comparison, rivian has delivered zero vehicles. there are questions about what the valuation is based on. it is the name to back them. when you have that list of institutional investors and amazon and ford, they basically assign credibility from that. matt: we did see working prototypes on shows. this was a company started by an m.i.t. polymath super genius right around the same time elon musk was putting out his roadster. why has this taken 10 years to get a production model out the door? ed: we have written about this and i hear fro

ed ludlow has the latest from san francisco. that is it, right? u can basically have a rebound that can pick it up to don't have to do it. ed: classic elon musk, always keeping investor eyes on the horizon with a fully autonomous robot. but the signaling connector -- but the semiconductor was the most substantive part of that presentation. they said that this chip has the best graphics compute around. you already see market participants and in the just -- and industry analysts saying this will help this build towards the supercomputer that will get their neural net over the line and make self-driving a reality. but again, those timelines for being deployed, we are still waiting on that. we got a robot. can i sam surprised. no -- can i say i'm surprised? no. the idea here is that the underlying camera-based technology that tesla uses for self-driving, the semiconductor come of the d1 chip, and the artificial intelligence software can all be integrated into this robot you see on your screen. musk basically positioned it as a replacement for human lab

for more, i want to bring in ed ludlow.hen you say it that way, it is hard to believe every single car in china has been recalled. what exactly is happening here? at the: the numbers have a really important -- ed: the numbers have a really important breakdown. for the first time, we saw a big drop in the number of cars built in the shanghai factory that are delivered to chinese customers. what has happened over the 12 months is shanghai has become the center of production for tesla. it is no longer from where we are sitting, but shanghai. look at your screen. the orange bar is what you're looking at. we care about that because china is the world's biggest automobile market. it is still building a lot of cars in china, but now for the first time, more are going overseas, mostly to europe. that is not a bad thing. those are higher-margin cars. tesla has done a lot to localize the supply chain. it makes a lot of money on those cars, but it is worrying about what it signals for the company 's performance in that market. emily:

for the micro, let's get to ed ludlow. ed: on the risk off day, it was a make cap tech stocks that saw the brunt of losses. these are the biggest decline is on the nasdaq 100. amazon, biggest drop in three weeks. the stock trading at its lowest level since early june. also, tesla continuing that streak of declines. we got the report that it's investigating tesla's auto pilot technology, down 2%. nvidia down significantly ahead of earnings on wednesday where we get a good lens into the semiconductor industry. and demands from crypto miners, that is an area nvidia has seen a boost from. back on tesla, yes, run of declines. you bring tesla up side-by-side to the s&p 500 over a 12 month basis, one year, -- vastly upper the broader index. remember, it was down near today but the run-up we saw in the shares over 2020 so significant. finally we want to look at walmart. investors could not make their mind up about how they felt about the company's earnings. see a little movement over the -- we come quickly into my bloomberg termina

let's get more from our west coast reporter, ed ludlow. what stood out to you? nvidia is able to grow. we saw a big surge in chip sales while being supply constraint. the chip shortage is still present and it will continue for most of next year. that is what executives have to say on the earnings call. nvidia is one of the pioneers of the business model that has been so much talked about over the last year almost or so that they designed the technology behind the tips and outsourced production to the likes of tsmc, samsung, and that is where the constraint is. nvidia did say that they were able to at least secure enough supply in such a way that they can meet their growth targets going forward. shery: what is happening with nvidia's attempt to purchase --? ed: there was a change in language from the prior quarter. nvidia says it maintains confidence that the arms deal will get done but it did acknowledge that talks with regulators -- and remember, this is not just one regulator. it is china, the u.k., the united states, and the european union -- they are taking l

ed ludlow has been listening in on the nvidia call. ey have acknowledged it is taking longer to work with regulators than they expected. they are still confident the deal will go ahead. they have registered complaints but look at the share price. everything has rose. it initially felt when the numbers first hit. they're talking about fraud based demand and cloud. what was interesting was crypto chips do not expect that to be a meaningful contribution going forward. let's focus on the arms deal. the shares have done so well over the last 12 months, when the deal was first on the table, it was a cash deal worth $40 billion. because the stock has gone up so much, we are now at a more than $50 billion deal. you have some on wall street saying why spend that money for a little bit of incremental revenue? this is something you have to ask these guys going forward when we have those on the show. at the end of the day, investors have been pouring money into the stock. the blue and white line, the s&p 500 is just massive outperformance based on

investigation into the carmakers autopilot futures after a series of accidents our west coast reporter, ed ludlowins us now. what are you watching out for? ed: elon musk has been unequivocal. this is about recruitment. he acknowledged that the final steps towards true autonomy, true self driving, it's all about cracking artificial intelligence paid they want to hire the best talent. some posted on linkedin saying that the announcements, the specific ones, will be around their anonymous driving technology. it can be applied in other parts of tesla's business. tesla is working on a camera only base system to power its autonomous technology. other players like waymo, backed by google, and another backed by general motors has arrange with lidar and radar. their technology is effective but right now, full self driving, ssd, is in test phase for we will look at when that tests commercially. shery: didn't muska say we would have robo --already? ed: he said that within a year, they would have one million fully autonomous vehicles, a fleet on the road. that deadline passed and did not come true. elon musk

ed ludlow joins us now. wall street is not liking this. this really the delta affect or the delta fear? ed: it is delta in the outlook. they have such a strong quarter, really seizing on the rebound and travel in the first six month of this year. it is not the year on year comparison but the pre-covid comparison my back in the same quarter of 2019, and essentially, what airbnb is saying is that the quarter that we are in right now, won't even match the same quarter in 2019. it shows how significant the impact of the delta variant is. there is also an issue of seasonality with this. peak summer is july and what they are saying is that they have seen pullback since july and terms of bookings. some of that could be attributed to vanity but they also said that delta plays into that as well. they are talking about growth bookings had the volume of bookings people make in transactions, not dollars. we are still on track to have record revenue not just in the corner just gone but in the quarter to come as well. airbnb looking strong. >> did they

bloomberg's ed ludlow joining us with a preview. azy about nvidia is they almost left money on the table in the previous quarter. they have topline growth of 80% but said that growth was constrained by the global chip shortage. look at this chart and see what i'm talking about. nvidia has cornered the market for graphics chips that power artificial intelligence computing. the market believes that. if you go into the current quarter, the concern is crypto mining. it is a juggling act for nvidia. we know crypto mining has boosted demand for graphics chips. what happens if the demand goes away? you have regulatory crackdowns in china. to mitigate that when nvidia has been doing is -- nvidia wants to prevent siphoning of graphic cards from gaming to crypto mining. they have done it two ways, crypto specific chips which boosted the topline last quarter, and secondly they made graphic chips for day less effectively for crypto mining. it is a juggling act. they do not want to make too many chips and see the crypto mining demand dissipate. t

ed ludlow joins us with more. us through what this investigation is looking into, what the major concerns are. ed: autopilot for tesla has very limited functionality. it is supposed to be cruise control, maintain speed and distance from the car in front of you and keep you in lane. if you look at tesla's website, it says the driver is supposed to have hands on the wheel and be paying attention. the investigation looks at 11 cases since 2018 when autopilot was engaged and the vehicle collided with emergency responder vehicles. the spokesperson told bloomberg, we are going to look at the technology to guarantee the driver is paying attention. by extension, you ask, hold on, if there is a big fire truck with flashing red lights, how is it that you, the driver, manage to let your vehicle drive into it? that is the question with this probe. haidi: what could be the fallout? ed: there is concern for investors. you saw that in the share reaction on monday. a serious regulatory crackdown could impact tesla's future earnin

ed ludlow has more. what are you watching? alk about these companies, they are usually pre-revenue. their financials are a little ugly. grab is different. because it is generally revenue-generating. it valued at the company at 40 billion u.s. dollars. southeast asia most valuable startup. hit some snags. the sec wanted them to change how they report. that is why we've got these numbers. let's dig into them. it's interesting. they had to change how they took into account customer incentives. we are familiar with the likes of uber and lyft giving discounts. the sec wanted them to change it. in the first quarter of this year, a net loss of $652 million. you can see the revenue, $260 million in the first quarter. it was revised sharply. last year, they recently reported $1.2 billion of revenue when it was revised. down and ended up being much less. $469 million. these companies, you have to wait a long time. originally the transaction was supposed to close this quarter. it has been pushed to the fourth quarter. investors seem to lo

ed ludlow has more from short. -- detroit. >> if they do go public, it would be not only one of the biggestngs of the year, but one of the biggest in the automotive industry. the company hopes they can list around thanksgiving, though it it is completely at the mercy of the sec in terms of how quickly that will proceed. this is a company that has a lot of interest. it was backed by an investor and has a stellar list of institutional investors backing it. and yet, it has not delivered a single car to customers. it hopes to start production on a battery pickup this month and a battery electric suv later in the fall but it has been played by supply disruptions coming from covid-19 and has had to push back production multiple times. it already has such a big eye on the future. we reported sources are telling us they have already scouted for a european factory and a second u.s. plant. they are getting $5 million in texas to build a second tv factory and expand capacity so there is still a long way to go for this company. it is really seen as one of the potential competitors to tesla, partly beca

ed ludlow joins us later with a deeper dive on crypto market moves.kings unveiling an in-house nft platform and the first tom brady release selling out in minutes. we will speak to the president of draftkings about the nft strategy and what other tokens to look for, next. ♪ (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. emily: welcome back to "bloomberg technology." i am emily chang at bloomberg san francisco. ed: i was up here the last few days talking about bitcoin around 47,000. i was talking with investors, looking on twitter. bitcoin to the moon they said. we have dropped back down below 44,000. there does

ed ludlow joins us later with a deeper dive on crypto market moves.ftkings unveiling an in-house nft platform and the first tom brady release selling out in minutes. we will speak to the president of draftkings about the nft strategy and what other tokens to look for, next. and there you have it- woah. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has 5g included. that's cool, but ours save us serious clam-aroonies. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. (announcer) the core is key to losing weight, getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 pounds

shery: global chief operating officer jose munoz speaking to matt miller and ed ludlow.an get around up of the stories you need to know to get your day going in today's edition of daybreak. bloomberg subscribers can go to dayb on their terminals and it's also available on mobile in the bloomberg anywhere app. you can customize your settings so you only get the news on industries and assets you care about. this is bloomberg. ♪ shery: the e-commerce giant shares have eased around to hunt at 67 billion dollars in value recently but all d5 analysts that rate the stock are positive and recommend clients buy amazon. there was news earlier that the company plans to open several large retail stores around the u.s. for more insight, we have retail analyst -- let me start with amazon's physical retail stores. why invest more in bricks and mortar when we are in the middle of a pandemic and when many other retailers are trying to double up on e-commerce? >> because amazon already controls the e-commerce landscape and to get more distribution points where they can help fulfill t

for more, we are joined by ed ludlow. this is not necessarily a done deal yet. ey are looking at other sites as well. ed: right. in number of sites, states, in number of cities in the running. according to my sources, texas has become the frontrunner. rivian was looking at a site potentially in arizona. it was one the company and its ceo really liked. with time, they had concerns that came up around infrastructure, and by mental concerns. now i'm hearing this offer from fort worth, the city of fort worth, is competitive and the company is considering it. these things take time. the incentives go through, the vote by lawmakers, so anything could happen still. kailey: on the texas side of the equation, what kind of incentives are they offering to this company? ed: you start with the city. the city of fort worth are offering about $440 million worth of grants and tax exemptions or tax abatement. as part of that process, if they proceed, they would nominate the rivian project for more tax incentives from the state of texas, get the county of fort worth that is based

. >> ed ludlow with the latest. plenty more to come on daybreak australia.s is bloomberg. ♪ introducing xfinity rewards. our very own way of thanking you just for being with us. enjoy rewards like movie night specials. xfinity mobile benefits. ...and exclusive experiences, like the chance to win tickets to see watch what happens live. hey! it's me. the longer you've been with us... the more rewards you can get. like sharpening your cooking skills with a top chef. join for free on the xfinity app and watch all the rewards float in. our thanks. your rewards. haidi: we have numbers, bhp spin off. importing a net loss of $195 million, worse than expectations that bloomberg had been protecting and analysts had been protecting. we are also looking at in terms of the special dividend of two cents per share, the underlying margin of 26.4% of full-year underlying profit, lower than the estimate of 524 million dollars expected. the net loss is less than expectations. $195 million, 3.5 cents dividend. you can get more with our interview of a ceo who joins us later on b

let's go to ed ludlow with the micro. >> i am looking at the biggest points movers on the nasdaq 100. moderna down 3% after a report from japan that that country is investigating the vaccine after two deaths of individuals who had taken it. on the opposite end of the spectrum, apple up 3%. no real catalyst. come with me into my bloomberg terminal. that move takes apple's market cap to $2.5 trillion for the first time. $2.5 trillion. such a big contributor to the overall s&p 500 index. incredible. come back to me in the studio. the big story out of china. this limiting of playing video games three hours a week for children. that is going to be a problem in my house. i am not a child, but a massive gamer. we saw that play out in adrs. netease the biggest laggard down , 3%. it is not just limited to china. we saw activision blizzard down 1.6%. emily: we are going to continue to talk about that one. i want to get more on the gaming restrictions in china. investors are reacting quickly to these escalating restrictions on the country's lucrative gaming industry. here are some of the main ta

let's set of our next guest, this is what ed ludlow had to say. animists -- analysts are usually underestimating the earnings rebound for three quarters in a row and continues to think they will do so -- and thinks they will continue to do so. tom: then later, he has been consist -- then leath are -- ben lather, more than anyone else, he has reaffirmed his optimism week to week. jon: global market strategist. let's start there. why do you think this will continue? ben: consensus is earnings actually falls next quarter to quarter after that and a quarter after that. this was the p. i disagree with that. looking forward to 2022, consensus has 9% earnings growth. that looks like a placeholder that we have not got around to looking at yet. we are coming off this huge earnings rebound wishes consistently underestimated. last quarter we thought we would get 65% earnings growth and coming out we had 90. -- 90%. that's a dramatic earnings miss. there is more to come. growth is very high and very resilient to this third virus wave. concerns on margins, thi

ed ludlow joins us. $80 billion, that is no joke. what do we know so far? ed: this is a market that has an appetite for companies when it comes to the capital market. especially consider that everyone else has not done anything yet. they have not built a single vehicle for sale, made no deliveries to customers. they face multiple setbacks largely because of covid-19 and supply chain disruptions. investors see them as the main challenge to tesla. they take a very prudent approach. they have invested heavily in their plant in northern illinois as we have broken stories on over the last few months. they are looking at expansion in europe and the last few months -- the. their product they want to bring to market is much more in line with what americans are buying in terms of day-to-day vehicles. there is a lot of excitement around the company. francine: $8 billion is such a huge amount of money. they are also backed by amazon and forward so that might help. ed: that is the diversifying factor is their business versus tesla. they have contracted amazon to build 1

ed ludlow, bloomberg news, san francisco. on nvidia and its deal to buy arm. robinhood slumped in after hours trading after they warm seasonal headwinds will result in lower third-quarter revenue. joining us now is our cross as reporter in hong kong. what do these latest results tell us about retail investors now? >> the latest earnings show that robinhood put itself on the map with so-called meme stock trading, but the focus has started to shift to cryptocurrencies. the results bear that out, where we see that significant proportion of the revenue is derived from crypto trading. we noticed that both 60% of their users made some crypto trades in the quarter, and also that with their crypto revenue, more than 60% of that was dogeco in, the popular crypto token that was actually started as a joke. the volatile nature of the crypto industry is part of why they are warning about the uncertainty of their forward-looking results. they have kind of put themselves focused on things that are fairly volatile, and that suggests that it