that gives you an idea of what happened with kathy wood. you look at leverage and debt laden property companies, look at ever grand and the drama that continues with the company downgraded two notches today. a special dividend would be issued, but then the board decided no way. on top of that, they would put himself ahead of the bondholders, which is not something people do generally speaking. bondholders are the first to get paid back whatever they can. manus: bondholders come way above the quiche eating equity holders. to what extent is this heightening on behalf of the pboc without having to tighten? of course, realreal's are at a record -- real yields are at a record. many say that expectations of inflation racha higher as we go into the fed meeting. is it peak growth or stagflation, this demise of the real yield is signaling? maybe it is too early for stagflation. we see a 10% growth number this quarter. but the implosion in real yield is impressive to a slowdown. rishaad: let's not forget this is all down to base effects, and the trou

but the reason why you own arkk is like the best ideas of, you know, the kathy wood ark ecosystem because i want to own shopify. i've wanted to own tesla i think crisper, are amazing companies. but the entry points are always so high. and they always seem like expensive stocks well, when you buy those arkk, you get shopify, spotify, crisper and vatea. all of those great names everyone talks about tess la, but you really get to own these truly strong secular growth companies that have, i think, long tailwinds but to your point, where do you enter? i think in hindsight, that $100 level was a great point. but it didn't feel so good so we -- i own it. i haven't added to the position yet. only because i have a decent size position, but i own it for the long term. they're my version of the s&p 500. that owns envidia, tesla, all of those faang names. that's how i want to get my growth story but i want to balance that with energy names and smrth names that i think are deep value that have secular tail winds in a different way. so i think this is a bigger question on portfolio construction but i a

democrats reveal a $3.5 trillion budget that fills the gap for the human capitol infrastructure >>> kathy wood doubling down on her deflation trade as she loads up on technology but grows sour on china details next. >>> cleared for takeoff. investors waiting for results from delta and more while sales and bookings may be up, there is still one key traveler yet to take to the skies in a major way. not just airlines, big banks front and center bank of america and wells fargo earnings today, wednesday, july 14th, 2021, you are watching "worldwide exchange" right here on cnbc. >>> good morning i am dominic chu in for brian sullivan today kicking off your wednesday morning with stock futures showing a little bit of movement now you can see there we are indicated just marginally lower, about 35 points the down side for the dow. the s&p lower by 3 points and 27 points to the up side before the opening bell on nasdaq this is after the dow failed to break through the 35,000 record level. blame boeing for most of that downward move. it's down 66 points. more on that move coming up later on on the show o

the cryptocurrency rebounds after comments from elon musk and kathy wood like this. dea that it's a hedge against confiscation of wealth. and that can take place in a myriad of ways. but inflation, especially hyperinflation in emerging markets, is the primary way. ♪ ♪ emily: this is "bloomberg technology." i'm emily chang in san francisco. let's get another check on the markets with our kriti gupta. kriti, intel, twitter, snap moving after the bell. what are we watching? kriti: i'm going to take the macro point of view because you did see a lot of positive earnings stories. you saw this tech outperformance but still not enough to make any meaningful gains in the s&p 500, closing up to 0.2%. the nasdaq 100 gain is three times that in percentage terms. we didn't do so well is the small caps. we want a healthy rally. today, you got the tech performance. and of course, yields just a bit lower, as well. a small bid for treasuries. a defensive day. let's look at what else performed well. i want to show you the new york faang index to highlight the point big tech was at the

internet at some point >> a lot of potential that i see the internet having the cu currency >> kathy woodp of blog chains like bitcoin. she highlighted the potential hedge against inflation and a hedge against deflation. this panel, of course, still going on we will bring you more headlines as they come back to you. >> elon musk trying to get bitcoin prices up now that they've fallen i don't know if we have the details. we'll check back in with you soon kate rooney is monitoring it soon >>> still ahead, are we witnessing the deterioration of the american dream why a majority of americans are worried about their kids' financial futures. and boeing besieged by setbacks. why is one major wall street firm calling it a top reopening play do our trarsde agree that's next on "power lunch. this past year has felt like a long, long norwegian winter. but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in comfort... once again. >>> welcome ba

kathy woods widely followed investment rockstar at least earlier in the year in terms of her tech investment should consider adding bitcoin to their balance sheets. a crypto mogul in china said the crackdown would probably intensify and could lead to an outright ban. he sees the chances of that as at 50-50 but nonetheless is still a bitcoin bull, sees bitcoin getting above six to 5000 in the second half and possibly peeking above 250,000 later in the year. very bullish outlook. back to you. haidi: we are going to speak to bobby lee in one hours time or sooner, i should say. as we get into earnings season, some of the companies that proudly held bitcoin on their balance sheets, expected to face a bit of a reckoning. emily: big boosters like tesla and microstrategy in particular are now in the spotlight, especially in light of the fact that we had a 41% drop in the second quarter. analysts say the disclosures we get, particularly from tesla, microstrategy, and square could raise a few eyebrows. there are those who would allow companies to simultaneously book gains if they sold into the big ral

. ♪ caroline: kathy woods has been one foreign investor.ngs fading for chinese companies, at least those listed in the u.s. she feels there is going to be a reset in terms of valuation. joe: there has been a flurry of news. it is down a lot the last three months from april. a flurry of news has been negative around didi and other adrs. joining us, the founder of the life and liberty index. you have avoided china in your indices for a while. you look to em but avoid china specifically. the delisting of the didi app, the nature of how these are structured. what does that say about the nature of investing in chinese adrs? >> we don't have any china in our emerging-market strategy. we do freedom waiting, so it is a low weight. what is happening recently with chinese adrs and the selloff should not have come as much of a surprise to investors. it comes as a surprise because maybe we have mispriced those assets and overpaid for them in the past. it has opened our eyes to the risks that are involved and these are risks we have chosen to ignore. ro

. >> yeah bill gates, kathy wood and john durham and reporters of the industry say it could be 1 trillion-dollartry, right now revenues don't even total 1 billion but there's a lot of hope in this space right now. jack: can you run to the companies of the names involved? >> look at a company like amorose the producer, ginkgo bio works which is looking to go public soon and they're looking to program sells the same way you would with a computer they are using the base tears and dna and emergent bioengineered products used in the electronics like the films that are used on cellular phones like the bendable bones and think that we are seeing. jack: my favorite quote in the story this is what it would've been like 25 years ago some guy walked in and said the internet an amazing investment, he is noisier what he's talking about. jack: duke energy ceo lynn good on the future of clean energy. that is ♪ ♪ with cutting-edge tech, world-class interiors, and peerless design... their only competition is each other. the incomparable mercedes-benz suvs. extraordinary runs in the family. visit your local merce

during a virtual panel during the b word conference with twitter ceo jack dorothy and art founder, kathy wood must said he wanted to confirm renewable energy usage in mining was above 50 percent and if so quote, tesla would resume accepting bitcoin. i believe he also added, i think we will do that. dorothy and musk also talked about what drew them to the world's most popular crypto currency. it's 1000000 information system. so i think it makes sense to support something that improves the big go to the quality of information with which we conduct the economy. and quinn is a candidate for that client, per se, is mostly solving for scarcity, or rather solving force. essentially, having no threats to show could be centralized. when i saw a big coin in 2009, you see a chance to replace the whole foundation and everything that you want was talking about in terms of a t h and the credit card networks for bill. it's very different agendas and a very different timeframe and it's crazy that they still exist and they have scaled, but they, they just are not relevant to today and they're certainly not re

app retirement accounts and more banking products >> yesterday's debut proved an opportunity for kathy woodur next guest remains bearish she emailed us that she wasn't buying it before it hit the market wheel house ceo ann berry joins us now here is my question. i'm not sure it is sticky or has lock in. >> apple creates loyalty through lock in facebook through the social grab. why is anybody going to necessarily stick with robinhood after, say, a 12-year bull market is done >> i thinks that right there isn't a reason for users to stick with robinhood from the good app, they are backed by those investors that will move to the platform quickly. >> what does robinhood have to do to convince you there is a large user base with free access and options and some of those things reserved for the wall street elite in the past convinced for now. if we go back in time a little bit, robinhood raised capital in the $12 billionairia i don't think there is anything they can do to justify the $20 billion. even to justify where they are right now. in terms of the option and if others can do it that is not t

chop -- top that off with kathy wood and jack dorsey chiming in. >> i think the resilience is there.nk it is important to have fun as well. anyway folks can express themselves, that goes back to the main idea, how do we create native currency? anything that goes toward the path, whatever fun we can have along the way, that is going to make it a more enjoyable and people want to use it. emily: cryptocurrency trading around dirty $2000. joining us to discuss the outside influence of muska on bitcoin -- of musk on bitcoin is met. every time elon musk opens his mouth on bitcoin, it moves. >> elon is an iconic leader and a smart person about the payment in fintech. people are smart to listen to what he has to play. -- what he has to say. he has thought about bitcoin a lot. he sees its potential for the future. long-term, the story about bitcoin is more than elon musk. even the impact of these comments are bigger than him. it shows he was concerned about environmental issues. investigated them. he seldom bitcoin is a net positive -- he saw that bitcoin is a net positive. i think it is posi

kathy woods says corporations should consider adding bitcoin to their balance sheets.na, says he believes china's crackdown will probably intensify and says it may lead to an outright ban. he sees a 50-50 chance of that. nonetheless, he think that will rise above 60,000 again and peek above $250,000. that's a bullish projection. haidi: speaking of companies with bitcoin on their balance sheets, will this be a moment of reckoning? >> that will be interesting. a lot of analysts, increase -- in particular dan ives from wedbush is looking at the big corporate boosters. tesla's bought a lot of big coins and made public gestures in doing so. in light of the 41% drop in the second quarter of bitcoin, analysts say some of the revelations and write-offs could raise eyebrows. with tesla the concern is less, as the analyst says he believes that sales in china are the focus for tesla stock, although it has lagged in 2021 largely many believe due to the decline in bitcoin. the real concern is what is going to happen with microstrategy. it made bitcoin a central part of its business

kathy woods points those out. haidi: mike there with the latest on bitcoin and crypto.t's available on your internal test -- on your terminal and on mobile. we'll have report on the summer olympics in just a few minutes time. and a top vaccine negotiator, we ask him how and where he plans to secure more vaccine doses. this is bloomberg. ♪ >> you are watching "daybreak: australia." we start with u.s. deputy secretary of state wendy sherman. she will meet with the foreign minister in china. bilateral relations are strained over hacking accusations and sanctions on chinese officials. they will discuss areas of concern as well as mutual interest. bloomberg has learned that jay powell enjoys broad support for his nomination as federal chair though the decision is not expected until later this year. we're told the matter has not yet been foot -- putting front of president joe biden. other terms are also up in the coming months. meanwhile the death toll still rising from floods ravaging hunan province in central china. state broadcaster cctv said more than two dozen have been

bitcoin above 32,000 after cheerleading from bitcoin bulls elon musk and kathy woods. will outline later today how their new inflation target. it marks the start of a potentially heated to day meeting later with ecb president christine lagarde promising interesting variations and changes. let's go to manus cranny in frankfurt for more. what do you have for us? manus: very good day to you. we are waiting to hear the language, the tonality from the european central bank. he brought in the experts. global head of macro. let's get his take in terms of where we are. great to see you. a beautiful morning. the sun shining over the ecb. how high is the bar for this institution and christine lagarde to move to a more dovish stance? we are already uber easing. >> we are extremely easy. looking at the strategy they announced, the stranger so that they will not target 2%. lagarde sounded extremely committed and determined to make this work while the ecb missed the target for the last 10 years. i think we could get a really dovish surprise today. forget about tapering and having th

kathy wood is a huge fan of elon musk, do you see those visions being at odds and how does that influencer strategy? sam: i do not think they are at odds. space has -- becoming more of a human need. half the earth's population, 3 billion people don't have access to internet. one of the ways we are going to bring them affordable internet is through satellites. a lot of memes get put out about billionaires going to space, but all of this activity is driving down cost and is going to enable very affordable internet for the global population. i don't think we can overstate how important that is. emily: let's talk about cost. the tip of the iceberg is -- it is a very small part of what blue origin is focused on, but it is just the beginning and it is a way they are going to be able to make money short-term. what you think is the market for space tourism? what cost for a ticket? sam: a lot of framing for space tourism gets put into the fact that people spent 1% of their net worth on an incredible experience. going to space would fit into that category. when you look at that, you need to bring c

the latest where kathy wood is saying we are pretty much done with some of these tech stocks.e seeing the likes of tencent down another 4% today. alibaba seeing losses of 3%. this is what china's calling the three big mountains in the stock market, according to what we have in hearing. health care, property, private tutoring all being hit. david: no longer mountains. more a hill really. those names that we showed in the price action there, those are actually outperforming today and we will show you the real damage across some other names that we are seeing across this market right now.. there's a buy signal about to emerge in. i will show you that later on here in hong kong. rishaad: a look at the first -- we have a look at the u.s. state department as it raises its pain level, encouraging americans to avoid traveling there. the level of covid cases continue to climb. spain reopened its borders to u.s. tourists in june. california will require all state employees to prove they have been vaccinated or wear our mask in the office and undergo weekly testing. all health care worke

i guess a bullish take from what we heard of the likes of kathy wood and arc investment management.lling some of these chinese stocks. her hold on the innovation etf. she said it is time for the valuation reset looking at this is sector. david: it is a bit worrying when people start talking about the rating -- b rating. obviously, the investment horizon of kathy would and what they are trying to do, compared to their competitors, might also be influencing their investment decisions. but with valuations where they are, people saying they are not cheap enough, it is probably worrying. rishaad: it is, because we have just seen a comeback. the short rally we have seen. people suggesting it could be the bottom, and ultimately -- we won't know. waiting in the fintech etf. remaining the same. there is a lot of stuff going on in the background. washington and beijing at loggerhead, and we also have the power and influence of the tech giants. the federal trade commission share poised to scrutinize tech giants. i believe that never before. already an outspoken critic of the power they wield.

you have kathy wood, elon musk and jack dorsey.e's what they have to say. >> i believe that bitcoin will be much more environmentally friendly than traditional gold-mining or traditional financial services sector. in many ways, it already is. >> what about letting twitter advertisers pay in crypto? >> any form of payment they want to use we should be able to take. i am more focused on how we create economic incentives in the network itself without having to rely on advertising. >> i think something in the neighborhood of $15,000 is where we are going to and up. the standard bull market -- bear market for bitcoin has been an 80% retracement. given all of this, i think there is more downside to go. david: that is the case. it brings to mind to jack dorsey's point the benefit of having this on your balance sheet. you have to be prepared for anything. that does make sure a treasury. rishaad: i wonder what scott minerd is up to. this is a man that said the price can't be justified. then he goes on the $600,000 price target four days lat

pull back in bond yields and people looking at some stocks where you could find significant growth kathy wood herself, i think on this network, said it's a risk-off environment stocks like snowflake. what about these names now >> yeah. again, scott, these names, sure. the issue here is a lot of the time i want people to fully understand when i say those names, and we talked about this many times, i'm talking about options only i don't care whether it's peloton, snow flake or whatever, i'm not interested in being involved in the stocks themselves i would much rather have control and be able to put on a call or call spread or on the flip side of it. believe it or not in arc today somebody had a very good trade they were taking off on the puts because that entity has take ep a pretty decent hit in the month of july. right now that trade turns out to be very smart even though they rolled it they were buying the 105 puts taking off the bigger end of things and still wanting to be there in case we get more of a pullback with some of those stocks that are those innovation stocks we're talking about

kathy wood is exiting stocks as beijing's crackdown -- the largest fund now has less than 1% of assets chinese companies compared to it percent in february. s&p cut evergrande credit rating by two notches. it said the property developers weaken access to funding. it also expressed concern about margins as evergrande promotes aggressive -- they downgraded evergrande last month. credit suisse is planning to underwrite more tech focused deals in china as markets are roiled by beijing's crackdown. the head of the bank of china securities joint ventures said they will back ipo's on the star board. they must buy at least 2% of the shares issued, something other foreign players have avoided. shery: coming up in the next hour, we will look at how investors are pricing in that widening crackdown by china with life and liberty indexes founder. south korea's second-quarter gdp print due in just a few moments time. our guest joins us to break down those numbers. that is it for "daybreak australia." "daybreak asia" is next. this is bloomberg. ♪ shery: hello and welcome to "daybreak asia." i am sher

sonny: elon musk, jack dorsey, kathy would -- kathy wood, a triple crown of speakers about crypto.hey all have their different beliefs. crypto has a different leaf depending on where you are in the world. all three had a different vision as to why they loved crypto. that makes crypto so great. caroline: many we have talked to here, the arrival of institutional money and how you need institutional adoption, and in some analogous way you need to centralize it to have everyone take forward the centralization mantra that is crypto. we had scott minerd on earlier, key man at guggenheim. he is saying bitcoin is going to go to $15,000. this is in the right time to buy. how much is this a worry when institutional money is still on the sidelines? sonny: fairpoint, but three years ago when bitcoin had its big drop, everyone thought this was the end of bitcoin. the sky is falling. now we just had this drop, the institutions that got in six months ago like fidelity, none of them have sold. all of them have reiterated their belief that we are long-term holders of bitcoin. we don't mind this rec

kathy woods selling chinese tech stocks. more on the changes she's making.are talking about her flagship fund. we will focus on that next. this is bloomberg. ♪ ritika: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. apple rallied to another record today after a bloomberg report that the company asked suppliers to build as many as 19 million iphone this year, an increase of about 20% from last year. -- as agreed to take a stake of almost 5% in jeffrey's financial group. that will cost about $386 million, and as part of the japanese bank's effort to strengthen its securities business in the u.s. a statement says the two will collaborate on investment packing opportunities. the entertainment company backed by lebron james is talking about a sale between nike and other potential bidders. james formed it last year with his business partner after raising $100 million. that is your latest business flash. guy: thank you very much, indeed. fund manager cathie wood has been selling stocks out of her fl

it is looking to add retirement accounts as well as a crypto wallet finally we had kathy wood, officiallyuyer of robinhood. scooped up about $45 million worth of robinhood shares yesterday. back to you. >> yeah. that news did not seem to hurt the stock today. kate, you track this stuff incredibly closely we have been talking for months online and off line about the institutional vs. retail aspect of 2021 in general a lot of the gamestop saga what can you tell us about yesterday, were they flipping shares were they big buyers of shares relative to institutional investors? they got a decent size of the allocation, but are they interested >> you know, it is hard to tell. we look at reddit as one signal. i am sure people are familiar with wall street bets, a popular forum for a lot of the day traders and folks using robinhood. there were folks that may have been burned by the gamestop saga and said they did not want in on this ipo and that might have had a spill over effect. but there were a ton of comments and reaction about the ipo like you reported, robinhood was really relying on the back

. >> other nextdoorinvestors include kathy woods, tiger global and t.itions had to go right to go public and they were ready and indeed now looks to be the time >> i guess i don't get it this does not look like the type of company that i would expect to be a spac candidate it's a consumer brand. it's a brand a lot of people know i has had a pedigree ceo it has social networking i'm surprised they went this route. perhaps responsible. if they went a different route they could have gotten more valuation. >>> alight making its debut. we'll speak with the ceo next. - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. - [narrator] at southern new hampshire university, we're committed to makingn. college more accessible by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me when i saw how affordable it was. i ran to my husband with my computer and i

democrats reveal a $3.5 trillion budget that fills the gap for the human capitol infrastructure >>> kathy woodina

kathy wood's ark investment management has been buying tech stocks. it has plunged since february.een a valuation reset in chinese tech stocks. beijing has intensified its recent crack down on the sector. apple and goldman sachs are teaming up for a by now, pay later plan that would let consumers pay for any apple pay purchase in installments over time. goldman would be the lender. the firm has been apple's partner for the apple card credit card since 2019. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> that x couple of weeks might be hard until we get to summer holidays, and then we should see a situation which should be alleviating. we should recover some of the loss volume. next year should be better, and within two years we should have enough capacity for the whole industry again. jonathan: the trajectory is two years now. tom: thank you. jonathan: cheers, tom. herbert deese there, the vw ceo. bank earnings in focus. citi out now. let's start

the currency of the internet and compared it in the technology potential to the early internet kathy wood, meanwhile, maintaining her bullish stance on crypto. she talked about certain apps built on top of blockchains like bitcoin. also arc is the closest thing to a publicly traded venture capital firm guys, back to you. >> that is some group. kate rooney, thank you 32k just in sight for bitcoin. >>> a news flash on carnival cruise >> we're watching shares of carnival spark cruise line is raising an additional $2.4 billion in the debt market. a yield of around 4 to 4.25% is what i've heard. that's a much lower yield than previous bond sales for context at the height of the pandemic, carnival raised multiple rounds of debt at a yield of around 11% to 12% it's a vote of confidence for the cruise line. it shows you how the market's outlook has evolved despite the risk of the delta variant. just something else i would mention. this is money able to use to buy back some of the costly debt it had to take out. shares up 9.6% sara >> near the top of the s&p seema mody, thank you. >>> novartis top

keep a close eye on things tomorrow we're going to hear from elon musk, jack dorsey and kathy wood, allf these twoie evangelists, dorsey and wood, can convince elon musk even an iota back to bitcoin or other crypto, that could have a major impact. >> it could. it's also really troubling for someone like that to be listening to the whims of everything some of the doubts around the ossi class, if you feel like they were bullying, i don't think anything has changed especially with the currencies and all the dynamics around global digital payments and blockchain meanwhile, blockchain and other forms of analyzing and actually securing assets on a digital format is growing in foundation. bulls will also say look a at etherium. they still outperformed the s&p in the last year it's been a heroic fall from grace, but it's still, for a lot of the proponents, the type of volatility you should expect, and they would be very happy with the year-over-year results. t if you asked them, this is where they would be. >> karen, you own bitcoin, so i assume you believe the bull case is intact, and doesn't

a chinese tech company that may be under the radar to most investors in the public but not for kathy wood this name she purchased shares for her nextgen etf each day this week kanzhun went public. on june 11 it soared nearly 100% and nearly doubled it's a 10 cent backed company. it connects through a mobile app. there you have it if you want that exposure. that does it for "the exchange." >>> next, the ncaa allowing athletes to cash in on their names, likeness and social media followings we'll talk to the cavendar twins about their first endorsement deal next. - [narrator] at southern new hampshire university, we're committed to making college more affordable. that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu. >>> good afternoon, everybody. welcome to "power lunch. along with kelly evans, i'm tyler mathison opec meets, crude prices climb is this the start of an even bigger rally and how should you play i

i agree with kathy wood.i think it's a good spec evan in ohio >> caller: jim, how are you. >> real chill. mostly garden and dog. no more criticism of anybody because i am the gandhi of the garden what's up? >> caller: you're the gandhi of the garden >> gandhi of the garden. >> caller: all right hey, i'm first time, long time and appreciate everything you do i wanted to -- >> thank you. >> caller: infrastructure bill getting batted back and forth and we all know we need it i'm a smaller investor and been investing in real estate most of my life and realize you have to plunge your i.r.a. i look at caterpillar and vulcan and cat, that stuff is expensive and started did research and landed on a company, modine manufacturing. >> that's a sweet one. you got a sweet industrial that is uncovered by most people and your homework has put you in the right place. i like your call to sam in pennsylvania sam. >> caller: hi, jim >> sam >> caller: i'm from bryn mawr, pennsylvania. >> yes. >> caller: my question is about dcia

tail winds in the long run so, that got me thinking if tech's prospects are so good, why isn't the kathy woods trade doing better right now as we talked about yesterday, her arc k was down for the 10th day out of 11th even as the 10-year yield plunged. while the 10-year yield has slumped this month, the rkf is down about 11% materials, which should do poorly if growth is slowing, pretty much hanging in there and the financials are actually up by half a percent none of this makes sense, unless maybe the drop in yields is different this time. michael darr dus says rates are down because of a drop in premium and that's a bullish sign for the economy he's the chief market strategist and he joins me now, lurking behind me. mike, it's great to have you here do tell why you think the drop in yields is about the slow in economy. >> thanks for having me on if we go back to march 31st when the 10-year yield peaked just above 170, the entire decline through the end of last week when we hit those interim lows has been driven by real interest rates. barely a move in inflation expectation since the end of m

charles: i think i read kathy wood is starting to accumulate farfetched. yeah, i think i'm probably most concerned with this whole new uptick of covid. you're starting to hear about a masks maybe coming back in the fall, and that's just not what the consumer wants to hear. if they start talking about things like that, trips are going to get canceled. i think this whole new strain of covid probably my biggest thing at the moment. ing. charles: yeah, we've seen it hit that reopening trade already. rob luna, have a great weekend. we'll talk to you again next week. what a difference a day makes. liz claman, looking a little better than it did yesterday at this time. liz: charles, keep going. we just hit session highs each minute of your last three minutes. maybe you want to come over and handle this one. all right, let's see if i can hold on to it. charles payne, have a great weekend, my friend. the bulls kind of have a case of amnesia, right? quickly forgotten, yesterday's mini taper tantrum as we head into the final hour of trade for the week. investors are

what happens as others, including well-known names like kathy woods also file etfs and presumably could all be available on the market? >> well, we don't believe a rising tide will solve those the grayscale team is hard at work on getting ready for an etf conversion working with trusted longstanding service providers like bny is just one more step on our path towards becoming an etf and ultimately, we believe the digital system will continue to mature and not only bitcoin etf but etfs based on other digital assets as well >> what do you think the biggest attraction is for a bitcoin etf? kind of tax efficiency, if you're buying the underlying itself as opposed to trading with the etf you might run into issues there or the clunkiness of buying and selling, it still takes awhile, not aess to execute in bigger sizes? who has the biggest interest in access to these bitcoin etf products >> i think it krael speaks to the heart of what we're doing at grayscale. crypto, although it's super developed and is attracting interest from wall street and retail investors alike, accessing crypto remains

we did learn that kathy wood was buying up about 1.3 million shares of robinhood. even though it had a rough debut, it's snapping back up today. she's on the record saying arc innovation includes her highest names. why do you think she sees value for robinhood? >> i think it's just buy the disrupter. the big question is not whether robinhood is retail and trading services, it is has the investment already happened? what's the value of the loyalty and new coming investor base they've collected here it's a big head start, lots of small accounts, as we've discussed. it's very consistent i think with the arc approach in general, which is buy the disruptive name and the fast-growing market and worry about the profitability some time later >> exactly matt, a quick word on this one >> yeah, i just think the ipo wasn't priced correctly. so, don't worry about the immediate reaction of the stock right now. my point is, you know, mr. wonderful was on cnbc this morning talking about they're here to stay, robinhood is here to stay. i agree. i guess my point is build a position

. >> kathy wood saying wall street continues to value tesla wrong we'll see it it's interesting july always moves pretty big in one direction. we'll find out which way that is pete, thank you. "ask halftime" is next play your questions by video askhalftime@cnbc.com bit differ. where technology helps doctors provide more precise care... leading to faster, better outcomes... and puts improved health in all of our hands. because seeing a healthier world isn't far in the future. we're building it...now. ge building a world that works. experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity sales event. get 1.9% apr financing on the 2021 rx 350. experience amazing. i'm evie's best camper badge. but even i'm not as memorable as eating on the 2021 rx 350. turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. ♪ - [announcer] introducing the grubhub guarantee, our promise to deliver your order on time within the delivery window and for t

china stocks today where it is a sea of red across the board as panic selling sets in people like kathy woodions. more than 40% off their highs, the downdraft is starting to bleed into tangential etf around the market it's not just about if you own china ets. it has a 20% weighting to china. top 10 holdings down more than 10% this month and 7% this week. how wide ranging is this crackdown? meekal yoshikami, we are bladder you are here for this discussion today. what is your advice to investors? >> be very, very careful about what's happening in china. my contacts in china, corporate contacts in places like where alibaba was founded are all freaking out right now because the government has really decided to flex their muscles. when the government decides to do that, it has a chilling effect look what happened with tesla earlier this year where they literally were called by regulators to report why tesla was having quality problems according to the regulators. i would be very, very cautious on china stocks right now. this is not over it's just starting >> and bob, you have been tracing the dev

elon musk made these comments yesterday, with kathy wood, who anybody in investment management businessws very well, and effectively it boils down to a love fest. elon was the most skeptical. it seems from his activity, accepting bitcoin at tesla. frankly, the real story beyond the sound bites from yesterday's conversation, is that development in the space is continuing unfettered. it is the way of the future. anybody like elon musk who is involved in space exploration understands, i think, the revolutionary activity that is happening in digit eyesation of assets -- digitization of assets across the board. so i expect there will continue to be positive headlines on cryptocurrencies, specifically bitcoin. however, last point, maria, however, regulatory framework is really necessary and right now we're not getting the that from our legislators, nor from our regulators yet. maria: yeah. well, i think this requires a broader conversation, david. i want you to come back so that we can zero in on digital assets and how the world is evolving here because obviously digital assets are the future

we'll have kathy wood right here on the show tomorrow i can't wait mike, a pretty good day to tee offuse. he's going to have a lot of questions that have nothing to do with -- there is even reporting the white house getting a little bit nervous about the fact you have higher prices at the consumer level obviously he's going to try to defer any sense that there is urgency about moving policy in any direction, but we'll see how the market takes it, because at this point you have not just what he says but the numbers of a few months to play against it. >> were you surprised the market didn't rally more today given the fact the move could be transitory and lower which is beneficial for stocks lately >> i would say it didn't rally on the mix of bond and stock market values. meaning, look, we've known these factors were in the mix for months economists made their estimates based on those factors and the numbers came ahead of all those as well. it seems like it was just a little too high to dismiss entirely, but again, we're down a third of a percent we just earned in yesterday's rally, so i

mike: yes, so that is the key thing that cap he would -- kathy wood is very good about addressing come 50% if you include sustainable's, and musk did point out the nuclear power is very clean, very safe. it is just a matter of time that bitcoin will accept it based on his standards, because everything is going renewable, and it is a fact of pure economics. renewable sources are cheaper than other sources of electricity in many places, and it is ideal for bitcoin mining, and bitcoin helps regulate what has peak close. it is just a matter of time, and now i see the market, yes, it may hang out for a little while, but i'm worried that this beach ball is going to bounce for a little while. haidi: mike, in terms of a price discovery period, how long does it take, you know, to reach a point where we have an idea of what to expect? mike: that is the cool thing about it. [laughs] it is so new, so massive, so different, we have never seen anything like this before. i view price discovery, i am looking out a price around $100,000, because that is what has done before, it stabilized d around $100

shery: we have seen big-time investors like kathy wood already unloading those tech shares, those chineset almost lowered every day. we continue to watch the regulatory fallout across china. haidi: this is far from the days when the tencent was the absolute darling. be sure to tune into bloomberg radio to get more from the newsmakers, you can get the in-depth analysis from our daybreak team. broadcasting live from our studio in hong kong. you can go to radio plus or bloombergradio.com. more ahead, this is bloomberg. ♪ haidi: this is one of the rises we are seeing so far in this sydney session. this after the company saying they would be re-engaging when it comes to a takeover. teachers pension plan board and the consortium are back at the table after the partners made that improved bid. earning a stake in electricity transmission and distribution networks in australia. they are behind plans for the renewable energy hub. it will be with due according to a segment made earlier. they will have 95 aussie a share. that's two dollars 76 cents a share -- $2.36 a share. at about 40 billion aussie

. >> which comes back to its little discussion yesterday with kathy wood where she obviously shot downf america. but she did go on to say it is going to be like retail, and these are the big winners and so on and so forth. >> square itself is getting pretty big to be acquired. >> oh, right. >> but in general you think v to think the features get incorporated and what does square have that is fundamentally different in terms itself. >> and bit more data, consumer side, perhaps not as relevant as the last couple of days and that hasn't derailed sentiment, hasn't made people think the fed is going to tighten and we saw why from janet yellen today. >> when it comes to the macro data, we're getting retail sales tomorrow it doesn't seem as if the backward looking numbers will change the debate which is all about how you want to extrapolate or not what is going on on the inflation side i do think it is worth remembering though that the the atlanta fed gdp now which is that realtime estimate of current quarter gdp is down below 8% from 10% a month ago. it is not always right but it shows one e

you mentioned kathy wood she's predicting a billion users.e are hundreds of billionaires in the world. we don't even have enough bitcoin for every billionaire to own one. my friend dan started out curious and now he owns it the more work you do on business r date coin, you understand that >> constant evaluations. i guess it was an exaggeration they said all right, i'm taking a couple zeros off how could you possibly do it and why wouldn't you have a smartphone with a fraction of bitcoin to maintain what you work for to be able to use that and have it stable >> you and i happen to be billionaires and it is the note that gets us across town that's why the conference in 1944, he wanted a universal currency with the gamesmanship and policymakers bitcoin, if it scales and we think it will will be an effective value. remember, your time and energy will go into making your money the federal reserve is making your time of it. everybody in dollar nominated aspects did get silently taxed over the last year, the u.s. government printed $460 billion in t

i thought kathy woods' comments about the reclassification of cryptocurrency, what that could mean form the institutional side was interesting, too. >> be careful what you wish for, right? what kind of regulation? we haven't gotten all that much from gensler at the s.e.c. we will have to see. no surprise the cryptocurrencies are up based on the comments from the conference from musk saying he has etheorem and tesla may once again accept bitcoin and also if the market is back into a more risk -- risk-on environment, it's no surprise that the crypto complex would be rising once, you know, some of the overall fears may be that hit the market for a couple of days are over. >> and not surprising to hear musk tesla could help with the whole climate situation around bitcoin mining but we're going to take a quick break. we will see if we can get that guest back here is a look at our roadmap for the rest of the hour, including a first on cnbc review with union pacific ceo ron fritz. >> plus, why former wells fargo ceo thinks the market is overvalued he expects a 20% decline in the future. >>> a

i know you are very bullish i want to applaud kathy wood getting musk and dorsey together is lettingaling bitcoin. if this is amazon 1997 to 2000, which i believe it is. i don't want to get juked out. >> is bitcoin apex or is etherium >> we have a lot of folks saying the thing i really want to hold is etherium? >> we started an etherium fund those are the big ones yes, i like those two. i think there's room for coke and pepsi and i think there is room for etherium and bitcoin. >> we are having a happy hour here at 9:01 >> we can organize that. coming up. thank you, anthony kkr will give us his midyear outlook for the markets. the inflation and state of the economy. that is straight ahead and twitter cfo ned segal will be our guest we return after this ♪ ♪ ♪ cisco. the bridge to possible. at pnc bank, ball! look out! we believe in the power of the watch out. the “make way, coming through” great... the storm alert... dad. and the subtle but effective ding. that's why we created low cash mode. the financial watch out that gives you the options and time needed to help you avoid overdraft