hoffman and the joby executive chair. julia? >> thanks so much, jon paul from joby and reidor joining us reid, you are such a storied investor you've invested in so many different types of companies tell us now why joby >> so joby, we spent months of diligence looking at which are the right kind of company and the right kinds of things, and we found joby to be so far ahead creating the vehicle of the future the tesla meets uber of the air where we can redefine human mobility it can be transformative of commutes and where you live, of that urgent appointment whether it's medical or something else, and that new society that benefits individuals in society because they've done so much good work on making that flying car that actually is safe and quiet and affordable it was enchanting. >> well, the video we're looking at now certainly is dramatic paul, give us a sense of what this deal will mean for joby, $1.6 million in cash how will you be deploying it >> thanks a lot for having both reid and me on today we're excited about the transaction today because it does give us the res

and jovi aviation gets a lift from reid hoffman. it is a spectacular wednesday.ll those stories in a moment, but first, u.s. equities staging a rally as fed chair jerome powell again indicating the economy needs support. more on that as well as chips and gamestop. ed ludlow has been following all the latest. let's talk about chips first and his executive order from president biden. what can you tell us? >> president biden has directed officials to look at global semiconductor shorts. he warned it will not be a quick fix. a lot of manufacturing is done overseas, not domestically, and building factories to make those semiconductors could take years and billions of dollars. he spoke to the press earlier today and said what is happening with this global chip shortage is we have identified a real vulnerability in the u.s. economy. the philadelphia semiconductor index did rise 3.2% throughout the regular trading session on wednesday. a lot of optimism that this action would cause a change long term in how the u.s. goes about securing its semiconductor supply. emily: le

tech veteran reid hoffman taking an aviation company public in another spac deal, next.his is bloomberg. ♪ emily: linkedin co-founder reid hoffman's spac company has agreed to merge with joby aviation to take the electric air taxi start up public, ideal the deal combined at $6.6 billion expected to close in the second quarter. joby will list on the new york stock exchange. joining us for more is joby's executive chair paul sciarra. , paul, the air taxi is a few years out, not on the market yet. so why do a spac now? paul: first of all, thanks for having me on. i'm really excited about the news today. part of it is about the deal and transaction, and part of it is where we stand. in addition, we are releasing new flight footage of our vehicle moving through the full transition. we have put more than 1000 hours on that vehicle and feel really good. it is hitting all the numbers we set out this year. the range, the speed, and the overall capacity. it felt like the right time to put more resources on the balance sheet, but more important lee, we felt like we were ready for t

we will feature some of our original guess, friends of the show, reid hoffman, a guest from the veryw a decade ago. we will be covering some of the major technological shifts over the last decade and what to look for in the decade to come. "wall street week is up next." i'm emily chang. this is bloomberg. ♪ david: please sir, may i have some more? more bond yields, more vaccine. spring is in the air. this is bloomberg's "wall street week," i'm david westin. >> is? ? the fed doing enough there is a two-way risk right now. >> when you keep on doing these kinds david: of innovation. david: