sonali: taylor riggs is off today.aroline: stocks soaring almost 30% after reporting -- the company is part of a by now, pay later universe that is completely taking off. these finance programs are our focus today. americans spent almost $25 billion in these services, and we know cinelli -- we know sonali was one of them. the firm making deals here, there, and everywhere. romaine: we've been talking about this company. it is just on fire. after the initial ipo, you saw it kind of flatline a little bit over some concern about the business model and the fact they were tethered to just one big customer, that was peloton at the time, were 25% of its revenue. the news about its partnership with amazon, and then it came out with earnings here. it is basically guiding to something like 12.5 billion dollars to $13 billion going forward. this is a legitimate business. a lot of consumers are using this as the primary way to sort of buy things, not just because they need the lending power, the borrowing power to do it, but why no

sonali: i'm sonali basak taylor riggs is off today. romaine: we are getting inflation reads from the world's biggest economies, france, germany, the u.k., and the u.s. rising prices it has been a concern not for policymakers and investors, but parts of the population affected by it most. gas and groceries and supplies. these are inflation issues. they are more than just transitory. they are getting people when they are least able to withstand the impact. we will take a closer look at this issue and some of the issues of growing inequality in our economy. and how some of the financial crises and the solutions to the financial crises exasperates wealth cap. there was an interesting report out the san francisco president mary daly going back to 1990 to see what it tells us about inequality. they were able to pin a number on it. caroline a survivor joins us now, bloomberg economic reporter. what were they able to quantify? >> $23 trillion, which obviously is a huge number, about the size of the u.s. economy every year. caroline: $23 trilli

sonali: "bloomberg technology" is next.e a great weekend and watch romaine on wall street week. this is bloomberg. ♪ ♪ >> from the heart of where innovation, money and power collide, and silicon valley and beyond, this is "bloomberg technology," with emily chang. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." beijing taking steps to take control of didi, the world' is gg

sonali: i am sonali basak. romaine: china banning all cryptocurrency transactions, making them illegal. the toughest blow we have heard out of china for the industry. kind of expanding some of the language we have heard before but a lot tougher. the move is to wipe out as much as billions in the market with digital assets out there, and, today we are going to focus on the crackdown that shook up certain assets. it may not have been a massive deviation, but it raises questions about what china's role is going to be in the crypto space. taylor: i think this is a really good graphic that breaks down everything that we learned. we have china banning the crypto related transactions. they cannot circulate on the market, and then offshore exchanges will be banned from some crypto services, so you also saw this in the price action stalling this with bitcoin, ethereum, the galaxy index, you name it. what was interesting, we have been talking about volatility. it was less than a 1% standard deviation move. the volatility

sonali: there are consequences to this. what el-erian says is secular stagnation, culture war, he defines a few of them. >> let's bring in someone who has done research on this as well. dana peterson, chief economist at the conference board. what is interesting is that this risk of economic inequality is not new but is something we are really starting to talk about. >> indeed. it is not that -- certainly in the wake of the great financial crisis you saw incredible inequality. younger people were not able to find jobs. older generations, which owned houses and financial market access were not able to see an accumulation of wealth. now through the pandemic, we are seeing differences in who can work from home and who can't. who has access to digital technologies and technological advancements. we are seeing a continuation of a very negative trend. romaine: it is a trend that she it is a trend that has been playing out for a while. we have to put this in the context of u.s. politics and what transpired over the last few years,

joe: and i'm sonali basak. caroline hyde is off today. romaine: since the first electronic goods have emerged in the 1950's, buyers kept them going by repairing them, certain parts themselves. there was a whole subset of an economy centered around this idea. remember radioshack? nowadays, try to repair these things on your own, it is now a costly and cumbersome, if not a completely impossible endeavor. it avoids warranties, violates user agreements, and may even land you in court. the hurdles that manufacturers have set up has stoped a lot of frustration and now, there is demand from consumers for the right to repair what they bought and supposedly what they own. companies argue allowing anyone unfettered access to the innards of their machine and the computer code would expose industry siege ritz and put the safety and security and security of customers themselves at risk. two accountants turned entrepreneurs, one at mcdonald's and thousands of ice cream machines that always seem to be out of order. a company be called kitsch would alert

sonali has been talking about fintech and crypto.ali: really, this is about payments, and every bank and every big payments company is speaking at the same thing, as are many tech giants. the founder and ceo joins us. before -- the founder and ceo of dauntless -- the founder and ceo of gauntlet joins us now. do you think there is a bigger opportunity in finance outside of traditional finance? quick take, for sure. i think a lot of the reasons i moved over were -- >> hey, for sure. i think a lot of the reasons i moved over were people told me what algorithm creating looked like in the 1990's and early 2000's. another thing that is interesting is it is sort of a blend of tech type of tools and skills with training expertise and finer -- finance expertise. in a lot of ways, it has a lot more new opportunities but also has means to be accepted broadly. romaine: there are a lot of opportunities for investors, but with regard to the public, i'm curious as to which you think the structure -- there has been a lot of talk about el salvador, b

sonali: energy is not created equal.aine: energy prices, having a lot of downward pressure on other risk assets. that does it for "what'd you miss?" taylor: "bloomberg technology" is next. this is bloomberg. ♪ >> from the heart of where innovation, money, and power collide in silicon valley and beyond. this is "bloomberg technology" with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, a sea of red for tech stocks. micron

sonali: how sensitive are parts of the?rket to what the fed says kipp: they tend to be less sensitive. the rate influences a lot of the shorter side of the curve investments. that is not where we spend our time focusing on alternative credit and other areas. what we do is more fundamentally driven. a lot of the fun that we manage are taking longer term bets. we feel less sensitive to maybe a change in policy tomorrow or even a short-term coaching from the fed about where rates may go. sonali: any concerns seeing the junk bond market has come back so fast about what the longer-term impacts of these low interest rates are having on the markets and? asset prices kipp: the key is we are seeing investors want to earn some sort of durable premium yield. a play into the junk bond market is saying i don't want to be in the short side of the fixed income market. i am willing to take more credit risk. the question is are you taking it responsibly? are you doing a good job underwriting potentially future defaults. inherently, with the

sonali: it is interesting you mentioned amazon.t is one of many large employers that have announced massive hiring plans. there has been a narrative that big businesses have benefited while small businesses have been challenged in many ways. can you describe what that tension is? do you think the playing field is uneven, and why? jessica: it is an uneven playing field. at the end of the day, if somebody could work for a large employer, that perception is that that company will provide better benefits, provide a better experience, and you can get many of those same benefits and a small business. overwhelmingly, small businesses employ the majority of americans. but when it comes to hiring, that perceptions are not as positive when it comes to small businesses. people will pass businesses like mine to work for a big firm because they are under the impression that bigger is better. we often, as small business owners, miss out on the opportunity to get great talent. or in some instances, we serve as a pipeline for talent for the larger

sonali: yes and yes. are going to see trading talent in miami, especially since clients are down there as well. you see other areas in florida attracting talent as well, places that are not so crowded. it is all across the board. you see investment anchors down there as well, particularly with private equity and hedge fund clients. this does not take away from the fact that you still have a loss of talent in manhattan. goldman has moved a certain number of talent down there, but it is not like you see every bank forming a second hub in florida. manhattan also has changed. you look at wall street, it is not on wall street. this idea of going to the local bar on wall street and hanging around, that was true, but now there are local spots for jp morgan, goldman sachs that are separate from each other. how this community revolves around each other post-covid is a question. matt: new york has not really bounced back yet from covid either. are they going other places? can we start to seat many wall street's pop

sonali: it's an interesting idea. you see people bringing the traders back and many banks, there are essentially war rooms being made for these traders who needed to be there because things are happening so quickly. but the question comes up again as you have folks like j.p. morgan warning of year and funding stresses, the worry about the underlying market makes you want your people close by and on call. romaine: do you plan to go out and stand outside these banks once again and corral these people? sonali: next week, there are two conferences -- there's salt and that digital asset conference wringing in people from all over the world. so while this week is very muted, next week, there will be people running around. romaine: i hope it doesn't rain on them. coming up on this program, we will talk about the european union trying to phase out internal combustion engines by 2035. lamborghini looks to the fed up its hybrid lineup. we will hear from its ceo. as we had to break, supply chain disruptions in the global chip sh

sonali: she certainly is. you can see it in the etf's she invests in.alks about the places where she is seeing these price declines. it is artificial intelligence, dna sequencing, electric vehicle technology. when you see it in those areas and a few others, she is investing in those areas that she thinks indexes don't have enough exposure to, and investors overall don't have enough exposure to. this is the key thesis of ark invest. alix: great stuff. sonali basak joining us there. for more, let's get lori calvasina, rbc capital markets head of u.s. equity strategy and her take. in your last note, you wrote that institutional investor positioning remains quite elevated relative to history, suggesting the stock market remains vulnerable to bad news on fundamentals. we just heard the titans' take on what that bad news is. how do you position? lori: i would say the themes sonali highlighted are all really interesting. i don't know that any of those are things that could necessarily cause investor cement on the end -- investor sentiment on the institutional

sonali: are you from california? romaine: you not watch the show?aylor: we need that high-speed rail. we are going to discuss that next. in the meantime, we are going to continue some of the conversations we have about the supply chain. this time, we are going global. we are going logistics, freight, trucks. the ceo of a global logistics company is craig fuller. where is he seeing the disruptions and how to solve them? this is bloomberg. ♪ taylor: today, we are focused on all things supply chain. jay powell saying that bottleneck affects our larger and more persistent than expected. you go across the pond and you do see examples of some of these disruptions. earlier, we were talking about even the prime minister of the u.k., boris johnson, trying to do something about these fuel shortages, even deploying the army. just incredible, not only the fuel shortage but the lack of truck drivers. romaine: shortage is not necessarily a shortage of fuel. it is a shortage of people who transport that fuel. now you talk about the u.k. considering bringing driver

sonali basak -- sonali bostic joins us now. >> another model that has gained popularity.at happened a couple of years ago, there were a lot of companies that had shaky openings. this is a great opening, given it is higher, more than double where it was trading in private markets. we know their sales have been up but their profitability has been, well, unprofitable. it is a good open for war be -- warby and the designated market maker. one other fun fact about this listing, you have goldman-s tax and morgan -- goldman sachs -- since this model started to take off with spotify and slack, those four players are the players we have seen dominate the market. many other things get shut out of this process. the more you see direct listing model happen, the more you see it eat away at the traditional ipo. people have more options now to go public. alix: how to direct listings perform versus spac's? >> it has been mitt -- it has been hit and miss. there hasn't been a good sample size to say it is a better model, but this one is going smoothly. also a 120-1 15 open is not too bad.

sonali: musical chairs again at goldman sachs. it is certainly a big deal.hen he had come into this position as cfo, it was an early move as david solomon was named as cfo. now dennis coleman, the global head of financing, will be stepping into that role. another investment banking veteran, finance particular. we see goldman really leading in the financing universe. i also want to mention another big move, beth hammock stepping into dennis' role. it is unclear according to my sources whether she will be remaining as chair of the treasury borrowing advisory committee, the treasury's bond whisperers. she's a very important person in the market, and certainly at goldman sachs taking a new role. alix: the new york times has a piece that elizabeth warren is asking the fed to break up wells fargo. sonali: they've gotten another regulatory penalty just as they were looking like they were turning the curve here. i also want to mention, an addition to this report by the new york times, elizabeth warren sending this letter to jerome powell. you also have last week's s

sonali: it is a great question because equities are doing so well. comments today about questions over bond fund managers, the inability to not just find outperformance but also find managers who are outperforming. that is the question here. if you are a big pension fund, you are already invested a lot in fixed income. if you are paying somebody to invest in fixed income for you, they better be giving you something you do not already have. the business of money management today is interesting. divergence creates an opportunity particularly in equity, but managers certainly are trying to raise personally. i have heard people who manage $300 billion at a time go around the country to sell their pitch. that is how competitive it is. alix: there is currently a press conference underway with new york governor kathy hochul as well as senator chuck schumer from new york and bill de blasio also speaking right there. de blasio is saying that nine new yorkers died in the storm that hit wednesday night. he said it was unlike anything we have seen before. hogle

jonathan: the deutsche bank americas ceo sonali basak -- ceo with sonali basak.nobody call it the deutsche bank center. tom: on the southwest corner of central park, it is truly iconic as time warner, and of course, the attachment to cnn. jonathan: the deutsche bank center. get it right. up 22 on the s&p. tom: i don't go to that whole foods either. i go to the other one. jonathan: upper west side? you've got one right by you, on 87 entered. tom: i like the 1 -- 87 and third. tom: i like the one on the west side. jonathan: why? tom: it's got better turnover. i can buy all the gluten-free stuff. jonathan: value add. down three basis points on tends. the dollar stronger. tom: one of the great features we have come dave wilson and i have never touched gluten-free. he's here with the utility analysis. come on, you by dominion and forget about it -- you buy dominion and forget about it. dave: no, not lately. it is not only the longest losing streak ever for that index come which goes back to 1989. it is the longest streak for any of s&p 500's 11 main industry groups. i

bloomberg wall street correspondent sonali basak going to be taking a look at some of the movers. notice? sonali: we are looking at earnings for gamestop, but also volume for retail traders still elevated, meaning wall street is noticing. emc up 2000% this year. gamestop up almost 1000% this year. they are not a the only set of meme stocks. there are other individual names folks are watching. that includes blackberry, support.com, so not all of them are higher on the year. still, as you can see, support also has been wavering in recent days of trading. what keeps the retail investors engaged in a specific stock? only reddit can tell you. but there's more options nowadays as well for the retail traders. this is part of the problem. they have alt coins, they have nft's, where you have all of a sudden people make millions of dollars on nft's. solana and core donna -- and core donna affected in the most recent selloff. if you bought solana for $1.50 in january, you are up past $150 today. then online gambling, back in the states that are allowing for it. you have daytrading changing o

sonali: todd, some of these industries have been looking at the cloud forever.n has been choppy, at best, in some of these industries. the financial industry, where it has not always been a clear-cut. what is the threat they should be most aware of into 2021 that you may come in to help with? todd: when i talked to chief security officers and ceos of big companies, they want to talk about compliance, security, the bits and bytes of identity. but inevitably, the conversation turns into disruption. how these big companies cannot be disrupted by the digital upstarts. whether you are a big automobile manufacturer, you don't want to be disrupted by tesla. when they are in the financial services industry, you don't want to be disrupted by de-fi or crypto or the upstarts. how can you be the disruptor? how can you take the game to your competitors? that always comes down to having the best workforce, the best employees working on the problem with the best tools, and getting those products and services out to the customers in a secure way that is easy to use and cannot b

over in greenwich is the atomyze ceo along with sonali.e have this whole conversation going around the future of commodities, the future of cleaner commodities as well. how much do you see demand for the easier frictionless trading in those particular commodities right now? >> i think the demand is tremendous. atomyze is building a tokenization platform as well as a marketplace for investing in commodities including palladium, platinum, nickel, cobalt. because of supply chain technology, you are able to include metadata. not only do you have direct title to ownership but you can track and trace where the metal came from, where it was produced, and many of the esg components. taylor: a lot of this comes in response to what institutional investors. are looking for . how much do you expect large funds to move into what you offer? >> there are two things. one is that atomyze the platform is going to offer a portfolio of commodities on the platform, so it will not only enable people to invest in one particular commodity but in a range of assets

maybe sonali basak has wisdom on that as well.my favorite people, ambassador pickering at the 12:00 hour. stay with us. thank you to our technical team for making it happen today. this is bloomberg. >> i have an exclusive u.s. open update for bloomberg tv and radio from tennis channel. three major champions where the headline makers on day three at flushing meadows. sloane stephens famously lifted the trophy in new york four years ago and the 28 looks back to her best. she outplayed the teen phenom who hit 25 unforced errors and managed to generate just one point. three breaks and 11 winners, enough to put stevens into the third round for the eighth time in her career. she will need to continue playing at the top of her game. she could face defending champion naomi osaka in the fourth round. you can watch all of the action from the open every night on tennis channel. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotra

sonali: ultimately we -- dr. weiner: ultimately we need third shots.n our fight against covid, there are three weapons we have. number one is the vaccine. number two when you get it is these monte -- monoclonal antibodies. number three is dampening the immune system that goes out of control. that is where the nasal spray comes in with our positive results in brazil, just published in a new trial. it is clear covid is not going away and we need all three approaches. the nasal spray be given to people who are hospitalized. once you get it, you need to treat it. this is where the treatment comes in, but we need all three. alix: before we get to the treatment part, which is important as it seems we are going to be living with this, and terms of the extra boost, the extra vaccine, when do you think we need it? dr. weiner: probably six or eight months after your vaccination. guy: in terms of the full package, let's talk about what is happening with the vaccines and therapeutics. alix and i have talked to a number of health care professionals over the last fe

sonali basak is here with us. you hear people again to describe why they see the path through these markets. where is the concern about valuation and what you are hearing? >> there are day-to-day concerns and many of them. what we did but these investors is to look at longer-term. it may be five years, resin or more because the reality is, these risks are brewing now and they could happen sooner than you think. take deflation for example. it is an interesting time to raise the cost of deflation because what we are seeing largely is inflation. cathie wood brings up a lot of indicators, things like lumber prices that have come down quite a bit and shown signs that may be the reasons we think inflation are happening are multidimensional. cathie wood raises the prospect of businesses ordering above -- then having to lower prices later on because they have done too much on the front and. the other concern she has is companies that have borrowed too much money and have to struggle with those obligations and their burden

francine: cathie wood speaking to sonali basak.when you speak to all these titans, they just have different views of the world and it points the problems of the market. tom: we had those comments trying to reassure the markets about the inflation and team transitory back in focus from lagarde and jay powell. futures pointing up in europe and the u.s.. cathie wood talking about deflation. the story of the last two decades is inflation has been stubbornly low in europe and the u.s. she is focused on technology and the ability of technology to keep prices lower. i sound like a broken record. china and the production of goods, very low value. does that change? that changing dynamic from china could change what we see in terms of inflation globally. francine: deflation, this was the buzzword in europe for the last 3, 4 years. there was a fear that we would become like japan. deflation, if you live through it, is not that bad as a consumer but an absolute nightmare for government to try to do the adequate policies. coming up, the u.k. is