>> from the heart of where innovation, money and power collide in silicon valley and ballon -- beyond this is bloomberg technology with caroline hyde ed ludlow. caroline: i'm caroline hyde at bloomberg's world headquarters ed: i'm ed ludlow in san francisco. caroline: we will break down tsmc's first-quarter earnings report as the company scales up profit but scales back its outlook for ship market expansion. >> google fires 28 employees after they were involved in protests against project nimbus

provide israel's government and military with ai services. caroline: cisco's plan for keeping ai system safe from attack, artificial intelligence itself of course. the new safeguarding approach and so much more throughout this hour we check in on these markets. a little bit of an uptick in the nasdaq and some of those technology stocks are up about 5/10 of a percent. elsewhere we've been trending and digesting what's been a harsh selloff in stocks and bonds. digesting two cuts for the rest of the year. 10 year yields up. we lost some of our technology. currently seeing the vix on the downside so some of that volatility we've seen in that gauge doubling down. down about 17 level. on the back of geopolitical risks the beginning of this week. we are uppermost 5% on the day.

63, 6 to $4000 level. what are you watching on the micro. ed: we will look at the affable parent of google. they have been down earlier in the session. very shortly in the program we find out about these jobs with the firing as result. a lot of interest in that story. again this thursday let's start with tsmc. they have been much lower giving a maintenance of that complex guidance. weakness in smartphones. this is the world's biggest contract manufacturer of semiconductors. micron is software. bloomberg reporting it's getting about $6.1 billion in grants from the u.s. government as part

of the chips act. it could come as soon as next week. for that we go to bloomberg's ian king who leads our semiconductor coverage prayed let's start with tsmc, the world pays attention when tsmc gives us numbers. we learned ai is strong, high-performance, potentially smart phone is weak. what was your take away? ian: we've confirmed basically the fears and hopes everyone who's watching semiconductors right now. smart are down steeply. and what's happening to the iphone in particular on the flipside of that hbc -- hpc, high-performance computing and the very large very accent pensive tips strongly. >> pair that with the news we've had with asml and the fact chip equipment isn't so in demand. what is tsmc trying to signal

here. >> they're trying to signal as usual they have the best read on what's going on. they are confirming what's going on in terms of these market forces. we've been waiting for this market to come back for a long time. it's coming back and china it's coming back for chips made outside the western ecosystem. asml is a longer-term read doesn't have much in terms of the short term. >> let's talk about micron and bloomberg's reporting. 6.1 billion grant allocation from the chips act to build capacity in the united states, there's a loans component as well. sources telling us this will get announced this week. what we know about the package. >> as other dutch as ever companies want more. this is being seen as roughly

commensurate with micron's role in the value chain here. the memory chips is with advanced logic has been moving to east asia for the last few decades. this is the biden administration saying we haven't thought about just forgot about memory. you need that in your data center so they are enabling micron to bring some production back to this country. caroline: we've heard time and again from the ceo talking about you need to make it worth my while. i could be building manufacturing abroad for much cheaper, where in the u.s. will they be putting it in does it make sense? ian: if you get the government subsidies. a lot of his colleagues have said the same thing. the government here needs to do the bare minimum which is to close that gap in terms of what it costs between the u.s. in places like singapore, south

korea, taiwan where those facilities are being made with a lot of that support with tax regimes and all of these things which have large capital projects like that. he's looking at upstate new york and the home base of micron in idaho. caroline: ian king, always on for us prayed we so appreciate the analysis. meanwhile let's get to huawei which has released its latest series of smartphones sustaining after that group made 60. the device to help erode apple's dominance in that high-end segment. the pure 70 smartphone series starts at $760 and then goes up from there matching the price point of an iphone 50. -- iphone 15. >> employee staging protests from california to new york over a contract with israel, that report next. a quick check, shares higher 14%

in the session adding to the gains. classic spac trading prayed a lot of activity in the market. this is we are seeing a big dip and rebound. this is bloomberg technology. ♪ (upbeat music) there's more to business than the business you're in. if you use data, that's the privacy business. manufacturing on demand? you're talking cloud business. got a few million hyper-connected customers? digital experience business. that was fast. that's where deloitte comes in. with the right combination of talent and technology to help advance and connect all that it takes to excel in business ... to the business i'm in. deloitte. should i? normally i'd hold. but... taking the gains is smart here, right?

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ed: in the news, elon musk is apologizing for incorrectly low severance packages. the tesla ceo made the rare apology via email and said it has come to his attention that some severance packages were incorrectly low and it will be corrected immediately. this comes after tesla slashed

as the ev maker struggles with slowing demand for electric vehicles. tim cook is meeting singapore's incoming prime minister at the tail end of his most extensive southeast asia tour in years. as the company searches for new growth markets and manufacturing to offset china. it could pave the way for a aggressive sales campaign in a densely populated reason -- region where samsung dominates. delivery orders return to growth with a 2% increase in the first quarter driven by strong progress in the food delivery international segment. the london-based company kept its guidance for the year and changed. caroline: another story they are following pre-google has fired 28 employees after they were involved in protests against a joint contract with amazon to provide the israeli government

and military ain cloud services. the protests took played across google offices in new york and seattle and were led by the no tech for apartheid organization. google said physically impeding other employees work and preventing them from accessing our facilities is a clear violation of our policies and completely unacceptable behavior. joining us we are pleased to welcome davey albert who had to report on this story. an approval for a five-year strategic plan to transition to the cloud called project nimbus. this was sensitive for certain employees. >> absolutely, especially in the midst of the war between israel and gaza, employees have really been activated about this issue and have been organizing to try and protest the way in which

their work contributes to tools that would then serve the israeli government which again is engaged in war. so they say they have a right to band together and object to this use of their work and that u.s. labor law action protects them from consequences from the company, discipline from the company because they believe they are within their rights to come together over this issue. ed: in your story you present a very clear chronology of what happened and the perspective of both sides of the situation. when i put it on social media you are coming on the show one of the questions i got was could you tell us more about the roles of those who were fired, what we know about those specifically because it was a broad protest and fewer than 30 people

actually lost their jobs. davey: from the workers we spoke to, several of them were software engineers, some of them worked on cloud and there were even some employees who were involved in speaking out against project nimbus who worked for deep mind which is googles ai lab. these workers tend to not have specific visibility into exactly what israel is doing with their technology because these contractor so sideload and workers don't directly work on the tools that the israeli government might use but they build the tools the israeli government can then use for any purpose. there has been prior reporting that the services the israeli government uses is on their own instance of google cloud and so from that perspective, employees

cannot see inside of that cloud. that's being used by the israeli government. but these employees have been following the news and believe that their work may be not so in a straight direct line but still does contribute significantly to the way the technology that israel is now using in deploying in the war with gaza. caroline: the war between israel and hamas of course, hamas deemed a terrorist organization by the eu and united states. i'm interested in is this a tone shift in any way from the very leadership of alphabet and google? sundar pichai, how much has he

had to weigh in here and decide what it is? davey: it is a shift in tone may the founding culture of google has been to foster this sense of open debate and employees are encouraged to speak up about anything having to do with work. those were the early days. employees have really started to band together over important social issues in 2018 or so there was organization around sexual harassment from leadership of the company and the way that they want women to be able to speak out about their experiences so there was a walkout from employees around that issue and other issues of also galvanize these employees

in 2020 with the killing of george floyd and organizing around black lives matter protest, there was another issue and this has emerged as a particularly sensitive flashpoint for google, of this particular issue with israel and the company appears to be sending a message that they are not going to tolerate this kind of workplace activism anymore. ed: you talked about how the workforce has been galvanized. you know in the final paragraph of your report despite the response from google many employees feel they are getting support, is that happening contemporaneously and is there any sense these strikes or sit ins will continue or this is the end of it? davey: it's hard to say google sent a strongly worded message to employees essentially saying

this is not something they will tolerate, that it is against company policy, at the same time we've heard from employees who have been keeping an eye on the internal messaging happening at the company and several people are quite upset by this move from the company and maybe it will take a while for them to do another action but it is not out of the realm of the possibility this could continue on for many more months. ed: we showed google's full response and communication at the top of the segment and you can read the story and see it in writing for yourself. thank you. coming up, cisco says is the biggest revamping of its security offerings today. security and ai. this is bloomberg technology. ♪

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ed: harnessing the power of ai to keep ai software safe from attack that's the promise of the latest product. and general manager with security and collaboration. this is classic cisco. you want to do more on services and software. but just explain the technology. we will use ai as the defense tool against an attack on ai infrastructure. >> security is one of most pressing issues of our time. ai has been weaponized quite a bit by malicious actors. it would only make sense for us to use ai effectively to provide machine scale defenses to organization so we launched what i would call probably one of the most consequential innovations

in the history of cisco in the area of cybersecurity and it's called cisco hyper shield and our goal over there is to fundamentally reimagine security for this ai world at that scale because it's very hard to go out and handle these threats. caroline: time and again people have come on and said with ai as the aggressor we can use ai as the protector. we talk about a radically new approach. how is it that new in the market. davey: it's important -- jeetu: there's a certain set of building blocks built on top of which you can build these solutions. we have some very advanced technologies or hardware acceleration around ai can allow us to build these sophisticated capabilities, the amount of time it takes from one a vulnerability is announced to

when an exploit is found is now down to single digit days. i wouldn't be surprised if it goes down two hours or minutes. and so what we've done is the amount of time it takes to patch that infrastructure, you've got this massive gap from an exploit happens and how long it takes to pass that infrastructure. what we can do you can put in front of infrastructure that has not been updated so that you can protect the organization from infrastructure attacks that might happen for financial services and so on. >> you talk about the building blocks prayed what we are talking about is data centers, rows and rows of service stacks and we know that infrastructure buildout is happening. it's happened in this spending

committed. is anyone actually buying this service from you in the infrastructure buildout. jeetu: this was the first day we announced to customers we have many of the leading officers in the u.k. with this product. the most common thing i heard was this is game changing. and so if you care about critical infrastructure being protected, it's going to be very obvious for you to allocate on cisco hyper shield. there's only -- was no one else. caroline: all of this is surrounding the partnership with nvidia. how integral has nvidia been in this? jeetu: you have to work with the

ecosystem rather than being a walled garden. nvidia is very clear in ai. so we can build security models and technology and optimize it for their gpu's. we continue to work with nvidia and they enjoyed that already. this extends that. caroline: what they offer is expensive and everyone's been talking about the rush to harness ships and energy, the expense is coming. what can you price point your new ai cybersecurity prevention app. >> this is going to be general availability around the august timeframe. we will make sure we have more information on pricing. our philosophy is to price for mass-market. make sure that we have high unit

volume to get to many customers on time. >> there is a huge safety net and handing over complete control to the defense infrastructure. >> humans are always apprehensive. member the days when you had to update your iphone. the trust gets built over time. we make sure customers if they want to auto update their systems and have the ability and that can be improved and doesn't happen automatically. when you feel comfortable you have the option of having that being completely transparent to you so you can start focusing on high-priority items. >> we just have 30 seconds but explain who the market is here to -- the users you are selling

to? jeetu: every large, midsize and small organization interested in making sure they can protect the data centers from attacks from a cybersecurity standpoint at ai scale. caroline: so great to spend some time with you. you've got some nice cars in the back. executive vice president and general manager security collaboration, thank you for joining us. all eyes retraining upon crypto. bitcoins halving event in a few days. so much to be thinking about with risk assets as they have seen continued selloff at the beginning of this week and we start to level out. this is bloomberg technology. ♪

>> ed ludlow here in san francisco. caroline: still the economic data, strong. nice to see you. our floor manager shining a light on some of the market share. before we get into the individual names i want to shine a light on the fact we have been seeing the nasdaq on the higher side of things. we've also seen of course an introduction to the bond market just selling a bit of a selloff. we want to be committing to some of the individual names so will shine a light on netflix earnings after the bell. expecting about 14% increase in

revenue for its fiscal first quarter. a high bar after the rally. emphasis on the downside after its numbers. india a key player in the space underwhelming when it came to overall revenues. some of the individual crypto names doing well. crypto is bouncing on the day at least. we've seen some profit-taking of late. ed: let's keep the conversation going around crypto, the crack and head of strategy. i have been invited to not one, but two bitcoin halving parties tonight. whether i go to either of them remains to be seen. it got me thinking for many this is something interesting to be celebrated. you know it's coming in the calendar. for others they focus on the supply mechanics of what it does to the market, where do you focus your attentions? >> i think of the takeaways from

the bitcoin into different spectrums. it underpins what we believe bitcoin is the dust as a whole host of reasons why on the demand side things like global liquidity, 24 75 market access, censorship resisting, all these nice qualities for light bitcoin served as a good form of money but on the supply side how can be reliably plan around a currency, a bitcoin because of that you know there's only going to be 21 bitcoin in existence so on the second part of the take away here is bitcoin is having a particular we celebrated every roughly four years but this one is the most symbolic in my opinion in bitcoin's history and looking forward prayed at a time when you have people looking at their conventional currencies inflation interest rates and the economic environment they live in, they see this alternative form of currency in bitcoin and

it's something with this really crisp story, the idea when it takes place 94% of bitcoins that will ever exist have been mined and we will see less than 1% inflation in the supply of bitcoin going forward so that's a powerful story. >> there will be a big section of our audience thinking what has this got to do with me. is there a chance they wake up in global financial markets the world has been changed by this. >> is not to be a classic -- cataclysmic event but what it is doing is reinforcing the narrative of bitcoin and our opinion the adoption of bitcoin and of crypto takes time. this is something that is an innovative technology very different from a people use money today so it is something that will take place over five or 10 years and you will think of it as almost like a change in culture and understanding of how

people transact with one another. so when we think about this happening in particular nothing super special but an important milestone particularly in this time and age and we love to celebrate. caroline: i want to get a glimpse of what you are seeing at the moment because the reason many of said this is unprecedented is where crypto had been priced at before. but there has been money taken off the table as of late. why? has there been new money trying to resettle what we have this risk occurrence with geopolitical tensions find we suddenly see such a fall in price? >> i wouldn't say that we've reached any kind of peaks so historically if we look at prior or all-time highs it's 15, 20 all-time highs than a single month on a day-to-day basis and that's when you see volatility peak to 100%.

with bitcoin we've only seen a handful of all-time highs in the last month. it's a bit ahead of schedule versus the others we've seen. but nothing crazy or out of the ordinary yet. what i like to think about when it comes to the price action is it's a moment -- momentous occasion. people see the price level and they want to participate. we still have a lot of new entrants in the space. $12 billion of new net flow coming into the cryptocurrency sector, a whole lot of people signing up for accounts and buying for the first time. this is something you've to space out over the long term and you'll have these ups and downs. >> more broadly how have you been thinking about that new inflow into bitcoin coming into other parts of the ecosystem. perhaps other altcoins? we've seen a movement within it rather than perhaps money coming in thinking i'm get a play. what do you think about that

movement coming from bitcoin >> into the other coins? these rotations ebb and flow and it depends on the trend of the time so what we've seen in 2020 we had that momentous occasion so everyone was playing around with those tokens and you had the maturation of those applications that had been invested in 2017, 2018. we start see the application and the effects built up from there. that led into rotation into bitcoin, we have the event the bitcoin etf as the catalyst for people getting interested so bitcoin comes first. as far as other alternative currencies whether tokens or other later ones. a lot of that's driven by whatever applications exist but people asserting to adopt early on. one of the interesting things in my opinion is the last cycle in 2021 had tens of billions of dollars into the space to developing projects.

we are talking about three years of maturation so that investment cycle we have these dark forces we don't know what application will come out but we are really excited about it. stuff is proliferated around things like game fly. we will have to see from bitcoin where it goes. caroline: head of strategy we thank him for talking all things crypto with us. let's talk all things ipo's because we started to get a few more. brian leach joins us straight from the new york stock exchange -- stock exchange. why have you decided for your business model which is all about getting cash back rewards for purchasing groceries maybe even your gas why is it now the time to show your technology solution on the public markets? >> we think it is the perfect time because our mission is making the purchase rewarding. 60% of americans are living paycheck-to-paycheck. 75% are financially insecure.

we want to make those ends meet. we've also gotten to a point in our company were we built out a large network and are beginning to see those effects prayed we had six -- six straight quarters were we've been profitable. cash flow positive, net income positive. we feel like it's best time to raise some money and invest more in our platform. ed: one of our social media editors poses a big picture question around extreme 2.8. is that the story you are telling the street that amid economic difficulty or how consumers behave extreme couponing is coming back. >> it is true there are certain people we like to think of as professional savers on our platform, our direct to consumer app has 50 million registered users. many of them are proud extreme savers. it's important to note that we power the first-ever manufacturer offer cashback program for walmart, for dollar

general, for family dollar, for kroger and these are much more everyday purchases for people with a lot broader type of background not all of whom are shopping to the sale. they are encountering these offers is a search for products online and are building a basket and we are able to move markets for the largest brands in the world so it's a combination but i think environments that are like this one, inflationary as well as everyday environments it's always something that's relevant. people shopper groceries 1.6 times a week. 87% of americans use at least one coupon year on their groceries so it's not a discretionary category and is relevant to all clients. >> it looks like it will be paying off, shares indicating 112. we priced at 88 so having marketed below that there's been real interest in your company. in the marketing pitch, you are very integral with the relationship to walmart.

can you get other big grocery practitioners on board, can you white label for others out there at the moment? >> we have already begun to build a network with walmart at the center. they are strategic investors but we also have kroger, dollar general, family dollar, exxon, which resents 300 grocery retailers using our network to pull in rewards content on a white label basis. we think that will be a broad and attractive network and it's really a network effect business. the more these publishers sign-up up the more we are able to attract advertisers. the more we can fulfill our mission on behalf of the end consumer just make every purchase rewarding. >> what's the ai story? >> we are helping to create a next-generation platform for we call performance marketing meaning we don't charge for

impressions and clicks we only get paid when our clients sell a product. they want to put the right offer with the right amount in front of the right consumer at the right time. gone are the days of your grandmother's coupon. this is not a one-size-fits-all solution. 45% of our 800 employees are technologists and we've been doing ai for years using it to find machine learning and we will continue to invest in it. caroline: thank you so much. coming up, we will talk to a company. ed: the maven clinic ceo, the expansion on a few too -- a fertility program an important conversation coming up next. >> this is a company we are just talking about ipo's that might not ipo long ago more than a few years ago is thinking about going private. 23 and me. speaking with the woman behind this business.

reporting is she is not liking it being undervalued in the public markets. apart from the ideas might be taken private prayed this is bloomberg technology. ♪ you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank.

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ed: you are looking at a live shot of the principal room. less than a month out from bloomberg technology's live event in san francisco. check out the qr code for the details you need. this is bloomberg. caroline: new york tech unicorn maven clinic is the largest virtual clinic for women and family health and its expanding its award-winning fertility and family building program. it's raised $300 million between general capital -- catalyst to name a few. we are pleased to welcome kate ryder to the show. you have more than 2000 clients using your product when you go

to them and say this is the benefit you are going to garner by offering this, what is it? >> clients are interested in supporting their families so it's been covid was one where working families are really stretched and in general women's health whether it's fertility or pregnancy, menopause is just an area so underfunded and underserved from an experienced standpoint that employers really lean in support these journeys so they can do that. caroline: they are able to gather attention of gen z and millennial but are there any statistics you give clients. this is the return on investment. >> they are often one of the top health care costs employers face so with us we are a triple bottom line business. we can reduce costs and what are the most costly areas of health care. we can help attract and retain some of the most important talent. workers say they really look for the fertility benefits out of

companies today to see how they will be cared for and number three from an equity lens and health equity lens employers can really lean in here, i think the health care system's biggest challenges when it comes to supporting women and families on these journeys. >> challenges being where do i get this advice and how do i get it for men and women. the business you are building, we have been through some different economic environments. how is it going and how are you seeing the adoption in the u.s. and from international business. >> even though it was a year where there was a lot of uncertainty but the macroeconomy this is still an area where employers and health plans were really leaning in because there's so much catch up to do. 12% of our member bases international so that's a big area we are seeing growth in. a multinational was looking to bring that equitable lens to

family building and across the world it's really different whether you're a public system or the regulations are so how do you bring that same access to everybody. we were talking with our client amazon about our global family building benefit with them and our partnership over the summer. we work with a lot of companies like that. >> i can attest they are slightly different. talking about your business. we just had them on they just gone public. how much of the companies investing in you saying with 95% increase in revenue last year are you able to say we are almost profitable. or you're like no weight. >> not this year, but i think it certainly where we would like to end up. for us we are lucky to have a board that sees the long term. we are certainly headed in that direction but i think there's a lot of products we are still launching at the moment and the

markets are different these days than they were three years ago. we are holding ourselves to a very high standard when we get to the public markets we will grow versus i think what's happened in the past with some companies were after the six-month block ends the share price kinda falls. >> what about competition. >> honestly our biggest competition is still the status quo. it's hard to build a category and change mindset. that's what we've been working on for 10 years and a feeling we are 5% of the way to that. i would say status quo is the biggest challenge and it's something that as we continue to see more brand awareness and more celebrities and more member stories around why fertility benefits matter, pregnancy, pediatrics, that's really helpful. >> it takes a while to shift a mindset. thank you for coming on and telling us about it.

we thank her. what if you got. >> tiktok heading to its moment of truth in washington. we will have the details on the bill coming next. this is bloomberg. ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management.

>> fast -- congress on the fast

track to force bytedance to its controversial ownership stake or we will have to see an exit of the business. let's bring in alex for the details. this injects new life into this conversation we are having a month or so ago. the houses looking at fast tracking it by tying it to relief or money towards ukraine and indeed towards israel. >> we had a prior bill the did basically the same thing this one looks to do. it ran into some pushback from senators who thought the timeline for the vesta tour was too short. so what mike johnson has done is put this in with key items like aid for ukraine and israel. things that appeal to both sides of the aisle and made some of those changes, they extended the deliberation for a divestiture to say seat some of the concerns from key senators.

we expect this to be voted on on saturday. we believe this will pass the house again in this wrapper of bills and in a very d.c. fashion the senate and joe biden have quickly taken this effort up. if it passes on saturday. >> there are still so many questions on how this would work whether it's next month, next year. you make an interesting observation that the concern is chinese interference which as you write is largely hypothetical at this point. tiktok is faced with a divest orban. you and i reported last month the company's position is we are not in a do it. >> they will push for legal challenges before this becomes a divestiture situation. bytedance does not want to actually carve out this really valuable asset and i do expect in that year long, almost a year they would have to fight this or

figure out some kind of separation they will be fighting tooth and nail. we've heard from the company they plan on leaning into a first amendment argument which i'm sure both of them and their supporters will be picking apart the specific language of the bill because as we wrote back then this still remains an unprecedented situation to have such a large consumer tech company actually forced to separate from its owner by any country, particularly the u.s. where the social media industry kind of has its home in tiktok's competitors. ed: you cite some data for the center for economic policy research that you literally have to pay college students is an example to delete the app from their phone. >> they say $59 a month or over $700 a year is what you would have to pay them. that's no small dollar amount for a college student but this is not going to be paying its users to relinquish tiktok it is a most a payment in kind.

saying we will protect you from this invisible existential threat of china and their potential influence for data hoover and capabilities. so i do expect folks to be pretty upset. with the new deadline there's an important distinction in timing. had the original bill passed along the same timeframe had the senate passed the bill and biden signed into law that deadline for to vesta chair would've come right around the election. with this extension in timing this pushes the decision into the next presidential administration passed the election and i'm sure politicians do not want to be making the argument around election day to their constituents why they shouldn't be looked at negatively if they in fact voted to pass this bill. >> alex bringing it to us, go read it we thank you so much. that does it for this incredibly busy addition of bloomberg technology. >> a lot to recap in the

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>> welcome to "bloomberg markets ," i'm sonali basak. traders, reassessing outlooks as fed officials say they are in no rush to cut interest rates. let's look at where the markets stand right now. s&p 500 back in the green, broad-based movement upward. most major sectors are in the green, up 4/10 of 1%. the nasdaq 100 seeing a bit of a lift, shaking off jitters in semi conductors, the nasdaq 100 is nonetheless up 3/10 of 1%.