intensified for narendra modi to force a lockdown but because that a last option as nations around the world ramp-up support. haslinda: bitcoins digital dominance wanes as other crypto currencies fight for a piece of the pie. it searches to a new record through the 3000 benchmark. yvonne: it feels great to be back and checking in on markets. what have i missed in the last six months? pretty quiet. good for my first day back. some national holidays still in japan, china, and thailand as well. taking a look at jakarta coming online, slightly a touch higher and looking at nifty futures as well. soft on the back of that ruling party. they failed to win the key elections over the weekend and talking about the covid situation that continues to

swell. 400,000 cases that we saw yesterday. u.s. futures in the red here today. we did see the nasdaq fall on the backs of tech, taking a hit. let's look at how it is across currencies as well as bonds. we are seeing the dollar slightly better but on the back foot yesterday and treasury yields lower on the back of this index in the u.s. that missed estimates. we are watching the aussie dollar ahead of that decision today and we are watching commodities as well. you have the bloomberg commodity index at 2012 highs. oil climbing on the back of the e.u. you have copper also going higher. it is helped by the bigger dollar boosting the asset class overall. you can see what's going on with these commodities. china buying record amounts of corn and iron ore as well still near those record levels. city saying it could hit $200 over the next few weeks.

we skipped the commodities boards. we will get to the cryptocurrencies because we are seeing not just when it comes to red-hot commodities but also when it comes to crypto. move over, bitcoin. we are talking about youth are hitting new records, soaring past 3000 for the first time on this recent role of upgrades. talk about the market cap of bitcoin. that dominance is being shaved off thanks to what's going on with either. that market cap now hundred 50 percent for bitcoin. pretty remarkable. haslinda: that's right. either a tripling this year alone. watch it go. let's get the first word news for you. the world's largest vaccine maker is promising to deliver 220 million shots to vaccine start india, you have to cover 8% of the country's population. in a statement, he says the modi led central government will receive 110 million doses of covid shield while governments and hospitals will get the rest.

but it did not specify a delivery day. india has been struggling to curb its cobit crisis. confirmed coronavirus cases in the u.s. rose at the slowest pace since the start of the pandemic. data from bloomberg shows a 1.07% gain, which was below the previous pandemic low of 1.25% set in march. the total number of new infections in the u.s. increased by 344,000 last week. the european commission is proposing easing restrictions on business and leisure travel for countries with relatively low covid infection rates as well as those who have been fully vaccinated. in a tweet, the commission's president, ursula von der leyen, says it is time to revive the tourism industry. the proposal should get an approval from a majority of the block but could be adopted as soon as the end of may. president biden announced he is

raising the cap on refugees who can enter the u.s. this year to 62,500. the move is a course correction and comes two weeks after biden face bipartisan blowback for his delay in lifting president donald trump limit of 15,000, but biden says the u.s. will not reach the cap this year. only 2000 refugees have been processed as of mid april. it is a question that has been -- has intrigued berkshire hathaway investors. the vice chairman, gregg gable, would take over if buffet work to step down. he runs the noninsurance businesses and had been seen as the most likely candidate. buffett is 19 years old. those are your first word headlines. yvonne: emerging-market investors are heading into the first week of may with as many reasons to be cheerful as

gloomy. worries over india's deepening covid-19 crisis and china's debt saga may give buyers pause. let's bring in the asia quantitative strategist at bernstein. she joins us right now. always good to have your. let's talk about the adage of sell in may. how are you being things now when it comes to price action and how we start things off this month? >> it's not that straightforward. given the broader uncertainty, the pandemic we are facing is unprecedented and that's how we expect the markets to be. we do expect that the markets will remain like that. overall, we do believe that we are still in that sentiment. overall for the full year, markets should continue to be well in the shorter term so it will not be your typical thing

we have seen historically. yvonne: you have to wonder what could avoid this seasonal weakness because it seems like markets are just infatuated by this whole talk of inflation picking up right now. we just got the south korean numbers looking very robust and take a look at some other indications as well. i want to throw up a chart from one of our frequent casts. he projected the cpi projections and basically, he is saying that may is the month where inflation will actually start to peak. i don't know what your models are saying right now. is inflation peeking? are we going to see prices moderate from here on forward? >> we believe it will continue this year and that's probably driven by the policy action we have seen globally so we expect that inflation will continue from here on. inflation will be the key for the markets which is what we

have seen since the beginning of the year and going forward as well, i think these two will clearly drive the markets and the narrative in the markets. what we are seeing in the markets in terms of different types of stocks, i think that is how, you know, that sort of matters in the market and how investors will have to position, taking into account where the inflation expectations pick up. yvonne: i'm just wondering what you are making of vix, still low but rising in tandem with the s&p. that's probably suggesting a correction is coming, isn't it? rupal: in the shorter term, you can expect a bit of a pullback in the markets, but overall, the broader sentiment remains bullish.

if you look globally, central-bank governments everywhere, the focus is that we need to move towards more and more people getting vaccinated and may broader reopening upper or reflation trade. the themes this year, which has been the value i think all those themes will continue. there will of course be some pause, which is what we saw in april but overall, we are in that territory where we can say the markets are there. haslinda: is it fair to assume that north asian markets will outperform? may have the greatest exposure in terms of the u.s. economic recovery story, the likes of korea, japan, taiwan, are likely to remain the strongest markets? rupal: absolutely. we remain quite bullish on asian markets and some of these like

korea and japan, taiwan, even china. we remain quiet list. there are certain types of stocks which could take a hit. we remain slightly cautious on the high momentum stocks in china but i think a lot of that has been mitigated since february so the risk remains shorter and broadly, where we are in the markets, my view is that investors need to be slightly more balanced in their approach zero while they need to be more, you know, cyclical event, it needs to be also having some exposure to growth. it needs a balanced portfolio that will help us snag of a -- navigate this uncertain environment. yvonne: is india and that portfolio? -- in that poboya? -- portfolio?

400,000 covid cases confirmed yesterday in the country and yet we see an equity market that just seems unfazed by these headlines. why do you think that is? rupal: india, as i said, the broader sentiment still remains. yes, given the second wave of covid being very strong, there is no need to have defensiveness to the portfolio. rather than going on for nondefensive, or getting into health care and technology names, one should look at it from a high-yield effective, which gives you somewhat of a cyclical defensive stance in the portfolio and i think that's going to continue in the markets. in the shorter term, markets remain sideways. there could be some pullback but as i mentioned earlier, broadly, looking at this from the next six month or so, the world will

become much more normalized. more and more people will have been vaccinated and hence, your portfolios need to have that perspective. haslinda: possibly looking for new catalysts as well. good to have you with us, rupal agarwal. still ahead on bloomberg markets: asia, south korea's decision to allow shortselling again is impacting the outlook for equities. our guest will be joining us. this is bloomberg. ♪

haslinda: welcome back. even as the outlook for the economies brightens, the glass is half empty for jay powell. bloomberg's global economics and policy editor, kathleen hays,

has more. what were some of the key takeaways? kathleen: it's clear that what jay powell wants us to realize is that the fed's new framework, its new approach to hoping inflation will rise and go about 2%, wanting too full employment is not just a number like you are just at 6%. it's about the numbers of workers, many of them black, hispanics, women, who are in the services, face-to-face jobs, the lower income workers were still out of work or not working at full capacity and as he keeps noting, workers who can least afford it have been hardest hit by the pandemic. i will show you a terminal part that shows more than 8 million workers still unemployed. jay powell and many fed officials mentioned that all the time as to why they are not thinking about any kind of policy changes. he noted that 20% of the workers in the lowest wages still are unemployed over a year since

february. in 6% of the highest-paid is a smaller number of people who still have not gotten back to a job. he noted that 22% of parents are still not working because of school. childcare disruptions. you have to stay home with your child. you cannot go to work. he went on to say that of that, people who are still dealing with these childcare and school disruptions, 30% of them are black monitors -- mothers. a burden falling inordinately on these groups in the u.s. economy so in other words, when he talks about we need further progress before we make changes, he wants to make us realize it is not just a macro view. it is the view of all these people who got hit hard by the pandemic, do not know how long it will take to pull them into the labor force and that is another reason why they are

being patient. haslinda: another reason we saw this massive stimulus plan under president biden as well. there's going to be a cost for that and we are seeing that right now. the u.s. treasury department has quadrupled its borrowing estimates. what are the applications of this now? kathleen: it means they will sell a lot more bonds. when you put out, starting with president trump, the plan last year, through joe biden, almost $6 trillion, you have to pay for it. the treasuries quadrupled the borrowing estimate to $1.3 trillion. these new borrowing projections are incorporating joe biden's latest $1.9 trillion stimulus plan. let's look at some of the numbers. you can see that all these numbers are really big. among the projections, $463 billion in the second quarter, april through june. 820 $1 billion in the third quarter and then -- excuse me,

in the three months through september and they are also looking for the cash balance to be around $800 billion. people thought it might be a bit smaller than that because the treasury has been working down its cash balance. they are going to keep a lot of cash on hand. there is a lot of uncertainty in all these projections of what it is all leading up to, the treasuries quarterly refunding announcement on wednesday. they are expected to keep it as big as it was, a record level at the last one but this will be the next focus for what the u.s. is going to have to spend to pay for all this stimulus. yvonne: kathleen hays, thank you, our global economics and policy editor. we are talking about bill and melinda gates ending their decade-long marriage but they will not be walking away from their foundation. we have the details, coming up next. this is bloomberg. ♪

yvonne: the biggest news of the day, talking about bill and melinda gates divorcing after 27 years of marriage. in a statement posted on twitter, the couple did say they will continue to work together at the philanthropic foundation they founded. let's bring in su keenan with more for us. i guess this came as a bit of a shock to all of us in the newsroom this morning, but what is at stake? su: there is an awful lot of money at stake. this is a couple, bill and melinda gates, who have overseen one of history's greatest fortunes and philanthropic organizations and now, they plan to divorce.

the announcement came over twitter. it was a tweet released by both of the individuals and they said, "after a great deal of thought and a lot of work on our relationship, we made the decision to end our marriage. statement went on to say we raised three incredible children and build a foundation that works all over the world to enable all people to lead healthy, productive lives. they went on to say that they no longer believe they can grow as a couple in the next phase of their lives. it is sad news on that level. bill gates, as we know, is the world's fourth richest man and most of his wealth originated in microsoft, but it is not believed that that is now the bulk of his fortune. shares of the company probably make up only 20% of his assets,

experts say that he has shifted most of his stake of microsoft into the bill and melinda gates foundation and his exact state has not been disclosed. it is possible we may not know again. those of the individuals indicate they plan to continue to work together at the foundation. haslinda: the question is the extent that they will work together as a foundation. any clarity? su: experts say it is not typical for a couple to keep a foundation or family office together but melinda indicated it was their trip to africa during an engagement that they first came up with the idea to send most of the assets from microsoft to society so this is a philanthropic effort grounded in the relationship. it's also worth noting that in a netflix documentary on inside

bill's brain, she shared that bill gates had put on a whiteboard in their bedroom the pros and cons of marrying her and she had walked in and was tabulating so this is a very interesting and unique couple. the only other bombshell that comes close to this was the 2019 announcement by jeff bezos that he and his wife, mckenzie, were getting a divorce. many experts say this is probably a much more complex splitting up of wealth because of the diversity of the assets. back to you. >> su keenan in new york. apple's high-stakes battle with the maker of fortnite has begun in a federal court -- anticompetitive behavior tied to apple's app store which takes a 30% commission from developers. ed ludlow has more. ed: attorneys spent the first day of the child trying to secure the moral high ground,

saying apple had monopolistic powers and ios and the app store were a walled garden. the ceo took the stand as well on monday and said that this was a lawsuit entirely about apple's practices. he was talking about how the apple store policies prevented epic from being able to add features to popular titles like fortnite, for example, and he pointed out that when it comes to the commissions apple charges in the range of 15% to 30% on each download, apple is making more profit on those downloads than the developers are themselves. that is something apple's attorneys shot down, saying many other platforms and competitors out there charge similar commission fees and they shot down epics arguments about how it would be beneficial for the consumer if there were more competition or a change to ios rules. apple emphasized the anti-fraud protections that come with the app store payment system as an

example and it pointed out that 84% of the apps on the app store are free to download and that there is a varying rate of commission especially for the smaller companies or developers where apple charges a lower rate. we expect to hear from the chief along with tim cook, the apple ceo, but this has a long way to run and monday was about setting out each sides grievances and particular pressure points of where they think the open can be convinced. bloomberg news, san francisco. haslinda: let's get you the latest business flash headlines. kkr is said to have raised $18.5 billion for the latest and largest version of its flagship north american fund. it has been among the most active dealmakers during the covid-19 pandemic. bloomberg understands the fund is months away from a final flow. it raised $17 billion.

the one before it, $14 billion. online shopping provider sei e-commerce raised more than $30 million to expand in southeast asia ahead of potential listings. the primary debut in new york could come as early as the end of this year. the company is targeting a valuation of $1 billion and it is filing a secondary listing in the lion city. yvonne: let's take a look at markets. a pretty mixed picture for equity markets. the taiex is the one that has been hitting it hard on the back of this that we saw overnight. the kospi about .5% lower and we talk more about korea in a bit but some stocks we are watching, the miners and focus given a rise up in commodities as well and we are looking to stocks down from 3% in taiwan. the singapore chain talking about profit loss, reporting a

net loss and sjm reporting earnings later on today. coming up, we will talk about the kospi and lifting that shortselling band. -- ban. (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks without getting down on the floor. and there are over 20 exercises to choose from. incredible for improving flexibility and perfect for enhancing yoga and pilates. and safe for all fitness levels. get gym results at home

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yvonne: 10:29 in hong kong and shanghai. japan and china still close. limited trading here tonight. we can focus more on india, korea today. something we are focusing on a bit more. haslinda: let's get to first word news with vonnie quinn in new york. vonnie: president joe biden has opened the possibility as a way

forward for a vision for a better america. breaking proposals into multiple bills. republicans are not on board. the biden american families plan the calls for tax increases on the wealthy. there is support for some parts of his. infrastructure focused jobs plan biden says he sees bipartisan support but corporations need to do their part. president biden: i'm not anticorporate but is about time they start making their fair choice. it is about making a choice. you have 50 corporations making $40 billion and did not pay a single penny in taxes. not a single penny. i'm not punishing anybody. everybody should ship in. everybody should pay something -- everybody should chip in. >> the united kingdom pushed back what they called russian violations of the global order.

the crackdown on leaders in singeing province -- the russ ian opposition figure alexei navalny. the u.s. secretary of state and the u.k. foreign secretary said he unites democracies against autocracies. >> what we are trying to do is to uphold the international rules-based order that our countries have invested so much in. -- so much in. the challenge for us is to demonstrate in concrete ways we can deliver for our citizens. >> biden officials tell bloomberg news the white house was support pfizer's move to begin exporting coronavirus vaccines to nations desperately in need of them. in a statement, the official says the company is ahead of schedule in its supply to the u.s. demand for shots in the u.s. has begun to wane, falling to 2.4

million a day according to vaccine tracker. 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 am vonnie quinn. this is bloomberg. has? haslinda: we are taken look at the markets. pretty limited trading in china given that china and japan are among markets on holiday. the hung say is up by 0.2%> the resurgence in virus cases, and powell saying that the recovery is uneven. looking at other asset classes. bonds edging higher after the rba decision. estrella's low inflation -- australia's low-inflation suggesting that the rba will refrain from any hawkish tilt. i want to show you this chart this morning. korea, the cost b which is the best march 2020. korean stocks have benefited as

korean exports have exported to the u.s. market recovering well from the pandemic. the question whether those gains are a sample are not pure we had korea lifting that shop ban in place for more than a year. yvonne: what has been fueling this rally has been the retail traders. mom-and-pop investors to buy up stocks that -- amidst this pandemic. a lot of these institutional investors got out when the band was put in place. still a question about whether the band has been lifted. are there fundamentals behind this market, given the fact they do have these very, very strong names like tech cyclical sectors benefiting from reflation trade? a lot of questions to ask. some people have been talking about cashing out. some are talking about going through these 1.5 trading sessions to learn about shortselling. to join in. and others, like the

stockholders associations, are talking about waiting a -- waging a war and having a sinless situation like with gamestop. haslinda: if the kospi falls below 2000 they say they will be up in arms. they will take action. we are quite far. health care, biofarma, those of the companies under pressure. and, also, some companies which they deemed as those that may be excluded from the msci korea index, the kospi. a lot of things to keep a watch on after they come back to the markets. yvonne: yeah. a a lot to catch up on for me. take a look at what we are seeing. let's go to the senior research analyst at dalton investment from santa monica. i'm focusing on what is going on in seoul.

we mentioned about the retail investor in south korea now. they have started to dominate this market. do you see a gamestop moment in south korea ever happening? >> well, i don't think we can exclude the possibility. certainly the retail investors have become a major participant in the markets. they have seen what has been done in the u.s. markets with gamestop another stocks. so, you know, in is certain corners of the market i can see that when things get really extreme you cannot rule out from that happening. haslinda: yvonne: tell us more about the impact on the broader market. what are the investors and for the next weeks or months? james: next week or month, it is relatively short-term, but i think we would expect to see a

little bit more volatility. obviously, we have already seen the impact of short sell ban lifting. it has been really hurting those stocks. the dow, really, you know, a fundamental back up -- that valuation. those are getting hurt more. and generally, i think there is a lot of caution with the markets. the u.s. market has been also relatively modest. so, at this point, i think what you really want to focus on is to focus on being really selective. finding, being mindful a little bit more on the valuation. and a lot of the korean stocks, not a lot but you can still find many korean stocks that are not really expensive. comparative fundamentals. the momentum is getting. so, you want to be really

selective on those names. haslinda: james, you say we can't dismiss a gamestop moment for korea. i mean, we have seen how retail investors played a crucial role in lifting the kospi to a record. david versus goliath. who is going to win? james: well, i think they gamestop -- hasn't still ended in my view. it is very difficult to assess who is going to in. i do not -- who is going to win. i do not view this as a fight. at some corners of a marketing might see some kind of attention but the real fact, the real truth is that the korean investors have not been investing in the market for a long time. so, there's a reason why the korean retail sectors are coming back to the markets, because the

valuation has been so cheap. and the business momentum has been gaining. the form has not been more traditional, like going through the mutual funds. that is something that you have to be mindful. not only in korea. also, it is happening around the world. i like the fact that the korean s are getting more interested and attracted to the markets. i'm a little bit worried about how they really, their process and the time horizon they are taking in. i wish they could be a little bit, you know, more long-term oriented. i think many of them are. i wish most of them become long-term investors. haslinda: how much more upside, james? the kospi near record highs, up 10% year to date. james: i am still cautiously optimistic about the markets. the major institutes, the major

indices are the big tech names and battery names and so forth. i think, comparative fundamentals and where we are in the cycle, there is still more room for them to appreciate. i can't give you that number but i do see more room for upside. we will see stronger earnings continue to mix here. so, at this point, i'm still relatively optimistic c. yvonne: james, how crucial will the earnings season be then? we saw the inflation numbers which were the highest since 2017. inflation is picking up. do you think that profit margins will be vulnerable going forward? james: yes, to some extent. obviously, the commodity price has been rising. you know, over, in time, i think

that will start to also hurt. but also a lot of the korean manufacturers have been able to be in a situation where was, it has been shortage. so, some companies were actually material players. they have been benefiting from that movement. so, overall, it is going through, -- a cycle. but some part of that players are really more like -- [indiscernible] they have a lot of pricing partner in that regard and they actually make up quite a big part of the index. that is why i am relatively optimistic about the index. but underneath you certainly have a very diversified or different characteristics. some are getting hit because of the inflation and also because of the rise in rates. it's very widespread.

yvonne: james, bring it back to this whole battle with the retail and institutional investor. we've heard leading up to this ban being lifted retail investors talking about how we want to be -- selling. we have stock holders association calling for people to do a gamestop. i'm wondering, are the concerns justified that retail investors do not have the same access to information as hedge funds do? can retail investors play on the level playing field as these institutional buyers? james: well, i think, having a level playing field i think that is fair and that's good. i'm not still clear about is this a field, is this an area, do retail investors really want to focus on?

i think, as you know, the shortselling is a very difficult business. i mean, you know, it is structurally very, very difficult. so, you know, if i were a retail investor, i would try not to focus on shortselling. i would focus on other opportunities which are much more structurally advantageous. i think a lot of, the focus on the shortselling and the fairness and, you know, all of that, i think it is perhaps, we are focused on less, you know, material topics. i would like the focus to be a little bit shifted towards more, you know, healthy and productive areas. haslinda: james, thank you so much for your insights today. james lim. india's prime minister resist calls for a nationwide lucked out. -- lockdown. we'll look at the country's growing covid crisis next.

this is bloomberg. ♪

yvonne: the indian prime minister is resisting pressures to impose a nationwide lockdown. the daily covid case count has 400,000 for the first time over the weekend and some experts are calling for shutdown to break

the chain of transmission however, modi has been hesitant to impose the lockdown he enacted last year. which spurred a humanitarian crisis for migrant workers. haslinda: many wealthy indians have reportedly fled the country. but as bloomberg intelligence analysis shows they have not abandoned their stock holdings. let's get more from the head of e.m. equity strategy. india. the covid capital of the world right now. despite that, it seems to be trading in line with the emerging markets data. how does that even make sense? >> well, first and foremost, despite the human cost that is happening in india, and the headlines that are going through. i think number speak much louder than opinions and emotion. i think you look at it in perspective. firstly you have 400,000 cases per day.

india -- it's 1.4% of the population which is lower than 2%. the u.s. is 10%. second, the numbers of cases are coming down in mumbai. in going through the second cycle. you've seen a lot of the rates coming down in caseloads falling in a downward direction. as backward as it sounds, india is not -- to withstand a lock down this time is actually helping and not hurting as much as the markets are concerned. yvonne: indian markets are highly dependent on institutional investors right now. and their sentiment. how are things shaping up on that front? are there any more investors willing to put their money to work in india given the conditions we are seeing? >> well, that is a great question here again, i will highlight the numbers and the

opinions and emotion. our analysis shows that if i have bought about $6.1 billion indian stocks and all of 2121 year to date -- i'm higher than all the other emerging markets. in april, based in our analysis, one of the largest -- in the u.s. and the u.k. -- we believe this might be just flowing and ebbing as investors look to structural reforms and other structural changes happening in indian markets. haslinda: within the e.m. world, what are your two highest conviction ideas and how with a player out? >> that is a profound question. i will leave you with one -- two interesting ideas. one bearish and below speed we are circumstance on multinational tech companies which are very large part of the msci index. we think there are a lot of

things to be concerned about here. valuation, expectations, geo strategic, i.e., the user growth outside of china and the -- all of these are coming together in a very negatively. in fact, your today, chinese internet multinationals are down 4% -- year to date chinese industrials are up close to 8%. we continue to be quite negative on this complex. i expect the further cyclical trends here. on the bullish side we love industries. we think a combination of -- policy, pump priming and conglomeration in addition to along valuation runway -- and this has been the most beaten up sector over the years, with significant runway for industrials to make their way -- yvonne: thanks for breaking it down for us. our bloomberg intelligence head

of e.m equity strategy joining us from new jersey. coming up we will hear from 63 partners who says that cryptocurrency should be treated like commodities -- we'll hear from the chairman of a company that says cryptocurrency should be treated like commodities.

haslinda: soaring past $3000 milestone on monday. up 350% in 2021 so far. yvonne: yeah, the numbers are certainly mind-boggling. we spoke to marty chavez saying that digital tokens will eventually replace paper currency. he told bloomberg how he expects cryptos to move. >> the price that will go up or down people who are buying these assets need to treat them as commodities. they are not currencies. i remind you the word cryptocurrency is a misnomer. they are commodity just like any other commodity -- it can go to zero. as we saw with wti futures contracts, the in the pandemic they can go negative. but one thing you will

absolutely see, and this is the one prediction i'm confident to make, it's trivial. it is in the future there will be more software then there is today. and that software will be app lying to everything. this is mark and recent software -- mark vanreisen's software eating the world. the dollar will continue a digital world which, by the way it has been on for 50 years. most of it concerns in the form of central bank currencies with the federal reserve. and the rest of those are paper bills that we see and use, most of which are actually outside of the united states. those paper bills, no question in my mind, are going to eventually disappear and be replaced with digital currency. >> marty, all of this you have been talking about has to center

around technology. i wonder how you look at the sector in terms of antitrust. they focus on apple, for example, an epic case coming up today in california. it is also amazon and facebook. it can trickle down. >> antitrust is not really how i would think about big tech. i'm thinking about it much more in terms of what were the rules, the laws and rules that were applied to the financial system over time? a huge -- back in the 1930's after the stock market crisis. another wave after the great recession. and, if you look at what the regulators have done in the area of financial services, well, here's one thing, outcome that is not an accident. during the pandemic there were so much disruption to so many sectors the one sector that we might've been really worried about, didn't worry about was the banking sector. banks continue to lend. they continue to make markets.

and a lot of that had to do with a huge up grade in systemic safety and risk management of dodd frank. more internal models. all of that can be applied to big tech. i would be talking about and am talking about something in the form of a carbon tax for polluting the info sphere to do something about the loop of showing more posts that cause more emotional resonance, outrage, more advertising revenues. there is a limit to that cycle. we need to put some limits and that cycle. and then there are other areas, information barriers around international services for a long time that we also need to see in big tech, separating logistics for merchandising, advertising, on both sides of the advertising markets. so i think there is a lot of important analogies there. antitrust breakup? not sure.

to my mind, i do not see how that -- [inaudible]] yvonne: that was marty chavez, speaking to alix steel. take a look at markets. taking a look at taipei. the market being hit by the tech retreat we saw the u.s. overnight. falling 3%, led by almost all sectors in the red except for energy here today. you are seeing the likes of media tech, the biggest point drag for the benchmark today. has? haslinda: that is on the back of that slump on the nasdaq overnight. still to come, on our show, dno't miss our interview with the chairman of india's largest automaker. he joins us in the next hour of bloomberg markets. we will get his perspective, as well, on the surgiving virus cases-- surging virus cases and

india. plenty more coming right ahead. stay with us. this is bloomberg. ♪

>> very disappointed about the situation. you're taking it seriously. we are reviewing the various relationships. we view the risk manage process as well. >> from the heart from where innovation, money and power collide. in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i am emily chang in san francisco and this is bloomberg technology. epic