Founder of another vaccine inovio. Meantime, jay powell reiterating that the fed plans to use all the weapons in its arsenal to help probably u. S. Economy in the coronavirus pandemic. To give us a breakdown, i want to bring in markets reporter taylor riggs, who has been following all the action. Tech returning as the leader today despite the overall drop. Taylor just before the last two hours of trading, most equities were in the green. The nasdaq sort of leading those gains. Getting back to that leadership that has been missing. Of trading,w hours the moderna vaccine, that the study may be did not produce enough clinical data. Words, thelot of underlying data that you wanted. Tech did resume today, providing some defensiveness. The fangs coming out and being the only major indices in the green. Thet of a shift relative to previous days. Amazon set a high bar in terms of earnings results. Taylor this has been the bull and the bear case. People were wondering, could a company like walmart really keep up. In the past couple of quarters, they are keeping up. And theyles jumped 74 are benefiting from a lot of the consumer stop filing going on. Subscriptionbased if it sounds familiar, it should be, because they are taking a page out of amazons book. They also said that the online pickup and Delivery Business increased fourfold during the march period, and it brought in many new customers who had not shopped online before. Being a formidable competitor to Companies Like amazon. Chips, what was driving that given the backandforth between the u. S. And china . Taylor typically, this sector can be a gauge on how healthy or not healthy u. S. China relationships are going. This was a good day for the chips, only off about 0. 4 . Of analysts this new computer landscape. We will be posting qualcomm. Chinese tech stocks qq etf. Ormed the q leading after some of the stocks were clear performers. Emily to talk more about the u. S. And china despite a tentative agreement, what seemed like a detente prepandemic has now been exploded. Of course, we know that President Trump has been recently blaming china for the coronavirus outbreak. Now, the u. S. Has put additional restrictions on Chinese Telecom giant huawei, basically banning any company that uses u. S. Equipment from selling to huawei. I want to bring in the cofounder of the Consulting Firm rice manwell. Tes and i want to take a look at the picture. How would you look at u. S. Chinese relations right now . Anja thanks for having me. Phase one trade deal, even if it had not gone further, that was promising. Now, since the covid pandemic, relations have fallen off a cliff. One you mentioned was perfect example of that. There was a recent pew poll that found that two thirds of americans have a negative view. F china, up nearly 20 the two leading president ial candidates seem to be outdoing themselves on china. Emily u. S. Intelligence has concluded that china lied on the extent of the coronavirus outbreak there. Do you believe that . If so, is that grounds for a more contentious relationship with china . Access tont have intelligence anymore but i have believe an authoritarian regime like china might not be likely to be as forthcoming as they might be. China, they certainly were not very clear only covid crisis, but clearly some of this is manufactured by both sides and i think we are getting into difficult territory. Emily lets talk about the huawei curbs. Huawei has said this is pernicious, arbitrary. What do you think . Is it unfair . Huawei is a bad actor. There is a lot of intelligence suggesting they are close to the chinese military, chinese intel. This really seems to be designed to put huawei out of business. Many semiconductors rely on china and huawei, so this has a huge impact on our own industry. I dont think the chinese are going to take this laying down. They are already threat again to come out with a unreliable entities list which will likely make trouble for cisco, apple, some of our Tech Companies that have a lot of business in china. Emily a lot of the concern is how the United States continues to compete technologically with china. How does the u. S. Compete if we are in the middle of this , while china appears to be on the mend. To appears starting to be on the mend but it is likely to be slower. On the u. S. Side, we have been dealing with this tech race with china almost entirely defensively, things like keeping chinese investments out and keep our technology in the. My view is that we would be better served in looking at what the u. S. And europe can do to put our own house in order to compete effectively and work together, not alone. There are things we can do to help promote science and technology in the United States, that would not be tearing china down, but would be building ourselves up. Emily the white house has tried to get ahead of this issue, for example, by pushing u. S. Chipmakers to have their chips built and manufactured in the United States. A factoryng down on in arizona. What is the right tact from the administration or the next administration, should there be a next administration . Anja i am glad you mentioned that because that is a big deal. Tsmc, one of the foremost chip ,anufacturers, based in taiwan a country we would say, a region, beijing would say, that they are trying to reincorporate. The fact that they will manufacture the most advanced chips in the coming years in the United States is a development. It seems positive in building up our own capabilities. All good from my perspective. Manuel, always good to have your perspective. Cofounder of rice, hadley, gates manuel, always good to have you with us. Coming up, we will talk about the race to a covid vaccine. We will talk to david weiner, the cofounder of inovio, which is working on its own covid vaccine. This is bloomberg. Welcome. Welcome back. Inovio was the second Pharmaceutical Company to open its vaccine candidate into human trials. This is after moderna announced some positive news yesterday that its vaccine candidate appeared to be safe in humans and produced the desired response. Just how promisingly developments have been has been in dispute today. About how to inovio promising their vaccine candidate has been so far. Joining us, david weiner, founder of inovio. Thank you for joining us back here on the show. Lets start with inovio. You told us about a month ago how progress had been. You have been testing the vaccine on humans. How is it going so far . David thank you for inviting me. The inoviohe vaccine is fully enrolled at trial. There is been no serious adverse events. Events in any person in the trial that i am aware of. Inovio has announced that it will produce the first data from this trial as far as immunogenicity in june. Separately, data was released from a mers, middle eastern respiratory syndrome trial last they in humans, where reported safety in all of the people in that trial, and neutralizing antibodies were induced and people in that trial, in about 60 people. This what is your take on moderna news that is now being disputed . Obviously, people only tested it on about eight people. Now you have a lot of different experts saying that this is not nearly good enough and not as good as it might sound. Seen i have not really the data presented, so it is a little hard to comment. They apparently released data on a subset. They also reported that some had had some people grade three events. Is doing,at moderna they are focusing on adding another dose group at 50 micrograms to get more experience with that does. We will have to follow this and see how it plays out. I am very excited they presented some data, or at least discussed some data, and i hope we can see the full data presented and evaluate it at that time. Fory everyone is dying good news here. When do you believe a safe vaccine will be widely available in the United States and around the world and around the world . Think different groups have been announcing their plans. , they haveed moderna been doing different studies in june. I think you have also heard from ovavac, that they are just entering the clinic and targeting expanded studies toward the end of the summer. Other groups. Startedof course, has in the clinic and is ramping up. We will see studies from janssen as well. I think we will start to see a lot of different data. Several different groups in china that are in trials. A lot ofl start to see different data. These platforms encompass sort of older technologies of activated virus, as well as all of these relatively newer technologies, and sort of a technology, novavax. So you are seeing many different platforms and many types of technologies. The rna is a little more limited. Proteins,ecombinant certainly we have seen many thousands of people studied over the last few years. See how those to come out. Does that mean we might see a vaccine by the end of the year, or will it be next year, or will it be beyond that . David if i were aspirational, i would say, if we start to see these groups go to trials, we uld start seeing inovio, just as he was planning to give us a little bit of a reality check. Of david weiner, cofounder inovio, working on their own covid 19 vaccine candidate. We will try to get you some answers on how he was going to finish that sentence. Coming, we will talk about disney and tiktok. Tiktok poaching a huge executive from disney who was in charge of disneys streaming services. Disney lost its top streaming executive to tiktok, the upandcoming app where users post and share short form videos. Kevin mayer leaving to become the ceo of tiktok, and also the companyhe parent joining us, sarah frier. This is a huge get for tiktok. What does this mean in terms of ambitions . s sarah we can see tiktok becoming more of a media company. They have working on tv shows, movie deals, cultivating talent to get them paired with advertisers. We could see a lot more investment in that. This company has been underscored by the u. S. Government because of its chinese ownership. Comes from disney, which is the most American Company there is, probably. It remains to be seen whether with thoseng to help relationships in washington and skepticism the regulators have about the company . Emily when we were speaking with sheryl sandberg, the coo of facebook yesterday, she cited tiktok as a reason facebook should not be broken up. Wind does tiktok have at its back right now and in terms of posing a real, credible threat to facebook and instagram that we have not really seen . Sarah it is not a traditional social network. It is more of a content network, more of a direct competitor to youtube, instagram life, or a place where you are following creators. Certainly, people create their own content. Facebookthink that ,till has social media messaging. Tiktok is certainly formidable. They have more than a alien users between more than a billion users between tiktok and the chinese users. Partiallying steam because bytedance has spent so much money promoting tiktok on facebook and snapchat in advertising. Emily moving on, i want to get your thoughts on a story that apple is now buying older shows for its apple tv plus service, stepping up competition with netflix and disney plus. Tell us more about this . Sarah it is a bit of a change in strategy. The important factor, there is not a lot of original programming that can get paid right now. In l. A. And california, where a lot of the Hollywood Studios are. Outou are trying to build the future of your streaming service, to rely on shows that have already been made and build up the catalog that way. Hedgek that may just be a against the fact that we cannot create content as easily. Itly how big of a loss is for disney that they lost kevin mayer . Ways they really had two they could have gone. They ended up going with bob chapek for ceo as opposed to kevin mayer. Kevin is the one who had the background in streaming and building of the online presence. It could be troubling for them. Sarah frier, thank you so much for that update. Coming up, podcast streaming at entertainment booming on i heart media. We speak to the ceo next. This is bloomberg. Staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Shery welcome back to bloomberg technology. Streaming, radio podcast seem to be booming despite the fact we are in the middle of a pandemic. 28 ofielsen shows American Adults are spending radioime listening to the. We are joined by bob pittman. Bloomberg radio does provide programming to iheart radio and operates new a. M. In san francisco. It is good to have you back. Talk to us about the trends you are seeing when it comes to listening and people seeming to be hungry for audio content. Of two cities. Advertising is down but the consumer is more engaged in radio than they have ever been. They come to us in a time of crisis because we provide companionship. We give them information, keep them company. With all of these new devices as well. 10 years ago when we started the idea of being where our desires us 250 platforms and they are discovering them a lot now. Smart tv, smarts creepers smart speakers, roku. That is opening up the whole new world of engaging with the consumer and deepening that relationship with them. Podcasts . About we have heard listening is down because we are not commuting and that is podcast time, but you recently said listening was up. Of twoarch we were one companies that saw an increase in podcast listening. I think it is because we have got this relationship with podcasting and radio so the two are tied together. We can promote the podcasts that will be most relevant to where people are. So they shifted genres they were listening to and perhaps different podcasts. The result was it was up for us. We continue to see the strength in podcasting. And unlike the rest of the media the Advertising Sales continue to be strong. Every time we go through a downturn there is some new product which grows during that downturn. In 2008, 2009, it was social. Today it is podcasting. You have sponsored different relief efforts, artists performing in their living rooms, commencement whathes, talk to us about is happening in new content. It is limited but there is new opportunities. We looked at everything we do and say consumers have a different need very we have got to step up and be there for you. So instead of putting on physical events, we will do virtual events. The big experiment was box. E dead was vox will it really work, shooting people in their homes with an john . And posts by elton it was a big hit on tv but we raised 15 million for feeding america. We went on to build out the First Responder fridays with at t, the state farm living room concerts on wednesday night. We are doing podcast on radio with commencement speeches for the class of 2020, virtual prom for the kids who are not doing reimagining we are events for a life of being stuck at home. We have had great response. Serviceit is a valuable for our consumers. We have tweaked the product on air. The first few weeks before dying for information on covid, today they are looking for information on what is next, how do we reenter the world . I have never seen attitudes and needs change more on a daily basis than i am now. We monitor Consumer Trends daily and it is amazing to look at. Our job is to make sure we dont get stuck but stay with the consumer with the products they are looking for from us. Emily we are in the middle of not just a Health Crisis but economic crisis. You have got advertisers pulling back. What does it mean for broadcast radio . Will they come back . I think the good news is the economy always comes back no matter how dark things look. Provek radio is going to its value here. Turns out it is what people need to engage. They will need that kind of information and companionship, that comfort. I think advertisers have discovered the last couple of years there has been a renaissance of audio. I would expect that to continue. It is as deep now as it is for all of the Media Players of advertising. I think we are adding new products and services again for our advertisers, data, analytics. , veryou compare the price important. The last thing of course is coming out of this every advertiser has to almost reengage their brand with the consumer. They need this reach we have. We have more reach than tv and they need that kind of engaged, trusted voice to explain what the product meets today in this new world. We probably fit the bill better today than we have in a long time. Emily i recently interviewed the spotify ceo who is intent on capturing more listeners from radio and advertisers given the multibilliondollar opportunity. How concerned are you . He is really a different sector of audio. There is radio and then the music collection. It used to be your stack of cds, and it is valuable to people, but you use met you use music to escape the world. You use radio for companionship. Through this pandemic the music usage has gone down and radio has gone up. I dont think we operate in the same sector. I can understand why people would like to be in our sector because we have healthy margins versus the retail of music retail, which he is today where most of the value goes to the Music Companies because at the end of the day it is their content that spotify is selling. Emily you have canceled some of your Live Music Events and we concertow when a live where you have got hundreds of thousands of people gathering in one place, when that will ever happen again. Will it and when . What is your outlook on what has historically been such an important experience for artists and musicians . Certainly happen again, but it is going through a real lull. Artists need to stay connected to their fans. We have made an extra effort working with the record companies, managers and artists to come up with ways people can stay connected with the consumer, interviews, virtual events, to tide them over until they can open the doors and fans buy tickets again. Emily i heart media has had its financial struggles and you have bounced back, you have restructured. Given we are in the middle of a pandemic and so much is changing , how would you describe your financial and strategic position in the midst of this . We responded quickly. I have been through these before. We are a high cost business. We have fantastic leverage but we need to reduce fixed costs. We did it. We announced we were going through a modernization effort and 50 million we would take out in expenses this year. We found another 200 million on top of that. We have a cash position and feel wee through the scenarios have examined, adequate liquidity and comfort. From that standpoint it is a matter of being careful where we invest our money, that we are spending it wisely and continuing to build back the advertising with relationships we have with our advertising partners. History, in your would love to get your thoughts on going over to tiktok, disney losing a top streaming executive and the up and coming out getting a top streaming executive and what are your thoughts . When businesses start out, they seem very small at first and people go oh my goodness, kevin going to tiktok, but you never know how big tiktok can become. At a certain moment facebook wasnt viewed as a large company. I think he sees the future and is investing in the future. Tiktok is reaching out to grab a seasoned executive which they fund will help them maximize the value of what they have got. They have got a great start and so much momentum carry with the right executive and team they will accelerate. Right, bob pittman, ceo and chairman of iheart radio. Love being here, thanks. Emily we will look at how one new york tech accelerator is getting people back to the office socially distanced using technology. This is bloomberg. Emily the new yorkbased tech accelerator have has been quite busy during the pandemic. We brought you a story about how they brought together a lowcost ventilator now they are hoping to get employees back to the office safely using technology. They are touting a newly designed wearable sensor that can help keep social distancing and check. Joining me now the ceo. Thank you for joining us. Talk to us about how the Technology Actually works and keeps people safe. For having us. We have to talk about how to bring back 800 different entrepreneurs. We have been working on a range of essential tow trucks. Essential products. That was a community of 75 people we needed to bring back to our facility which is labs and equipment needed on a daily basis. We had to build the right protocols. At first it was absorbed operational pieces like making sure people had to work lower occupancy but technology is where it got interesting. We wanted to strong arm technology, one of 150 companies have developed a wearable sensor that helps with social distancing feedback. It provides haptic feedback to tell you if you are coming of an a certain distance person in the workplace and offers contact tracing. Employee tracing , determining where they went, who they interacted with so you can quarantine not only the first person with symptoms but the people who interacted with that person. Effective has it been in practical use . So far it is a range of protocols that have become an effective strategy for us. They have temperatures taken theythey arrived, and then pick up one of these sensors and wear itre it while in the building. It helps us identify chokepoints where people congregate to make it better Footprint Plan to make sure crowds dont gather and we have been able to see which of risk, people are most at who is not doing any social totancing, so we dont have go and work with anyone in our population that can identify people at the most risk of contaminating or passing on covid19. How could this technology if it is effective be deployed . It could be used in warehouses all kinds of scenarios to keep workers in check. What is the vision for how this rules out . That is right. This is costing us money to bring on emt staff, but we want to educate and inform other businesses that have a similar contract. There are a lot of similarities to workplaces but also act race in the industrial locations you mentioned. We are trying to gather as many insights from the Small Community so we can help other new york state and nationwide businesses return in a cell safe and healthy manner. Show, iarlier in the was speaking with dr. David weiner of no video, a Company Working on its own vaccine asdidate, and we got cut off he was about to say when a vaccine will be achieved and more widely in use. He believes before the end of the year we will see emergency forcases of a vaccine people like Frontline Health care providers but it will be beyond that before we see one available to the general population. Somebody who runs a company and has employees coming in to work, how do you determine whether or not it is really and truly safe even if you have this technology vaccine, without a safe to have your workers when there is so much uncertainty about how the disease is transmitted and why it affects people worse than others . We have focused on the essential workers related to the task you have referenced. Different efforts that are deemed essential by the state. Outside of that we follow the remaining population, the cdc guidelines, state regulations, the data points new york city is tracking. We will act like any employer with the multiple the larger population. We had to figure out how to bring people back for those working on essential tasks. That is why we put our best step forward using the technologists in our community to come up with a combination of procedures and Technological Solutions like this product to bring people back. Fascinating work, thank you for sharing the progress with us. Ceo of new lab. Good to have you on the show. Sellank close to a deal to 20 billion of stock intel in tmobile. We will have more after the break. Emily softbank is close to a deal to sell 20 billion of stock in tmobile. The Japanese Firm is speeding up its efforts to raise cash. They reported almost 18 billion loss in investment business. Joining us to discuss, Sarah Mcbride who has been covering the story. Why is something selling so much of tmobile . Softbank needs cash. The need it badly in case they need to selloff some of their own assets including a division fund. It reported disappointing results on monday of 13 billion loss in division funds. Billion. N 17. 7 it is looking around for places it can find cash. Tmobile shares could be a good be a good spot for it to do that. Why does softbank have such a large stake in tmobile . Softbank bought a majority stake in sprint for 22 billion and almost immediately started trying to tmobile, andnd the Obama Administration said no. They had to shelve it, then it went back and two years ago tried to get that deal going again. It was looking shaky. There were all kinds of lawsuits. And then earlier this year softbank got a win. The government said it could go ahead and do that merger. It finally got the merger done. As a result it owns about a quarter of tmobile out of the stake in sprint. Softbank place where have a rear win layer win rare win. From 47rk is down billion a year ago area it is good that it has some assets that are doing ok. Emily that we work drop in valuation totally staggering. Softbank really needs this area 20 billion is a lot of shares. Caps off bank really get that done . Really get that done . Would have to be attractive enough to softbank it can compensate for weaknesses in the rest of its portfolio. Appetite foro be these large deals. Pnc, which is the big bank, 13 billion even in todays tough markets, deals like that can sweep through. Sometimes there is a discount when you are selling such a large amount of stock, but you can find buyers. Talk about how badly softbank needs this. Have made thats they have made bets that did not turn out well, we were being one of them. Panned out for them. Right right. When softbank reported results, the ceo of softbank said it was bullish the way the Company Invested in we work. A string of debts and then coronavirus has added insult to injury. They do have some strong portfolio. In their for example there is an Ecommerce Company that seems to be doing well that is questionable whether they have enough wins to compensate. There has been disaster after disaster. Thank you so much for breaking that down and giving us the update. That does it for this edition of bloomberg technology. This is bloomberg. Shery good evening from bloombergs headquarters. I am shery anh in new york. Haidi and i am haidi stroudwatts in sydney. Welcome to daybreak australia. China rebuffs u. S. Criticism of his virus response saying washington is shirking its responsibilities and initial optimism over a vaccine is draining away. Global