Turning lower. The virus setting new records across the u. S. Californias hospitalizations jumping to a new high. Rates of new cases also hitting new levels. I want to bring in kailey leinz, who has been all over the Market Action today. We were hitting a lot highs yesterday but the selloff seeming to accelerate in the final hours of trading. Snapping eight five day winning streak on the s p 500, as we approach the close today. It seemed to be a story of tech outperformance throughout much of the day. That weakness heading into the end of training. The nasdaq holding up relatively better than some of the other major averages. It was still down by about 0. 9 . But that was not as great as the laws we saw on the nasdaq or s p 500. The russell 2000 down the better part of 2 . Much more sensitive to the Economic Growth story. That seems to be the issue today, that investors are kind of pondering whether or not the recovery will take a lot longer than perhaps previously thought. You saw that reflected across Asset Classes as well. Bond yields moving lower, into other safe havens. Gold futures above 1800 per ounce. Backis the highest since in 2011. Taylor i sound like a broken record but it really is the resilience of this market that has been astounding. What do you make of such big tech names like apple, amazon hitting record highs yesterday despite a little bit of a selloff today . Theey if you look at Information Technology index relative to the broader index, that is still sitting around the 2000. T since july a little bit of profit taking in the mega cap names that have rallied so far. Microsoft and amazon ended the day lower. Amazon falling underneath the 1. 5 trillion market cap it reached yesterday. Taylor the trade the last few months has really been those work from home stocks. Amazon in particular has been one of the star outperformance. Today, walmart announcing what amazon prime competitor. What are you making of walmart and that announcement . To get the market to like you is either to be big tech or to be directly competing with big tex. That is what walmart has been trying to do, announcing a subscription service. 98 per year gets you access things like sameday shipping. That is seen as something that could boost profitability for its web business and bring you more on par. I would note that walmart was the biggest points contributor to the s p 500 and the biggest contributor to Consumer Staples index, the only one that ended the day in the green today. Taylor kailey leinz, market reporter, thank you for joining us. I want to stick with some of the big tech movers. We go to dan ives. Talk to be about these record highs. Does anything about this market, the fact that it is led by so Many Companies getting bigger and bigger, does any of that make you nervous . Dan the stronger getting stronger. You are seeing that with faang names outperforming. We think they could be up another 20, 20 5 over the next months. I think what is starting to happen now across cloud, across cybersecurity, ecommerce, you are seeing a lack of secular growth stories. , those are stocks that will continue to move higher. We are only in the sixth, seventh inning of what we see as the rest of this rally. Theor and you are seeing rest of this rally through 2020 or looking out into 2021 . We believe, especially going into next year, there has way to play the pandemic and selloff, it started in march, april, where you look , tohese rebound names navigate through the storm. Now, you start seeing economic rebounds and more normalized 2021 numbers. The second piece of this tech rally. I think we will start to see that as we go through the numbers where i think a lot of these models start to move higher. A second wave here, obviously a shaky acro. But, we are bullish and we still think tech stocks have another 20 , 25 ahead. Taylor you have been bullish and, frankly, that call has largely paid off for you. In tech, some of the names you know, amazon, a classic work from home stock where the benefits were pretty easy to spot. What other stock sectors do you like that might not be as obvious . Dan in terms of ones that are not as obvious, you start to a tangential, beneficiary that i think needs to be a huge theme over the next six p nine months. The next 69 months. Think is, which i starting to get a second life. I believe cybersecurity will be a massive phase of consolidation. Even though work from home with zoom, slack, others have been front and center, i think you go that next layer, cybersecurity, some of these cloud names like doc you sign, have a lot higher to go. Orlor you see as a Merger Acquisition potential . Dan i think you will see both strategic and financial m a. I think there will be a buying spree. Especially in cloud, what is starting to happen is cloud and cybersecurity are starting to see more of a blending. You will see more strategic acquisitions. Theseoft, oracle, some of larger companies. Ishink the prime space cybersecurity where i think you could see 10 , 15 of these Companies Get inquired get acquired over the next 1218 months. Taylor i am shocked that tesla keeps climbing higher and higher. Is it demand, is it the easy market, is it batteries . What is the bull case for testa for tesla that you have frankly been correct on so far. Dan as we have talked about over the past year, a lot of the anticipation about the china market, what the trajectory is. Now it is not just talk the talk , it is walk the walk. 150,000 potential deliveries in the first year coming out of china. Then you look at deliveries this quarter, 90,000. That is a john dropper in terms of a number. The two years, you could be looking at a million deliveries. ,ou start trajectory that out that is why i believe the 2000 stock is the next trigger point where the stock can go. Foror thank you as always your time on the market insight. Stay with us because coming up next, after a meeting with civil rights leaders, facebook has failed to appease the group that organized a boycott of ads. We will speak to the Antidefamation LeagueCeo Jonathan Greenblatt. This is bloomberg. Taylor Facebook Ceo Mark Zuckerberg and coo Sheryl Sandberg met today with a group of civil rights leaders who have organized a boycott of facebook products. Antidefamation league Ceo Jonathan Greenblatt was in the meeting. Jonathan, what is your key takeaway from that meeting . Jonathan thank you for having me tonight. Look, adl is the oldest antihate organization in the world. We have seen a lot. But i have not quite seen what we experienced today. The meeting was disappointing, to say the least. We, and the stop hate forprofit coalition which includes naacp, many groups, we laid out an agenda weeks ago. Our recommendations are simple, straightforward, doable. Facebook asked us for this meeting. We expected them to share details and time frames to execute on our recommendations. Instead, we did not get details and we did not get time frames. So this fell far short of what we were expecting. Taylor are you worried than that meetings are conversations with facebook are talking the talk but you have not necessarily seen walk the walk yet . Jonathan that is a fair way of putting it. They said, we are not doing this because we are advertisers. We pushed back because that is the only reason they met with us. In less than three weeks, more than 1000 organizations from iconic mobile prints Small Businesses of local groups, ngos, have all joined stop hate forprofit. What was somewhat confusing today is we thought it would be constructive and concrete. It was not that at all. We heard them say they appreciate hearing about the nuance of the issues. In whiteno nuance nationalism. It just has to stop. They talked about the neutrality of the platform. You cant be neutral on extremism or hate. We expect the company to have a zerotolerance policy on intolerance just like every company in america. Today, that is not what we have. Taylor talk to me about some of the clearcut proposals you talked about today that were in that presentation. What does real change, real action look like to you . Change meansl clear civil rights leadership in the csuite at facebook so that consideration runs through the whole company. They talked about maybe creating a job. We talked about showing transparency, auditing there hate content. Independent thirdparty with public results. They are now talking about some Advertising Group that will look at hate on the platform but, i am sorry, i dont trust Mark Zuckerberg on antisemitism or racism. Naacp, color of change. We talked about removing facebook groups that espouse hateful content. This one is pretty straightforward. I dont believe that qanon conspiracy groups are playing a constructive role in the public conversation. I dont believe Holocaust Denial is him is a legitimate scientific there he. The fact that facebook cant shut these down tomorrow, the most sophisticated advertising platform in the history of capitalism needs to use that energy to take down 99. 99 of hate content. Again, not what they think is appropriate, but what the civil Rights Groups are telling them is appropriate. Taylor some of the criticism has come from facebook offering a platform but they dont want to police the content. Some of the synonyms i have heard of, it is like a highway but they dont want to speak about speed limits. They donts said want facebook to be the arbiters of truth telling us what see and what we dont see. How do you respond to that . Jonathan the slippery slope argument, i just dont buy it. The adl has been fighting for the First Amendment over 100 years. We deeply believe in freedom of speech. But freedom of speech is not freedom to slander minorities. Freedom of assembly is not freedom to assemble around intolerance and promote violence. There are those in our country who are focused on the political debate and polarization. But there is nothing political about calling out prejudice. You dont reason why have white nationalists programming on bloomberg. There is a reason why you dont have kkk meetings at the marriott. And there is a reason why the all right doesnt have book clubs at the starbucks. Because those businesses want to host hate. All we would do is ask for the very same thing from facebook. By the way, it is not just the adl or stop hate forprofit, it is a thousand businesses from around the world that dont want their ad dollars subsidizing hate. Taylor what platform, in your opinion, has done the best job at this . Jonathan all of the social Media Services are improving. Just last week, read it shut down thousands of toxic subreddit. Youtube shut down some incredibly hateful channels on their service. Even twitch shut down a very toxic channel last week. As we think about all of these platforms, it is critical to remember that facebook is by far the largest and most profitable of these. Its revenue, its profits are larger than any of these companies Topline Revenue numbers. So that company has the kind of resources and innovation they need to apply to solve this problem once and for all. Taylor we just have about a minute. Curious if you think more regulation is needed or would solve some of your concerns . Jonathan we dont need an active congress or elected officials. We need, simply put, moral leadership. We need Mark Zuckerberg and facebook to say that there is a set of values like decency, pluralism, accountability. Other businesses live by those values, we will live by those values. It is not that hard. Taylor i appreciate your time. That is Antidefamation LeagueCeo Jonathan Greenblatt. Thiels allener Tier Technologies files to go public. Why now . All those details, next. This is bloomberg. Taylor novavax ceo and president joined bloomberg earlier to discuss the Science Behind their vaccine candidate. We have taken the tactic of having a vaccine that has a recompetent protein that we make at large scale. That protein itself has the ability to stimulate antibody responses that should be protected. Adjutant. X it with an the purpose is to boost the immune response to the antigen, and boost a t cell response. Our vaccine has both. You would think both components are important. Do you think a world where we get like a oneshot and done things like measles is realistic . Could you give me a perspective on timing of multishot versus a oneshot deal . I think the data so far, trying out one dose per day on day zero, following that with a dose on day 21 others are taking approaches where they are trying just one dose. Otherare several approaches, we are all targeting the same protein, called a spike protein, a protein on the surface of the virus that has to bind with human respiratory cells. If you make antibodies to that spike protein, then you block it. Are several different , one where main ways is inside of a viral vector that has been killed so it does not infect you. Mrna thate is to make encodes the same spike protein. Ours is i guess the more proven, traditional way, to actually a nanoe protein itself, particle, really immunogenic. Ofthose three different ways making that protein could result in three different immune responses. The data will show us. In not very long. We are all racing as fast as we can. We are in phase one trials. We get data by the end of this month. Those phase one trials should turn into phase two trials in august. Sometime in the fall, we should have some evidence that our vaccine is stimulating an immune response. Dr. Fauci also talked about the other day the fact that we are starting to see mutations in the virus. Would that affect the spike you are talking about. If that were to mutate, how problematic would it be for your effort . We have looked at it and so far, we are in the clear. That is why you want to have a vaccine like ours, that has a fulllength protein, stimulates antibodies to many parts of the protein, and has an antigen to stimulate response. There is a lot of Vaccine Development out there. How is it to get test patients to try the vaccine . Is it easy . Do you have to compete with other companies . It is a question that is increasingly asked. It is not hard to do a phase one study. We had 130 people in one day. As you get into trials with 30,000 people, we can do that as well. There are a lot of people who would love to have an experimental coronavirus vaccine. With 30,000r trials people, you might bump into one another. That has to be worked out. Certainly plenty of trials. No shortage of people who want to try a coronavirus vaccine. So that can be sorted out. Ceoor that was novavax speaking to bloomberg earlier. Coming up, uber and postmates still unprofitable but now they are together. Will the deal help them get to profitability . Our exclusive conversation with the postmates ceo. This is bloomberg. Alan Tier Technologies is filed u. S. Regulators for a public stock listing, taking a major step towards a debut years in the making. The data mining startup is one of silicon valleys most valuable private companies. A guest whoing him covers startups here bring in a guest covers startups here. Why do this now . There are two reasons. They said it has taken the more than twice the normal timeframe for a tech startup. One reason is they have had very rich, patient investors who keep funding efforts were in no rush or need to make a quick slip. The second reason is that it just has not been ready. We broke the story back in april and we talked with you about it when it gave investors a projection for 2020, showing that it would break even for the first time. The reason they have been able to do this is because they were able to shift from being kind of like a consultancy where they would custom build their platform from each client into something they could actually sell straight outofthebox. Its interesting in Technology Land when you file confidentially for a public stock listing versus an ipo. There has been a big debate about the differences between the two. What we know about how it relates to an ipo versus just the stock listing . Decision evidently created a lot of was. To filelity confidentially has been around for eight years. A lot of Tech Companies like to do it because it allows them to signal to the market or just keep it on the down low that they are preparing to have a public listing, whether an ipo or direct listing, without actually revealing any financials or strategies, any of the details that would possibly put them at a disadvantage while they pull their act together and get ready for prime time. Thates make all of information public so investors can take a look, but it is much closer to the actual listing, analysts point out, we dont know if they are going to do an ipo and raise money or a direct listing which is simply existing shareholders selling their stock. Taylor what is the biggest data point you are looking for . What is the biggest data point you like to see you sift through the stock the documents . There are lots that have been under wraps for a long time. They have massive contracts with governments and private companies worldwide. They have multiyear deals with the department of homeland security, with all of our three letter military branches. One thing that will be interesting is the level of transparency that will be available on this company. You asked regarding the data points, one of them that i thought was interesting that we april wasto share in a large number of these deals, more than 70 , are multiyear deals. So as of 2020, they had already booked the vast majority of their revenue that they were just going to recognize. Its something you dont always see with Tech Companies. Thats something im sure a lot of people will be looking for, again, as well as profitability. Its something they were working for and was just looking to break even. That will indeed be something we are watching. Taylor the ever elusive profitability. Lizette chapman is all over it for us. Now i want to move to uber and their billiondollar acquisition from postmates, once a pioneer of the gig economy. Emily chang spoke with the postmates ceo about his decision to sell and what the future of food delivery looks like. We were very close to flipping and we were excited what that path but happened was we came up with what we believe was a framework that makes sense to bring the companies together and we took it from there. What can you tell us . I know uber told us the apple run independently how many employees will still have a job . I think we have been focused handon the deleverage there is going to be sometime when theres work to be done from an antitrust side. We think we have time to figure out the details of the integration. Uber is very excited about the brand. It is something they were missing and is a very ideal brand in the food delivery space i believe it will be a great combination i have no doubt that our team and employees find a great home in the joined entity. As for myself, we have not talked about the role at all, but if dara were to retire, you know. This is still a competitive, accelerating business. What is your view on how the market looks . Who wins and are they still bleeding cash . Bastian the most important thing is that this is a market that is rapidly evolving. Achieved 85 of u. S. Households and a couple of this market is growing. Abilityamazons strong to deliver groceries from whole foods, you see target in shifts. This is a market that is evolving. Loss, as tragic as its has pushed the market forward by at least two or three years. If you look at the order frequency of prepared food and you compare this to europe, United States is not leading and i think the habits of customers will change in the order frequency and usage of these services will accelerate. This is a very interesting space and i believe it is the next frontier in commerce. Pace andove at a rapid i do think the players you see right now, more than it is probably understood, are in their own ways on a path to profitability and have great prospects to get there. All of these companies have been fighting a law in california which says these contract workers should be fulltime employees with fulltime benefits, and at the same time, you have cities putting caps on the fees you can charge and i believe some companies have been accused of flouting some of those new rules. How big a risk are these issues to the longterm success of all of these businesses . Bastian clearly, there are challenges out there. Unfortunately became thingh of a political that it is almost impossible to talk about it anymore from just a factual basis, but we believe it provides no framework on the future of work in the gig economy we have propose and wetives as a company are the only company in the space with the fleet that interacts with the company and its a beautiful thing to see. Propose ave jointly different way and we will continue to see the legislative compromise that i believe is a lot better than what we have. If you think about cities proposing certain restrictions to the plot, there are clearly things we can do that are better than simple restrictions. I believe that funds in all of these players play into that are redistributed to restaurants are much better approach is a much better approach and we continue to advocate that we are making great had headwind. Taylor that was the postmates cofounder and ceo. We hear about the latest ecommerce initiative from the verishop ceo. All that. This is bloomberg. Taylor social shopping has long been a strategy from some of the chinese tech giants. The Santa Monicabased startup verishop posted a trend that will catch on in the u. S. , using an ecommerce app the company says will set it apart from previous social shopping initiatives. Joining us with more is the verishop ceo. How do you start to stand out from some of the other social commerce sites that have not been as successful . Yes, and thank you for having. One of the most interesting things is when you are trying to build innovation to make sure that you deliver on the core experience first. When the iphone first came along, i was living in new york. I went to the apple store on 5th avenue and bought a new iphone and the first thing i did was call some because if i had to give up my old phone and get a completely new phone with a new carrier, i wanted to make sure the phone worked. Companieslot of the forget the core thing that you need delivered the best customer and have to make sure people get the product on time. Thatll be needed to make sure the first year at the company was like. We really invested inconvenience and customer support. Innovation building so that we can delight our customers even more. Taylor i understand the timing. We are all at home using these devices scrolling through social apps. On the other hand, we are all worried about the consumer. We are still in a pandemic and have millions unemployed. Are you worried about the health of the consumer to be shopping . The most interesting thing we built, is not about shopping, few its about having a it is not pure joy about trying to put something on your face to buy it right away, its not that the purpose is you go there you have a few minutes of free time in your hectic life and you can consume great content. If any of that really inspires , you can click on it and Computer Vision will recommends a similar product. Want tooal is that we and consumer entertainment i think its really different from what we have in the western world. Taylor what lessons did you take from snap you are now applying in this new app you are launching . Snap was a great experience for me. For that, i worked in wall street with evan, one of the best products people of his generation. We learned was to take peopletion from everyday and to build products from the. From that. Learning that with evan and the great team that snape had was very excited thatll be try to bring at verishop. Taylor you are well connected with in the world of silicon valley. I am curious to get your thoughts on palantir technologies. We were talking about this Secretive Company filing a stock listing. Your thoughts on another tech company that is arguably not profitable coming out in this environment . Yeah. Interesting. I engage with palantir to dobbs banking aestment great company, seems like they are solving a great problem. Question, to your there are multiple investments that went into the private companies over the last 15 years or so. If you look at Companies Like , theseor Google Companies went public at a much smaller scale. But because investors are interested in investing in private companies, you saw a lot of capital went to their went there. So there are a lot of Interesting Companies in the private space and i expect they have to go up. I cannot really think about timing, but it is healthy for these private companies to come public. I cannot specifically comment about palliative, but it would be helpful for some of these Great Companies to come public because then some could potentially participate on that along with other individuals who have access to this public market. Taylor tiktok is another company that we have been following, now pulling out of hong kong due to some of the newly enacted laws that china has imposed. Your take not only on tiktok pulling out of hong kong, but other scrutiny tiktok is facing in the u. S. As we are not sure what they are doing with the data . Think their Parent Company has done a really great job with the product. I use the product, person and find it very addictive. Personally, and find it very addictive. Starting from a product perspective, we look at all of the great things they have done. In terms of what they do with honest i have no inside knowledge and cant , but ispeak about it really admire what they have. One on the consumer side taylor verishop ceo thank you for joining us. And speaking of tiktok, we are going to be covering this as well. A Popular Video app facing criticism from both beijing and washington. Why they are pulling out of washington and may find themselves blocked in the u. S. All of that next. This is bloomberg. Taylor tiktok is pulling its viral video app from hong kong. After beijing enacted sweeping powers to crack down on National Security threats in the region. The app continues to face scrutiny in the u. S. And beyond for censoring content. For more, i want to bring in shelley bando. Yourthough on thoughts on their underlying reasons for doing that . Astute exactly quite a and astute political move on tiktoks part. Unlike others, they really saw the political winds shifting in hong kong and china and realized they could actually come out u. S. Officialsse and others who have accused tiktok of handing over data to the Chinese Government. Out and, they can pull no they are not going to give any data to the Chinese Government will also looking good to beijing, which is happy to see another social media platforms that protesters and other antigovernment folk have used in hong kong to organize. Taylor exactly. Doesnt this just help the chinese . Wasn that the you mentioned mainly for prodemocracy protesters . Righthis not just fall into the laps of the Chinese Communist party . Exactly. Popularas not super just because a lot of the young protesters already were nervous about the chinese ownership and did not post a lot on tiktok, but it was one area where folks around the world would post things about china. Tiktok is not that big in hong kong, so they are not going to lose out on a lot of money, and at some point, they could allow people in hong kong to use the chinese version of the app. Mean forhat does this tiktok from a business perspective . And what does this now mean for hong kong . I have already spoken to people in hong kong who are kind of bummed about it. Its more about the need to think about what will now be next. Facebook and google, things that are used for everyday business in hong kong by banks and other companies, you know there is kind of no way they will be able to continue along if they are going to be asked for Data Requests from the Chinese Government. The thing a lot of people are afraid of is is this the first attack coming in hong kong and what is that going to do the business and economy if you can no longer use apps like this . Taylor you have a lot of u. S. Legislators and officials looking perhaps at banning tiktok. We are not quite sure what they do with the data. What are you hearing about ramped up pressure here in the u. S. . For a while, we were hearing from senators. Forth anumer has put investigation we saw donald trump today come out and say we are going to look at banning tiktok in the u. S. This is important not because this might not necessarily follow through, but because of the way he characterized it. You know, we are looking for ways to shoot back at china and tiktok to be one of those areas of collateral damage. Tiktok has spent the last part the large part of the last two years trying to convince america that it is not a chinese company. Rounds today and said we are an american company, with an american ceo. People in the000 u. S. And we should be treated like an american company, so you are going to see that battle play out, especially in the months leading to the election. Taylor our thanks as always. That does it for this edition of bloomberg technology. We are livestreaming on twitter. Check us out and follow our global breaking news network. This is bloomberg. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. World headquarters. We are counting down to asias major market opens. Im shery ahn new york. Here are your top stories. U. S. Stocks slump amid concerns the economy has a long way to go to get back on track. Hotels and airlines are badly hit and tech is not far behind. Daily cases in texas,