Million, representing more than a quarter of all cases globally. I want to bring in our Bloomberg Markets reporter, who has been on top of all of this action. What did you notice today, with more record highs it is the usual suspects that continue to lead the way. A story of tech outperformance again. Boarde higher across the when it comes to major averages, but the outperformance came from the nasdaq. A record high. It was up by more than 1. 5 . I want to highlight that even though tech stocks and stocks wasdly were higher, so gold. It has been the highest since 2011. 1800 an ounce. That creates safer assets. The tone is not all risk on. The tech has been a safety trade. They are benefiting from a world staying at home. Todays session was the largest of the large that were leading the way. Apple, amazon, facebook, all contributing the most to todays rally and all four of them closing at record highs today. From a valuation perspective, how overvalued does the tech market look . We are looking over extended. On the s p 500 informationtechnology index, which is classic, it is now above 30. I want totionary, highlight. I basically just mean amazon. It makes up 40 of that. We are nearing close to 40 in terms of where that is on a pe basis. Its starting to look relatively expensive analysts are starting expensive and analysts are starting to take no. Deutsche bank raised the price target but said he is surprised at the speed and magnitude of the rebound they have seen, that has made him nervous. Amazon, the stock is trading above 3000 and the price target is around 2800 and is the widest in years. There is a question of if these are priced to perfection. Day, anotherer price target raise that apple. I dont know why we continue to be surprised when analysts come through more bullish. Another big story. It is relative to intel. Partly due to the big chip rally we have seen. Above market cap is now 250 billion. Roses banks to the fact it 75 this year. Intel is on the red. It underscored how much more in demand nvidia chips have been. Their graphic chips used in data centers and cloudbased services. And Tech Companies that are benefiting in that it has elevated demand for this technology. It is more reliant on pc. It is trying to introduce similar graphics but nvidia is not weathering that challenge. Nvidia is now the Third Largest chipmaker, and is the largest in the u. S. Taylor. Taylor fundamentals and big market caps, thank you. To stick with some of the market moves, and we will do ax. Imh global curious of your thoughts. Outperform,inue to given we are transitioning from a work from home to a back to work scenario . I think that is the key point. The work from home economy is kind of coming to an end. We are getting to this economy where it will be much more of a work solution. People will be asked to come havethe offices and we seen some office is and close again. But the Computing Technologies power to work from home will continue to be relied upon by countries to enable the whereoving environment people will sometimes be in the office and sometimes at home. We also see it benefiting in other areas. Rapid testing and treatment will be key towards this real putting. As people try reopening. As people try to understand how the virus is spreading. We are seeing companies rapidly test their employees. Then we are looking at the growth of ecommerce. Looking atgoing to thinking about preventative measures about how they expose themselves to the virus in public. We think people will continue to do shopping, particularly groceries and retail online. Taylor before we get into individual sectors, just carious test jury is you are surprised at the resilience of the sector and the defensiveness that tech has become, or should we not be surprised . These are the companies with the most cash on hand, the precash flow generation, so in that way maybe its not as surprising as we thought. Jay that is the correct argument. I think these companies are showing they are essential to the economy. The companys defense is that people cannot fire the company. You cannot fire the company that supplies you basic goods and food. You cannot fire the company that allows you to do your job from home. Technology is becoming an fire a firable. N you talk about valuations. These Companies Like expensive, but they are critical, defensive, and continuing to show Phenomenal Growth rates. That warrants for high valuations compared to the s p. Taylor i want to dive into the sectors you mentioned earlier. You talk about the hybrid work arrangement stocks. What does that look like to you . What are those stocks . Jay videoconferencing stocks like zoom will be incredibly important. If you are at the office or not, you have to work with a team around the country or in different environments. Messaging apps are going to be incredibly important for communication important. Communication remains top of mind. Self s like salesforce, having access to that data and program wherever you are is going to be incredibly important going forward. Very much looking for the software in the data space that is attractive for this environment. Taylor you talk about Rapid Testing and treatment, even after a covid19 scenario, what has been the full case for that sector . Jay i dont think we have seen the peak of testing yet. We very well could see individual Companies Taking on testing themselves. If they are trying to create this safety bubble around their employees, advocates likely companies will do testing on daily or weekly basis. Universities are talking about students going back to campus. Right now we see testing mostly for people who might be sick. We will start to see it for everybody, regardless of how they feel, to create safe environments. Taylor what is the pushback on ecommerce . In from are all locked home, doing Online Grocery delivery, but what if there is a thee of, my one outing of day could be the grocery store, or i am eager for some stores to open so i can just have some human connection, are you worried about what that means for ecommerce . Or him i just overplaying it . Or am i just overplaying it . Long lines,l have in places like new york city. Being able to order online is still very important. Once you have gotten in the habit of ordering online, that habit perpetuates. This past decade has been groceries. People do not believe they could get fresh groceries. Worried aboute setting up their cart online because they could not see stuff in person. But now that people have ordered groceries online, its just another thing to get that delivered in a few hours or a few days. I think the habit has shifted for a lot of people and they are not going back to the old model. Taylor some structural changes you have talked about. , thank you. July 27 is the date we are looking for. The 4he date that make of four of the big executives will be grilled on antitrust issues in front of congress. Next, republican congressman kenneth buck. This is bloomberg. The ceos of amazon, facebook, alphabet and apple will be going to washington, via zoom on july 27. They will be in front of a congressional panel, investigating competition into the technology. There are likely to face critical questions from lawmakers on the panels antitrust subcommittee, as the investigation builds a case for revamping antitrust enforcement. We are joined by Congressman Ken Buck of colorado. Us. K you for joining curious about what you really want to hear from these executives come july 27. Rep. Buck we have been investigating in the subcommittee for several months. What i personally want to hear about our how these Large Companies are using their platforms, and if they are discriminating against the customers against those large platforms and competing unfairly. I think there are a number of that are beinges investigated right now. Some of the companies have purchased what would be competitors in the marketplace, and have cycled competition to their platforms by purchasing these competitors. Number ofnk that a members want to learn more about the anticompetitive behavior that we are looking at with the products that these platforms have gone into. Taylor we have four Different Companies that are in vastly different market areas. Them,o me about a few of most importantly, facebook and amazon. Is this an advertising issue . What really is the issue when it comes to amazon and facebook . Rep. Buck one of the issues with amazon is the immense share of the marketplace that its platform has, and whether it is using that position to then create competitors to companies that are advertising on amazon. If you are selling widgets on amazon and amazon is getting proprietary information as a result of the Company Selling those widgets, been amazon goes out and start its own Widget Company and is this competitive advantage and has this gained information as a platform, thats unfair. It may not be technically a violation of antitrust laws. One of the things the antitrust committee has to do is decide what to recommend to the house in terms of possible changes to the laws. Regulators in the past have been reluctant to enforce the antitrust laws against the supermarket that places its instore or its product in a competitive advantage to other products in the supermarket. This is a little bit different because these platforms are really unique in the amount of market that they cover. Cut thethe ceos ceos of these companies been forthcoming with you about this information . Rep. Buck we have not talked to the ceos of antitrust companies. Representatives have made statements that appear suspect. The policy at amazon is not to use the platform in a position to discriminate against these other companies. There is evidence that they are doing exactly that. Ceos,helpful to get the to have the ceos make a statement under oath, and make sure that in the future, if that is the policy of the company, the company follows that policy. Bipartisan real changes to the antitrust lot do you see as being prolific . Rep. Buck thats a great question. Next year is a new congress and we will see who has the majority. We will see what the priorities are for the majority party. I think its clear that a number of concerns have been raised about anticompetitive behavior with these four companies and the use of the platforms of those for companies four companies. This has been one of the most bipartisan efforts i have been associated with in my fight and a half years in congress. I am proud in my five and a half years in congress. I am proud of the democrats and republicans working so closely together. Taylor there has been differing investigations. The state attorney general has theres. Do you plan to bring cases separately or would it be better to Work Together and bring the states and doj together on one case . Rep. Buck i think we have a congress. E in our job is not to regulate or shutdown companies or to bring companies to court and a ledge violations and a ledge violations to the antitrust laws dge violations to the antitrust laws. These laws were created to break up trust in the early 1900s. They have been updated more the largeo deal with telecommunications companies, but they have not been updated to deal with the Tech Companies in the platforms we are seeing now. Our job in congress, we should gather information and the department of justice. Law and make make sure regulators have the tools they need to make the marketplace as competitive and vibrant as possible. Forlast thing we want is the Tech Industry in america to be dominated by a few companies, and i have the innovation we need to compete in the world marketplace. Taylor congressman, i want to switch gears to tictoc tikto k. If this bill is why partisan what is the starting point to prevent tiktok from getting on government devices and banning it in the u. S. Altogether . Rep. Buck the reality is that is able to deliver information to the Chinese Communist party. We need to make sure that federal employees receiving devices from the federal department and are conducting business on those devices, whether a cell phone, laptop or just top computer, or desktop computer, whatever the device is should not be allowed on government devices so that the Chinese Government does not receive information about what federal employees are doing. I think the president has talked about this, i would like to see a much larger ban on tiktok in the united states. We have started the letter. I think it will be a bipartisan letter. Aboutis a lot of concern the theft of intellectual and the by the chinese spying that goes on in the hightech area. This is something we will certainly focus on. Federal devices at first. You will see a broader effort when it comes to tiktok and other chinese companies. Oflor Congressman Ken Buck colorado. Thank you for joining us. Stay with us. Twitter is looking for a new source of revenue, could subscriptionbased be in its future . We will discuss this next. This is bloomberg. Rising early as much as 12 . All on speculation that the social Media Company is building a paid subscriptionbased service. Lets get the latest. Was the jobed me posting. Jobhere were a couple of posting that they are looking for engineers to build a subscription product. Twitter has talked about a subscription for years. It has been one of those things that has always been on the minds of product managers and business folks, but they have never pulled the trigger. All of a sudden we see a couple of postings out there saying they are building this. I spoke with a person familiar with the company would told me indeed, twitter is looking at different revenues, alternative to just advertising. This is one of the things they are considering. Taylor that is very interesting. We have heard ceos like Mark Zuckerberg saying they want to be adbased and dont want to go the subscription route. What about twitter and the executives on the inside make them think that a subscriptionbased model on top of an adbased model might be the future . To clear up is, we dont know what it will look like one thing to clear up is, we dont know what it will look like. My guess is that it would not be a requirement. Where all 100 plus million twitter users would have to pay the services, just the power users who want extra features. But if you look at whats happening at twitter, look at the pressure the Ceo Jack Dorsey is under. Activistths ago investors started taking interest in the company and now they have board seats. It does make sense that twitter would say, what can we do to jumpstart the business, especially when advertising is down with coronavirus. Make is a lot of things to sense about this. There is a ton we dont know. Because of pressure on jack dorsey, it does seem like the type of thing they would look into. Is not wall street buying it. If you analyst said it was highly unlikely. But they mention power users using it for data or analytics. Does that go along with what you were thinking . Kurt the way they have talked about this in the past has been on the tweet deck. If a service that power users use. He gives you a different timeline and its easier to follow the different lists. Its the kind of future and product that i think you could get some people to pay for. My guess is thats the type of thing they would look at, more so than just the regular users who use the app everyday. Wagner, thank you for bringing us the latest. The pandemic has brought a major shift to telemedicine, but will it be popular when the crisis is over . We will speak to one of the ceos. Taylor this is bloomberg technology. I am taylor riggs in new york in for emily chang. The coronavirus pandemic has transformed the landscape of health care with rapid shifts to telehealth. Joining us to discuss the surge in demands and what lies ahead for telehealth is the ceo of one medical, a san franciscobased primary care pat florham care platform. Great to have you. What demand shifts have you been seeing since february, march, when the coronavirus pandemic came to a head, and how that has transitioned into sales in july . Great to be with you. Combineedical, we Digital Health and multi modality. That can be ondemand video chat, messaging, questions with in person care and testing. We were set up pretty well to deal with covid. During this time we saw a huge influx of Digital Health, but not video chats. Can i get screened for covid, do i have the symptoms . In fullp testing sites ppe across the country in various locations. Certainly saw an influx in demand there. And from employers and other institutions that are trying to get their employees screened to return to work. Curious if thery changes we have seen are structural in nature or if people want to go back and be able to see their doctors and have more of a human to Human Interaction . Amir we could talk about bce, before the covid era. Before the covid era we had seven, ciber individual and two were in person. We always had a high digital touch. We had very low friction. You could message, you could email, you could video chat. We bundled that into a membership fee so there is not a copay or deductible. Our providers are all salaried so there are no incentives there. We saw, in our model the for covid, this desire for multi modality. Maybe if i have privacy i can video, but maybe if i need blood done i can come in. We believe we will continue to see that multi modality approach after the covid era. Taylor are you able to give us any insight into the types of services at our most requested . If its a routine checkup or if you see services for Mental Health issues, for example, as we have struggled to figure out the work from home environment. Are you able to talk about any insights that customers are increasingly looking for . Yea, it has really been the full range. Certainly, people were putting off, in some of thei preventative care. There was a lot of concern around do i have covid . There were certainly covid concerns. Definitely an increase in Mental Health. We have our medical program that is virtual for behavioral health. We have seen increased utilization there. It is kind of the full gamut. Immunizations,ir they need their pap smears, they need their cancer screenings, kind of the full range of things we are seeing. Taylor are you counting your lucky stars you started in january before the volatility in the markets it . Would therey we ipo were three things. The first was the impeachment, the second was brexit, and the third was issues that might impact the supply chain post covid. It has been quite the run since then. What is your profitability looking like as a newly tech ipo . About ourre excited organization and our financial performance. We have positive Gross Margins as we have recorded in our prior earnings calls, in the mid30 . We see those growing to the above 20 and other margins. We are on that path. As we have attractive opportunities, we are growing. We opened atlanta, portland, oregon. We are about to open orange county, california. We are opening in austin, texas. Then we are growing in our existing markets. Pursue this with profitable business. We call our gross margin our care margin, its not a gap measure but its our equivalent. We are seeing positive margins in that, so we want to continue pursuing that growth. Posted you will keep us when that moment happens. Our thank you to one medical ceo amir rubin. Google continues to face challenges in securing its business in china. It is tracking a major Cloud Computing project. That story is next. This is bloomberg. Bloomberg has learned that google shut down its plans to offer a major new Cloud Service in china. Politically sensitive country. The product was next back in may. I want to bring in our bloomberg correspondent. I am curious as to if its the pandemic, rising trade tensions, what are you hearing . Those two things were part of the decision. The tray tension between the u. S. And china that has manifested itself in several ways. China ise ways that pretty strict when it comes to handling user data online. You have various obligations to have to hand over user data to the Chinese Government. That type of thing makes it hard for the u. S. Company to provide a Cloud Service that is kind of connected to the rest of the world and to the rest of the data centers. Google is scrapping plans, where does that leave it to other places . Are there any other u. S. Companies that are working within cloud in china as well . Most interesting amazon, microsoft and they are already leading in the cloud ahead of google. But those companies have joint ventures in china. Youway this works is that 51 of hand at least joint venture to the chinese equity and they eventually control it. But microsoft does get benefits. If you are a Multinational Company with microsoft cloud who wants to do something in china, microsoft can offer that to you. At the moment google cannot really do that. There any hints that google could go back and do a joint venture, like you mentioned any u. S. Companies wont grow, since future growth is in china and cloud providers, thats the only way. Would there be Something Like 51 for someone like google . Grappling thiste particular project, the company has been considering other ways in. It helps Companies Access different types of Cloud Services so a kind of sits on top of those different Cloud Services. And there are thinking about a way to bring the costs to china. That would be one way for them. Taylor bloombergs alistair barr. Developrs are racing to a treatment against covid19. Expects tos his firm start human testing on to vaccines by the end of 2020. He said he wont rush vaccine developments for safety. He spoke earlier with carlisle cofounder david rubenstein. Approach tour coming up with vaccines is, we try to make sure we are focused only on the science. Funding considerations are secondary. We are working on two different vaccines right now. Both of those vaccines have certain things in common. Can conferthey both protection with a single dose, which we think is important. Most vaccines give the promise of being controlled broadly. In the history of the world there has never been one vaccine that has been given to every person on the earth. We wanted to use proven platforms, that is to say, if you think about a vaccine, lets give a little analogy, the front end of the vaccine is the into jen or the protein that stimulates against a particular virus. 2. This case, sars cov that sort of like the hardware. The two platforms we have chosen our platforms that have been approved by fda in different contexts. One is the measles virus platform. Measles virus vaccine has been given to millions of people around the world safely. The second one is what we used in our ebola vaccine, the most recent one approved. For us, it was important to work with proven platforms that we know are safe and effective that have been used in many people. Rna, are youger comfortable that can work or are you sure it can work . Ken that is not a technology we are pursuing. One of the great things about this whole covid19 situation is that there are about 160 different vaccine programs pending. Messenger rna, some people think that is on speed. We want to make sure we have a proven platform and have confidence a vaccine can be done with one does. Has a lot of experience with a vaccine. A weakened virus vaccine. That is what we have done before and therefore that is where we went. David some of the companies have been given billions of dollars by the federal government. Is that an unfair advantage for someone like you . Is that something you are worried about, or do you not care . i wouldnt say i dont care, but we want to be able to pursue this in a rigorous and orderly way. Forwarde able to come with the Consumer Confidence that we will, we think the funding will be there. I dont dig a disadvantage. D i dont think its a disadvantage. David when will there be a vaccine . Other wont speak to peoples vaccine programs, but we expect to go into human testing by the end of the year. What i can tell you is that the fastest vaccine ever developed was our vaccine and that took four years. We know the urgency of the situation will cause us to move quickly, but never ever at the expense of safety. Ken what phase are you in for what trials david phase are you in for human trials . Ken we are thinking about going into human trials. You can call those phase one phase two trials if designed in the right way. The fda came out with very thoughtful guidance. What they said is that they would not even approve a vaccine for emergencies of us there were six months of observational data. There gives you a sense that the fastest there could be is one year from now. David some companies that are theing money from government are actually manufacturing the vaccine on the hopes that they get approved. Are you manufacturing the vaccine you are developing, or not yet . Ken we are scaling out to be able to make hundreds of millions of both vaccines. Thats the example of trying to compress the time period without sacrificing safety. That these bears out vaccines are useful and safe from a riskbenefit standpoint, we will be ready to come forward with hundreds of millions of doses in a short order. Taylor bloomberg technology. That was Taylor Taylor that was mark ceo ken frazier. A faulty social network for vaccine divisions that affect its users. From hate speech to Voter Suppression. We discussed this with vanita gupta. All of that is next. This is bloomberg. Taylor facebook releasing the results of independent civil rights audit, which concluded the decision by the social network have resulted in serious setbacks for civil rights. This comingjust a day between advocacy groups. Here to discuss is the president and ceo of the Leadership Conference of civil and human rights. She was on yesterdays call between facebook leadership and civil rights groups. Talk to me about the audit. What stood out to you . Think the audit really amplified what the civil rights have beenons concerned about with the platform, about how the platform has been weaponize for Voter Suppression, for problems around that thete, and company itself has not done enough on these issues to be able to give us sufficient comfort. The civil rights audit has been going on for the last two years. Many of our organizations have been very involved with it. The audit and the external pressure has resulted in facebook changing some lawful and discriminatory ad targeting happening. Anddisinformation policy enforcement regimes. Fighting hate online, lack of inhouse civil rights infrastructure and expertise. These remain very serious things that the company had yet to accomplish. Taylor on the call with whattives yesterday changes came out that you like . Vanita the Leadership Conference with the Legal Defense fund, the call came at the tail end of boycott organizers. It was a continuation of a call to dig in deep with Mark Zuckerberg and Sheryl Sandberg about how the platform is dealing with Voter Suppression, and what they are going to do to protect their elections in a climate when a country is as polarized as we may have ever been, where we have elected officials and politicians giving out misinformation about voting. Almost on a daily basis where it will only get more intensified. Problems around supremacy and hate are going unchecked. This was a conversation to continue to push. The civil rights audit report gives a certain heft to the concerns that we have been levying. This is not the end game by any stretch of the imagination. The company is under enormous pressure from civil rights advocates. And this audit from the boycott, from employees internally who have been dismayed about some of the decisions that mark has made, visavis posts from the president , and others that seem to weaponize the platform. We have made some progress on having ahese policies, Voter Suppression policy, having a more rigorous policy to combat hate online. Omissions andmore actions that the core omissions and actions the company has yet to take. Those are clearly outlined in the report. These are things that will be on the top of the agenda for those of us that are working every day to protect our democracy and make sure facebook and other media platforms are not undermining them in the way we see it happen in 2016 in the u. S. , but also around the world. Fromr did you walk away that meeting thinking facebook is more prepared for the election . Vanita no, because i think there remains pretty significant steps we are asking the company to take. Facebook did make recent announcements around pushing and promoting voter registration, is showing and creating an online Voter Education portal to provide Accurate Information to voters. We have a situation where we will have a november election amid a global pandemic, we are pushing for states to get ready. We have seen terrible situations in places like wisconsin and georgia. Places unprepared for carrying out elections amid the pandemic. That is part of the work that is ongoing. But there will be a massive Voter Education effort underway and the fall and there is so much room for disinformation. That is the kind of thing that facebook needs to be ready for. Until they adequately police ,oliticians actively stoke fear we are not going to be satisfied. They are still in action mode in terms of thinking about this, but we have to see the proof in the pudding the next couple of weeks. Time is of the essence. Taylor critics often say they dont want facebook to be the platform and the police. Do your do you want regulation or do you want facebook to be the police . Vanita facebook already has community standards. They have adopted those community standards. Place. Ve policies in it is not that they are a neutral platform, no, a have made the choice, and repeatedly through policy adoption to police certain things over others. They have policies in place they are not enforcing. This is not an either or. This is about facebook taking seriously the policies they have adopted, and going for their further to ensure the platform does not come this platform of disinformation that undermines our democracy and herds of vulnerable communities in the process hurts vulnerable communities in the process. This is about making sure civil rights are applied in the platform. Thats what the push on unlawful add ending was about ad ending was about. Regulation is something that a lot of people, including members of congress, are actively thinking about. Taylor unfortunately we will have to leave it there. The president and ceo of the Leadership Conference on civil and human rights, always need more time. That does it today for this edition of bloomberg technology. Twitterivestreaming on so keep following us. This is bloomberg. Good evening bread we are counting down to asias major market open. Im shery ahn in new york. Welcome to daybreak australia. Tensions are focused on tech. Ompanies the pandemic reaches another grim milestone with cases in the u. S. Climbing above 3 million