Celebrities like lynn arctic caprio and Kim Kardashian. Newly Public Companies newly Public Tech Companies roaring out of the gate. Frog closing j with huge gains and ceos join us. President trump is expected to give a press conference any moment at the white house and we will bring you headlines from that event. News tumbling out by the minute with oracles bid for tiktok. Moments ago bloomberg learned the following about the terms of the deal. That oracle would happen all of tiktoks u. S. User data in this scenario and oversee all of tiktoks u. S. Technical operations. Oracle would be able to check source code to prevent backdoors. Tiktoks u. S. Board would be approved by the u. S. Government and oracle would create, they say, 20,000 new jobs through tiktok operations. Joining us to talk about how it has impacted markets, we have bloombergs sarah ponczek. Lets start with the fed decision and how it rippled across the markets today . Sarah we have a lot of moving parts but when it comes to the fed, you officially have what is called outcomebased for guidance. As some call it enhanced for guidance. Werethe highlights were, one, the fed does not expect to raise Interest Rates until 2023. Three years away. Will notme time, they raise Interest Rates until inflation does meet the 2 target on an average basis, and we seek maximum employment. As you did mention, chair powell did say the recovery has been faster than he expected, Downside Risks are hanging around. When i spoke with investors about maybe what bugs the markets, what sent stocks lowers, you see the s p ending down. 5 after gaining at one point point 8 , it was about quantitative easing. That there were no further promises on that and. So we do see the short end of the bond market anchored more than the long and. That was reflected the bloomberg spot index though ending flat on the day. Emily meantime, the market seem to go in whatever direction tech is going. We saw apple fall on the back of ,ts product unveiling yesterday facebook falling as well. A number of additional celebrities joining in a boycott. Sarah that is right, the past two days we sawtek leave the market lower the past two days we saw technically the market higher and today we sawtek leave the market lower. One way you can view this is by comparing the performance of the s p 500 with the equal weight counterpart. If you take a benchmark and give every single one of its weightings the same weight, rather than the s p, which is market cap waited, so acro soft, apple, amazon, make big proportion of the index microsoft, apple, amazon, the index was higher by. 5 today but if you look at nasdaq which is topheavy with tech, down 1. 7 . As you mentioned, facebook leading the way down, microsoft, apple, amazon. I also want to mention there has only been one day this entire month the nasdaq has not moved more than 1 . So we are seeing very large moves. Today we did to the 50 Day Moving Average save us again. We fell right to it. This is a battle line that has been in contention all month long. Again, the nasdaq did close above it and at least it provided support today. Emily all right, sarah ponczek, thank you for that rundown. I want to get to the tiktok story now. We told you moments ago more we are learning about oracles proposal to buy a steak and buya talk by a stake in tiktok. The president still would have to approve the deal. Overseehat happened tiktoks user data and oversee tiktoks u. S. Technical operations, handle data in the u. S. I want to bring in bloombergs shelly banjo who has broken headlines on the story. You guyer eyes on the terms of the deal. In the deep you got your eyes on the terms of the deal and detailed the five print, in terms of what it means for oracle to be Technology Partner to tiktok. What is in the fine print . We still do not know what money is changing hands, but what we do know is the answer to this elusive question. Which is what does trusted Technology Partner mean . The details of what that means is oracle would get full access to tiktok source code and updates to make sure there was ,o backdoor used by Bytedance Tiktok chinese parent, to access data on the video sharing, and also they are going to, you know full this ability into the engineering of what is going on with the product, and any changes that are made. In addition to that, we found out that it would also require creating a new independent board for oversight that would be approved by the u. S. Government officials, and also bringing in a thirdparty audit torque, who would be regularly reporting to the u. S. Government. About whattalk to us visibility bytedance when have into the data because as you are reporting, bytedance would still have visibility into the algorithm. Shelly technologyt, all the and code, and ogg rhythms, ident crated that over many years of data and training and technical knowhow. So they are not recreating the apple or anything like that. Bytedance will still have visibility into that. It is just that if bytedance decides it will make a change, oracle would be able to stop that. The idea is that if there is any kind of wrongdoing now or in the future that oracle would be able to spot that, that the board that reports to the u. S. Government would be able to have visibility into that and anything like that would be addressed. Emily so, what is the latest on the discussions . We know that we are waiting for the recommendation to the president. We know that we are still waiting for the president to give his stamp of approval or not. He has until september 20. At what stage are we in these reviews . Many avenues are this could take, depending on at the end of the day what President Trump decides. Right now the city has members aremade cfius members meeting, people from the commerce, treasury and state departments and these folks are weighing in as to whether or not they think this proposal is going to pass muster. On flightem early that as long as by denser means of majorityowned dust a long as tiktok remains majorityowned by bytedance they will not feel comfortable. They will not so comfortable that it will really satisfied National Security concerns. You saw a republican senators come out this morning with a letter to donald trump saying the same thing, as long as this is not of full cell which is what donald trump suggested in the first place, they are not on board with it. At the same time, there are number of people think on cfius, including steve mnuchin, pushing this deal, and ok with the weight tiktok decided to address security concerns. So there still will be a lot of conversations. Where they end up we are not sure. Know right, and we President Trump has voiced his approval of oracle and founder larry ellison, as recently as yesterday. Ellison, a big fundraiser for the president. So there could be politics at play as well. Anjo, thankshelly b you for your reporting. Coming up, a recordbreaking day today for snowflake, a Warren Buffett backed software darling makes its New York Stock Exchange debut. We will talk to the chair and ceo, coming up. This is bloomberg. An ipo today, snowflake raising 3. 4 billion dollars, setting a record for the largest u. S. Software deal ever. Shares doubling securing fortunes for employees and some of the biggest names in Silicon Valley. The chair and ceo says he hopes investors will hold on for five or 10 years and joins me now. A huge day for you, congratulations. What is your take on how this went down given that we are in the middle of a pandemic . Lots of economic uncertainty. It was a difficult decision to figure out how and when to do this. We are thrilled with the reception. We started selling our Institutional Ownership a year ago, so this is really not something from the last couple of weeks. We had people buy into a tender offer we did earlier in january, february. Snowflake is a well vetted company some other the time we got to the ipo, there was High Conviction into buying into the offering. So we are thrilled with the way things have gone this week. Emily talk about conviction, shares doubling. You priced at what hunter 20 dollars 120, 253. Left a lot of money on the table. You have concerns you gave the bankers a little too much here . The assumption is always we could have sold the entire offering at the number that we closed out. And obviously there is such a thing as a demand curve. There is always investors that are willing to buy some number of shares at higher prices. But as you know the ipo is a price discovery process and we were after a very specific set of institutional investors, people who can hold onto billiondollar positions who are willing to hold them for 510 years, and people who do not taste momentum, either up or down. You do not chase momentum up or down. That is why we landed enterprise. It is not unusual for price to get chased up by momentum players and retail, theres a lot of noise to it. The idea that we couldve sold the whole thing at the price we closed out i do not think is reasonable. That said, is our lesson here for other Companies Looking to go out of the gate . We have huge public debuts expected for some other Huge Companies in Silicon Valley. Palantir, any advice . It is hard for people to price a highgrowth asset because highgrowth assets, how fast is it going to grow into its evaluation its valuation, right . You need to do a lot of work with investors because they have to make longterm bets. This is not a 12 month deal. People are buying for 357 years and they need to understand the story extremely well to be able to do that and have the conviction. One of the reasons why the stock ran up, and we were delayed and trading, is because we had no sellers. People were hanging on for dear life, so that slowed things down today. Emily so, investors are seeing an opportunity here, to disrupt amazon, because what you offer is basically your version of a data warehouse. Amazon does have a similar product. What you have on them . What we have on the whole industry is really a product built from the ground up, clean sheet of paper, by a group of people who were some of the worlds greatest Database Technology architects, people who really understand the technology really well. Also what has been lacking all this time. And one that gets completely redesigned and reimagined for cloud skill completing computing, you end up with a completely from product architecturally. And something that innovates on multiple ventures at once. When you compare that to what other people are offering, they are trying to carry legacy designedures, software for machine computing, to the cloud. They find out that they really cannot take advantage of cloud scale, and that is what you see going on. Snowflake is a deceptive product because it is credibly powerful given the underlying platform or just a public cloud. We only run on a public cloud and we have zero legacy in terms of older machine architectures. Iconic, it is what is your biggest investors. Some of that firms clients include mark zuckerberg, jack dorsey, also Berkshire Hathaway made a cool billion dollars on your public offering, despite the fact that Warren Buffett does not love investing in early Public Companies, let alone Tech Companies. Has buffett been at all influential, as the company has evolved . Has he had any impact on you . One of the reasons we started talking to the insurance side of berkshire a year ago and they became more interested as the prospect of an ipo came closer. For us as a company the association and having berkshire invest in the offering really lended a lot of credibility to snowflake. We are a company that competes with the Largest Companies in the world. You mentioned amazon, google, microsoft. We also sell to the Largest Companies in the world. So for us to raise our stature with the likes of Berkshire Hathaway as well as salesforce, is incredibly helpful. Today was a pretty good shot in the arm in terms of advancing our public profile in the market place. Emily meantime, youre looking ahead to a very uncertain economic environment, and uncertain political environment. We have what is going on between the u. S. And china. We have a president ial election. How do you plan ahead, with all of this uncertainty . What is your outlook for demand in the midst of a pandemic . Say thatally, i would the first half of the year was far more uncertain and unsettling for our industry than the second half. The second half has firmed up. And because of the types of things we do, which is mass Data Analytics and data platforms, this is the sort of think that Enterprises Need to figure out what is going on in the world. This is how they parse the realities. And how they act on it. If anything it has been a catalyst for a lot of enterprises to double down on analytics and data science and so on. So our business has not dropped of wheres really ahead our prepend epic forecasts were. It is we all had to ahead of prepandemic forecasts. We had to vacate our offices and it seems to be working ok. Emily all right, a big day for snowflake. Frank, thank you for joining us. I know that you have had a busy day and are probably tired so we appreciate you joining us and we will continue to follow the companys story. The president has just walked out of the white house. Lets take a listen in. Yes and talking about Hurricane Sally. We have had plenty, since i have been here, we have had a lot of them. So that is in good shape. Hurricane sally. We are going to talk about big ten football, but that is a terrific thing then that we will discuss at the end. I want to go to the Vaccine Distribution. Today my administration released already told Vaccine Distribution plan and that includes a plan to ensure we swiftly does labor we swiftly deliver the vaccine directly to Senior Citizens in Nursing Homes and it is all set. We have our military lined up. Everyone is lined up. We think that is going. To go very nicely. We are very close to that vaccine as you know, i think closer than most people want to say or most people understand to get the vaccine into the hands of american people. We are fully mobilizing the awesome power of american industry and also our military. This is the largest, fastest, most advanced Vaccine Distribution effort in american history, by far. I was reading where joe biden was saying he is going to have a plan. Take a look at the record on some on swine for. Swine flu. We are on track to deliver the vaccine in a safe and effective manner. We think we can start sometime in october. So as soon as it is announced, we will be able to start. That will be from midoctober on. It may be a little bit later than that but we will be all set , so as soon as that is given the goahead, and they are doing trials as you know, as soon as it is given the goahead, we will get it out to defeat the buyers. We have many to defeat the virus. We have manufactured all the necessary supplies so as soon as the fda approves the necessary vaccine. And as you know we are very close to that. We will be able to distribute at least 100 million vaccine doses by the end of 2020. And a large number much sooner than that. Tom calling on joe biden stop promoting his antivaccine theories. They are hurting is it all they are doing is hurting the importance of what we are doing and we know that if they were in the session of saying how wonderful it is, theyre recklessly endangering lives and you cannot do that and again this is really a case that they are only talking to just, just started talking a little bit negatively and that is only because they know that we have it, or we will soon have it and the answer to that is very soon. Updates, it is very interesting to see what is happening. Because the test Positivity Rate is down among all age groups, and it has fallen below 5 for the First Time Since this whole nightmare began. It is fallen below 5 . The number of hospitalized patients has decreased by 43 since mid july, 43 . Nationally people sick with the virus make up now only 1. 5 of all emergency room visits, so we are down to the lowest number we have had, 1. 5 of emergency room visits. And thanks to our lifesaving therapies and treatments, i think this is the best of all, in terms of our great percentages and all the progress we have made, the for tally rate has fallen 85 since april, 85 for tally rate. Fatality rate. If you look at what we have done and all of the lives that we have saved im going to ask that a graft be put up and now it is up that a graph be put up. This was at the beginning. If we do a really good job we will be at about a hundred deaths and 240,000 we are below that substantially. But that would be if we did a good job. If the not so good job was done you would be between 1. 5 and 2. 2 million, thats quite a difference so we are down in this territory and that is despite the fact that the that some states had to medicine death rates. Some states had tremendous death rates. We are at a level that i do not think anybody in the world would be at. That i do not think anybody in the world will be at. Important is very that they open up their states because if you look at certain of them, north carolina, pennsylvania, michigan and people. It is hurting far more than the disease. We recommend that you let your people have freedom. Vaccine, the vaccines are coming, but we know the problem, we understand who the vulnerable are, primarily people with medical problems, but in particular people with medical problems that are older. Your states to facilitate routine testing home nursing home residents. We have delivered Rapid Testing 3850ces to all 1000, 1 certified Nursing Homes nationwide. Certifiede 13,850 Nursing Homes nationwide and they are bank facilitated in terms of testing and testing they are being facilitated in terms of testing and testing apparatus, everything is there. And we have new tests coming, one in particular i think i show last night, which is literally two pieces of very fine cardboard. It is actually a lot of delicate things going on inside that cardboard, but it is an incredible test. It is very quick, it is very accurate and it moves along rapidly. We bought millions of those tests. And theyre going to be distributed rapidly. So the Testing Process, where there is nobody in the world that has a Testing Process like ours, in addition to being number one. Isber two which is india close to 50 million tests behind million, they50 have 1. 5 billion people. Tomorrow, Vice President pence will be announcing the findings of the Nursing Home Commission to protect our most vulnerable, our Senior Citizens, and we are going to take good care of them. I want to congratulate big ten football, it is back. I have been dealing with them, i want to thank the commissioner for the great job he did and we have been working with him for a while. Dide was a rumor spread i not want football back and it was the opposite, another disinformation rumor, and it was just the opposite but it spurred me into action. I called the commissioner a couple of weeks ago and we started pushing pressure putting pressure on because there was no reason for it not to come back and kevin worked hard, i want to thank the players, the coaches for working and they wanted it badly, the players and coaches in particular, the parents also. And big ten football Just Announced they are scheduled and they announced the schedule and it is going to be great in a port to have and i want to recommend the pac12 also get going because there is no reason why pac12 should not be playing now. I had recommended to kevin and others you might want to start off with 25 of the stadium or maybe you want to start up and empty, i dont know. I think they could have fans go, frankly but they want to be careful, they want to be safe. And they will be safe, they have a very good Testing Process for the players, coaches, families, etc. So i just want to congratulate big ten, it is going to be great. We love watching that and again i want to recommend pac12. Open up get going. I said the same thing to big ten and they did and pac12 you have time right now. Those to thank all of wonderful coaches, some of whom i spoke with and we went through a process over the last couple of weeks. I want to thank congressman Anthony Gonzalez of ohio was a great football player, some people know that. Antony was a great player, great receiver, he went to the nfl. Also i want to thank tim pataki of my staff who work very hard on this, and he was up day and night working with kevin and everybody else i want to thank tim pataki, great job. So big ten is back and it is going to have, hopefully, great season. The census resell he found that in the Second Quarter of 2020, hispanic the census recently found that in the Second Quarter of 2020, hispanic homeownership reach alltime high and yesterday the census reported Median Income for americans increased 4000 to a record of 68,000. ToPresident Trump continuing make remarks at the white house talking about football, also referencing some progress on vaccines, that he believes has happened, and he says a vaccine could be distributive by mid october. Of course we have heard from scientists and other experts that it could be much later than that. He also talked a bit about Hurricane Sally saying it looks like it will do less damage than expected. We are going to continue to listen into this, these are marked by the president and will bring you more highlights as we have them. I do not want to turn onto facebook. One, celebrities one by announced they are joining a protest against instagrams parent company, facebook, and its handling of misinformation and hate. Many instagramer users participated in blackout tuesday, going dark on us is social media in a similar show solidarity. To discuss the impact of hate speech on social media we are joined by organizer of the event, color of change. The organizations Vice President joins me now. It is good to have you back here on the show. You have even bigger names. Kim kardashian west saying she is not using facebook or instagram, and it is a huge lifeline for huge lifeline for her. Social media is a big part of some of the celebritys brands. What is your take on these celebrities getting on board . Well, we are extremely happy so many folks, so many bigname celebrities have agreed to join us in our week of action. Supporting the stop hate for profit coalition. Today, we have asked folks to freeze posting on instagram, but they are also going to be talking about all the ways in which they believe facebook should be held more accountable. They are pushing back against the way in which the platform profits from racism, hate, and misinformation. Emily that said, it is only one day. If they really wanted to make a statement, wouldnt they wait it out longer . Would you like to see that . Arisha we are only asking for folks to participate for the week. These celebrities have hundreds of millions of followers. Across the world. And we believe it gives the opportunity for us as a coalition to continue to be in conversation with facebook, to candid to continue to press our concern and bring more people into our movement. Company, one huge of the most powerful companies in the history of the world. So its policies and practices will not be changed overnight. But our hope is that through their participation, through Michael B Jordan and Kim Kardashian and so many others taking a stand this week, that they will begin to continue to hear the message we are sending. Emily what else do you want facebook to do . Obviously, the campaign has had a big impact. You saw a lot of advertisers leave the service. Has facebook made any changes in the last few weeks that you think are a sign of real progress, or is it more of the same . Arisha we definitely have seen progress since we first launched an ad boycott. A one month ad boycott in july. Facebook agreed to some demands we have been making at color of change for years, including installing a permanent civil rights structure, placing more capacity on who is looking at algorithms and those sorts of things. But they are but there is still obviously a lot more work to do. We are still concerned that hate groups and militias are able to organize on their platform. We know these types of organizing has realworld impacts for black people, as we saw in kenosha. Of Facebook Facebook has a duty and responsibility to protect the safeties of its users. By allowing these hate groups to continue to organize on their platforms, they are failing in that mission. Does sayw, facebook number of advertisers who left in july are coming back to the platform. Take a listen to this from nicola mendelson, a facebook Vice President over in europe. A lot of the advertisers have come back, and they have come back because they can see the efforts weve been making. And also the fact that we are coming together, really listening. Emily would you like to see advertisers leave out longer . Is facebook really going to feel the pain if advertisers are out are already coming back . Arisha again, we have asked for folks to take the month of july off, to give us room to push forward many of these demands. The reality is facebook is a lot of money. And there is very little we can do to actually that to their profit margin. This shouldnt even be about money. It should be about right versus wrong. And right now, we are in a global conversation about white supremacy, we are in a global conversation about the Broader Movement for black lives. And we are in a global conversation about how social media platforms, foreign governments, and domestic actors are working to undermine our democracy. These are the places we really want facebook to step up. It shouldnt be about taking money out of their pockets. Emily all right. Arisha hatch, Vice President of color of change, thank you so much for taking the time. An update on the progress of the campaign. We will continue to follow it. Moving on to the topic of working from home. The pandemic has caused millions around the world to work remotely. On the latest episode of the David Rubenstein show come if conversations, the alphabet ceo spoke with David Rubenstein work has this shift in impacted alphabets thousands of employees. David when you started working remotely, did you ever worry it would be a problem . Because you have all of these people but you are technically very savvy. When we started the move to work from home, it did seem daunting. Im responsible for our Crisis Response and put together a strong governance of how we get people to move from home with a global team and regionals team. We were in sync daily. What we were most concerned about what what would be the impact on productivity and wellness. Our chief medical officer very early in the crisis said more people would be affected by Mental Health issues than actually the physical disease itself. We focused on those two and i think that was important. The other thing is google is really about our people and the ability to deliver for users and communities, because of our compute capacity. One of the things we didnt have to worry about was our ability to deal with the surgeon online activity. That was because of all of the investments over many years and all of the testing for what could happen in a crisis scenario. I think it is an important point because you cannot solve the Risk Management issue in the middle of a crisis. You obviously need to solve it at of time and that worked. David Many Companies are saying, now that ive learned my people can work from home, maybe i dont need all of these people in the office, or i dont need all of these people. Is that your view . Or you may not need them all in the office . Ruth we believe when people are together, that is a critical element for innovation. Collaboration within teams and collaboration across teams. It is collaboration and it is serendipity. We look forward to having people back in the office. But we are looking at is the productivity lift you get if people have the ability to work from home some days, be in the office in particular when the rest of their team or more broadly teams are in the office. If you can save people commute time, you have better access to talent because you are solving what people want in their personal life. It is actually going to result in a better outcome. What that means for real estate, we are still figuring out. David google was well known for among other things, youve got free food. What about if you are working at home . Do you give them free food showing up by delivery somehow . How do they compensate for that . Ruth we are not doing that. A lot of people focus on food. When really what we are trying to create, have been trying to create, is this fun, quirky, magical campus. It is about more than just the free food. It is the experience on campus. What we did when we moved everybody to home as we moved a lot of these connecting the community to a virtual delivery. So for food as an example, you can do a oneonone session with chef. You can do a cooking class. We did our fitness classes and moved them to virtual fitness classes and even some sort of goofy, google style ones like yoga with your dog. Emily alphabet cfo ruth porat theyre speaking with Carlyle Group cofounder David Rubenstein on the David Rubenstein show, peertopeer conversations. You can catch the interview tonight at 9 00 p. M. Eastern time. Thursday, 7 00 p. M. In london and hong kong. All right. Bloomberg has learned amazon is smallng to open 1000 shippings all over the u. S. As the ecommerce giant seeks to compete with walmart and target on sameday deliveries. For more, i want to bring in the Spencer Soper who covers the company for us. Amazon had a major warehouse expansion across the country a decade ago. How is this different . Spencer if we think about the previous expansions, it was largely on the far fringes of Population Centers maybe an hour or two outside of town in these large, one million squarefoot warehouses. What we are seeing now is amazon marching closer to people, closer to homes, and closer to traditional Retail Real Estate in smaller facilities that are really just holding stations for the packages. And a big huge parking lots for the vans that deliver them. Emily what do these places typically look like, and where are they usually located . Theirr you figure Fulfillment Centers are about a million square feet warehouses. Now the new things that amazon is building specifically for this, maybe about 100 couple thousand square feet. About a quarter of the size. It is going to have a very large parking area. So the ratio of parking lot to building is going to be a little out of whack. Simply because so much of it is delivery vehicles. They need to get all of these vans and, they need to have parking for the employees who drive the vans, and they have to have room for these flex drivers that are almost like uber drivers, except they are delivering amazon packages in their own vehicles rather than people. They have to have room for them too. A lot of it is simply a huge, huge parking and vehicle staging area. Amazonsve noticed delivery times varying widely. You cant necessarily guarantee that today delivery, a lot of products are taking longer than that. Sometimes it gets faster, sometimes it slows down. I dont really know why. Can amazon really offer and deliver on sameday delivery at this moment, given all of the logistical challenges we are facing across the country at this time . Spencer it is always a question of when. That is certainly the goal. And you have a very good point on how delivery is sporadic. A lot of that is depending on what the inventory is. So amazon has a huge category of inventory. Hundreds of millions of products. It cant possibly do all of that in a day or sameday. What it is going to do is selectively look for the fastest moving items, the most common items people are ordering frequently and. Focus on those to make sameday delivery from amazon compatible for better than the inventory you would find in a nearby target or walmart or other brickandmortar store. So yes, it is going to be tiered in that fashion. Some stuff will be ready immediately, and some stuff you will have to wait longer for. Emily all right. Thanks for keeping us updated on this warehouse expansion. Spencer soper on the amazon beat for us. We are going to talk to another tech company that just went public today. Shlomo ben hames ceo and cofounder of j frog will join us next. This is bloomberg. Erg. Some breaking news. We have been listening into the president s press conference happening now at the white house. He just said that he is going to be briefed on the tiktok deal tomorrow morning. He is not prepared to sign off on anything yet, as we know. Multiple different Government Entities have been reviewing oracles proposal to buy a stake of tiktok and serve as tiktok u. S. s trusted Technology Partner. The president says he is not prepared to sign off until he gets details. He will be briefed on it tomorrow morning. So we will follow that. The deal needs the president s approval by september 20. Another name in our crowded week of tech ipos, jfrog, which also made its debut on the nasdaq today. The Company Makes tools for Software Developers and raised more than half 1 billion in the ipo. Shares jumping as high as 75 in initial trading. We are joined by ceo and cofounder of jfrog, shlomi ben haim. Thank you so much for taking the time on a busy day. Congratulations. Obviously a strong debut. Above closing about 50 the initial offering price. I spoke with frank sleuth them of snowflake earlier. On the one hand, that uplift is great. On the other hand, you are leaving money on the table. What is your take on the pricing . Are you happy with the bankers decision here . Shlomi yes, thank you. Thank you for having me. What a day. We are very, very excited. With regards to the pricing, we were very focused, especially in the past four months, in understanding what is happening during covid. With whatever is happening with ipo on the first day of trading. We build the model to get jfrog to the right price as we go out, and from that point on, we trust the market to stabilize the price. Im sure we will do great. You chose a direct listing versus an ipo. Why, in this environment . One,i well, from day jfrog was established in 2008, that was another recession that we have been through. We are doing what is right for the business. We did a very efficient business, not just in terms of the technology and setting the standard in the world of dev ops. But also in terms of scaling the business, making sure it is efficient, leading with a clear path to profitability. And when we felt that the markets were rating relieving and setting the stand up, and it is the right thing for the business, we decided to go out. Covid are not, that was the right timing for jfrog and we are very excited about it. Emily we all hate when we have to update an app or an operating system one we are trying to do our work. We are told by our computer that we need an update, or it will not work as well as it should. Talk to us about what dev ops actually means. Obviously developers know what that is. But for the rest of us, what is it about your technology that is having such an impact on our lives . Jfrog happily serves over 6000 customers over the world. The top on every vertical already powered by jfrog. I think you are already familiar, and you heard why, where software is around the world. I claim every company is a dev ops company. It is not the question of if. It is more a question of when. Because the competitive advantage of the Organization Today is how fast they can engage with their customers. And of ops helps you to build faster, more secure, and develop rapidly so you can have Software Updates happening on the edge several times a day. This is our mission. This is what we call liquid software as a vision. Software should run like water. Emily liquid software. Thats a new one. I hadnt heard. I will remember that. Jfrog cofounder and ceo shlomi van hein, they queue for joining us. Still ahead, Bill Mcdermott on the companys focused on ai and automation. Theinsight as one of leading tech execs in Silicon Valley next. This is bloomberg. It has to be 100 as far as National Security is concerned. No, im not prepared to sign off on anything. We need security. Especially after what we have seen with respect to china and what is going on. We want security. I will let you know. They will be reporting to me tomorrow morning and i will let you know. Emily President Trump saying he will be briefed on oracles proposal to take a stake in tiktok and serve as tiktok u. S. s Technology Partner. Tomorrow morning, we will be following any developments out of that. Meantime, despite today being a down day for tech, it is one sector that has been massively outperforming during the ongoing pandemic. Services service is a company that is seeing that rise, up 90 since march. Now offering new capabilities and tools to help businesses and employees continue to work from home. With us on the phone, president and ceo of service now, Bill Mcdermott. Service now, one of a number of Tech Companies that have been helping to smooth the transition to remote work. Now that it looks like we will be in this for a while, what is it about service now suite of products that you think have been so essential to workers and companies during this time . Emily, as you know, return to work is kind of an interesting phrase, because it depends on what industry you are in and what kind of company you are. The best i can tell about one third of the employees will continue to work from home. One third will be from home and on the road. And some people just have to go into the office. It will be a hybrid world. And what we did is we invented a suite of applications that we now scale globally to return people safely to work, or to enable them to work remotely. Globalt has been a sensation for us. For example, Many Companies now want to return or have the option to return. So we understand people are ready to come back. Everything has to be testing in place for all of the locations, the configuration has to be proper for social distancing and hygiene. And obviously, ppe Inventory Management and so forth has to all be done through workflow, so the experience for the employees is exceptional. And thats what we do. Companies like uber know that. And they have gone live with our solution in less than two weeks. It has been a sensation. Emily meantime, tech has been on this incredible rise through the pandemic. We saw a sharp drop off for example in the nasdaq before march. Until a couplet weeks ago when we saw another drop off. Some volatility over the last couple of days and weeks. What is your outlook for tech, and especially big tech equities over the next six months, given continued uncertainty ahead . Bill it is very positive because Digital Transformation is the opportunity of this generation. Trillion will be invested in Digital Transformation in the next three years. So the companies that have the capability to help companies digitally transform, especially if they are native Cloud Companies like service now, will do extremely well. Nine out of 10 ceos say they have to digitize, they know that there companies are being disrupted through Digital Companies that are outflanking them. Yet only four out of 10 feel they are in a position to properly compete against digital disruption. So we feel our company, as well as many others in the valley, are very well positioned for sustained growth. That is not to say there wont be volatility in the markets. Of course you are right to point that out. But in the long run, there is no question for that. Emily you pledged in april that service now was not going to lay off a single employee during the pandemic, and only two hire. Has not been the case and will that be the case, given that this will go on for quite a while . Bill it certainly is the case. Began, wepandemic have hired more than 2000 people into service now. We also kept our promise to all of the College Graduates that wanted internships with our company. This year, we had a recordsetting number of them. More than 360, and growing, are participating in our internship programs seeking employment with service now, which we would love to have them. Or somewhere in the echo system of service now. So we kept the promise. Now we are accelerating hiring to keep up with our outstanding growth rates. Emily meantime, i want to talk about the trends shaping the future. We have about one minute left. I spoke with the cofounder of linkedin yesterday. He said he thinks ai is going to be as transformative as electricity. Would you agree . Bill i agree totally. I believe we are in a world where everybody wants the autonomous enterprise. Where you can literally run your business process without actually having humans do clerical things. Machine learning and ai make operation so much better. And with workflow and the workflow revolution that service now is leading, selfhelp decisionmaking through ai will be so, so good. And then ultimately, the clerical stuff can be put to the side and humans can focus on the things that really matter. 100 in agreement. Emily all right. Bill mcdermott, ceo of service now, thank you so much for that outlook. Appreciate you taking the time to join us. Because we have been speaking, the president has been continuing to speak at the white house. He said he will be briefed on the tiktok deal tomorrow morning. We will of course be following that. He is not prepared to sign off on anything at this point. You can check out the president s speech happening right now on the bloomberg terminal. Just go to live go. That does it for this edition of bloomberg technology. Im emily chang. Bloomberg daybreak australia is next. This is bloomberg. Very good morning and welcome. Imybreak australia haidi stroudwatts in sydney. Shery good evening World Headquarters in new york. Im shery ahn. Gains u. S. Stocks erased with Jerome Powell warning of an unsecond on and uncertain economic rebound without certain stimulus