From the president for being inaccurate or misleading. While twitter makes it impossible to retweet the flagged post, trump posts on facebook are being spread. We will get to that and more this hour. Meantime, in the last halfhour, we got word that michigan has gone to former Vice President joe biden according to cnn and nbc and at this point, if he wins nevada and holds arizona, where some boats are still being counted, he will win the president ial election, but there are legal challenges a foot. President Trumps Campaign threatening to sue over vote counts. Michigan says it is declaring victory in pennsylvania where votes are still being counted, but first, i want to talk about the market which kicked off one of the biggest postelection rallies in history. Its best day since june. The nasdaq had its best day in months. With so much uncertainty, why are the markets outperforming . Abigail it is pretty incredible because it does not make sense on an intuitive level initially. Investors, businesses, markets they love certainty. We do not have that at all, so you would think stocks would be doing the opposite. They are already trading as though they know who the next president is. As you were mentioning, the best day since june. N fact, three huge updates however, there are some nuances. One of them being that tech was one of the best sectors. Stocks like amazon, microsoft, apple, those are the top six stocks. Interestingly, volatility retreated, so much that you have to wonder if there could be some sort of reversal. The vix having its biggest drop since march, and we bring haven bonds into the picture. This is interesting because bonds had their best day since april. The 10year yield falling by more than 10 basis points. On the one hand, that has to do with the idea that there is not a blue suite, so the reflation trade that had to do with huge stimulus is off the table, but on the other hand, you have to havener bonds are a asset. When they rally to this degree, you cannot forget it is a haven bid. Could have a real rally for bonds, which would point to this uncertainty we are having that investors want to hedge these big stock gains with those bonds. Want to quickly check in on qualcomm shares rocketing up after hours after they reported strong results and a really strong forecast, one of the strongest in years. I just got off the phone with qualcomms ceo, who told me the growth of 5g has been great for them. In terms of uncertainty ahead, he talked about how their Customer Base is very broad geographically with different says, so that means, he we can win 15 different ways. We also talked about the politically uncertain environment. He says they are following it but they do not expect any big change as it impacts qualcomm. He says they feel pretty confident. They have had to deal with a lot of political turmoil, and the one trend he says he has definitely come to believe is tech and 5g are important components and most insulated from what you see every day on the news. Interesting comments, especially on the back of apples cfo telling us that uncertainty was really the name of the game Going Forward. Talk about what you are seeing when it comes to big tech stocks today. Abigail those are interesting comments. Big tech stocks rallying. Perhaps what qualcomms ceo was telling you in terms of not expecting the political change the Political Landscape to not change much, maybe that is part of the rally. A big piece of the rally was also health care. The biotech index at one point having its best day going all the way back to november 2016 after the election, so that is where there is some political change in health care stocks, relieved some say there is not a blue wave. Biogen surging on the day, its best day on record on positive indications around its alzheimers drug that could really be a game changer. More information needed. Again, those are defensive sectors. Stay tuned. More swings and choppy action could be ahead. Sure there will be more developments overnight and we will see how that affects trade in the morning. Thank you so much for that update. Now back to the latest on the election. Vice President Biden making a speech outside his headquarters in delaware just in the last hour. Mr. Biden after a long night of counting, it is clear that we are winning enough states to reach 270 electoral votes needed to win the presidency. Im not here to declare that we won, but i am here to report when the count is finished, we believe we will be the winners. Biden also projected to win michigan and wisconsin, according to various networks today, as he inches closer to those 270 electoral votes needed to win the white house. President trump, on the other hand, falsely declared victory earlier this morning. On the is a fraud american public. This is an embarrassment to our country. We were getting ready to win did election frankly, we win this election. [cheers and applause] so our goal now is to ensure the integrity for the good of this nation. This is a very big moment. State,speaking of, a big pennsylvania i want to get to the latest of their. The state we are watching no most closely. We are live at the Philadelphia Convention center where right mailin ballots continue to be counted. The Trump Administration has said they will also sue in pennsylvania. What is the latest on the vote count right now . Mark pennsylvania was probably the furthest behind in terms of counting these outstanding ballots. We are seeing about one million votes be counted across the commonwealth and about 100,000, 150,000 still to be counted here in philadelphia. Election Officials Say they are working around the clock to get the count done, but we still might not know a final result for a day or two, but that has not stopped the Trump Campaign. They are already filing lawsuits to stop the count or at least challenge the results on the basis of a number of things, including that there poll watchers were not allowed to get close enough to inspect the process of counting these mail in ballots. Emily we will continue to stay tuned to your reporting and follow the count as it plays out. I want to get to the white house where jordan fabian is standing by. The Trump Campaign has threatened multiple lawsuits. Not sure how many lawsuits have actually been filed, but where do these threats stand . Jordan theyre just emerging. The Trump CampaignJust Announced a series of since they plan to file about the counting of early and absentee ballots. They are trying to stop the counting in michigan on the grounds that their ballot watches did not have access, and they are also looking for a recount in wisconsin, where joe biden currently leads by over 20,000 votes and where the networks have made a call. The Trump Campaign is going to need to have everything go in their favor if they are going to pull this out with those calls going for joe biden in the upper midwest, and its not looking too good for them at the moment. Emily what are you watching right now . Jordan we have our eyes on nevada, which is currently counting some votes. Holds for joezona biden and michigan and wisconsin also hold, joe biden picks up those electoral votes in the game could be over even without pennsylvania, and we are keeping a close eye on pennsylvania, which has those 20 electoral votes. If for some reason nevada does not go in bidens favor or is a surprise result, and arizona is flipped into President Trumps column. Emily we are still watching arizona, the secretary of state theyre talking about outstanding ballots. She says there are some 600,000 outstanding ballots in arizona, so continuing to follow the situation there. Ballotsp, as mailin continue to be counted, false information continues to spread about who is in the lead. What are facebook and twitter doing to prevent that . Thats next. This is bloomberg. Ive seen some of the stories you are talking about around this election. Personally, i think the idea , you know, fake news on facebook, of which, its a very small amount of the content, the election in any way i think is a pretty crazy idea. Emily that was Mark Zuckerberg to our contributing editor David Kirkpatrick shortly after the 2016 election. This time, things have changed. Facebook has flagged multiple posts for inaccurate information, including many from the president himself, but theres a big difference. ,hen trump claims victory twitter hides that behind a warning. Flex the post, but facebook flags the posts, but they can ill be shared. What do you make of the way facebook and twitter have been handling the president s posts in the last few hours . David there is a sea change since 2016. When zuckerberg said that, i think he believed what he was saying. Clearly, the evidence that accumulated in the months and years afterward showed that he was wrong when he said that, but i do think the Companies Facebook and twitter as well, and youtube, 2 have recognized they have a much bigger responsibility to Police Political speech, particularly around an election, than they used to think that they had. Now we see them frantically trying to do a whole range of different things, and i think many of them are genuine improvements from the way it happened before, but the quantity of misinformation, disinformation, and the frantic speech that is hard to judge if its true or not, makes their job extremely difficult. Emily lets talk about the president s latest post about winning, about votes being stolen i think it is intriguing that these vote these posts can be shared on facebook tens of thousands of times, and twitter is not letting them go any further. Two completely different approaches. David right, but they are being discriminating in different ways about what they label and restrict. Onumber of the posts that facebook have a disclaimer statement attached to them are being allowed on twitter to circulate freely, but a small number of posts on twitter are ung completely hidden and unretweetable, as you noted. I have to say, it is most amusing looking at facebook because the president has made this whole series of statements, and of like the loud somewhat excitable kid on the schoolyard, shouting and saying, and this poindexter type calmly and factually and unemotionally stating a fact. The like you see a dialog, voting is still under way, the election has not been called, but the president s most recent tweet was quite amazing. Claims the electoral votes of pennsylvania, georgia, north he said, i hereby claim michigan. Everybody knows you cannot just claim the electoral votes. It is a matter of how it ends up. For that post, facebook had a votes are still being counted. Haveesults of the election not been determined. But twitter has not done anything with that same post. Emily it is not just trump being impacted by this. The chair of the Wisconsin Republican party has had many twitter posts flagged. The network said in the days ahead, given that the president has vowed to contest the results in various states, talk to us about what is at stake in terms of how these platforms moderate this conversation. David an enormous amount is at stake both platforms, but i would say particularly for facebook, which as you know, is the one i have studied the most, writing a book about it. Facebook is the dominant social media platform, so it is very important facebook figure out how it handles this, and i think they have worked hard to come up with more methodical and reasonable rules, but they are also extremely loathe to be too hard on the president , and i think that has been shown over the last couple of years, so they are trying to thread a needle, but their hands are shaking. I dont think it is clear what they will do. Clearly, they are not just going to let any statement be made and let it rest. They will continue to put these sort of mild, rebuking, sober rejoinders on many of the president s posts, but unlike twitter, you are not going to see facebook, i dont think, in most cases they havent yet actually completely bar any statements. Twitter may end up borrowing more statements if the president does further than he already has, although i think claiming electoral votes is a pretty far cry already. Twitter might take more extreme action, i dont know. But they know they have big responsibilities as Major National communication platforms to bear some responsibility for how their platforms are used, and they are just really trying to figure out, sometimes in real time, what that means. Emily interesting. It is certainly a fluid situation, as are the results. Kirkpatrick, always good to have you with us. Appreciate your historic perspective. Coming up, a big day for uber after winning the california boat for contract drivers. We will find out what is next after this break. After winning the california vote. Emily it is business as usual ft Going Forward after californians approved a measure to allow the companies to keep treating drivers as independent contractors rather than fulltime employees. For the ride sharers surged the most in many months. I have then on the receiving end of all the advertising for and against prop 22, but either way, i think victory for both of these companies. What does it mean for their Business ModelsGoing Forward, knowing they are both still suffering in the midst of a pandemic . This was a dark cloud over the gig economy with uber and lyft front and center. It was hard for Institutional Investors to be bullish on the stocks. Massive victory, that i think this team dhara and the team were drinking some mimosas. Emily [laughter] quitere they were having the party. We are facing at least some shortterm uncertainty not knowing who has won the president ial election. What aboutoday, but tomorrow . Overall, when it comes from a tech sector perspective, it was almost a goldilocks scenario in terms of what we saw today. You saw many of the names in largecap tech rallies, and if there is a biden presidency, which looks to be that way is somethingthat. O be positive its going to be volatile, but today, from an investor think ofve, i goldilocks. This we talked about how is a huge test for facebook. Facebook shares up more than 8 . Why is that . They have gotten through the election with no black ice, and you cannot say that about twitter emily but have they . I think theres still thusers to be written, but investors are pleased, not just with advertisers staying with the platform, but no silver bullets that were viewed as some of the negatives that were feared going into the election cycle. They still need to over the next weeks and months, but compare. Hat with twitter that was coming off a soft quarter as well, so for facebook, they may also get caught up in the largecap tech rally. Today, techt we saw can rally another 10 , 15 through year end, and facebook is at the center of that. Emily it does not matter who is in the white house, you think that will happen either way . I think from a street perspective, no blue wave was viewed as bullish, in a number of ways. For applething where and other big names, what is the implication of a big tax . That is why you saw the reaction investors,for tech when they woke up this morning, i mean, it was a pretty bullish go intot i think will yearend. Emily we are following every twist and turn. Always great to have your perspective. Thanks so much for sharing your insights with us. Coming up, as the battle for the white house continues and the race too close to call, we will hear from a california representative about her top concerns and priorities. Representative judy chu joins us on the back of her resounding reelection next. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Emily welcome back to bloomberg technology. On emily chang in san francisco. Joining us now to talk about the estate of the election, representative judy chu of california, who was just reelected by overwhelming majority. Good to have you with us. First, with the overwhelming victory for you, im curious how you are feeling today, given tight races elsewhere . Representative chu judy i have to admit i am a little bit shellshocked, because a few of my colleagues lost their races. Biden is slowly inching towards that 270 electoral votes. But i had hoped it would have been determined well before now. Nonetheless, i still think he is facing victory. Trump seems tot claim the outcome has already been determined. He has claimed victory, is mounting legal challenges in michigan and pennsylvania, what concerns aboutt protecting the security of this election . Representative chu well, it is outrageous. Because every ballot should be counted. Ballot ising, every and they are all not counted on the day of the election. This has been since elections, memorial. County registrars have up until a certain time, in this case december 18, to certify all the Election Results and all the ballots. The second thing is that every state has a constitutional right to determine how it counts its ballots. And it is a separate thing for each state. Trump cant order the states to do what he wants them to do, like stop counting, for instance. It is important for us to carry out what is our constitutional duty. And that is to count every ballot that has been dutifully turned in under the expectations set out for the voters. Path do, there is a clear to victory for joe biden. Pointt, he needs at this arizona and nevada in order to reach the magic number of 270. Emily if former Vice President kamalains, it means harris, senator from california, will be Vice President. That means governor gavin newsom will have to report point someone to replace her, who could serve for decades in that seat. What would you like to see him do . I would likee chu him to make sure we have a wellqualified person. I certainly would like to see somebody who has not been a representative before, perhaps a person of color, and we have a strong tradition of having women in that position. So i would like to see him have a thorough search and make sure that we have the right person, who could lead the state forward. Beenow that the state has such a leader in so many ways, combating climate change, combating covid. I would like to see that leadership continue with forwardthinking people. So it is a very, very important seat and i know he will make the right decision. Emily meantime, at looks like democrats wont win the senate. The house will keep a democratic majority, but as you mentioned, a number of incumbents lost their seats. How much more difficult does that make your job or the next years, after an already tough your job for the next four years, after an fourtough for years years. Emily helps to have a democrat in the position. He can undo the damage of executive actions for the past four years. In the senate, even though we wont have the majority, we will have more than what we had in the past. I hope that will be an incentive for the senate to be able to be in a negotiating mood, so we can move this country forward. I mean, there are issues that we have a great deal of common concern over. For instance, the infrastructure of this country. After we deal with covid, that is my numberone issue, because we have to make sure the American People are healthy, we then have to think about we stimulate this economy, how we get jobs back to the American People. The best way is by having a major infrastructure bill. Then we can hit two birds with with one stone, if that infrastructure bill addresses the green economy, and make sure we have ways of utilizing and enhancing green energy, then we can combat climate change. This is very important. We actually did pass this test a few weeks ago out of the house, but we also need the senate to approve it as well. And i hope that with a narrower majority for them, that they will be in a mood to fix these very pressing issues that we have in this country. Congresswoman judy chu of california, thank you so much for joining us. And congrats on winning your race. Coming up, we head back to wilmington, delaware, for the latest out of Biden Campaign headquarters, after President Trump declares victory, overall end and pennsylvania. That is next. This is bloomberg. Former Vice President joe biden has taken michigan and wisconsin, according to various net works, as ballots continue to be counted in pennsylvania, nevada and beyond. For more on the latest from Biden Campaign headquarters, we go to Emily Wilkins and delaware. Emily, we heard from the former Vice President. He said he is not there to claim victory, but believes that after all the votes are counted, that he will win what is the latest from biden headquarters at this moment . Morning, thes Biden Campaign sounded very optimistic and confident about what would happen today. We have seen the confidence play out. Wisconsin has been called for them. Networks are calling michigan for them. The Biden Campaign is looking at nevada. The ap has called arizona for them as well. If biden makes sure he has those four states locked up, he has 270 electoral votes and will be the next resident of the united states. Emily so what about these legal challenges President Trump is mounting in various states . How much could that set the Biden Campaign back, and what is their response . Emily so the Trump Campaign has so far filed two different lawsuits, one in michigan and one in pennsylvania, to stop counting votes. This is something the Trump Campaign imply they might do weeks back, and the Biden Campaign lawyered up. They have an army of thousands of lawyers ready to meet any of these legal challenges in the states. I cant say exactly how it is going to play out in the courts. But both campaigns are ready to potentially take the battle there. Emily so what does the rest of the night look like for biden . Will we see him again, or not until tomorrow . We areat this point, looking at nevada in particular to see if it will be called. The secretary of state there said they are not going to have any results until 9 00 a. M. Thursday. So we might not see anything tonight. However, a number of other states are in play, pennsylvania, there is still georgia, there is still north carolina. All of those are very, very thin margins. We will be keeping our eyes on those, but there is still a chance we might not know who the next president of the united date is tonight. At we might not hear from biden tonight either. Emily we might not know for several days. We might not know for weeks. Emily wilkins of bloomberg government, holding it down for us at biden headquarters. Thank you for that update. Im going to stick with current state of play in the election and bring in yael eisenstat, former head of elections integrity for political advertising eight facebook and a visiting fellow for the cornell tech digital life initiative. You are also a former cia officer. You have an interesting perspective. As of midnight, facebook stopped running all social issues electoral and political ads in the u. S. Isyou think what facebook doing in these after hours is enough . You think what facebook is doing in these after hours is enough . Yael yes. In addition to stopping political ads, people dont understand why, but the campaign, particularly the Trump Campaign, cannot target voters with ads saying he is victorious. Among the more interesting moves, they are using what they call a country at risk policy. That means they can take more extreme actions. Whether that is labeling posts that are claiming premature victory, or even concerning, whether it is trying to tamp hatecalls to violence, any groups that might start speaking up. There is a host of things that could happen in the coming days and weeks. And i will say that facebook is taking good, concerted actions, which really comes at the behest of so many academics and activists and journalists, and even employees, they really pushed facebook to get to this point. Election still in dispute, President Trump threatening legal challenges, what are your biggest concerns . Mesources that facebook told they are concerned about unrest, concerned about violence. Definitelythat is one of the biggest concerns. Seen a lot of stoking ofemotion emotional, inflammatory rhetoric. Even during the debates, he specifically told the proud boys to stand by. Different groups may interpret that in different ways, but this is where the social media platforms really do have a role to play. Because a lot of this activity gets planned on social media, gets stoked, gets amplified, so one of the concerns is, lets say it is still days or weeks before we fully have an official election result, because dont forget, as long as President Trump does not concede, as long as he does not concede, it is still in play and we have to go through the full Electoral College process. So during that time, there is a really big concern that some of these groups, that have had months or years to pretty much really be operating on social media platforms, stoking division, and now in the 11th hour, confronted with, what do we do now if thats if this really gets sparked . So this is a really volatile time. Im not saying anything horrible is going to happen, but it is volatile. And it is really incumbent on the platforms to do everything they can to not allow things to be organized on their platform, hate groups to start ramping up heat speech. And even the president of the united states, two dog whistle to people to defend his victory, any types of things you can imagine him saying. Emily leading up to this moment, facebook also banned things like holocaust deniers leading up to the election. Theorythe conspiracy movement. Interesting to know that a woman named Marjorie Taylor greene was elected to congress yesterday, the first, to my understanding, representative who openly supports qanon. Movementsrious, these in conspiracy theories can morph very quickly, but this one now coming into the halls of congress, what is your facebook and twitter feed doing about that . Yael this is where we just have to be frank. They really did too little, too late. Years, it has been a freeforall Conspiracy Theory among all these groups that are not just free to operate on these platforms, but being amp but being amplified by algorithms. People are connected to groups with each other, and there is no responsibility for how this is all spread. And now, qanon has become such a widespread phenomenon that i am not certain that the platforms yes, now they are saying they will ban q and on. They have the hash tag safe for children, are not letting people spread anything with that hash tag. But at this point, it becomes a where, what dome we take down, who do we take down . What do we say about these platforms that makes conspiracy theories and hate groups and all these different organizations thrive . Those are much bigger policy questions im sure we are not going to get into now, but they are incredibly important. Facebook and twitter, i believe they now, finally, they can see that they might start to have to start acting against these groups commit because they might see legislation coming down. But i dont know how they completely tamp down on a group like you and on, if they can qanaoneuing on it like if they continue with their platforms that allow this. And now we have a woman who supporter is a qanon and she is in congress now. Emily knowing what we know now and knowing we cant get a redo, at this point do you believe this election will be fair . Believe it is as fair as it can be up until this moment. If the president not just succeeds in stopping the counting of the vote, but if he stirs up his followers, continues to push people like what we are seeing, i think in detroit, it is evolving so fast, people going out and trying to physically stop people from counting the vote, that is where it is going to get really dangerous. Right at this very moment, it seems like voting went well, ballots went counted, you can live stream different counties counting votes. It is what happens in the coming hours in the coming days that will determine whether or not it is a fair election. Emily Emily WilkinsBloomberg Industry Group yael eisenstat, former facebook integrity, thank you. Still ahead, china cracks down. Beijing, they are looking to further rain in jack ma and his 35 billion dollar ipo. We head to hong kong for the latest. This is bloomberg. Emily the shocking suspension groupsgroups of a 35 billion ipo is the latest in a camp pain by china terrain in the control of alibaba founder jack ma. I want to get over to Stephen Engle, our chief north asia correspondent in hong kong. This was a Shocking Development on the day of the election here in the united states. What is the latest . There are so many elements to this aunt story and why it was postponed before this here inion dual listing china and in hong kong. Was this simply a matter of regulation, and that authorities want for regulations on fintech . , in particular, on anat grown tos it has lending, and being a facilitator between traditional banks and consumers, and allegedly, according to regulators, charging a higher fee for those, for being the intermediary, while big, stateowned banks take on all the risks. That is one side. Or is it a bigger issue. A bigger issue . Has jack ma grown too big . Is alibabas growth too big . He is chinas richest man. He has kind of state safe. Three years ago, i ask jack ma, how do you get close to the fire getting earned . Getting burned . And he said, we have to be careful. Flexing their muscles . Or is it more on a regulatory front . But i think, all of the above. Emily writes. It is fascinating, given how successful and how much wealth jack ma has brought to china. Given the frost on u. S. China relations under President Trump, what does a potential change in administration mean for u. S. China relations, for trump remaining in the white house . Stephen thats the big, milliondollar question. Many people are questioning who china would refer. Obviously, it would be less cantankerous perhaps with joe biden as president. [laughter] hasnow that donald trump thrown the kitty into the puppy pound and seen what type of turmoil it can cause, and upending the apple card as far as the u. S. China relationship on trade and other areas. Perhaps the chinese leadership likes what donald trump has done , in deteriorating the postwar alliances we have seen with western democracies postworld war ii. So you never know. And asng i am sure of, you probably know, you were a china correspondent, i was a china correspondent for seven years, they watch this stuff very closely. Emily absolutely. Covered in politics chinese estaterun media as well. Inombergs Stephen Engle hong kong. Thank you for giving us the view from the other side of the pacific. That does it for this edition of bloomberg technology. All of the we have election covered, what is happening in various states, and you can follow us Live Streaming on twitter. And follow our global breaking news Network Quick take on twitter as well. More on Bloomberg Television after this break. Shery more coverage of u. S. Election results continues. Come daybreak asia, daybreak asia, to im sherri welcome to daybreak asia, im shery ahn. Haidi our top stories, joe wisconsin and michigan. The Trump Campaign sues over access to vote counts. Uncertainty gives wall street its biggest rally in months