Move news out of moderna that they have a vaccine that is 94 point 5 effective on preparation of volunteers greater than 30,000 people. Real optimism there. We have the s p 500 finishing higher. We have nice gains out of the mat out of the nasdaq and moderna is sharply higher. We have a big Institutional Investment here. The big news out of berkshire, they added to their portfolio in the space of health care meyer,ng pfizer, bristol with the virus, perhaps these additions have something to do with the virus. Pfizer had been down in the day after the news around the virus came out. A divergence there. An interesting day. Interesting movement in the afterhours. Emily that was bloombergs abigail doolittle. Think you for that round up. I want to the airbnb filing. This is releasing Financial Results and previously confidential information on its operation. This listing is had to be one of the biggest of the year, capping an ipo surge. More, i want to bring in crystal. Pull up some of the highlights you are seeing so far. Crystal as expected, we are seeing a bit of a Third Quarter rebound. Notably, the revenue took a hit. This is the top line, airbnb. Net loss has narrowed in the same time. They are going through it, it hit about 20 minutes ago. Emily lets talk some of the risk factors. Airbnb says we may not be able to achieve profitability. That is not unusual in attack of any. It also says the Revenue Growth rate may continue to slow in the future. Iny will see greater decline experiences yearoveryear and that covid will continue to adversely affect the business. Obviously, airbnb has bounced back. There has continued to be a risk factor. Even though there has been news about a vaccine, a vaccine has not been here yet. What do investors need to consider . Crystal it is not uncommon for copies to have a very long risk factor. For airbnb, they have to has this. The covidto this is pandemic and the impact to the business, the operation and their financial conditions. Just because this pandemic really limits social gathering, that makes it difficult for airbnb to continue business. They have to disclose that. These losses could continue. They may not be able to achieve profitability. That is a very typical line that you see. I had a long and wideranging sit down with the ceo, brian chesky. He was frank about how terrifying it was. He has shown how the company is going back to its roots. We see in the filing, they have almost 7. 5 million listings available as of the end of september. They have pulled back on some of some of the more hysterical hits to their business. Is that going to be enough from a Growth Perspective for investors who are wondering futurehe companys prospects . Crystal they also had a pretty big job cut in the pandemic. A was in Something Like quarter of the company, they let her go. This after the tearful announcement. Said, it is up to them to decide whether they have done enough costcutting and going back to growth mode. Right now, they have shown that the top line revenue has gone up. Emily what are the next steps . When are we expecting this to actually happen . I know we were looking at december. Are they on track for that . Crystal 15 days from now, they are allowed to market to investors. As early as 15 days from now, we will see a price range that will give us a good sense of what aaron bv airbnb is valued at. Also, they will determine a price and the nasdaq following that. Now, we are coming through the perspectives and we see what else is interesting. They will be listing under the ticker. There had been some talk that airbnb was considering the longterm stock exchange. That is sort of an alternative exchange. It would have been a departure from the traditional past and a huge win for the longterm stock exchange. What do you make of the fact that they have chosen a more tried and true pack here . Crystal i would say that is. Ore of a marketing they have also improved the trading liquidity. Thet now, nothing treads on longterm stock exchange. Do would not happen until as early as next year. Is a big win for the longterm stock exchange. That only started in september. Emily we know that you will continue to be pouring through airbnb. Thank you for your analysis there. Is the end of the pandemic inside . Reports thatt with they have a vaccine that is 94. 5 effective. They will tell us how their vaccine has an advantage over pfizer. That is next, this is bloomberg. Said monday that is covid19 Covid Vaccine is 94. 5 effective. The highly positive readout comes just one week after a havear shot was found to an efficacy of more than 90 from pfizer. I sat down with a chair and got his thoughts on the new data and district vision timeline. Highlyhink this is encouraging as it relates to the possibility that our vaccine and possibly others will have a profound impact on pushing back the damage that has been done by this virus. The reason is because we need to attack this at the level of hundreds of millions of people if not billions. This is not a treatment it is a preemptive treatment. That inhave shown is these studies, 90 of them were in a population that did not receive the vaccine. Only five were in the population that did. As that scales to millions and hundreds of millions of people, we should be able to save lives, avoid severe disease and pushback this pandemic. Steps what are the next and when can you file for emergency authorization . Noubar we are in close collaboration with regulatory and other authorities. In terms of authorization, we will pursue an emergency use authorization. We still need to finalize gatherings and safety data gathering safety data. And we will provide the final four review for the fda. That should happen in early december we hope if all goes as planned. The authorization, we are already ready with supplies. They are appropriate to apply to the first wave. Emily when was that first wave be . When would people get that . Can be distributed through the operation warp speed supply chain that has been set up. It will be at the level of tens of millions of doses. Some 4020,000,000 doses will be made available. We already said 20 million of it will come from us. Quarter,the first those should ramp up to 50 or 100 million doses. It should ramp up to 500 or one billion doses. Be the only vaccine, there will be others. As it relates to individuals preceding it, the first wave will be the most vulnerable. The second way will be a bit broader. In the Second Quarter of 2021, we should see a broader update. We dont know to what extent people will hesitate in taking the vaccine. We hope this kind of data on the efficacy and safety, together with proper communication and leadership at many levels in the medical community as well as the government will lead people to take it as much as possible. That will also dictate timing. Emily there was a lot of excitement around the pfizer news was users the same mrna technology that modernity uses. Then it needs to be stored at 94 degrees fahrenheit. Yours can be stored at refrigerator temperature for 30 days as i understand it. What kind of advantage does that give you . Noubar i should say that moderna pioneered this field. It has worked on nothing else. There are many that entered the field more recently that are using technologies that we used and looked at some years ago. We spent quite a bit of effort trying to actually achieve the the minuss target, four degrees fahrenheit. Those are our longterm storage conditions. Already something that can be done quite broadly because that capability exists. Results ontioned the our storage conditions where it is clear that not only can we keep things at minus four degrees fahrenheit but we can keep things under referred refrigeration for up to 30 days. Hours, we can have it sitting on a table. We want to take the pressure off the this tradition system. We want them to not feel the stress of getting things wrong. Every of these vaccines will be precious. There will be a limited supply for a long time frame. We dont want 100 miles to go bad because people did not do something properly. The covid19 pandemic vaccine is the beneficiary of all the experience and research there we this. One and applied to like theur vaccine Pfizer Vaccine needs to doses. It will be troublesome to get people to come back. How troublesome do think getting this out into the world will be . Noubar i think there is a lot that has been done to prepare for this moment. I can say for example in the u. S. That the work of operation it has to do with the supplies that we need. Also, the entire distribution chain and the preparedness for that. While there is a lot of work to do, i think we have done quite a bit. Everything related to vaccines these days has been a point of debate and speculation. But the reason we are using to doses is to give people the maximum amount of protection. When we set out to do this, we could have done it with one dose. That is my own personal opinion based on work we have with others. The burden of the disease would be so high and so terrible. Emily more of my conversation with noubar after this break. Also, we have a huge milestone for tesla, this coming after some record delivery numbers and profitability. Shares jumping 5 after hours. We will keep our eyes on that. Tesla joining the s p 500 officially. Emily moderna was a littleknown company just a year ago. Now it has a potentially leading vaccine candidate. I am speaking with the ceo and chair. Product oferna is a a whole new different way of thinking about innovation. The idea is to look at rather the way then science looks at it into mentally, we look at not yet discovered, not yet invented capabilities and with big about what we wish we could do if you could do anything. Among the 100 such explorations we carry out every two years, was ae uncovered here code that would allow them to make a protein that was either therapeutic or helpful. This was back in 2010. We did not know how to do it, we did not know how effective it would be but we first envisioned that mention a tory these measures or things could be possible. Then we went with if we could prove it. Eventually, it became moderna. We tried a number of approaches. We were not looking for an application for discovery, we were looking for a discovery to fit an application that we got convinced would be transformative. The first years were quite remarkable. Emily what was the eureka moment . Mrnayou discover that tricks the body into producing what it needs to fight without actually injecting the virus . Bet would the eureka moment what was the eureka moment that made you think that would work . The cells gets into that you want and starts making a protein, theoretically, any protein. Anyone of yourselves could make any protein. An mrna based virus. It does the same thing. Viruses have figured out how to do what it took the biotech industry 40 years how to do. It is to stick rna in the body and give them the code that they could repopulate themselves. The irony is not lost on us that the very thing that will do in the virus will be an innovation that the virus made to begin with. Emily there are questions about the underlying ip and reporting that the nih may own some of the patents that moderna is using. What is the deal there . Has been both a collaborator of ours and has worked on the underlying protein that is a vulnerability of this protein,irish that they have worked on for many years. Several years ago, we began to collaborate them with them on the sars vaccine. This changes the protein sequence from this virus. That benefited us. Have found others proteins that are broad background proteins. Everybody is using the spec protein. That will be an important thing. Vaccinehat, the mrna takes advantage of many inventions that we have made. Including for the covid19 vaccine. That is the intellectual property that modernity has. I know that your fund which is a huge shareholder in moderna sold some stock earlier this year. What is your response . There are things that people have said about individual decisions. Wasur case, the flagship the founding institution and owned all of the company in the beginning. As we formulated the initial Founding Group with certain academic cofounders, we distributed show him some shows to them. Founding is the ownership. It is not an investment ownership. Having said that, our investors basically invest at appropriate intervals. S ofave been small amount sales in our case. That is a very different thing than what people have been describing has these executive sales. We could have talked for hours there. Ont was the chair of moderna fascinating vaccine development. Coming up another historic lunch for spacex and their lunch. A reallife astronaut will be joining us. That is 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. Spacex hitting a huge milestone this past weekend. Elon musks company launching its first regular nasa mission to the International Space station. Four astronauts took off from Cape Canaveral on sunday and will dock around 11 00 p. M. Eastern tonight. Joining us now for more thomas space shuttletime pilot. My kids and i were watching last night. They were so excited. It is almost as if nasa is inspiring a new generation after all these years. What makes this particular launch so significant . It is an exciting time for the country. We are now going operational with these commercial trip crew transport to the station. Now, we are out from under the russian monopoly with this operational launch of the spacex crew dragon. Next year, boeing will work on it. Nasa will have two for libel stateoftheart ways to get to the space station for the next 10 years of its research life. Emily what exactly will these astronauts be doing in space . We always hear that they will be helping out with scientific experiments. But what about some more detail . What are they doing . Astronauts that launched last night. They joined a crew that was already up there. That crew now has one extra person. More productivity and more person hours then three big labs up on the station. Everything from growing plants on the station to help us forge a way to marge by recycling Carbon Dioxide and making crude in space to astrophysics experiments with all of this. The latest experiment i have been intrigued by is using micros to attack and process rocks from the moon or asteroids to make valuable economic materials. The bacterial metabolism that can produce minerals and compounds that we might even years back on earth or in space for the support system or to construct Building Materials out of these microprocessed rocks from space. Mentioned, the names of the astronauts are sharon walker, a female and African American restaurant. This is a lot of history making. I saw a lot of parents tweeting about their little girls watching this last night. Talk about how this partnership with spacex changed the equation for american effort to get to the final frontier. It is a big and important developer that we switched over to two involve and enlist marshal partners in nasas exploration program. This is bringing together new rocket designs. Recycling the falcon nine spacex booster by landing in a recovery barge is new. It lowers the cost of launch services to orbit. That will not only help nasa funded by the taxpayer but it. Ill free up some more and Companies Like spacex and boeing will now be able to offer the same spacecraft to tourists that want to pay to go to orbit for a week, is it the space station but later on, there will be commercial hotels and pharmaceuticals and industrial labs in orbit that these transports will be able to serve. It is bringing innovation into the nasa program and lowering costs. Emily how far out is that . Intoa space tourist can go space and stay at a hotel up there . Is an exciting development. I see hundreds of people going into space outside of actual astronaut racks. I see that as generating broader support for nasa exploration efforts. There will always be professional explorers but if you can have a private experience, first, the wealthy and then competition will bring that cost down. In a generation, i think it will be much like a trip to antarctica is today. You can take an adventure sojourn for a few weeks. That is important, to engage a broader base of the public with a personal place of space exploration. I am curious about the g oppotaco forces at play here. Are we competing against china and russia the same way that we were in cold war times when we landed on the moon . Especially when we had a changeover in the u. S. Administration . Thomas i would say that we are not under the gun the way we were in the cold war in the 1960s where john f. Kennedy committed to the u. S. Getting acumen on the moon first. We had tragic failures like the fire on the launch pads that killed three astronauts. That is how serious the competition was. Theschedule was forcing United States to take on the maximum round of risk. The chinese are most capable, the russians are still involved, perhaps in a partnership with the chinese. But it is not a schedule driven race like we think of the 1960s space race. Instead, it is important to invest for the long term so the u. S. Has the technological advantage that it maintains over competitors like china. The chinese want to have their people on the moon in 10 years. We did that over 50 years ago but we cant allow the situation to develop where the chinese are the only ones that can reach the moon. We are no longer the technological leader of this planet if we cant work with other people and other planets. You have got to space for times yourself, you have done us up a spacewalk. You helped install a critical part of the International Space station. I know that you personally have spent you have done a lot of research on asteroids. Of mining the objects, the debris in outer space. Talk to us about how feasible a project like that is and what the actual use of it will be. Thomas here is another example of commercial innovation and outer space exploration. We are doing these lowcost transports and viable transports like the crew dragon and star liner. That will also be enabling cheaper robotic missions. There is water and ice available. Also on the nearby asteroids where there is water locked up on the minerals and services of some of these objects. What is like gold in space. You can drink the water and you can split that water into oxygen and hydrogen which makes cheap rocket fuel available in space where it is needed. Not being not being hauled up expensively from earth into space. It will be purchased as a reliable supply of rocket fuel using it fort then construction materials, for feeding a greenhouse, providing organic chemicals to be used for industrial processes in space. It is great to start with government customers buying water that is mind on the asteroids. That may be leading to a commercial market for all of these raw materials. Emily so fascinating, tom jones, former nasa astronaut. Take you so much for joining us. This is one i will share with my kids. Thank you. It is the final day for big institutions to file for the Third Quarter. Signals on where they are doubling down and pulling back. I want to bring in catherine who has been following all of this. What are some highlights you pulling out . One of the bigger stories was Warren Buffetts berkshire hathaway. It went big on the drugmakers. That delivered extremely good vaccine trial results last week from pfizer. It has been such an increase among those names, you have seen advi climb in after hour training. Meanwhile, you are seeing pfizer rise as well. This is a name that traded on the back foot all day after modernity came out moderna came out with its own extremely good vaccine results. What are you saying when it comes to tech and where firms are holding on and where they might be pulling back . As we know, the Biggest Tech Companies have had market caps run up in the past few years. Katherine that is for sure. It is a mixed picture in big tech. Maverick has boosted its overall tech exposure by about 9 . Microsoft is particularly popular. It was the top new by. Few a others edge of their position as well. Forre seeing appetite amazon. Kind of a mixed read. Time covers through september 30. It is probably too early to read is whether these funds are exiting the stayathome trade now that we have these vaccine breakthroughs. We know that some of them were definitely set up well going into this most recent rotation away from tech we are seeing at the moment. They what about some of new names on the block like snowflake, some of these high flyers, more controversial ones that we have been watching . A lot of investors are really excited about it. Katherine these are the fun stories. Snowflake is that Cloud Computing company. It has just been on fire since then. It surged over 100 . That tiger global, these were some of the hedge funds that got in on the ipo action. Lets also look at the chinese electric vehicle maker that has also been redhot. Will be up over 1200 , just surging. We know that bridgewater added this takes there. On the less successful side, you have vanguard adding a new 3. 4 possession in nicola, another ev. That has been a boom and bust story. It has fallen 72 since then. Maybe not the best timing for vanguard. What i meant when i said controversial. Thank you for digging through all of that. That is really interesting to see where strategy is heading. Coming up, well hear from the former secretary of state, Henry Kissinger about covid19 and its impact on u. S. China relationships. Some pretty dramatic revelations. That is next, this is bloomberg. Emily Henry Kissinger was the architect of u. S. China relationships in the modern era. The former secretary of state spoke at the new Economy Forum about what covid means for International Relations and whether there is a global solution. If it is on the issue it is important for each side to understand the sensitivities of the other. Not necessarily to solve the problem but to alleviate it to a point. Whether further progress as possible. One of the basic historic issues is that americans dealing with Foreign Policy is not necessarily a pragmatic issue. Chinese deal with Foreign Policy primarily as a view of historical evolution. When the american and the chinese president meet, they are not necessarily talking about the same subject. We have to begin to understand the historical issues and the chinese have to understand that not only toant arrive at a destination but to between thatnt in needs to be dealt with. Do you think there is a way in which people can learn from history . Do you think the chinese really in the sameontext way as americans is to . Used to question mark henry the history the same way the americans used to . Henry the history of china is different than america. Americans have uninterrupted success. The chinese have a very long crises. Of repeated fortunehas had the good of being free of immediate dangers. The chinese have usually been thatunded by countries have had designs on unity. It is necessary but each side learned enough about the ecig use of the other and the basic principles and the definition of the National Interest of the. Ther enough to begin a dialogue. What we can learn from history catastrophes can occur if societies slip into a offlict on the basis repeating this conference for a long time until suddenly it blows up. That is how world war i started. The issue itself was no thatrent than 10 others have been dealt with in previous decades. The message of that you send the world, we need an effort designed to avoid the worst. Of course, each side will defend its National Interest and this will be understood. Intoould not turn this where we can we conciliate with china. The issue is if we can achieve outcomes which both sides can coexist with. Emily fascinating conversation there. You can catch more of that on bloomberg. Com. State, henryad of kissinger. Across catch this event all bloomberg platforms. Them. Be interviewing fromll have an outlook bitcoin bull and the cofounder of real vision group. That is next, this is bloomberg. Is in the midst of another notable rally. Cryptocurrency is on a sixweek running streak. At highs not seen since 2017. The mania surrounding Digital Currencies backed and is largely absent. Paul, heined by ronald has been extreme labels on the coin. He has been just excited about it as we were back in 2017. What is driving these gains . The gains have been driven by the impact of the global central banks. Ending a lot of money right now. Also, the excessive fiscal stimulus. It coin is probably the hardest bitcoin is probably the hardest of all that. Tuning into the point that this has been a narrative for people. It has gone from being retail adoption as early as 2017 and now and institutionally adopted as a class, that shift is enormous. Emily you are taking on an irresponsible amount of risk with bitcoin. You are going along, why . World i have been in this at goldman. I ran to hedge fund. I advised many other was biggest hedge funds. This is the biggest single opportunity i have ever seen. Doing, bitcoin itself is the best performing as a class of all time over the past five years, over the past two years and this year it is already up 130 5 . It is still in price discovery mode. While the institutional of money starts coming into the space, i think it goes up maybe another 25 or 50 x from here. You just dont find those kinds of returns in any other asset anywhere else in the world. It is an extraordinary opportunity. Wrong fort could go bitcoin investors . Talk about the primary risk, power outage, regulatory risks. What if governments just dont accept it . Ioul interestingly enough, have spent a lot of time reading the papers of the bank of england, the fed, they are all talking about fiscal currencies as we know. They are talking about bitcoin these currencies, theyre talking about how they were regulated. Regulate it. How they will regulate it. There is no noise whatsoever that they are not happy or comfortable with it. I dont think it will be banned. Even if it is, it is on the internet, it is pervasive. Dont think that that is a thing. In terms of the electricity story, if the global Electricity Supply is gone, we have other things to worry about. You probably wont get your gold out of that vault, you will be looking for food and guns at that point. What we are looking at is quantum computing. That is something everybody is aware of. People are building that around verticals like bitcoin. Emily fascinating stuff, we will be checking on your predictions. Raoul pal. Be testifyingll before the Senate Judiciary committee. This will be the second appearance in less than a month. Republicans are likely to focus on how they handled the new york hunter biden. On democrats will be wanting more moderation, not less. The hearing is called breaking the news, censorship suppression and the 2020 election. We will have more on that when we catch up with marsha blackburn. There will be 5 30 p. M. Eastern time. That does it for this edition of bloomberg technology. I am emily chang in san francisco. Bloomberg daybreak asia is coming up next. Yousef this is bloomberg daybreak middle east. Manus asian markets touch the brakes on the global rally, despite u. S. Stocks hitting new highs after modernas encouraging vaccine results. Yousef after ms. Him about a shot is being balanced by global cases. Infections are climbing in every u. S. State. The toughest measures for sweden yet. Manus Global Cooperation and a shift away from protectionism in the next u
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