Theirx joins us to share answer to the new competition. And, the bitcoin rarely continues but for how long . But first, tech shares leading the market higher as more covid Restrictions Mean more staying at home for the foreseeable future. Scientists are making to make advances on the vaccine front but there is still a long winter ahead. Joining us now, Abigail Doolittle taking a look at the Market Movers of the day. Lots of conflicting strands here. How did at up did add up . We had the bearish news yesterday about Public Schools in new york city closing server restrictions on the biggest schools in the u. S. Stocks yesterday sold off. Today . Not so much. They were basically flat on the day. At the end of the day, the nasdaq 100 climbing by three quarters of 1 . We once again have that disconnect between stocks and the reality that would seem to be concerning about the narrative seems to be stocks are looking forward six or nine months on the vaccine starts to get into the system a bit more and hopefully helps reverse this pandemic. Stocks not taking into account the near term bonds. That is a story for another day. What helps the nasdaq 100 today, lots of. Stayathome stocks that is another conflicting piece of this tugofwar. Netflix, amazon, apple and facebook all higher. Those are the names that have a big waiting. Those ares defense, the sectors that lead tech and discretionary. Lets talk a bit more about amazon as you say edging higher. We have this news of cases continuing, hospitalizations surging, more staying at home. How much of this is an overhang from the big pharma news about amazon making an even bigger play in Prescription Drugs . In terms of amazon on the day, i think we are looking forward relative to that. It is widely acknowledged it will be a big disruption to the pharmacy space. Proven. T until that time, it is probably not going to do much for amazon shares. Amazon is stuck in range you can make the case the stock is technically bearish. What we do have a reaction in is the drug stocks. Cvs and walgreens down. Analysts are saying this is a big concern from the for the longterm but in the near term, it is unlikely to be that much of an effect. You can see big declines in the space. ThanksAbigail Doolittle, so much for breaking it down. One of the companies that stands to see some impact is good rx. How big will that impact be . I want to bring in the founder and ceo. There are some predictions this will be incredibly disruptive to your industry. You are one of the incumbents. What is your answer to this . What is interesting as amazon has had mailorder pharmacy for a number of years. The announcement a few days ago was updating the experience to get more people to switch. Mail is really hard. Only about 5 of prescriptions are mailed. The reality is most people go to retail. That is where good rx tends to play. We work with amazon to help them find discounts for pharmacy. Emily does that mean you are not concerned . Good rx has 5 million members. Amazon has 90 million prime members. Are you worried that some of your customers who happen to be prime members might move to the other side . What good rx does is we hope americans find the lowest price further prescriptions and health care anywhere. I applaud amazons efforts to get into miaail. We are in marketplace. What amazon announced as an upgrade to their mayor porter experience. They also offered this discount card that people seem to helping peopleut get discounts at competitive pharmacies. I do not think amazon or walmart would be happy if consumers relieving. Were leaving. We work with amazon. We work with all the major pharmacies to find the lowest price. As a point of reference, the lowest prices with our Subscription Service are lower 90 of the time. Emily how do you think it is going to change things for me has to go to a drugstore to get a prescription filled . It is crazy because you think at this point, everything shows up at our house. Pharmacy is so complicated. It is not as simple as one click. You have to get the prescription. There are all sorts of contractual reasons where your Insurance Company may or may not participate. Amazon is only doing 30 day fills. The contracts and restrictions are so great. Imink they have been old enough to remember drugstore. Com in 2000. Health care does not work like other industries. It can be very confusing and restrictive. We are trying to unravel that. It could be a long time before mail is a significant part of the overall prescription economy. Emily this is all happening as congress is taking a look at amazon over antitrust issues. Do you think there are regulatory issues here that lawmakers should be concerned about given that they are making a lateral move into an industry where there is already concerns about how much power they already have . Not have a lot of Vantage Point into amazon and regulation on that side. What i am focused on his overall Government Health care policy, which continues to fail most americans. Too Many Americans are uninsured. Too Many Americans are underinsured. We work to provide information on pricing so political leaders can flag or out can figure out how to solve this problem. Said the aca was going to Fix Health Care in this country. Americans still need help. That is where we are trying to fill in the gap. We want to give americans any choice they need so they can get Affordable Health care. We are friends with anyone who will help us get there. Emily where do you see the innovation happening in the pharmacy business over the next five years . We are really excited about certain categories. I think telehealth is amazing. It has been around for a long time. Very few people used it. And then the pandemic used it and it basically exploded. For certain categories like mental health, telehealth is here to stay. If i can see a therapist in an interaction like you and i are having, that is pretty good. I think there is room for mailorder. Seeingfinally s options good rx has rolled out brand solutions. We are trying to drive people to solutions and help doctors find solutions. Peopleh cost of drugs are talking about the brand drugs that cost too much. Everyone is reeling he is realizing they have to do something. We expect to see a pot of information a lot of innovation. Emily cofounder and ceo of good rx. Thank you so much for joining us. Vowed to goirbnb bub look on the nasdaq. On anotherng shares trading venue still be a possibility . This is bloomberg. Emily we have some breaking news. The Gaming Company roadblocks has filed for an initial public offering. The company, which is very reportingong tweens, daily active users, 31. 1 million in than nine months ending september 30. Joining the flurry of ipos trying to round out 2020. Airbnb filed to go public on the nasdaq. The Company Might also list shares in 2021 on its upstart trading venue for Companies Committed to environmental, social and corporate government values. Airbnb is weighing a dual listing on a Longterm Stock Exchange founded by eric ries. Thank you for joining us. Hugeusly, this would be for the lts see. I know these conversations are confidential, but what can you tell us about the likelihood of airbnb doing this . I cannot speak to which companies are going to list. Unfortunately, i cannot say anything about that. That said, if this were to happen with airbnb and a company of similar size, what kind of budget amazing force when that have about something youve been working on for a long time and you have been waiting for a company to make this move . I have been working on this for the better part of a decade. We are really excited we were able to begin Trading Operations on september 9. That is the official start time for us to be able to have these conversations with companies. Separate from any particular company, what is important is the issue of corporate governance. In the next generation, there are incredible Corporate Leaders like brian who you mentioned who are committed to a 21st century way of Building Companies that his district from what had that is different from what has come before. You build a business on a bestselling book. I know you build a lot of strong relationships with founders. Ceo. E like the airbnb talk to us about your relationship with these founders and the kind of conversations youre having with them about making a decision like this . It is a bit of a cliche now to think people in Silicon Valley are trying to change the world. As i have gone to know people like brian, i think they are sincerely committed to it. I know he cares a lot about andrsity, sustainability what he calls the multistakeholder way of building a company. Understanding that taking care of human beings in his community leads to success for shareholders. You do not have to take their word for it. Host endowment fund, placing a significant amount of the companys stock into almost a Sovereign Wealth Fund for airbnb nation. This recognition that these platforms, these platforms are so powerful there like nationstates onto themselves. The leaders of the platforms have a tremendous Civic Responsibility to shape the 21st century is going to look like. Emily we just learned that roadblocks, the Gaming Company has filed for an ipo to list on the new york stock exchange. Tell us the selling point of listing on the new york stock exchange. Why should any of these Companies Choose you and what are they giving up if they did not go that traditional route . It is important to remember we are asking companies to dual list so they can still have a primary listing on nasdaq or the n. Y. C. Or the nyse. Low. Isk is actually quite one of the things they much everyone in business agrees on is shortterm thinking has become an epidemic problem. Look outside if you want to see the consequences of that. You talk to managers of public companies, they increasingly are finding themselves living quarter to quarter. Getstments in innovation starved. That is not what this generation of leaders wants. The companies that have this longerterm focus are better equipped to deal with disruption. They better take care of employees and customers who will remember in the new normal who was there for them and who was not. This ability to remain true to their vision, that is the essence of this next generation of leadership. The standards we have embedded are aligned with that in those. Ethos. That many ofe will see how those Companies Make it out of the gate. What is your forecast for 2021 . Do we go back to some kind of normal after this unprecedented time or does this kind of feeling of disruption continued for a while . It is funny to think the 21st already 1 5 over. Anyone who thinks it is going to be smoother or calmer is not paying attention. We are 100 years remove from what our grandparents and greatgrandparents went through. When the pandemic ends, the i to make the activity that is going to be unleashed is going 20s the wrong if everyone members what happened in the 1920s, the 1930s and the 1940s, we are on a similar trajectory. And think entrepreneurs tech leaders have an Important Role to play in forging that new consensus but it is going to require an enlightened thinking about what is the role of corporation . What is the purpose of the corporation in these Turbulent Times . If we can lay out the new social contract of what it means to be a great company, we all have a role to play in the. Us whopress and those of advise companies and the founders themselves in saying that this new ethos has to be about taking care of human beings or we will have a repeat of some of the atrocities we saw last century. Emily it is certainly an ambitious goal that sounds very worthy. Good to have you back here on the show. All right. Coming up, we are going to be talking about crypto. This is bloomberg. Bitcoin is having a moment in the sun after a couple seismic shakes that destroyed billions in value. 18,000. Al coin lost paypal said it would now allow customers to transact cryptocurrencies. Joining us to discuss what lies ad, bitcoin has been on a huge run and we are seeing a new rally on cryptocurrency we have not seen in a few years. What is your take on why this is happening and how long it will last . I think it last for a while. Thank you for having me on. I think what we are seeing have been are some macro factors. None the least of which is, you print billions and trillions of dollars in stimulus, many people take a look at inflation hedges. Gold has historically been the darling in that category. Increasingly, you are seeing bitcoin and Digital Assets viewed as a real inflation hedge. It has driven a lot of the activity we have seen lately. Paypal is allowing you to buy, sell and hold cryptocurrency, but paypal has decided to not include ripples ex rp. What is your response to that . Been a topic of a lot of speculation as to how the u. S. Environment would look at the currency. A lot of foreign regulators across the world have looked at and been decisive about looking at it as a virtual currency. In the u. S. , you have not had that same clarity. Without that clarity, you have Companies Like paypal and others who are supporting bitcoin. Because it has that clarity. I am a bull on bitcoin. I also think we need to acknowledge that when bitcoin is more than 50 of the mining in china, china can control those technologies. We in the u. S. Need to get in sync with other Major Economies across the world as to how we look at an asset like xrp it treated current entry similarly and treat it similarly. Think the chinese commonest party is being very strategic and is very focused on dominating this technology. I worry this will be the next 5g race. We lost that race. We are in danger of repeating that mistake again in the battle for what i think will be the future of our Global Financial infrastructure and payments. Ishink the irony unintentionally as a regulatory body in the united states, we have given an advantage to that has allowed people to like paypal and others with that clarity and certainty, there supporting those assets and they are allowing entrepreneurs to build companies around them and to safely invest. Emily you made headlines last month when you said ripple might move its headquarters out of the u. S. Due to the lack of regulatory clarity. Now that we have joe biden becoming president elect, what are your hopes under hallie Biden Administration under a Biden Administration . I do not see it fundamentally different as to who is that 1600 pennsylvania. I think there are some subtle changes. Ripple is an american company. I am a kid who grew up in kansas. We generate a lead of tax revenue for the government and highpaying jobs. We also need a level playing field. If we cannot compete effectively withse countries these technologies, we have to be able to compete on a level playing field. The one thing i will say that will change in a Biden Administration is another drawback of how bitcoin operates. 1 of Global Energy consumption is consumed by bitcoin mining. In a world where we should be attentive to carbon production and the impact of the dynamics going on in the climate, the Biden Administration will be more attuned to those dynamics. That will bring more attention to the lack of efficiency in bitcoin mining. Emily all right. The ceo of ripple. Always good to have you on the show. Thank you so much for sharing your thoughts with us. We have been getting headlines out of the state of california. California has ordered a 10 p. M. Statesor 94 of the population. This as cases of covid19 continue to surge. Hospitalizations also surging. Something we will continue to follow and try to get more details on the new curfew going into effect in california. Also coming up, vaccines for covid19 are looking promising. Does that mean travel will pick up . We will talk to the ceo of booking. Com 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, i am emily chang in san francisco. California will be implementing a 10 00 p. M. Curfew for 94 of the states population. For all counties in the purple tier. That is in my county, alameda county. That does not include the county of san francisco, which is in the red tier. Obviously, a very restrictive move. We are waiting for a press conference from officials at the top of the hour. This after we saw positive news on the vaccine front out of pfizer and moderna. The question remains, when can anybody expect life to go back to some sort of normal . As we head into the winter the cdc is recommending americans not travel during thanksgiving week. Glenn, lots to digest here. What is your take as a guy who is running a travel business and your business has clearly been disrupted over the last eight months. Glenn hi, emily. Thank you for having me. It has been disruptive. Wonderful news out of pfizer and moderna. Hopefully we will have great news out of other Companies Like johnson johnson. The thing i continue to remind our employees, everyone remember, this is not a light switch. We do not just turn on the lights and everything is great. We have a long way to go between these announcements. There has not even been governmental approval yet of these vaccines. It will take an awful long time for the vaccine to be distributed. Then to be able to get to a level of safety people feel it is ok to do everything they used to do before this pandemic. Unfortunately, it will be some time. Emily lets talk about what is happening in the shortterm. The cdc is recommending people not travel over thanksgiving week. I just got off the phone with someone who is canceling a trip. Are you seeing bookings being canceled over the next several weeks . What is happening right now . Glenn we saw significant downturn before the announcement you made. We did our earnings call. I talked about how the seven days preceding the call we just did, all of a sudden, bookings were dropping significantly, down 70 in seven days preceding our earnings announcement. The summer was not bad at all. People were feeling optimistic. But as the infection rate went up not just in the u. S. In europe we saw cancellations go up. Unfortunately, until people feel safe, we will not see a rebound. Emily how will this Holiday Season compared to every other Holiday Season . Glenn it will be pretty horrible in terms of travel. We all knew that. We talked in april about how what we needed was a vaccine and government stimulus. Now it looks like we have vaccines, but it has to be produced and distributed. We also need governments to put money to work, to prime the pump for travel. The travel industry has been devastated. People have lost their jobs. We need governments around the world to come up with plans and programs that as soon as it is safe to travel, i am thinking maybe tax credits to stimulate demand. Other countries are doing it. Japan they are doing it. We are helping build Domestic Travel there. Thailand, the same thing. It would be great if the u. S. , president elect biden, come up with a plan, it would be really helpful. When it is safe to travel, we get demand up right away. Emily we do not know about additional stimulus. We know that lawmakers are going home for thanksgiving, but we do not know if there would be more stimulus. Will travel ever get back to normal even after a vaccine . Is the industry changed for good . Glenn a couple things about that. There is always going to be travel. When everybody feels good about getting on a plane, we will get travel back. I have no qualms saying, we will have more travel in the future then in the past and we will go past the numbers in the future. It is worth mentioning business travel. Business travel will be different. I do not see people saying, i will get on a trip to visit a client cross the country or the ocean, for a oneday meeting at high expense and then come back. I see people saying, i could do this by some sort of video communication. It is just as effective. That hurts airlines that used to get very high fares, those firstclass tickets, Business Class tickets. That is a lot of money. They will not get as much. And the five star hotels that were filled with business travelers. Lets face it, the client was paying their way. This will change the economics for some of the suppliers in the emily nvidia paring losses after warning that Data Center Chip sales were slow in the second quarter. The chipmaker is waiting on approval for arm holdings, under Parent Company softbank, for 40 billion. Known as the switzerland of semis, some fear the nvidia acquisition will threaten this. I want to welcome simon segars, the ceo of arm holdings. Great to have you back on the show. I know you said you have been on the phone with a lot of customers worried the way you do business will change. How are those conversations going . Simon hi, emily. Thanks for having me on today. When we announced the deal two months ago, a lot of peoples reaction was, what does this mean for the future . I have talked to lots of people and have been with lots of customers. Our Business Model will continue. We make our Technology Available to anyone who wants to license it. That has driven a tremendous amount of innovation. Both arm and nvidia have said both will continue after the acquisition closes. We will create technology and make it available to anybody who wants to build a chip using it. Emily what actually will change under nvidias ownership . Simon we expect to bring more technology to market. We will have a combined engineering capability that will be very focused on the future of computing, which will be more data and ai driven than in the past. We believe we can bring combined strength together, create more products and make that portfolio of Technology Available to the worlds chipmakers, who will innovate on top of them. We believe this is a way we can go faster and bring more technology to market. Emily walk us through the expected timeline for regulatory around the world and what you see as the biggest hurdle . Simon we expected it to take 18 months to go through the process. We still believe that is the case. The process runs at different speeds in different jurisdictions around the world. There are different Regulatory Frameworks you have to follow through. We are at the start of it. We are talking to different regulators, answering questions, pulling information together, pulling files, as we go at different paces in different places. Emily Chip Technology has been at the front of u. S. China tensions. The arm situation continues to drag on. How have Geopolitical Forces impacted the business you are building, and how do you plan to rebuild those relationships . Simon it has not been affected much by what is going on on a geopolitical basis. Our technology is popular amongst Chinese Semiconductor companies. We use it extensively. We have strong and deep relationships. We continue to develop those. We have to be completely consistent with export controls and regulations applied to ship technology. Export controls around the world. We maintain our compliance with those and monitor changes carefully. Our district in china is doing well. We see a lot of innovation there. We continue to partner with companies in china. Emily we saw apples announcement of the mac line, its own chip. It is not great for intel, but does this open the door for arm, to get into vcs . Something promised for many years, but has not come to fruition. Simon we have seen great improvements in the performance and Energy Efficiency of our chips. We have seen our chips floyd in pcs. I have been using a windows 10 vice myself since lockdown. That is an area we can deliver performance, with our benefits in Energy Efficiency, the ways in which our partners integrate other technology into the chips they build. We think there are great system efficiencies to be gained by taking that combined, integrated approach. Emily arm is just the latest in a series of big chip deals. You see more consolidation in the chip sector, and what companies should we be watching . Simon i think there will be more consolidation to come. Developing leading edge advanced Technology Chips is very expensive and becoming increasingly so. You have to have lots of chip designs. That naturally leads to consolidation in the sector, even through lockdown. We have seen a few deals announced. I think we will see more to come as the smaller and Midsize Companies either combined together or combined with larger companies. It will become a business where economy of scale matters. Emily arm ceo simon segars, thank you for joining us. We will see how that acquisition progresses. Still ahead, with president elect joe biden entering the white house in january, the fcc could see a change in its top executive. We will hear from the fcc chair about what he is doing over the next 16 weeks ahead of Inauguration Day and what he wants the priorities to be. This is bloomberg. Emily former president bill clinton said at the Bloomberg NewEconomy Forum this week that chinese president xi jinpings reign has upended chinau. S. Relations and will require biden and his allies to take a more coordinated approach to beijing. I sat down with fcc chair ajit pai to see how he thinks the Biden Administration will handle it. Ajit the chinau. S. Relationship is complex, goes well beyond the fcc boundaries. We see a recognition the Chinese Communist party has a determined view about the way it wants to order the world. It is not content to simply focus internally. We see them exporting their own values abroad. As i mentioned on twitter frequently, if they are willing to take action to cause censorship on things like basketball and flag emojis or games, what will it mean in equipment from chinese manufacturers subject to chinese law, in our Communications Network . We see people on capitol hill speaking with a bipartisan voice as recently as this week, when they passed legislation saying, we need to think about a solution to navigate around problems we are seeing in huawei. Emily do you think samsung, huawei, zte, and others will change under the next administration . Ajit the fcc has spoken with a unified, bipartisan voice. Whether it is a 5g network built in new york city or the navajo nation, everybody wants it to be secure. That is not a democratic or republican issue. We need to provide funding for smaller carriers to move equipment. Congress has not seen a partisan affiliation. I think the recognition that the Chinese Communist party is a threats in this area, and the recognition we need to work together, congress and the executive branch and independent agencies, speaks well to the unity on this issue. Emily at the same time, your fcc ended the most direct fcc regulation of rod bans networks which some would say undermine their security. How does the fcc worked to ensure Broadband Networks remain secure under this new framework . Ajit i would argue to the contrary, the decision we made to remove regulations has been a fantastic end of it to the american people. Since we made the decision in 2017 to remove the Net Neutrality regulations, the u. S. Has doubled with respect to broadband, millions more have access to the internet, and in the last eight months. There is increased demand on the internet. The networks have been architected in such a way to sustain all that traffic. That would not have happened if we had utility style regulations. The best evidence of that is europe. Europe has that which some Net Neutrality advocates love. They went to streaming services at the beginning of the pandemic, and asked him to change from hd, because they did not have the investment that made them confident they would hold up. I would argue there is a big benefit when it comes to security. Companies have certainty in terms of building networks. Now they can think of security of the networks as well as business feasibility. Emily your decision on Net Neutralitys bond discussions, protest, the john oliver argument. What is it like to make a decision that feels so unpopular . Ajit the key is to have confidence in your convictions. I knew there would be an outcry. It was a hot button issue before i got to the fcc. The wisdom on this issue you may remember in the fellowship of the rings gandalf said to frodo, we have to decide is what to do with the time that is given us. Here we are three years later. Now you go on twitter or other platforms, some people are wondering, what happens with that issue . I thought the internet would die, but here we are tweeting. Emily what if the next fcc tries to undo what you have done in your tenure . Net neutrality would be top of the list. Ajit we have done an incredible job executing, closing the digital divide, advancing leadership in 5g, making sure we benefit consumers in terms of proactive enforcement, protocols, addressing markets that for some people have fallen through the cracks. For example, regulating the rates that inmates pay when they call people on the outside. Those are things we have executed on. I would argue there is not necessarily a partyline affiliation. Emily with the Biden Administration, you will be stepping down before Inauguration Day, but you do not have to. You could stay on as a commissioner. What are your plans . Ajit just to make sure we have a successful december meeting. We have a lot of meaty items teed up. We want to do the bread and butter the fcc. December 8, the largest 5g option ever in the u. S. We have a lot of great bidders. It will be successful. There is a process for the election certification and those processes will play out. I will focus on what is in front of me, my job leading this great agency and the tremendous career staff that allowed us to deliver so much productive value for the american consumer. Emily that was the fcc chair ajit pai. That does it for this edition of bloomberg technology. I am emily chang. Daybreak asia coming up. 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. the following is a paid program. The opinions and views expressed do not reflect those of bloomberg lp, its affiliates or its employees. The following is an important paid program about humana Medicare Advantage plans, sponsored by humana. Sam life keeps changing, and so do you, but as your lifestyle evolves, is your medicare plan keeping up . Does your Health Care Company treat you as an individual, or a number . A humana Medicare Advantage plan may save you money. Many combine medical and Prescription Drug coverage in one plan, for as low as a