It pushes the companys valuation to 10 billion. We will hear from the ceo of aurora. With dizzying market rallies, ipos, couldnt we all use some calm . Of all talk to the coceo , valuation has doubled. U. S. Stocks climbing twoway record amid stimulus discussions. Lets get to Abigail Doolittle in new york to break it all down. Walk us through the day. Abigail it turned out to be a bullish reversal at the end of the day. There were pretty steep declines for the major averages. Today, the vaccine was launched. Pfizers vaccine started distribution in the u. K. There were record highs by the afternoon, and nasdaq at another record high. Chewy. Com and gamestop. They put up a pretty strong quarter, they beat estimates. The sixth sales beat in a row. I am not sure what is weighing on them as of this moment. Active customers increased, including myself. The website allows you to order for your pets. The results certainly proved it. Gamestop put up a disappointing quarter, missing sales. The stock up 180 on the year. No room for a problem. They had a problem, and you can see that stock down 13 . All the big names, at the beginning of the day, it was really energy and some of the banks that were working. At the end of the day, apple, the top point boost for indexes. Loss onversed from a 7 the open, closing up 1. 3 , extending its s p 500 inclusion rally. They are raising more money, the secondary offering of about 5 billion. Investors looking right past the dilution. Pfizer, the star, up 3. 2 , there their vaccine starting distribution today in the u. K. Moderna, there vaccine is expected to be approved relatively soon for use. At the beginning of this year, that was a 20 stock, now a 170 stock, a whopping 168 this year on that vaccine. It seems that investors really want in on that technology. The optimism that it will be moving through the world in 2021. Emily. Emily absolutely. An incredible rise. Abigail doolittle, thank you so much for that breakdown. Talking more about vaccines now, u. S. Officials say they will have enough covid19 vaccine doses to let most americans get inoculated by summer. The Trump Administration is downplaying reports that it passed up a chance for more of pfizers shots. The u. S. Signed a deal for 100 million vaccines, another for 50 million people. The u. S. Also has agreements in place with moderna, astrazeneca, Johnson Johnson, and others. We are joined by michelle cortez. Big news for pfizer today ahead of the meeting later this week. We got a staff report that says the vaccine is safe. What can you tell us . We aree well, what seeing is the details of the test trials. In terms oficulous how people responded to the vaccine across different age groups, across different ethnicities, across different comorbidities. And honestly, emily, everything looks great. Efficacy across the board, every group they looked at. Serious virus infections were very low, only a handful of people were infected. But people who got infected after two doses of the vaccine, almost all of those came within the first few days after getting that second dose which indicates that if people do stay safe after those first couple of days. You can get to an even higher protection level. So it is great news across the board. Of course, now, what we are looking at is getting a final review from the fda, we will see if there are any other hurdles. Then, we have to roll it out. Emily we are getting new details from astrazeneca. You have got Johnson Johnson and merck potentially on the horizon. How does the u. K. Rollout affect impact u. S. Access to the vaccine . Michelle well, we are now hearing how pfizer did offer to the u. S. More of the vaccine to the u. S. The Trump Administration did not want to go down that route. They were spreading out the buy a little more broadly, and we saw countries like the u. K. And other places have snapped up the pfizer vaccines. Perhaps in the summer is when the u. S. Would be able to get more of those doses. As long as the other vaccines come along, get approved, and have successful trials, we should be fine. But with the rollout in the u. K. , it shows that some of the doses are being taken by other countries. Also in the u. K. , there will be tens of thousands of people getting this. Should anything crop up likelyted, it will appear there first. It is a bit of a frontrunner. Emily how promising are some of these other Companies Looking at this point . Astrazeneca, Johnson Johnson, merck . Michelle we are still looking for data from all of those companies, but they bring Something Different and potentially better. Johnson johnson and merck, you do not have to wait for your second shot. They are easier to deliver. You dont need that super cold delivery system, but also, we dont know how they are going to hold up. We dont know if they will have that 95 efficacy, which is what we all really want. Emily all right, michelle cortez, who covers health care for us, really interesting details there. Of course, it is only the world on it. Thank you so much for that update. Coming up, the selfdriving car industry has a new giant. Uber and aurora joining together in a new deal competing with better funded rivals. Waymo. Lphabets the person who helped to start waymo is with us next. This is bloomberg. Emily uber has sold its selfdriving car unit to Aurora Innovation and taken a 25 stake in the startup. The move shows the ridehailing service decided to pull back and focus on turning a profit next year after the pandemic took a toll on revenues. Sources say the deal values are at 10 billion. For more, we are joined by the aurora ceo and cofounder chris urmson. Uber has hundreds of engineers but their selfdriving unit is burning Something Like 500 million per year. Chris we are really excited about this. A group that has tremendous determination and grit to see this technology in the world. Meanwhile, aurora, for the last four years and by putting the team together, by putting the technology together, and then having the special partnership that we will with uber, we will accelerate our product on the market and deliver the benefits of more efficient roads, safer roads, and make it less expensive to get around. This is incredibly exciting for us. Emily give us a snapshot of where auroras technology is right now in terms of replicating the driver and getting self driving cars on the road. Chris for aurora, we are building the aurora driver, a platform capability that drives any vehicle, from a big classe a truck through to a small compact electric vehicle. The combination of the software understands the world around it. The hardware that runs the algorithms and allows us to see the world, and of course the data service that enables that. Our first product will be in trucking and freight. So imagine a big tractortrailer on the road powered by the or aurora driver. Helping get goods from one place to another. Emily are you in talks with the commercial Trucking Industry . Are you close to any deals . Chris we dont have anything to announce today but we work with and talk with folks throughout the industry, yes. Emily so, lets talk a little bit about valuation. Amazon just bought zoop in june. What makes aurora worth 10 billion . Chris i think that if you look at the team we put together, the leadership behind it, we have confidence that we will be one of the few companies actually able to cross the line and deliver a safe, capable product that can help deliver on the promise that we have been talking about for the last decade around selfdriving vehicles. I think the way that we are approaching the problem, whether it be through our virtual testing fleet or the way we architected the driver, it is a nextgeneration approach to solving this. I think that means ultimately it will have a capability that no one will be able to match. That will lead us to market, and then relationships like the one we are building with uber now, a clear path to market and be able to work in partnership with folks who provide vehicles and folks who need vehicles for their business to really accelerate and improve the quality of transportation in the industry. When we look at the Transportation Industry writ large, this is a 3. 2 trillion space just in the united states. Leave whene ,ou want to have an opportunity then you will look for the best team in technology and people seem to believe that is us. We are really excited about that. Emily your cofounders worked at uber and tesla, and you helped start waymo. This might be what you have now, the biggest threat to waymo yet. You know better than almost anyone of their strategy is. What do have on waymo . How do you differentiate yourself from what they are trying to offer . Chris we really focus on what we do, and that is create the best place for people to work in this technology, providing Clear Mission peoplea believe in. We have a ton of respect for everyone working in this space. It is a hard problem. It is such an important problem. These teams to work on it. We have deep conviction that we are going about it the right way and we can ultimately win and have a big part to play here. So, yeah. Emily now, i know you want to talk about what aurora is doing. But what is interesting about it is that there are Different Companies taking different approaches. For example, tesla is taking a camera only approach to Self Driving Technology versus what the rest of the industry is with lidar, radar. Could tesla beat aurora and in the selfdriving car market . Chris we believe deeply that safety is essential. To operate these vehicles safely, you need to see the world clearly around you. And our approach is to use not just one sensor, but a combination of different sensors. Each of them provides different advantages and fail in different ways. Last year, we acquired a company in montana developing an interesting form of lidar that allows us to see further and react more quickly than anyone else. We think that kind of innovation is the type of innovation that unlocks this technology, making it real, and doing it safely. Without those breakthroughs, without that kind of combined holistic approach to it, we just dont think it is ultimately going to be viable. Emily so, tell us a little more as you plan your business model, how will you make money . How much will you charge for this technology . Chris the product we will first bring to market is the aurora driver. And what that does is it operates vehicles, when they will initially be big class 8 a heavy duty trucks and all kinds of different vehicles. Themodel is to get paid on usage of that vehicle. The parallel would be in the aviation industry, if you are an airline, you lease an aircraft from somebody or effectively buy it from boeing or airbus, then you also select the engine that goes into that. Whether it is a pratt whitney, rollsroyce, or ge. Then, they by the airframe from the Airline Manufacturer and continued to pay for throttle by the hour from the airline. So we think of ourselves in that equation as the engine. So we look for this recurring revenue business over time. We are excited about that in the opportunity to partner with organizations and really understand their business and we can focus on what we do best, which is build a truck. Emily where do you think regulators will fall on this . Of course, there are regulatory issues and continued safety concerns. Do you see a world where state and federal regulators will allow commercial deployment in the near future . Chris if you look at the promise to save lives, it is a nobrainer. Then when you look at the further Economic Impact and the opportunity to make transportation more equitable, to decrease the cost of it, took ultimately in the long term, revisit the structure of our cities and make them more livable. It is clear that this is a social win. As i have engaged with regulators over the last decade, they understand that vision and the obligation to protect the american public. And, you know, my experience has been that they are going to be thoughtful and enable a essential and lifesaving technology from us in the future. Emily do you see more consolidation in the industry and do you want to be a part of that . Do you see or world a Public Company someday . Chris i think we are a part of it. We are excited about that. Yes, i believe that it is a new technology. It is completely appropriate for there to be a bunch of Different Companies trying things out and exploring the space. But over time, the market is going to dictate which ones will continue to survive. Since aurora is an independent company, we think that is an incredible opportunity. And so we will continue to build the company, but really, for us, it is about delivering our mission, and that is to deliver selfdriving technology safely, quickly, and broadly. When would make Something Like this exciting acquisition, does that action accelerate our mission, does it make it more likely to get where we need to go . Emily all right, we will be watching how it plays out. Certainly a big deal for you. Chris urmson, aurora ceo and cofounder. Good to have you back on the show, chris. Coming up, tesla is raising up to 5 billion in its third offering of the year. We will look at elon musks next moves and what it means for spending, up next. This is bloomberg. Emily tesla is taking advantage of surging shares this year, going back to the market for the third time in months and 5 billion of common stock. Tesla has a big to do list for 2021. It is building factories in germany, one outside of austin in texas. The industry is a capitalintensive industry. It does not matter if you are building a gas car or electric vehicle, it takes a lot of investment to get Assembly Lines going. Emily, tesla might deliver 500,000 vehicles but it wants to be delivering 20 million vehicles annually by the end of this decade. That kind of growth takes serious capital expenditure. Billionans to spend 10 over the next months. This really shores up teslas finances, puts them in a healthy position to execute on the plan that tesla has been outlining all year. Emily elon musk has announced that he has moved to texas. We know that tesla has big plans in texas. Tell us what you know. Ed at the height of the pandemic earlier this year, elon musk was very critical of authorities in california, in the bay area and more broadly, over the handling of the coronavirus and restrictions they put in place on tesla. At the same time, tesla has big plans. The austin plant is where they will build the model y and cybertruck. We know that elon musk is a very handson manager. We hear that all the time. He micromanages. He makes decisions himself. He likes to be where the action is. He spends his entire life on his private jet going back and forth between shanghai. He wants to be in the thick of it. He wants to be near spacex, where spacex is working on its starship, and that is another area where elon musk is very handson as well. That is a big part of the reasoning. He speaks very affectionately about texas and he has confirmed today that that is where he has moved to. Emily so what are you watching as we approached teslas inclusion in the s p . Ed we know from a report that elon musk has told his staff to cut costs, focus on pennypinching. Things we have been waiting on for years. The cyber truck, the semitruck, and it didnt there is this growth story. It is really about whether tesla can pull it off and built this factory in austin, in germany. 500,000 vehicles is not that many in context. Volkswagen delivers 10 million vehicles per year. It is the leader in electric vehicles, but in the scheme of ngs, it doesnt deliver but we know that growth is topoftheline for musk as they approach the next 12 months. Emily thank you so much for your reporting. Coming up, the market is looking at some major ipos this week. We will look at doordash and what to expect out of tomorrows expected listing. This is bloomberg. Are you frustrated with your weight and health . 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I am emily chang in san francisco. The ipo market is looking to go out with a bang, closing out with big debuts, doordash and airbnb preparing to go public with doordash upping its price range to reflect positive investor sentiment, potentially one of the five biggest ipos of the year. Om white. S t he has a 99 price tag. Billion valuation over the summer, now a potential 35 billion market cap. I know it has grown, but is it worth that much . For having me. I appreciate it. I think at the time of the last raising, between then and now, yes, the valuation has expanded, but the business has expanded even more. Doordash grew revenues 268 yearoveryear in the third quarter. It is already the largest player in u. S. Online food delivery, but is growing the fastest by a wide margin. You know, Technology Investors generally will pay a premium for growth. And it looks set to happen here with doordash. I would also add, theres been a lot of investor focus and debate on will the valuations come back to earth on the other side of the pandemic . And i think that to some degree, you will see growth rates normalize. But doordash had a very strong, established trend of gaining market share prepandemic. It has certainly doing that during the pandemic. On the other cited it, they will probably be able to maintain their leadership position. Emily what about the relationship with restaurants . You know, bloomberg has done reporting, other outlets have reported on the tense relationship with the Restaurant Industry, Restaurant Owners complaining about the up to 30 commissions. If they can get more restaurants on board, the complaint does it matter, but it does when it is a large part of the industry. Tom certainly. During the pandemic, i think you have seen a cooling of that relationship. Restaurants have turned to these food delivery platforms and embraced them more, given that they are reliant on them to get exposure to diners and consumers who are maybe hold up in their homes. On the other side of the pandemic, i expect you will probably see a return to some of the rhetoric and debate around how healthy these platforms are for local restaurants. Even during this pandemic, we are seeing across a handful of cities in the u. S. , and implementation of caps on commissions the food delivery platforms can charge to restaurants. Most of those caps are temporary. I do have some concerns about how temporary, particularly on the other side of the pandemic, if unemployment remains high, it could last for a while. But, i think, certainly during a pandemic like this, Online Food Delivery platforms are showcasing to the Restaurant Industry how they can help provide a lifeline to consumers. Emily lets say doordash has 50 of the market right now. Where do you see that number in a year . And where does the growth come from . The suburbs, the cities, do they from some of their competitors . A good question. If we look out two or three years, we think the u. S. Online food Delivery Market is probably a two to three horse race. There will be two or three Large Companies operating here. Thats basically what we have today given the consolidating m a. Doordash is at 50 share. The bigger you get, the harder it is to grow at outsized rates. You know, given just this last quarter, the growth rate was double that of their next Fastest Growing competitor, it does seem that doordash can intinue to pick up share their category north of 50 . Does it get to 80 . I doubt it. In a lot of the other sectors of my coverage universe, where i follow on my marketplace type businesses, maybe Online Travel or Something Like that, you rarely get a winner take all type market. So i think shares can continue to pick up. I dont think they will get north of 80 , may be to 70 is an aspirational goal. Then you have two or three players overall in the market. Emily interesting. You also follow uber. I and i curious of what you make selling their selfdriving car unit to aurora. We were just speaking to the ceo of aurora. We were talking about taking a big haircut on the actual sale. Then trying to tie themselves to a potential future successful selfdriving car company. Tom i think its another example over the last eight to 12 months that highlights the willingness to make the really hard decisions when it comes to simplifying the business, streamlining the business, and accelerating the timetable for cash flow creation and profitabilty. A lot has been made by some of the asset sales, or shutting down of businesses uber has done over the last 12 months, but on the flipside, they have also made some acquisitions. They acquired corner shop. I sort of view it as uber streamlining and focusing. Not necessarily looking to get smaller in their core businesses of ridesharing and food delivery, where they will operate, the corner shop is more adjacent to food delivery, but also refocusing, streamlining, but it is also continuing to invest in the markets where they are either clear number one or number two leader, or theres an imminent path to being a number one or number two player. All of the other markets, the longer term or shots on goal are held to a much higher standard, in terms of payback period, return on that investment. And i think thats what you are seeing with this decision. White. All right, tom thank you for that analysis. Of course, we will be following doordashs planned ipo. We have breaking news. Treasury secretary Steven Mnuchin has pitched a 916 billion stimulus package to House Speaker nancy pelosi. This is the first move by the Trump Administration to break a monthslong stalemate on stimulus plans. Steve mnuchin saying in a tweet that he spoke with Republican Leaders in congress about the plan, as well as president trump. Of course, president elect joe biden has said this new plan would only be a down payment on more money to come next year. We will continue following those negotiations. All right, coming up, 2020 has been a tumultuous year for , well, everyone. And many have sought help from the calm app to meditate, relax, and hopefully sleep. We will speak to the ceo of how these anxious and trying times have propelled the company to new heights. That is next. This is bloomberg. L sleep. Fel that was an eighthourlong video with nearly 6 million views by calm, the maker of a meditation, sleep, and relaxation app. 2020 has become defined by the covid19 pandemic, economic upheaval, racial injustice, and a contentious u. S. Election. Calm has seen growth like never before, with downloads doubling since march for people trying to find their calm. The company is now valued at 2 billion after its funding round. Celebrities have led their voice to calm to narrate stories. Joining us is the cofounder and coceo. Thank you for joining us. Talk about the trends in user behavior. What are they finding with calm . This year has been incredibly stressful for pretty much everybody in the world. Calm has seen a huge uptick in usage, as you mentioned. We have had double downloads. Really quite interesting to see the range. Some people are coming to deal with anxiety and learning meditation. Other people are using sleep stories to help them fall asleep at night. Full offering used by so many people. Emily you have seen 100 million downloads. Can you give us any more information or data around retention and engagement . Alex we dont break out specific figures, but all of those metrics have moved up and to the right during this crazy year. So we have seen record numbers of subscribers, engagement has gone up significantly. People using calm more often each week. And it has really been great to be there for the support of millions of folks who need it. Emily this new funding round involves lightspeed, goldman, what other kinds of coaching and features are you looking to bring to the app . Alex we are always experimenting with new things. We recently introduced wisdom, where we try and share the worlds best wisdom from teachers to help people with their lives. We are also very interested in coaching, matching humans with other users to help them deal with their mental health. And a big area this year is calm for work. So Many Companies are now buying to calm to bring to their employee bases. We have hundreds of companies now offering calm to their employees. That is an exciting growth area. Emily speaking of growth, i have noticed advertising for calm everywhere. I am curious how much are you investing in marketing . Are you seeing the return on that investment . Alex yeah, we are. We spent a significant amount. We advertise online, a lot of paid media, instagram, facebook, google. We also love to be really creative. You might have seen on election night, we sponsored some of the channels like cnn and their key race alerts. And that juxtaposition on these important Election Results coming in with a reminder to be calm got a lot of additional virality. And so we love doing things like that that are a bit different. We have also done some successful global campaigns. We have a times Square Billboard we are using as a Gathering Place to find moments of mindfulness. So, yeah, we really do take Creative Marketing seriously. And it has been really successful for us. Emily i did see the ads on cnn, i have seen the billboards in the bay area. My producer uses your app to fall asleep every day. She uses the free option and was wondering, are there more features coming for free, or is the main goal to keep driving people to pay for a subscription . Alex subscription is very much our core business. This year, we have made a lot of our content free online, on calm. Com together. There is no signup or download required. We did that to help the millions of people who need the support. We love doing things like that. In the app, we are very much focused on subscription revenue for the app. But with the growth of our business, we want to bring calm for free to more people when paid for by an employer. So maybe bloomberg would be interested to get a subscription for your producer. Emily thank you, we will explore that. Are you going to see new you know, obviously Ashton Kutcher was influential in the early days. You got a lot of celebrity endorsements. What are we going to see in 2021 . Any new celebs joining the platforms . Alex a lot of new celebs. We love working with talent from many different types of entertainment. It helps to spread the message of mindfulness. We are also excited about leaning into kids content. You will see us working with ip out the best kids there, creating great meditation and sleep content for kids. Emily thats really interesting. As a mom, i will look out for it. And a mom who needs a lot of sleep. Calm cofounder and coceo, thank you for joining us. Apple taking another bite out of the market for accessories with the launch of its first over ear headphones. But wait until you see the price tag. We will discuss. This is bloomberg. Emily jd health surging in the largest stock market debut by a health firm in asia. Investors choosing to look past regulatory scrutiny in china, and betting that demand for Online Medical service will continue to grow postcovid. The ceo spoke exclusively with bloombergs tom mackenzie. Hong kongs Capital Market is mostly similar through the mainland. Its understanding of health care is also similar. Chinas system is very different from foreign ones. And countrys Health Care Industry is relevant to each industry is relevant to government policies. Thats why we think listing in hong kong is a good choice. Tom how are you going to capitalg the you raised through the ipo for use of the business . The supply chain still has room to improve, even though we are the largest retailer in the health care sector. Secondly, we want to connect our online, offline medical as soon as possible. Third, we want to have some cash reserves. It is good to have cash at any time in case of any difficulties. In addition, we want to improve the ecosystem of our core business, including investments, or acquisitions. Tom how has the pandemic impacted the Online Health care business in china . From a longterm perspective, the pandemic has pushed the Healthcare Industry forward. A lot more Chinese People are now participating in Online Medical services. China has entered a normalization of epidemic control. Online medical consultations will not change as the peak comes to an end. It means Consumer Behavior has been profoundly changed. Tom what is a realistic number, target, in terms of using numbers by the end of 2021 . From my perspective, we are very likely to have more than 100 million users. Tom lets talk about competition. It is a very competitive space, with the likes of alibaba health, how do you differentiate selves from your competitors . Compared to the entire chinese Health Care Industry, all of the three main players are very small. And we are all trying to change Consumer Behavior. In light of this, we are business friends on the same mission of encouraging users to use medical services online. We are not necessarily competitors. Tom how do you think the new antitrust laws china is working on will impact the countrys tech sector longerterm . Each industry has different criteria. Companies leading the industry can be innovation leaders, or can also be the monopolist who curbs innovation. Its possible. Of course, its necessary to establish standards at the government level to define andvation and monopolies, we welcome any reasonable government regulations. Chinas Health Care Market is over 1. 5 trillion, but jd health, even as the number one player, is only 1. 5 billion. So it is hard to monopolize the Health Care Market. Emily that was the ceo of jd health. We are getting more details on the new stimulus proposal that treasury secretary Steven Mnuchin has presented to House Speaker nancy pelosi in the first move by the Trump Administration since election day to break a monthslong standoff. He has conferred with republicans and the president , and spoke with nancy pelosi the just within the last hour. We are also hearing from Kevin Mccarthy that it contains 600 checks per adult. Earlier, the checks were going to be as high as 1200. We are waiting for more details on who exactly will be receiving these checks or eligible to receive them. But certainly progress in the negotiations on getting a package done before the end of the year. All right, switching gears now. Apple launching its first over that year headphones, entering a competitive market dominated by rivals like bose and sony. The air pod max is yet another push by apple into accessories to supplement revenue generated by the signature iphone. Joining us to discuss, mark gurman, who covers apple for us. So what do we know, mark, about the headphones . Mark hey emily. Thank you for having me. These headphones are retro looking, made of fabric, plastic, aluminum, and stainless steel. And they cost 550. That is what getting the most headlines today, that price point. Compared to the highest end of the market for headphones, it this is up there. It compares favorably to some other headphones from sony, sennheiser, and others. But for a product geared towards mass consumers, it is a high price. Emily well, given what else is out on the market, how does it 500 plus compare . Mark it compares well to the highend of the market. Apple is traditionally known for going to the high end of the audio market. This is something fairly new to them. I think it will take time for people to grasp that price point. Its also to be seen how good they actually sound. So if we start getting these this week, next week, listen to them and they compare favorably to other headphones, perhaps it will be worth it. , 550 is a lot of money during a pandemic for headphones. Emily thank you so much for that update. That does it for this edition of bloomberg technology. We will be following the new proposal Steven Mnuchin has presented to nancy pelosi. Covid relief. N covert relie it would involve, as we understand, 600 checks to americans. House leader Kevin Mccarthy saying he will support this. We will continue to follow that going into the next hour. Bloomberg daybreak asia is next. T. The following is a paid program. The opinions and views expressed do not Risk Bloomberg lp or its employees. The following is a paid presentation rod to buy rare collectibles tv. The California Gold rush is considered to be the most impactful event to affect americas young. Economy during its first 100 years. It has certainly had a longlasting impression. Of california soon needed a way to standardize the value of the new gold, so they set up at sayers