Some things like construction and drive in movie theaters. We are seeing flareups in south korea as well as wuhan, the original epicenter of the coronavirus outbreak. I want to bring in taylor riggs. Walk us through the day. Again, tech boolean the rest of themarket tech buoying rest of the market. Taylor for a few weeks, tech has been the big outperform the dow and s p are still lower. The nasdaq 100, the faang, all of those are the outperformance. Bige are a few individual tech stocks leading those. Amazon, a report that potentially they were in talks entertainment and zoom, the company we have got to know well. People think offices may not open up until next year. Ready to stay home through 2020. Nvidia ended up about 3 . They hit a record high after a raising the price to 3. 60 per share at needham. ,f course, on the data side increased demand for both public and private clouds. That is something that is driving that business. Continuation of tech heavy stocks really are performing everything else. Meantime, biotech. Gilead treatments hitting hospitals now. What are analysts saying . Taylor the technology and Health Care Sectors have really emerged in the past few years. The focus is we get to look to the pandemic for a potential vaccine, potential way to treat this disease. Remdesivir, drug, which has been approved. Vialsre donating 600,000 to hospitals. Total of about 1. 5 million vials that they will be donating worldwide. New york state has been the epicenter of the pandemic here in the u. S. Analysts thought the u. S. Could receive up to 80 of the donations. So there was a little bit of a disappointment. Gilead came out and said that they personally do not decide to the allocation. Still, gilead has proven to be a company with strength here. Biotech has become the forefront of the stock sentiment of where we are with this pandemic. Chips a concern today after reports that the Trump Administration is in talks with various Chip Companies about manufacturing more chips in the United States versus asia to improve reliance in the supply chain. Taylor this is a story about turnarounds. Slowly, throughout the day, it started to inch up higher and higher. This pandemic has created concerns about the supply chain in asia. Over the weekend, we did hear reports that they were looking at Companies Like intel, taiwan semiconductor, about making them open up plants in the u. S. Negative territory, then closing in near positive territory, saying it might not be a thing in the near term. Steeple analysts said that the report is not surprising but they dont think any report will nearminent and there is no Financial Impact. Analysts at citigroup said in expansion as possible for bringing manufacturing plants from those chipmakers in the u. S. , but they really highlighted the time and resources that go in to building up a plan and scaling to the volume you see. Nearterm, they will not be a Financial Impact on these companies. That is when you see these companies turn positive and brushed off worries they had over the weekend. Emily thanks so much for breaking it down. I want to dig into some of these tech themes we have been covering. About in much to talk the world of technology. Chipt to start on this issue. Reporting that they are in talks with various Chip Companies about moving production to the United States to reduce reliance on china. What is your take on this and what it would mean . Scott thanks for having us. , whatk it is fair to say we do at third bridge, talk to executives and Industry Experts about what is going on and what will go on in the world about what could influence investment and businesses. What is going on in terms of investment in the u. S. Is a big question. Yous not surprising that have a situation where the government we have is encouraging more companies producing goods in the United States. Disconnecting supply chains from overseas, china in particular. Based on experts we have spoken with, the supply chain was the first and primary issue when the coronavirus started taking hold around the world. It is pretty obvious based on those conversations we have had that the supply chain is going to have to be reapplied. Emily looking at the supply chain to be evolved for years, maybe Companies Taking small steps to diversify, but really has not happened. If you look at a company like apple, which has maintained the k of its supply chain apple ceo tim cook said the supply chain remains a strong and not disrupted, i wonder how easy it will be to convince these companies. It is obviously going to take many years to do so. I think it is a fair point. It is something that has been discussed. Those people know the sectors and industries fairly well. World hasavirus proven to be a pretty significant operating risk for a lot of companies around the world. Push tothat additional bring production increasingly , there is nots. Just the greater notion of doing this but also the greater will that has not existed in the past. Emily lets talk about these broader work from home trends. Obviously, technology is enabling a lot of this. We know that some Tech Companies will see a boost. What are the trends that you are zeroing in on . Scott i think that is kind of the key question. Trends are of these going to continue well into the future . I think a lot of folks are thinking about digital transformation, shift to cloud platforms, remote access, collaboration tools, video meetings and video games, which i think was mentioned in the prior conversation. Noteworthy, we have spoken to a lot of experts when it comes to zoom, microsoft, as it pertains to slack. Obvious, when you , microsofte indicating that they will roll out teams for individual and family use. Morewill become an even competitive case. Benefits for users. Been increasingly. Nvesting this is something we have been talking to folks about for the last number of months. Another area we have been digitalon is kind of advertising. We have talked with many experts. The one recurring theme is that advertisers, if and when they are spending, it is almost like back to basics. They are recommitting to everything from Google Search to facebook, facebook remarketing and retargeting efforts. They are not necessarily as lessned to experiment with triedandtrue platforms. Twitter is perhaps more vulnerable. Another topic that i think is worth mentioning is the notion that we arethe fact seeing greater videogame consumption, but also the fact that there is a lot of engagement in terms of users, and the revenues are flowing therefrom. On the other hand, we are also seeing development uncertainties, where you have teams around the world where they have to put out games where there is demand. It is the name of the game, n intended, iu guess, and a lot of these categories. Emily coming up, elon musks battle with the california government. Threatening to move tesla headquarters out of california. This is bloomberg. Go ahead. Emily we are listening to president from speaking at the rose garden. This of course after Vice President mike pences aide and press secretary tested positive for the coronavirus last week. The white house has now ordered staffers to wear masks. The president has said he has not seen the Vice President since the quarantine period, he is not aware of any additional staffers testing positive. He says he has only talked by phone with the Vice President during this isolation. He said he would consider mandating tests in nursing homes. Of course, we know that is where a number of the most severe outbreaks of the coronavirus have been across the country and around the world. We are going to continue to listen in to this exchange. But we are going to move on right now to tesla and elon musk. Elon musk battling it out with california authorities and threatening to move tesla out of the state of california as a shelterinplace continues. Alameda countys sheriff has told tesla they cannot yet reopen. On another round of tweets from elon musk over the weekend, threatening or perhaps vowing to move the country out of the state. Tell us what the latest is. The latest is that musk is tweeting again this afternoon that he is going to be on the production line today, the company will be operating today in violation of the Alameda CountyHealth Departments orders. And if they come to arrest anyone, they will arrest him. This is really ratcheting up the pressure on the county, which government officials have basically been trying to deal with officials for weeks now. You have one of the largest and most prominent employers in the county hopefully defying an order that most others are following to the letter. It is quite the showdown and, you know, it is never a dull moment. But the speed with which this new cycle has accelerated today has been pretty profound. This elon musk tweeting, is the final straw. Tesla will move to nevada immediately. If we even retain fremont manufacturing at all, it will depend on how tesla is treated in the future. Tesla is the last carmaker in california. This, from Alameda County. The plan to establish safety while protecting the health and getting for the people who travel to and from the factory. A more levelheaded, i suppose, response or comment from the Alameda County officials. What would it take for elon musk to really move manufacturing out of the state of california . Do you think this is something he will follow through on . Dana it could be pretty hard to do that. Tesla moving third quarters from palo alto to Something Like texas, for example. He is very fond of the state. I could see the moving headquarters. But, the fremont plant, tesla has poured billions of dollars into getting that plant up and running. They have upgraded the paint shop. To just sort of pull the plug on an auto plant and think that you can just get a new one in a new state without a lot of capex spending and without a lot of subsidies, it takes a lot of time. Who knows. He is frustrated with california government, he is using this as a threat. Now he is openly defying the county. I am not sure what his endgame is here. The response from california politicians has been interesting. Justtory is pretty hard to pull the plug on. There are a lot of supply chain issues, employee training. Dont forget, california has supported tesla for years, longer. The state has been very pro ev. There are all kinds of tax breaks on manufacturing equipment. To kind of recreate that package in another state would be difficult. Emily i know you are continuing to follow this. The situation changes by the minute. Dana hull, thanks so much. Coming up, can the trump ministration force Chip Companies to start producing chips in the United States . The Trump Administration is trying to get semiconductors to start producing chips in the United States rather than relying on the asian supply chain. Here to discuss that and the broader state of the chip industry, john newberg, ceo of the Semiconductor Industry association. What is your reaction to this report that the Trump Administration is in talks with various Chip Companies about moving production to the United States . Very first of all, encouraged that the government is moving in this direction. Let me clarify, we already produce chips in many states in the u. S. Of companies that manufacture, about half of that is done here. The broader picture, the global picture, about 12 of the worlds Semiconductor Manufacturing happens in the u. S. , and that percentage is probably going down. Most of it happens in asia. The supply chain is very internationalized. Is it possible that one country could become so selfsufficient and produce all that it takes to make a single chip in the United States . John i dont think that is anyones objective. You are absolutely right, the Semiconductor Industry is probably the most global in terms of supply chains. We get our efficiencies because of those supply chains. Ishink the focus right now to bulk up the amount of Semiconductor Manufacturing we do here. Focus is that. He about talking semiconductors, do you get the sense they are listening and what it would take to make these dramatic moves . John one of the big problems over the years has been foreign governments. They have put together very impressive incentives for Semiconductor Manufacturing. In the u. S. , the way we work here is the states create these incentives. There is no way the states could compete against a foreign government. It has been a big imbalance. The federal government is recognizing that it is time to move more aggressively to make investments in our industry. Create morewho will manufacturing here, anybody who can do that is a good thing for the entire industry. A story we will continue to follow. Ceo of the Semiconductor Industry association, john neuffer, thank you. Coming up, we will be talking about the Housing Market and some Brutal Honesty from a ceo about how he could bp pay his own employees at risk in his response he could be putting his own employees at risk his response and what he is doing now. This is bloomberg. These days staying connected is more important than ever. So were working 24 7 to maintain a reliable network, to meet your growing internet needs. Were helping customers who are experiencing Financial Difficulties stay connected. Were increasing internet speeds for low income families in our internet essentials program. And delivering selfinstall kits to your door. Nos comprometemos a mantenerte conectado. Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. Emily welcome back. Im emily chang. We knew that we have been talking ourselves out of a reaction for too long and that may have put employees at risk, a shutdown was only a matter of time. Those are some of the frank words detailing how the company has responded to the pandemic and not always in the most timely of ways. These are the first of three entries in a diary that will be rolling out and started going online today. I spoke with him about how he has navigated this crisis, with layoffs of employees and more. Of what celebrate the team that came together. So when did decisions we made that turned out turne to be good ones. I was not interested in raising capital because i thought we could find a way through. Our cfo and chief product officer and different executives at different moments stood up to me and said you are making a mistake. If we didnt have that culture of consent, the company would have been screwed up. Emily you talk about the moment seattledenly demand in and homebuyers disappear. You say theres a point where you have 100 million unsold houses on the books and 1000 idle employees. Obviously, things have changed, but how different is now from that moment when you realized that . Whats changed is we have had four straight weeks of increasing demand. It has been a very volatile time almost all through march. It was an express elevator to hell going down. In april, week after week, demand is coming back. Buyers are out in force, but nobody wants to sell their home. It is hard to say what is going to happen in the Real Estate Market, but whats hard for us, because we decided to let 1000 people go on furlough in the beginning of april. As soon as we did, demand started coming back. A good week after that, and then another good week, and then another good week. We have brought back about 250 people out of 1000 and plenty do more than a few weeks. Emily you are having a lot of success with the virtual tours, which you mentioned earlier was something you opposed. Talk to us about what is working, what is not working, what you have learned and what might last beyond the pandemic. People are previewing almost every home online. You are still going to see the property you end up living in for the next 20 years in person, but we can write the contract so we agree on terms. We can agree on a price and then the owner lets the buyer into the home. It is easy to see the property without putting anyone at risk. Experience, that creating threedimensional scans was something that involved a team. They put their neck on the line and said this will work. We tried it a few years ago and it didnt work. Sometimes the idea that you tried too early that you become viscerally opposed to as a result is the best idea. In this case, it saved our bacon. It kept this Company Going over the past eight weeks. Emily in my own neighborhood, there is a house down the street that has 23 disclosures for one home. What sort of signals are you seeing about demand that might give us some indication about what the Housing Market looks like over the next six months . I have been through this before in 2008. Inventory was piling up month after month and prices were only going in one direction which was down. Now in april, the inventory is actually down 25 . There are not enough homes to buy. Homebuying demand, even after you adjust for seasonality. The issue is buyers see this as a sale, an opportunity to get assets at a discount. Selelrlers are not ready to list those assets. We are going to have more bidding wars unless homes come into the market soon. Emily what does that mean for pricing . Prices are stable, if not up. It feels crazy to say that they can continue to go up, but we are about to run out of homes to buy. We are near