emily: welcome to bloomberg technology. sheltering in place in san francisco. italy having its biggest jump in new cases of the virus in five days. we will take you to a press conference at the white house scheduled to start any minute. markets stopped surging for the

straight day. investors are increasingly optimistic has this to trillion dollar plan continues to clear planes -- $2 trillion continues to clear hurdles in congress. >> when pricing is efficient, it is a forward mechanism. they're looking beyond this beyond therter, recession everybody is predicting in q2 and are looking they to q3 and q4 to what say is going to be a recovery. we saw small caps getting into the rally as well. we saw those big cap names. andosoft and apple up 5% 6%. this was investors starting to nibble around the edges saying

that may be the worst might be over. trillion in stimulus and the fed support might be enough to facilitate a recovery. inly: i want to bring cathie. let's talk about these big tech names that you have invested across these companies. might beand alphabet seeing a surge in traffic but there is a big danger in advertising plummeting for them. these companies could lose or see $1 billion less in revenue. how concerned are you? investor a long-term so our plan is five years. and googlecebook will be stronger after all of

this because of how many more eyeballs and how much time they have attracted. emily: what about apple? are is a company that, they talking about potentially reopening stores but stores are closed around the world. the 5g phone is delayed. you have to think that iphone demand is going to be slower and considerably slow. >> in the short term we are going to see a lot of slow down a lot of weakness. apple's chainthat .s getting back up to normal the supply chain problems will work themselves out.

we haven't even begun to see the worst of it. this is going to be a problem going forward. >> we know that this will be a problem in the short to medium-term. do you think we will see more capital spending from the companies who have come out already and said that they are suspending their plans and have ?caled them back significantly >> businesses have been scared by two things, the china-u.s. gote scare and last year we into inverted yield curves and the fears of recession, and now we have the coronavirus. we think that capital spending has been too low for too long.

we believe the rubber band is stretching and capital spending could be one of the big upside surprises toward the end of this year into next year. we think companies have been skimping on inventory. we went into this with consumer spending in china and the u.s. much stronger than businesses had expected. they have been taking down the inventory. >> the whole idea was to keep thatnventory levels low was a way for companies to keep costs down. do you think they are willing to shift to a more heavy inventory model? maybe morethat and

so producing closer to the end consumers. find solutionso to problems. we are seeing 3d printing as a solution to that. materialized.e our portfolio is filled with names that are better, cheaper, faster, more productive, more creative. we think they will do well ofoughout or on the other this crisis. emily: you have been optimistic about tesla. two tesla that employees tested positive. the company has suspended production in fremont, california. suspended production in new york. some of these facilities might be working on ventilator production.

how concerned are you about a disruption in tesla production and what does that mean for the company? >> the ventilator production will take place in new york state. elon musk tweeted about it yesterday and said that he and tesla would do anything that they could do to help new york through this crisis. i think he understands how serious this is. to bare boneswn production. in the sanies francisco area, the new york that we are going to find there are coronavirus cases. in china, what we are seeing from tesla and from the chinese government, the day after lunar new year ended, tesla was producing. the government was helping it by

providing masks and other ,rotective equipment sanitizers dorm rooms, so that employees could separate from one another, and catering. i have a feeling we will see upside surprises out of china when it comes to tesla. it would be amazing if they started exporting from china. we know that the chinese government is simulating auto sales. we think china is going to be an offset to what is going on here. much. thank you so good to have you on the show. millions ofo many people working from home around the world. how big of a security risk is this? we will speak to the ceo of crowd strike, coming up.

emily: joining me now is the ceo of crowd strike to talk about how vulnerable we are in this moment. are you seeing an increase in hack attacks, whether it is because people are working from home, fishing or ransomware? how big an increase are you seeing? >> great to be here and we absolutely are. anytime there is chaos in the world we typically see a tax increase.

more documents that talk about covid-19, but talk about potential cures, financial assistance. ransomware. we are seeing that across the board. it is a time when people need to be vigilant and continually t -- continually monitor security assistance. emily: from a cybersecurity persepctive, are we more vulnerable than we have been? the holiday, during season when people are off, we're going to be. thereeople are sitting with the computer off and not watching these systems -- that's why we provide that 24/7

monitoring as part of the .verall solution emily: some of these hacker groups have promised they won't target health care organization. ?re you seeing that as well i think you cannot rely on someone's word who is trying to break and extort you from a ransomware perspective. that is using that to identify artificial intelligence and tax that have never been -- attacks that have never been seen before. emily: what about all of the number of ways people are connecting.

how protected are these conversations? >> with these technologies, thank god they exist because they allow us to do what we are workforce.remote there is a risk because a home user's system is not monitored. the falcon for home program that .e put together emily: some of these hackers, some of these bad actors should lie in wait for weeks or months. see the full it be extent of the fallout?

>> corporate networks often .on't have good visibility where they may have 90 to 100 days to discover them if they are lucky enough to discover them. it is just a matter of time. wheree seen organizations we responded to a potential breach, we went in beforehand and they called us out, and the adversary had been there for two years in some cases. i'm sure we will see some fallout from this. emily: you have lawmakers pushing for more vote by mail and more mobile voting. critics are saying we are not ready for that especially when it comes to something as important as an election. what do you think? some time we will be all

electronic in terms of voting and it will be a process as we work up to that. maybe this is it. we have seen states have challenges as they put that together, went over a number of years everyone will room -- will move to all electronic voting and it is critical that we have the systems locked down so they cannot be manipulated by outside organizations. from my perspective a voting by mail is fine. in the chaotic situation we have today, we will have to go to the old school methods and hopefully get through it. emily: we are already hearing from intelligence sources that the russians are trying to sow disinformation to take advantage of the chaos. are there any state actors that

you are concerned about at this point? >> at this point we can all agree it is a worldwide pandemic. every government is interested in gaining intelligence information in understanding what is happening. think about understanding the ability to see what a country is doing at how they will respond? willhere governments that have a cure for this? how can they lessen the technology impact? these are things countries want to understand and they will be active across the board to identify and gather this information. emily: we are getting more breaking headlines that the u.s. is poised to have the most coronavirus cases in the world. target. always a how much does this concern you the united states

hasn't reached its full testing capacity and president trump is talking about reopening the economy in two weeks. >> i'm certainly not a doctor and i have to observe what is happening. it is a terrible situation. ise everyone else, every one sympathetic to small businesses and people who are out of work, sympathetic to the impact of families. we have to understand the risk this disease creates for everyone and we have to follow the right guidelines. at crowd strike, we put our employees remote weeks ago. organizations are not and this is a huge economic impact.

hopefully we can get people back to work. emily: thank you for joining us. coming up, we will be talking about we work. a company in a tough spot as a result of the coronavirus. we will take you live to the press conference at the white house. president trump has said he will be there as the united states is poised to have the most coronavirus cases worldwide.

botched ipo and now the coronavirus. things only looking worse for wework, the workspace sharing company. hewitt.me now is ellen

layoffs companies doing and reevaluating. wework saying about how hard this will hit their busi ness? >> the most recent news is that the chairman and the new ceo put out a letter to their bond investor that says because of the coronavirus, they do not expect to hit 2020 targets. it is against the backdrop of striking at the essential selling point of wework. our workspacesy, are more exciting, where you can work near other people. it feels like in the future, that will be a different way that people think about co-worker spaces -- co-working

spaces. maybe the whole idea of shared office space will be reevaluated. they say this issue, more than a quarter of their members last year were month-to-month. to -- they arese preparing for many of their customers, especially small businesses to come to them and contract,w we have a but we can't afford rent or we are not going to pay. that is something we are going to face in the months ahead. emily: softbank was a huge investor in wework. hits.nk has been taking york'ss that impact new ability to whether the uncertainty?

>> there is growing tension between wework and softbank. they made it clear that they needed money to stay afloat. ,ow that things have gone south softbank is threatening to unravel parts of that deal, in particular a tender offer of $3 billion in which softbank agreed to buy back shares from investors. through, itt go doesn't affect the amount of money directly and doesn't affect how much cash they have -- there is a lot of tension right now between the leadership of softbank and the leadership of wework for what the terms might be of completing this

tender offer which many employees have told me they are looking forward to because they feel like it is their last chance to recuperate some of the value of their shares which has gone down drastically. mill -- nework city york city mayor bill de blasio has been giving a press conference. new york's ground zero for coronavirus cares -- cases. bill de blasio says he believes 500,000 new yorkers will end up unemployed. wework is a global company but it's headquarters and the heart of its operation is in new york city. what does that mean? hasework for many years been the biggest commercial tenant in manhattan. they have tons of locations in new york. i'm hearing from a lot of members about how frequently they're getting emails from the people who run their wework

offices saying we had another report of a member who tested positive for covid-19. it is bringing out this heated debate between wework and its members over whether new york offices should stay open during this time. many members say we have been required to shelter-in-place. we cannot access our offices. we should not be paying for them. arerk is arguing that they responsible for keeping the office is open because some of their members are providers of essential services, so there seems to be this tension between wework -- wework members and wework as a company. wework has allowed all of their employees to work at home but they are not requiring it. they seem to be trying to thread the needle and justify why they

are staying open even as many members have talked about how they have made calls to wework saying you should be refunding us. we should not be paying for this service. this: we are waiting for press conference to start at the white house. i want to go straight there. the president walking out at the moment. let's go to the white house. pres. trump: beautiful day. very good what you're doing. look at the empty seats. i've never seen it like that. how the world has changed. it's going to end up being better than ever. i want to thank you for being here. on like to update you on the steps we are taking. we had a lot of good ideas.

we are working together. the leaders gathered around the world to discuss the whole thatct of the problem right now 151 nations have got. president alberto fernandez of argentina. prime minister scott morrison of australia. of brazil.ared -- -- prime minister trego of canada. president xi from china. france.t macron of president mooney of india. president rodolfo of indonesia. the prime minister of italy. prime minister shinzo abe of japan. japan are making a great decision with the olympics to

make it next year, 2021. uel lopez andres man oveobrador of mexico. ; i want to thank the president for have dove think -- for having done such a great job with the military. very few people are getting through. we are going to keep it that way. we have a great relationship with mexico. president putin of russia. lehman of saudi arabia. moon of south korea. sanchez of spain.

president erdogan of turkey. prime minister boris johnson of the united kingdom. thepresident of u.n. secretary antonio guterres. world health organization director. world bank president. and the international monetary fund managing director. that is a big group but it is a great group. they were all there. we talked about the problem. hopefully it won't be a problem for too much longer. the u.s. is working with friends and partners around the world to stop the spread of the virus. we discussed how vitally

important it is for our nations to share data. we are handling it in different ways. there is great uniformity. you had 20 countries plus the others that i mentioned. spirit to get this over with. i spoke to our governors. constanthas been in communication.

we need tom brady. he very positively. he could be leading the effort. i like tom brady. i spoke to him the other day. he is a great guy. i wish the news could be real and honest and it was not corrupt. but so much of it is. it is so sad to see. we had a great meeting. i'm sure you have tapes of the meeting. there was no contention. one person raised their voice. a little wiseguy. he is usually a big wiseguy. not so much anymore.

mike was there. a lot of the folks were there. it was a great meeting. took place at 12:00. i want to thank republicans and democrats in the senate for passing the largest relief package in history. both parties came together to provide relief for american workers and families in this hour of need. i think it has tremendous

support. a couple of those people are quarantine. rand paul has it. but he will be better. he has been a great friend of mine. keep the workers on the payroll. we have plenty more to go.

no one has ever done a package like this. you might have one grand standard. for that we will have to come back and take a little bit more time. critical support for the hardest hit industries. this more than doubles the amount available.

three point $5 billion to expand assistance to childcare providers. these are brave, incredible people. some of them are getting sick. very sick. some of them do not recover. we use the act only when necessary. we sit to accomplish what we want to accomplish. we have shipped 20 million facemasks.

14.6 million gloves. we are sending more every day. we have tremendous amounts of equipment coming in. a lot of great companies are making equipment right now. come and he isf making them. over an empty shelf. a very depleted place. the testing is going very well. that was obsolete and broken and we fixed it. it is going really good. we fill up the stockpile rapidly. we get it sent out to the states.

we send it directly to the state. i can now announce something i think is incredible. what they have done in the navy. the incredible naval hospital ship. it will be leaving on saturday rather than three weeks from now. they did the maintenance quickly. it was going to be there for quite a while longer. it should be arriving. i told the governor 20 minutes ago that the ship will be arriving at new york harbor on monday.

i think i will go out and kiss it goodbye. it is in virginia. we will be waving together. i suspect the media will be following. maybe. you never know. it is a great vessel. if you want to go, i will see you there. if you don't, that is ok. it will be loaded up to the top with medical supplies. it is over at the norfolk naval base. that is where it departs. , we are saving a few weeks by the incredible work done by the navy. i look forward to saturday to see it go.

the ship will get a little bit of a ceremony. there is something incredible about it. it is incredible piece of work. the ship will get a little bit of a ceremony. it will provide surge capacity for the new york metropolitan area. they may have other people coming in from hospitals. they could do it either way. the national institute of health and the private sector, working closely with the fda, continue to collaborate. i am committed to bringing you these treatments.

we have a lot of tests going on in regard to different medicines. i hope we get lucky. a lot of talented scientists and doctors are working on therapeutics, a cure, vaccines. i think we are doing really well in regard to the vaccines. a lot of things i just mentioned. we will have to see what happens. the vaccines are very advanced. citizens from all walks of life have come together to turn the tide in this battle. we are witnessing the extraordinary power of american unity.

we are waging war on this virus. i want to thank people for practicing social distancing. this room and never be the same. your commitment will make all the difference in the world. stay home. relax. we are making a lot of progress.

we are doing record numbers of tests now. far more than any country has done. we have a great relationship with south korea. in eight days, we did more testing than they did in eight weeks. it is a highly sophisticated test. this is a very devastating thing. but we will vanquish this virus. a lot of progress has been made. earlier today i sent a letter to americans governors saying how we will be using the data to up date existing guidance on social distancing. it will be developed in close

coordination with our nations public health officials and scientists. ouruse of the sacrifices of great doctors and nurses and andth care professionals, the goodness and generosity of our people, i know we will achieve victory and quickly returned to the path of exceptional health, safety, and prosperity for all of our citizens. we have to get back to work. now we will be talking about dates. with a lot of great professionals. this is a country that was built on getting it done. our people want to go back to work. i am hearing it loud and clear from everybody. we will have a lot more information. we have to go back.

this is the united states of america. they don't want to sit around and wait. misinterpretle when i say go back. to be practicing social distancing. washing your hands. not shaking hands. all of the things we talked about so much. but they have to go back to work. our country is based on that. i think it will happen pretty quickly. a lot of progress has been made. but we have to go back to work. we may take sections of our country. we may do it that way. we have to start the process soon. we will be talking to you a little bit more about that next week. if you have any questions, you can ask. on that i will have the vice president stay behind and he will take questions and

introduce some of the people you can ask them. unemployment numbers out today, 3.3 million. not a surprise. but still a staggering number. pres. trump: it is no one's fault. certainly not in this country. when we made a decision not to allow people in from china. some people don't want to accept it. this was a great decision. i heard a could be 6 million, 7 million. it is 3.3. i think we will come back strong. every day that we stay out egg becomes harder to bring it back quickly.

people don't want to stay out. see a very fast turnaround once we have a victory over the hidden enemy. sometimes a hidden enemy is a lot tougher that -- then someone who stares you in the face. we will see what happens. they are fully expected numbers. there is a proposal to deploy troops along the canadian border. why is that necessary? pres. trump: we have very strong deployments on the southern border. canada.ome troops up in i will find out about that. i guess it is equal justice, to a certain extent. we do have troops along the border. we have some illegal trade that we do not like.

we have strong sanctions and tariffs on dumping steel. we do not like steel coming through our border that has been dumped. it has been great for our steel companies. steel has been incredible. we have taken in billions and billions of dollars in tariffs on steel. much of it comes to china. the u.s. now has surpassed china as the country with the highest number of virus cases. does this surprise you at all? pres. trump: i think it is a tribute to our testing. you don't know what the numbers are in china. xi speaking to president tonight. i believe we will have a good conversation.

i think it is a tribute to the testing. we are testing tremendous numbers of people. roche has been fantastic. great company. they have done a tremendous amount. they have stepped up to the plate, as have other companies. we will see what happens. it is a tribute to the amount of testing we are doing. i am sure you are not able to tell what china is testing or not testing. you suggested there could be six to 7 million jobless. pres. trump: i did not say that. some people were projecting that. millions of americans out of work. some will be losing their insurance.

what will your plan to be they are still insured? will you expand medicaid? pres. trump: the things i just read to you are being considered people will be getting big checks. it is not their fault. we are doing a lot of different things on health insurance. we have meetings on it today. we are keeping care of our people. we are sending them very big checks. is a family of four, it about $3000. . this was not a financial crisis. this was a health crisis. we will take care of our people. >> [inaudible]

3% of all restaurants in this country have shattered for good. 11% more could close in the next 30 days. what do you say to a restaurant owner who is looking at his sheets and what he has to do? pres. trump: i know the business very well. it is a delicate business. it is not easy. meals. serve 30 great one bad meal, they never come back. it is a very tough business. there are great people who run restaurants. they will all come back in one form or another. it will be a great business for a lot of people. look at what we are doing in terms of loans, salaries.

they will all come back. >> you mentioned the pledges from american companies to provide supplies. does it make sense to use the defense production act? pres. trump: i talk about it a lot. i have enacted it. .e have used it we don't need it. companies say don't bother, we will do this. we are dealing with ford, general motors, 3m. they want to do this. they don't need somebody to walk over there with a hammer and say do it. they are getting it done. they are making tremendous amounts of equipment.

ben this is over we will fully stockpile, which they never would have been. everwas something nobody thought could happen to this country. we inherited a broken situation. but i don't blame the people who were me -- before me. the defense production act is a wonderful thing. i have not had to use it. they know it is activated. they know i can use it. maybe that frightens them a little bit. it has tremendous power. >> cruise liners want this relief.

but the worry is that if they are offshore they will not qualify. do you think they should move back to the u.s. before they get a check? pres. trump: i am a big fan of senator h awley. there were some senators that did not want to do anything for carnival, a great company. they are based in different places. ships are registered in different locations. i do like the concept of coming in and registering here. coming into the u.s. it is tough to make a loan to a company when they are based in a different country. if thousands of people who work there and work on shore filling

these ships with goods and products, the cruise line business is very important. i know what a great job carnival does. we could stick with senator hawley and look at that. a business that employs a tremendous number of people. you look at these ports, they are loaded up with shops and people who are involved with the ships. we will work very hard on the cruise line business. i like the concept. the senate bill includes a that is directly tied to the airlines. boeing was already suffering from losses. do you think it is appropriate to use this legislation to aidide them $17 million of on top of 25 billion that they ?ould qualify for

is that fair? airlineump: the business is a very tough business. , yous everything, labor look at the cost of these airliners. it is highly technological. it has unions. it has everything. it has always been a very tough business. we have to keep our airlines going. maybe we will take a piece of them for the country. it is all fully ready. we are ready to go. if we did not do that, we would end up with no airlines. the airline business is vital to our country. i could tell you other

businesses that are different kinds of business. airlines have been very tough. i didn't call you, i called this gentleman. who are you with? >> bloomberg. pres. trump: how is michael doing? [laughter] on monday, did you speak with xi before you asked americans to not blame the chinese? pres. trump: i am speaking with him tonight. i will have a call with him. very good relationship. it wasn't him. somebody at a lower level or mid-level made a statement that our soldiers brought into china. no, it came from china.

we signed a very big deal with china. they are paying us a lot of money and tariffs. china has taken advantage of the united states until i came here. i am blaming everybody. $500 billion a year they were taking out. we had trade deficits that were so large no one had ever seen anything like it. we have changed it. we gave some money to our farmers. our farmers are very happy. they got through a rough. because of what i was able to do. now we are going into a phase two negotiation with china. we are getting 25% on $250 billion.

and more money after that. we have never had a deal with china. china took advantage of the u.s. i blame the people who were right here. but the relationship with china has been a good one. asked to calm you that language down? somebody maymp: have spoken to somebody, but nobody talked to me about it. i talk about the chinese virus, and i mean it. that is where it came from. , youu look at ebola, lyme look at all of these horrible diseases and they seem to come with a name of a location, and this was a chinese virus. but i don't have to say it if they feel so strongly about it. we will see. but we just made a great deal

with china, great hopefully for both parties, but we made a great deal with china and we will do another one, it looks like. they want to do it very badly. maybe they will want to wait, like iran, they want to wait to see whether or not trump gets beat in the election, because that would love to negotiate with biden or somebody but me, they would love it. that is their best dream in the world. so many others. so there are some that may be waiting until after november 3, but i think we are doing very well. would be sad if we didn't have all the vantages we had right now, because we have made unbelievable treat deals, japan, mexico, south korea, china, others, we have changed the whole thing around. reporter: earlier today you sent the notification letter to the governors saying you would soon come out with guidelines about social distancing.