steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. ♪ emily: welcome to "bloomberg technology." edge,s down, investors on oil futures plunging, all ending the day in the red as the white house and lawmakers are negotiating a potentially have trillion dollars a deal, much of which would go to small businesses. we are standing by for the white house briefing.

a slew of corporate earnings role in over the next few weeks. ibm withdrawing its forecast. have netflix for you tomorrow. tech this morning buoying the markets. is taylor riggs in new york, who has been following all of the back and forth. a wild day. nasdaq up and down. taylor: firmly in the red on the closing bell. nasdaq at one point in the green, then turning red solidly, off about 1%. what is going on in the oil markets. to goinute, i will try through some of the technicalities. it is the may contract up for expiration tomorrow. if you are a holder of the contract, tomorrow, you have to

take delivery tomorrow. thehad a massive selloff in may contract, at one point settling down at -$37 per barrel as traders tried to unsettle may and roll that forward into the june and july contracts. a much better indicator of where oil is trading at the moment. a much better indicator but barrel.ess -$37 per it will be all about june and july going forward. go tone contract could about demandl destruction at this point. 500y: 85 of the s&p reporting this week. walk us through the early

headlines. getting somee headlines from ibm, they are at theg the analyst call moment. thought thets company would be reporting top and bottom lines. about 3.7% in the first quarter. earnings dropping to about $1.84. also where analysts thought the company my report given the expectations and how this pandemic has been filtering through. a lot of strategists said, it really is about that guidance. did come out and say they will give an update on the second quarter. most strategists want to know how these affect some of the tech spending. i would also mention that this

is the first call for a new ceo. rometty, theyi think he is the leader to push this company into the cloud division. greatly, underperforming some of the other cloud peers like amazon, guidance, helping get from the new ceo on direction of where this cloud company could be. this pandemic has thrown is all for a loop as well. that: we will dig into changeover later this hour. the new ceo. taylor riggs for us in new york, thank you. we now have many northeastern states requiring people to where face masks when they leave the house. of course, we know that masks are in short supply. mobilizing its

thousands of sellers to make cloth face masks. 10,000 sellers have sold 100 masks at least, including two yours truly. telemannn with josh earlier today. cdcn early april, the changed guidelines to recommend facepeople where fabric mask public. we were seeing about nine searches on etsy per second for a product that effectively did not exist a day before. we put out a call to our sellers asking them to produce fabric face mask. within two weeks, we had thousands of sellers. what i think is really cool about it, first and foremost, they need to protect the medical grade equipment for people who really need it.

to people whome otherwise may sell wedding dresses, for example, and the wedding industry has been hard-hit. third, you can buy a mask that can express your personality. we think it has been a nice opportunity for the community to come and help. emily: talk to us about the biggest challenges of continuing sellers.ze your josh: the challenge on the team has been extraordinary. they woke up on april 2 to suddenly have the definition of the word masks changed. on march 31, you almost certainly wanted a halloween mask or you wanted cream soup on your face. within hours, the definition of masks needed to change. the search team needed to work hard.

we have produced a lot of information to help our sellers figure out what is the right pattern to use, what is the right fabric to use, all the information that they need to be successful. it is a big effort from everyone and of course our sellers. emily: talk to us about how this crisis is impacting. you have tens of thousands of self-employed folks, micro business owners. how are they reeling from this? josh: these are sole proprietors or people who don't earn a w-2. we have about 2.7 million of them at the community is even bigger than that. it is 57 million workers in america that are independent workers. while all of the best intentions have been there in the care act

to provide support, they are really not getting almost any support in the ppe, in the expansion of unemployment insurance. change theeed to execution of those. emily: i understand you are on the board of shake shack and they just today announced that they will be returning the ppp loan. to chainit did go restaurants and larger companies. in part because of that they returned the money. tell us a little bit about that decision and where you think this money should be going? josh: shake shack has been very hard-hit. peoplere not a lot of going to restaurants and shake shack got in line, filled out an application, and were able to

receive funding. they were also able to raise money in the market. they gave back the government assistance. shake shack did not know that the money was going to run out and that it was going to come at the expense of small independent businesses. shake shack decided to give the money back to make sure it can go to the neediest communities. that is where, when we talk about independent workers, they are at the back of the line. they weren't even allowed to until aprile ppp 10. by then, the money had largely run out. the application process talks about things like payroll data that an independent business does not have. while the law specifically says that independent workers are included, the application has completely excluded them. we need to fix that. i have been on the phone with

members of congress to really mobilize us. sellers. has the jump in the mask business led to a jump in etsy? i am curious how this impacts your bottom line given that you have been able to motivate -- able to mobilize folks so flee? -- so quickly. josh: january and february were off to a strong start, then in didh, etsy got hit hard, as the rest of the world. uplift.ome the mask thing has happened.

not given a broader update but we will in early may. and other masks up businesses down? josh: typically, our sellers would be selling a lot of wedding gear and that is not happening at the moment. many sellers are being hard-hit. that is why it is so important that they get the assistance. emily: how do you imagine that your business will be changed permanently? josh: i think all of us are looking pretty deep in our , where do weying find meaning right now? the fact that you can find something made by another human,

made just for you, i think people will cherish that more and more. people comment try etsy and may be for more everyday items. etsy has tons of everyday items. you can buy soap and other things. think they are incredibly inventive and there rising to the challenge. emily: do you have a message for the federal government as potentially more funds will be released for small business owners? what is the lesson that the u.s. government should be taking? josh: i think that the social safety net we decide coming out of the great depression in the 1940's was designed for a very different economy where most people worked for big companies. today, a large part of the workforce are independent

workers. we need to look at unemployment insurance other government programs so they are explicitly designed. thatwe are seeing now is these programs are not designed with these things in mind and i think that is where a lot of the execution is getting tripped up? emily: here the cloth mask i got on etsy. the shop was mindful mom art. buy, she two you donates one to health care workers. coming up, we are standing by for the white house task force briefing. this is bloomberg. ♪

>> i don't think the rules were bad to begin with. there might have been some glitches here and there. hasink secretary mnuchin done a terrific job over at treasury. i guess nothing is perfect in life. but judging how fast the original $350 billion went out the door, i think it is a very good program. mind you, we are stepping up into the medium-sized area but that seems principally due to the federal reserve's lending sillies, the so-called main street lending facilities. of course, there will be some assistance to large, important companies that have hardships. the airlines being one of them. i think it is a pretty solid

program. there are always tweaks here and there but the fact that it works so quickly, i think is testimony to its efficiency. >> i agree that it has acted much quicker than i thought it would. i thought there would be trouble getting the money out of the door. i was certainly wrong about that. but if a $1 billion up and can get access to the paycheck protection program, we have a bit of a problem, i think we can both concede that. is that part of the agreement, just tweak things up a little bit so the likes of shake shack, a $1 billion company, does not get access to those funds for small business? larry: i have not really followed the shake shack story. apparently there were some issues there. they may be able to seek financing through the federal service loan facilities.

there will always be tweaks. the whole point is, and we have talked about this, we just want to stabilize, put enough cash, liquidity into the economy to get us through the next couple of weeks. that is the whole purpose of this. small businesses and those who work for small businesses. as you know, the unemployment numbers are very bad, although there is some evidence that perhaps they might be slightly less bad. it is a very bad hardship situation. no question about that. if we can get through the next couple of weeks and, as you know, the administration's health scientists have given a roadmap to the governors for reopening in several stages, may may be a transition month for a better economy moving into the summer. where hopefully the contraction will give way to some economic growth.

we are just trying to set the stage and keep folks going with direct treasury checks, with deferral of the payroll tax, with deferral of student loans and income taxes. i think, in a short period of time, i have to give credit. i think the operating agency has done a good job. >> let's move on to tariffs and trade. the latest announcement, overnight, will be differing payments of tariffs on some goods. you and i talked about this back and forth several months now. what have you done, why are you doing it? larry: on so-called mfn, most favorite nations, where there are hardships, we will suspend tariffs for i think three months. we are not rolling back 301's, i.e. china tariffs, or other trade deals. in some cases, the customs

duties, the excise tax will be lifted. in particular, there is a lot of concern about retailers and related supply chains getting into the united states. it is a significant action. it is a way of helping out certain industries. it is not an enormous action. it does not change the president's own trade policies. we are suspending and deferring as we have with things like income taxes, payroll taxes, and elsewhere in our plan. emily: u.s. national economic council director larry kudlow. for more information on where this deal stands, this potentially half trillion dollars in aid, i want to bring in bloomberg congressional

reporter emily wilkins. obviously, there have been a number of sticking points. we thought they might have had a deal by the end of today. emily w.: not yet. the senate is planning to meet tuesday for a potential vote on it. that vote has been scheduled. we will see what happens. we do have some sticking points about whether or not states and localities will be getting the , who will oversee virus testing. they are not quite there yet. emily c.: what does this mean for small businesses clamoring for this money? the issues surrounding shake shack which got a loan and returned a loner. that can go pretty fast. there has been

discussion about how to make sure that it is not just a large businesses but it is small businesses. that has definitely been a part of discussions on capitol hill. i think a big thing that a lot of lawmakers are focused on, ppp funding has run out and they want to get that back for small businesses. emily c.: what is your expectation of how the senate and the house will vote on this? emily w.: the senate could pass this via a mechanism known as unanimous consent. very quickly, very smoothly on tuesday. but all 100 senators have to agree. for the house, house lawmakers were alerted over the weekend by majority leader steny hoyer that they might have to be back in

d.c. at some point this week. last time we saw lawmakers travel through the night from places as far away as michigan to physically be present because they will potentially need a quorum. in the past, movers have tried to block thousand taking votes and a quorum was needed. emily c.: we have got the $300 billion, another $25 billion for virus testing. what is the rest of that potentially $500 billion? emily w.: $75 billion that democrats asked for for hospitals. that was a sticking point last week. that funding also will potentially have a significant portion aimed at rural

hospitals. also a potential $5 billion to $6 billion going to an injury disaster loan program. provide money for individual businesses. emily c.: our bloomberg government reporter emily wilkins, thank you so much. we will be right back with more of "bloomberg technology." ♪

we are standing by for the daily white house briefing. the president tweeting that it would start at the bottom of the hour. we are expecting more details at the president continues to lay the groundwork and negotiate with the states about his plan for reopening. possibly, we will get an update on reopening for this new aid package. ibm.ll also dig in to

the call is ongoing. it they reported a drop in revenue. more on that after this break. this is bloomberg. ♪

emily: welcome back to bloomberg technology. ibm kicking up earnings season today for big tech. shares down. after hours, the company reporting a revenue drop and withdrawing a full year forecast. i want to bring in daniel newman, principal analyst who covers ibm. ibm,l, a big challenge for just like so many companies dealing with the economy going into a recession. what is your take on these headline numbers? daniel: i think there's obviously you are going to see the concern of the withdrawn

guidance going forward, but given the armageddon we have been hearing about with earnings coming up, there is a glimmer of hope here because there was a beat on earnings. there was a little bit of a shortfall on the revenue. given what we are expecting, i don't think that can be seen as a bad thing. emily: so, ibm is in a particularly interesting situation and that the former ceo pastor the baton just two weeks ago in the middle of a pandemic. the new ceo, formerly of red hat. talk to us about the challenges he has ahead. not necessarily having the same sort of institutional knowledge that she did, but also having a fresh look. daniel: i think there was a lot of excitement about the announcement. i think the opportunity for those fresh eyes, he's very bullish on cloud, the future for ibm. people have been waiting for the company to really lean in and

show growth in that area. trailing behind aws, trailing behind microsoft. never could have expected that two weeks into the job he would be reporting earnings in the middle of a global pandemic. to see -- it was great he participated in the earnings call. i think it would be a boost for the company and investors to hear from him. but i don't think he really has a choice. the overall performance of the company, i don't think it is necessarily, like we are going to be in terrible shape the next few quarters. 60% recurring revenue in their business. a lot of revenue from services. growth in the cloud business. i think it is up 20%. record size deals coming out of the red hat acquisition that a lot of people were wondering if this was going to bear fruit. even the cloud business with 20%

growth, that means $22 billion in the past month. just behind aws and microsoft in terms of their play. there are slightly encouraging things. krishna, i think the expectation was he was going to be pushing that forward. not all bad. it is extraordinary right now. emily: let's talk a little bit about amazon because you also cover amazon. aws, the profit driver for the company, but the other part of the business, the consumer product business has been getting all of the attention. amazon struggling with these warehouse closures around the world. workers protests, shutting down, nonessential items. some consumers perhaps going elsewhere to buy those items. what do you think we are going to see when amazon tells its earning story? daniel: there's a lot of speculation about the potential for growth. you watch how the company has performed over the past few countered has kind of

when the market was really struggling. now the market has risen, it has seen it top $1.2 trillion in market cap. people right now are turning to amazon for everything. the company has a lot of concern. even a company as large as amazon could not have expected what is going on and prepared its workforce to scale for it. it stopped selling nonessential items. it has been able to ramp up production. i think amazon will be one of if it doesnies that not have an encouraging report, people will be very worried because of all the companies out there that should have benefited from this very unfortunate set of circumstances. amazon should be it. emily: what about microsoft? obviously, microsoft has the cloud business, azure, they also have microsoft teams. all of this working from home. you also cover microsoft and zoom, the sort of darling of the

corona era. what do you think we are going to see reflected in their results? another --rosoft is i will start with microsoft. microsoft is a business that has a very stable role in customers. it has hundreds of millions of users of its office products, shooting towards one billion. he's kindhe company -- of that rock when it comes to being a ceo. he's shown a lot of solidarity and steadfastness to make sure the company stays the course, protects its workforce, cares for the customers and community. i have been really encouraged with the whole tech community. teams for microsoft has been a growth. 44 million daily users now. that is about four times where microsoft teams was that from

the start of this pandemic. they have seen an explosive growth in that area. there is some encouragement there. it would not surprise anybody if the numbers fall short, of course with suspended guidance. microsoft, i expect them to be another one of those bellwethers of tech. where the company shows well versus all of tech. of course, it would not be surprising to see the past four quarters which has been exceptional. zoom's numbers have been great. their growth has been disproportionate to anything else in the market. one of the first companies that was able to capitalize on this video boom. the company actually went to china and made services free there. i think the product has a really good service. people have liked that. the company has had some woes. some of them have had some security woes. some capacity and service

issues. issue with its servers. in china, it was falling through. i hope that the extraordinary growth in the market cap ends up becoming a catalyst for the company to make investments in the platform, in the security. some other sources i have talked to about this, the company needs to shore up its holes because it is growing so fast, but it is a tremendous story. emily: all right, we will be watching them all as the earnings role in. daniel newman, thank you so much for sharing your thoughts with us. speaking about amazon, we had the chairman and ceo of ups on bloomberg television earlier today. ups delivers a ton of amazon packages and has also been answering questions about what they are doing to keep employees safe throughout this crisis. take a listen with our own david

westin earlier today. industrywide, from the whole macro economic standpoint, obviously a lot more health critical, and shipments like that. i think you are seeing that all across the industry. closed andsses being people sheltering in place, you see more e-commerce, more residential deliveries across the industry too. that would be the two biggest things. the good thing about our flexible global logistics network is that it allows us to flex to meet the needs of governments or meet the needs of our customers. interesting times, that's for sure. david w.: that is for sure for all of us. let me pick up on what you talked about, flexible to just fix, because you have pushed

hard on automation and bringing the delivery age into your delivery system. is this experience going to expedite that? will that drive it faster? makes us very thankful we have invested in the automation and invested in our transformation initiatives, which we are all focused about speed and focused about agility. with theourse, situation we are facing now, that just stresses the importance. even when this crisis is over, we are just living in a year, at a time of great change. so, we think we will continue to build upon that. it is just more important now than ever. i don't see that diminishing once we get through this crisis. david w.: does that tell you anything that would be really be helpful about us about restarting the economy? what you have seen shut down, what you think will come back. david a.: i think we can add a lot to that story.

i'm proud to be part of the great economic american revival group, one of them, that the president is leading. the thing we have to offer is that since we have been declared a critical infrastructure business, we have been operating through the heroic efforts of pilots andvers and mechanics throughout this crisis. we have learned a lot. one of the things that i will be sharing with other businesses that have had to close down is what we have learned, what we see works, and what we would recommend they do and not do. i do believe we would add a lot of value to that discussion. david w.: talk about those employees. what are you doing for them to keep them as safe as possible? what makes ordinary lengths are you going to? my favorite subject is

talking about our employees, especially right now. they are an amazing group of people that realize we are a critical business. they have stepped up to the plate like i haven't seen. in fact, we have record service levels now. i can go back 46 years. i can't speak for the company history, but i can speak for a good portion of it. but, the first thing is it is all about the safety. we want to be a critical business. if we believe we've got to move health care and stuff around the world, then we have to take care of our people. -- these areike just real important things. emergency paid leave that was outside of our union contracts that we agreed to to let our people know you don't need to come to work sick. if you are feeling any problems, we can give you the paid leave. enhanced cleaning of our

package carts and everything people touch. of course, following cdc guidelines and sanitizing supplies and masks. abney, ceo of ups. let's listen to president trump who is talking about the new relief package. pres. trmp: elective procedures -- trump: elective procedures were canceled. we think that can get back online and get it done. the hospitals have really been fantastic. they have stepped up to the plate. we appreciate it so much. for areas less affected by the virus, we have issued new recommendations about how to safely resume elective treatments. hhs has also this tribute it the first $30 billion in direct payments to one million health care providers across the country. $1.4ve also invested billion in community health to

ensure our most vulnerable communities, including many african-american and hispanic ve accesscommunities ha to the services and testing they need. earlier today, vice president pence spoke with governors from all 50 states about our unified effort to defeat the virus. he had a great call. very positive. prior to the call, we provided each governor with a list of the names, addresses and phone numbers of the labs they can find additional testing capacity within their states. many, many labs. we will show it to you now. if you need it, we can give you the details. hundreds of hundreds of labs are ready, willing and able. some of the governors, like an example, the governor from maryland did not really understand the list. he did not understand too much about what was going on. now i think he would be able to do that. pretty simple.

they have tremendous capacity. we hope to be able to help him out. we will work with him and work with all the governors. similar to the situation with ventilators, states need to assess their complete inventory of available capacity. some states have far more capacity than they actually understand. it is a complex subject, but some of the governors didn't understand it. from illinoisker did not understand his capacity. ask the federal government to provide unlimited support -- you have to take the support where you have it, but we are there to stand with the governors and to help the governors. that is what we are doing. they have a tremendous capacity we have already built up. we will be introducing a couple of the folks in a little while to talk about it. i want to draw your attention to governor cuomo's remarks during his press conference today. he said the president's right,

the state's testing is up to the states to do which will implement the test and logistically coordinate the tests. we have about 300 labs in new york. they are great labs, actually. my job to coordinate those 300 labs. i think the president's right when he says the states should lead. the governors are getting it together in new york. a lot of good things are happening. i think the governor will come see us tomorrow. he is coming to the oval office tomorrow afternoon. andrew is going to be coming in with some of his people so we look forward to that. some of the articles that recently came about, if you remember, we put out a statement today. for a month, it was all ventilator, ventilator. it was all people could talk about, ventilators. we did a great job with that.

we built a lot of ventilators, to put it mildly. we have so many now, at some point soon, we will be helping mexico and italy and other countries. we will be sending them ventilators which they desperately need. they were not in a position to build them themselves. but, we have thousands being built. -- they haveas had the ventilators. if they don't, we have almost 10,000 in our federal reserve, our stockpile. we did a great job with the ventilators. unfortunately, the press does not cover it, other than the fair press. gee, then he ventilators, they don't need ventilators. that is under pressure we did that. nobody that needed a ventilator in this country did not get one. a story that just came out, how the media completely blew the trump ventilator story. i'm sure you with up to see that. that is by rich lowry,

respected journalist and person. blew theedi completely trump ventilator story. here's another one that came out. kyle smith. the ventilator shortage that wasn't. the ventilator shortage that wasn't, because we got it fixed. we are also going to help the states stockpile ventilators so if it were to happen again, they've got them. are allies on testing over the place. we are actually on good shape. we are in very good shape on testing. we are getting better all the time. you are going to see some interesting things. i thought before i went any further, i would like to have the general, who has done an incredible job, tell you where we are. we are still building beds and hospitals for people that need them. the hospital business is getting

pretty much closed out now, but we are creating a lot of space for people just in case. in some cases, they probably will be using them. i thought he has done such a great job, i thought on behalf of the services and on behalf of the federal government, he will say a few words of what we are doing right now. thank you very much. >> thank you, mr. president. i just want you to know that on behalf of all of us at the department of defense, our thoughts and prayers go out to all the patients and victims that have been affected by this terrible virus. the president and vice president talk all the time about the heroes. i have seen the doctors, the nurses, all of those working hard. we are just so proud to be part of this noble calling. for my team, i made it very simple. there are three legs of this stool and they all have "s'." sites, hospitals, we have to worry about supplies and staff. right when governor cuomo called

the president almost about 30 days ago, i need some help, worried about what could be tens of thousands of hotel rooms -- hospital room shortages. the president and secretary of defense asked us to fall to -- to fly to albany and we understood how complex of a challenge this was. we knew there was no way you can solve a complex catastrophe with a complicated solution. we need a very simple solution to be able to vent work with hhs, to work with fema, to work with the vice president and his task force and to be able to power this down all the way down to the local level. some of the governors asked us to filet hospital in a parking lot or field into or three weeks. you cannot physically do that. we said let's go to where there is an existing facility. i will make this into big pots. those that are either hotel rooms or college dormitories, smaller rooms. or large areas like feel houses or convention centers. we designed those center

facilities that can be either non-covid or covid, and we got that approved here to be able to than power that back down. we went to governor cuomo and he set up front, i love the concept. i need you in the javits center. i'm ready to have you start working tomorrow afternoon. when we flew back the next day, we built the standard design and continue to be able to power it down through the rest of the team. i want to show you a couple of slides here. we will let you know where we are at right now. we had to do a bunch of assessments. somewhere in the order of over 1100 different locations we went to, we worked for fema, the president, and work for governors and mayors. we said, what do you think your demand is going to be? based on a lot of the modeling here, we were able to understand when the peak curve was. but we are also able to understand where is the shortage. these 1100 facilities right now today -- we are actually

executing 32 different facilities, on the order of merit, of about 16,000 beds. eight of those are still done. we have a lot more to complete. in the next week and a half, we are going to complete 15 more facilities. we have some pending. some mayors and governors are wondering do they have enough bed space. what is important is we need a very agile plan. you cannot do something three weeks ago and think this is going to continue to stay. team, the federal government has tried to be as agile as they can supporting those states and governors. the beauty of the plan was it does not have to be built by united states army corps of engineers. we designed an extra 52 facilities, we gave those to the governors. i have to be very laudatory to the governors. they then put a lot of those on the ground and did those themselves. let's show you some real simple pictures. go to the next slide, if you don't mind. this is an example of the javits center.

you heard the president talk about it a few times. about 2100 bed spaces. what you get is about 11 or 12 foot square cubicle. at the white house press briefing talking about the supply of hospital beds, ventilators. we just heard from the president. he is optimistic that the new aid package, that a deal will be reached on that tomorrow. the senate votes on that tomorrow. he said he would be putting 75 million barrels of oil into the national petroleum reserve. we will continue to listen to that briefing and bring you any headlines as we have them. meantime, i want to talk about the corporate earnings we have ahead. netflix reporting results tomorrow. lucas shaw who covers the entertainment industry is with us now. rareix has been one of the bright spots in this market. shares have been soaring with so

many folks stuck at home. watching netflix on demand. what are you going to be looking for in netflix's results tomorrow? obviously, there have been a bunch of hits. "tiger king," "marriage story." what are you going to be watching? lucas: the expectation is it is going to be a blockbuster quarter. the first quarter was already pretty solid. i think most analysts expected will beat the number. a lot of us have revised expectations in the past couple of weeks, up toward 7.5 or eight. it will be something of an expectations game. let's say netflix reports 8.5. will that be enough considering all the buildup? i think a lot of people will also be looking at any commentary around the pipeline of new shows. there has been no interruption of new products in march and april. the chief content officer has

said they are good for a while. netflix has pre-much nothing in production right now. this is a company that relies on putting out something new almost every day. at a certain point, this will become a problem that they cannot produce what they need to lure customers later this year or next year. emily: that was going to be my next question. we have already blown through season three of ozarks, tiger king. first world problems, i know. but you've got networks running the same movie over and over again. his it a problem going to face netflix, not just netflix but other content providers? whether it is disney or apple or hulu? lucas: there will eventually be problems if production cannot get started again over the summer. i think a lot of the streaming services in particular are pretty good for the time being because they tend to load up their shows. netflix, because they release every episode at once, they cannot release a show before

they are done with production like a lot of traditional broadcast networks to. once you get into the summer and fall, i think you are going to see it lean. a lot of companies will have to get creative about how they will try to produce shows. that is why you see already some of these rela reality shows. american idol will come back with contestants performing remotely. emily: netflix aside, are there any other streaming entertainment winnersin this pandemic -- winners in this pandemic? disney plus has had a huge spike in subscribers. i have read stories about whether this could be apple tv's moment. apple tv plus's moment. there is quibi where we have seen a spike in downloads the first week that has seemed to slow down. lucas: the big winner just in the streaming game other than netflix seems to be disney plus, at least in the paid version. andch and youtube

instagram life are seeing huge surges in audience but not necessarily advertising because the advertising climate is really challenging now. a lot of these new services -- we got day one and day to numbers. we will get a better sense when we get through the 90 day retrial period. hbo max is coming next month. i think for the time being, this is benefiting the incumbents because anybody who has not tried out netflix, amazon, hulu, disney plus is going to. it is a much bigger hill to climb for something that is new and has to introduce itself to the public in the first place. emily: we will be all over netflix earnings tomorrow. i know you will as well. lucas shaw with us for an update. we will continue to listen in to this white house briefing. the president saying he is putting 75 million barrels of oil into reserve. you can continue to follow the

headlines from here. check it out on the terminal. we will be back tomorrow. this is "bloomberg technology." i'm emily chang. ♪ awesome internet.

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shery: good evening from bloomberg's world headquarters. i'm shery ahn in new york. haidi: i'm haidi stroud-watts in sydney. welcome to daybreak asia. here are the top stories this hour. protesters calling for the u.s. to reopen and warned that could cause more harm. the world health organization says the worst of the virus is still to come. the pandemic is crippling demand to energy. oil