emily: welcome to "bloomberg technology." , sheltering ing place in san francisco. markets up across the board. still, 20 million americans lost in april. 33 million have lost their jobs in just the last seven weeks. still, president trump saying he's in no hurry to pass additional measures to prop up the economy.

taylor riggs has been diving into all of it. tech has been the winner of the week. where do you see the strength? index: the s&p 500 tech was the second best performer this week and it was up 6.5%. you mentioned the dismal economic data. tech and the markets overall are looking past this, perhaps thinking that the worst is behind us. you hear companies like uber seeing green shoots in their demand recovery. zillow saying people want to buy and sell these homes. it was notable that tech did not leave the gains. up until this point, the nasdaq is the highest impact since february. despite underperformance today, i continue to be surprised at the resiliency of the tech sector. emily: what about bonds?

taylor: the two year yield hit a record low of 10 basis points at one point today. we ended up coming off that low a little bit. but the bond markets are giving us ominous signs of what is going on. the markets are pricing in a negative federal funds rate. that hell has said doesn't want negative rates. but the markets frankly do not believe him. we are looking at negative fund rates by the market's perspective. over at guggenheim securities. he tweeted out that the market believes the policy rate is stuck at zero and the risk is that treasuries will soon be negative. clearly the bond markets are telling us a much different story.

there still is a lot of uncertainty for the tech giants. the advertising market is a key one. how many people are going to buy new smartphones? when can a factory reopen? county officials in california thought the factory could reopen, but then the county said not yet. why are we seeing tech rising? one of the biggest etf's reached a major milestone this week. taylor: i keep hearing that when we are all stuck at home, tech is the products that we are actually using. you talk about tesla, people wanting to go back out. people wanting to get back out there. netflix, which was a lot better than people feared it would be. disney falls in that camp.

shanghai park had a sold-out number. tech, perhaps of all those things that we are using when we are stuck at home, clearly the out performers. you mentioned that milestone. a $20n 2000, it was billion market cap. look how far we have come. also, one of the big out performers this week. that is outperforming the qqq index. really leading the way throughout this bounceback from march 23. emily: bloomberg's taylor riggs in new york. thank you so much for breaking it down. i want to bring in a tech veteran, the chief experience

officer, also former president of the rhode island school of design, and a design partner at kleiner perkins. curious to get your thoughts on just how hard this is going to hit the tech economy. airbnb laid off 25% of its workforce. uber laid-off 14%. off 17%. how many more large chunks of silicon valley companies are we going to see get wiped off the map? think this is the awakening of realizing that silicon valley isn't just full of robots. it is full of people. if you remember brian's essay, p up thedon't blee culture. awakening that computation involves people is no front and center. emily: does that make silicon

valley companies more vulnerable? , taking onike airbnb more and more funding, and then used that funding to hire more people and invest in the long-term -- right now, those long-term projects, that is what is getting cut. some of these venture backed companies are actually a little bit more threatened right now. threatened if their cultures aren't -- when you think about airbnb's culture, it is carefully crafted, almost artisanal. but looking at silicon valley as a whole, you want to consider unemployment will probably see a new wave of startups emerging in the next five years

that have much more empathy for people who are out of work. it won't just be a startup founded on the idea of faster laundry or faster pizza. it is going to be more profound, i believe. emily: what does that mean for the gig economy? what do you foresee? idea thatee that the the simple problems, the startups, are more about difficult problems, how to manage unemployment, how to survive, i think that is much more profound. research really focuses on the relationship between humans and machines, humans and technology. i wonder if there are certain trends that you see accelerating, given that we are working from home, given that so

many people are sheltering in place. how does the ratio and the relationship shift over that time? >> i think we all know that contact less is like the thing. we are learning so much from china. i'm glad you mentioned keuka and other chinese companies. we've become more like china in how the internet has come into our lives. emily: what are the opportunities you see in technology? what are the trends that you think companies and people that work at these companies should be doubling down on now? >> we should be doubling down on how we make systems out of data. when we look at the tech sectors doing well, never before has it been able to acquire so much data about our lives. because we are sheltered in place, it is a perfect petri

dish to understand us. there's kind of a scary side but also opportunistic side. sapient is a company that helps people make the digital transformation. you are the biggest points are seeing for different organizations right now, and how well are they rising to this challenge? >> that is the question on the top of my mind. there is that internet joke going around, who is responsible for digital transformations progress? becauseis notion that, we have this situation, essentially a power outage of the entire world, every company now realized they should have gone digital. it is opportunities for the

established companies to up there tech game. now.at is an exciting time emily: all right, john maeda, chiefis sapient experience officer, thank you for stopping by. coming up, we are going to hear about google's relief efforts during the pandemic. we will speak to the president, next. this is bloomberg. ♪

google.org, the charitable arm of the company, is doling out another $50 million to covid relief efforts, bringing the total to $100 million. joining us on the phone, jacquelline fuller. thank you so much for joining us. google and alphabet have a number of initiatives. talk to us about where the money is being allocated and how. there's some good news in this moment. there are innovative nonprofits and universities all over the world with really clever ideas on what we can do to stop the pandemic and address the

economic devastation. google.org comes alongside of them with funding, with technical expertise, to help make their ideas a reality. some areas include health and science, as an engineering company, we are committed to getting better data, better mapping, economic recovery as well. important that we get cash to individuals. and then areas like distance learning. billion learners around the world who can't physically get to school. emily: you've also got google employees embedded in interesting places like boston children's hospital. tell me about that. superpower isur

not only the $100 million we can provide, but googlers themselves. we sent teams of engineers and product managers and they go out and work full-time for our nonprofits and researchers. with boston's children's university, they are figuring out how to use data analytics and machine learning to map the spread of covid in real-time and that is helping transform the best approaches. googlers are, the helping to take a prototype platform, a research platform, and actually make it scalable and resilient and make sure all to data is made available other teams of researchers and

governments around the world who can really create other mapping solutions based on that data. were also the former deputy director of global health for the bill and melinda gates foundation. bill gates has been concerned about an outbreak like this for some time, but governments were still caught off guard. what populations are you most concerned about? who are you most worried about getting hurt by this pandemic? we want to: particularly pay attention to those who are most vulnerable. we are looking at people and communities who are marginalized and underserved even before covid. those are the same groups that are being hardest hit both by the pandemic itself, but also the economic devastation.

for example, our headquarters is in the bay area. we saw such economic impact even because so we teamed up we know that providing immediate direct cash during a crisis can be phenomenally helpful. we wanted to make sure we got $1000 to families that were in desperate need. , 41% singlemilies mothers, 79% reported not having enough money or food to last more than three days. so, partnering to immediately get economic relief, but also looking at longer-term economic recovery options. emily: right. the economic devastation, i know it is just beginning to be felt. google has told employees that

the majority should expect to work from home through the end of the year. you've got the president pressuring states to reopen now. why is google taking a more cautious approach? jacquelline: we were one of the startedcompanies who working from home earlier. our philosophy is that, if we can work remotely, if we can work from home, help flatten the curve, then we are going to do that. we will be going back to the office. we will have some workers who need to be on site. but it will be very gradual. towill be using science guide us in our decision-making. emily: how are you handling this with your own team? science, whatthe is it that you are concerned about?

are you concerned about continued health and safety? jacquelline: my team at google.org, we are absolutely motivated in this moment. conduitlike we can be a to help bring resources. the people on the front lines who have really great ideas, as much as we are bearing the impact personally, having friends or family members coming down with covid, team members who have had loss in their personal lives, we also recognize, this is an unparalleled moment where we can come together and build solutions and be part of a global community, and that is energizing as well. emily: all right, jacquelline fuller, president of google.org,

thank you for stopping by and sharing your work with us. really appreciate it. jacquelline: thanks so much, emily. proving thatn stay-at-home fitness is here to stay. we speak to mark gurman about that, up next. bloomberg. ♪

peloton is proving that some at-home trends are here to stay and one of them might just be at home fitness. quarterly revenue soaring 56%. peloton also raising its forecast. peloton is an interesting one.

we keep asking which of these trends are going to live on, but here you have people investing in a couple thousand dollar bike , which is putting some money down, and you wonder if that gives this trend itself more staying power. >> that is a good question. callnk their cfo, on the earlier this week, made their position pretty clear. they have about 2 million of their products in use. is equivalent to about 90 million subscriptions. they believe they have a long run way ahead of them. they also believe that even though we may be nearing the end of the pandemic in some regions, life is never going to be the same for many people after this. emily: personally, i've experienced the beauty of five times 50 minute workouts that i

never would have done while i was commuting to work. we've also heard some people think they can buy these bikes and maybe return them. how big a risk is that? >> that is definitely a potential risk. sense of there is the value. these things are hard to get right now because of the supply challenges raised by covid-19. thing, they are more making money than ever on subscriptions for different classes and fitness programs on and different software that a lot of their users are on a month-to-month plan. there's obviously a greater risk of people leaving the plan. mean for theoes it

competition? there are a lot of different to providethere virtual instruction. wonder if there's just some sort of reckoning in the fitness industry in general as a result of the success of peloton? peloton is more and more becoming a brand name. it is almost becoming sort of the kleenex or xerox of fitness equipment. i think their brand is superstrong. you've seen their share price really grow. i think they are going to be here to stay. i don't completely agree with the notion that they are going to continue with this level of growth, but i think there's going to be some realization where peloton will be stronger

than it was in the past. all right, mark gurman, thank you so mark -- so much, mark for your insights there. coming up, the pandemic has made the instacart shopper trend essential frontline worker. how the company is grappling with new challenges and new opportunities in the midst of covid-19. that is next. this is bloomberg. ♪ ♪

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emily: welcome back to bloomberg technology. i'm emily chang. the toll the virus has taken on the u.s. workforce is staggering -- more than 20 million americans losing their jobs in april alone. economic advisor at larry kudlow thinks job losses will be "temporary" and expects a significant bounce back as we come back out of the pandemic. he spoke with bloomberg earlier today. have time for everyone in america. there's no question about that. wherever you work or don't work, it is a tough time.

this jobs report today is full of heartbreak, full of hardship. i believe it will prove to be temporary because i think the pandemic contraction or the contraction in the economy caused by the pandemic, covid-19, will prove to be temporary and we are coming down the home stretch in terms of reopening the economy. but it is a rough number, no question about that. some of this looks to be temporary layoffs, may be about three quarters of it, but that doesn't necessarily make it any better. people expect to return to jobs and let's hope they can return to jobs. president trump's leadership, vice president pence put together enormous, enormous rescue package, cash, liquidity, federal reserve, payroll protections, it's a remarkable thing. i was adding it up and it's includingrillion now

the federal reserve and what we have done on fiscal policy and the budget. some of this may cushioned the decline. that may be part of this story inside these very difficult numbers. we will see how this works and we will see whether we have to go back. let talk about presidential policies in a few moments because i do believe the second half of this year, according to the cbo and forecasters, the second half is going to have very significant ounce back in economic growth and that we'll head into 2020 one and that can be a fantastic economic recovery. >> i know you are an optimistic man, whether you have got any contingency planning for a second wave and another shut down? are you doing that contingency planning now? >> yes, we are. it's a subject that comes up. i'm not going to go into detail. it is outside my lane.

i have talked to dr. birx, dr. fauci and a terrific team. i will tell you this without naming names, but one of the senior people in that group, i asked that person what happens -- right now, the virus numbers are flattening out and that's a good day. that means we can reopen this economy. so i ask this person what happens if you get a jump back up in the virus numbers and the response was simply, look, we won't have to re-shut down because we know more, we have more experience, and we are much better equipped with the right tools. >> are you rethinking your knee -- your relationship with the chinese communist party? >> i don't think we've ever stop thinking about it. today,know from reports ambassador lighthizer, secretary mnuchin met with device pretty year of china -- the vice

premier of china. it was a very constructive meeting. the printout, the communique was very positive. china continues to tell us they have every intention of meeting the requirements and implementations of the deal that was signed formally last winter. it seems like a thousand years ago, but it was only a couple of months ago. they are a little behind on commodity purchases. that may be a function of economic conditions, but he said they are pledged to continue, including, i might add, remedies for intellectual property theft and related measures. those talks seemed to go well and were constructive. however, the chinese relationship is very complex and we know the virus originated in china. we are investigating, we, the u.s. government, intelligence agencies, the state department, are carefully investigating what

happened and what didn't happen, what may have happened and what actually happened. transparent.n not a lot of people are concerned. i saw this with the president at the g7 video teleconference and the other world leaders felt the same way. they will be held accountable. they will be held accountable when the final studies are in. emily: white house economic advisor larry kudlow. the pandemic has shuttered businesses all over the world and as people begin to fear for their health, businesses like instacart went from luxury to essential. but with the crush of demand has come to struggle to keep up. joining us now are our bloomberg reporter, ellen hewitt, who were at the cover of this week's edition of bloomberg businessweek. there are a few different stories going on here. you have the need for this

service from people who are shut in. you have the workers on the front lines complaining about their safety and lack of benefits. and you have the company that has been stepping up to meet the demand. how do you reconcile those different stories and where did you land in terms of just how well this is going? isi think my take on this instacart has been facing this enormous surge in demand for their business, which has been a blessing and a curse. they, for the first time, turned a profit. that is almost unheard of in terms of these gig economy companies. iny earned $10 million april. they are unsure if they will continue to do that in the future, but it is a huge milestone for the company. i think the intense surge in demand has put into sharp relief there somewhat tortured relationship with their contractors. this is a workforce that before the pandemic was around 180,000

contractors who go into stores and deliver your groceries. they are planning to at least 500,000 people by the summer. they've already done 300,000 in the last few months. that has been an intense change for these workers, many of whom are new to the job. it is not an easy job. you have to carry it all coming up to find everything in the store and how to best manage all these different jobs on the platform. they are seeing that in response to that, these workers are essential and they feel empowered to say we are not being treated correctly. we don't have the correct protections to stay safe while we are doing our job. they have had two different labor strikes in the last two months from workers who are fed up, saying we deserve better. so it has been a tumultuous time for instacart. emily: you have the company saying we are doing this, this, and this to protect the workers.

did you conclude the company is doing right by these workers or has a lot more work to do? hard to say.ly i have to imagine they are trying their best, but there are pretty legitimate complaints coming from shoppers who say for doks, we were being told to our job in areas like grocery stores which are tightly packed, full of things that people are touching. they are doing these jobs to help other people stay safe, but instacart was not sending hand sanitizer or masks stop i talked to one worker he said he ordered hand sanitizer from instacart and it didn't come for two weeks. doing meantime, she was work for instacart and got hand sanitizers from doordash because they were the ones delivering. she got a new order from them in the mail. i'm sure it was difficult to procure this, but shoppers on

the ground are feeling pretty aredoned, feeling like they doing work that is dangerous and essential, and the company is telling them they are doing these things, but they don't always come through in a way that is helpful. emily: certainly something to think about. i know a lot of people are planning to do their shopping this weekend and try to beat the lines. thank you so much for your reporting. it is a story we will continue to follow. coming up, with the unemployment rate skyrocketing, layoffs across the tech economy and the gig economy in turmoil. we will speak to a veteran in media on his perspective. ♪

emily: back to our conversation

about jobs -- the big question remains just how much more economic fallout will there be? ofning me now is the ceo weiner media and an investor across so many different kinds of country -- of 70 different kinds of companies. we are looking at major economic of with airbnb laying off 20% and uber and lift laying off -- just how many more layoffs will we see and how hard do you think this is going to hit the tech economy when all is through? >> what is really interesting is when you double-click into some of those businesses and others, i think people are thoughtfully taking advantage of this situation. maybe that is difficult to hear given the pandemic, but i'm sure everybody watching this network areware that businesses navigating through their business needs and i think you

still may see more to come as people try to right size their business. as you know, being in the ecosystem i was in in the web 2.0 and watching these companies grow, a lot of them had their economics a little bit upside down and needed to be more profitable than they were and i think they are taking advantage of this moment. aliveeed to do it to stay so martha said -- some are setting themselves up for a brighter future. emily: are vc-backed companies more vulnerable because they take all of this funding to invest in the long-term and run on such slim margins or even losses and then something like this happens in all of these employees have to go. >> yes. that is the answer. [laughter] emily: you have your commerce business and retail has been

really hard hit stop a lot of shopping has moved online but i wonder and i assume there is less shopping in general because you have 33.5 million americans out of work. how are you advising your companies and what trends are you seeing when you zero in? haves and game of have-nots. food, beverage, alcohol, there's a lot of sectors are arriving and consumer behavior has shifted and restaurants on premise have been effected. there are things like clothes and other accessories for your cars and things like that that have been hit hard. so the navigation has been scattered. there's a ton of our clients quadrupling down, and overlay of ads on facebook, instagram and tiktok going down because of this. lessh people were spending

on e-commerce, but i'm sure you have touched on this subject -- it was devastating to see how much tick there was in e-commerce activity as soon as the stimulus checks hit. this is a capitalistic, materialistic society and some of the people who needed that $1200 the most literally spent it on a hoodie and bottle of champagne the second they got it. it is going to be interesting to long tail, but we are in a big world of haves and have-nots. company is a modern-day media and communications holding company and if anybody was built for the quarantine era, it is you because you have been so far ahead on some of these ways to communicate digitally. what trends are you seeing that you think might be accelerated as adia and communication result of the quarantine and shelter-in-place and this

extended work from home which you have google and facebook telling people they are working from home until the end of the year. >> that's a great question. there's a lot of things. first, to your point, and we are grateful for this -- some of the biggest fortune 500 and other brand oriented are really taking a second look of tripling down with us because now people have to worry about where their dollar is spent and there is an ungodly amount of money being wasted on programmatic digital banner ads and even a scarier amount being spent on network television commercials and i think what you are seeing is people have the time to get educated. i've than on the phone with so many of the dmo's who are scrolling through your network all day long with stock prices and they are rethinking their media spend. they are starting to understand some of the things we have been trying to say because they have

the time right now to double-click and get into the details of some of these things. the long-term effect is with the growth of ott as a parallel, other trend on top of the acceleration of people becoming more comfortable with digital, i think you will see the acceleration of the decline of upfront media buys, network television and bad digital execution. i think the winners of that are roku, amazon -- thank you for joining us. always good to have your perspective. still ahead, yet another gaming company reporting record breaking numbers in the midst of the pandemic. we will speak to the ceo of super league gaming about e-sports, coming up. this is bloomberg. ♪

emily: yet another gaming

company reporting record-breaking numbers in the midst of a pandemic. earlier today, i spoke with and hand, the ceo and chair of the e-sports company, super league gaming about the activity they are seeing. take a listen. >> one of my favorite stats about april is we had about 205 million monthly views across our digital e-sports viewing channel. in the entire year of 2019, we had 120 million, so that kind of explosive surge -- it is a dire time and yet it is a real silver lining for our company because we are getting to a point of critical mass in our platform. we have seen an increase in registered users on our platform, up 65% since december. emily: i speak to the ceo of zynga yesterday and they had a record-breaking quarter. but i'm curious, when life returns to normal, if life returns to normal, what does that mean?

do the trends regress? >> i think it is a fair question. i get asked that a lot by our investors as well. the first thing i would start with is the fact that gaming pre-covid was already bigger than tv. it was three times the size of the global film box office, so it had already become the dominating form of entertainment for millennials stop in some ways, that trend had already established itself and was rooted. i'm sure we are all going to jump on our bikes or run out of to house -- just anything solve cabin fever. because gaming is the dominant form of entertainment pre-covid, we don't see any real changes in the types of engagement we are seeing in our platforms. the nice thing is, we were getting to this place of critical mass where we are

building extensive community and rich content for viewing on our platform. as players engage more, the platform becomes more sticky. we think this is an opportunity for super league to break out of the pack and be a permanent fixture in these gamers lives. >> live sports are not happening right now. there's another question, once we start playing football, basketball and baseball, does that impact your business? >> again, all of those things, pre-covid, gaming was still bigger than any professional and recreational sports league out there. when you think about the fact that there are 2.6 lien gamers on the planet, what i am excited about is the mainstreaming of e-sports. we have always been about recreational e-sports for all. these games are designed to naturally have competitive structures, so while there are 10,000 or so professional

e-sports athletes, we felt like the everyday gamer would want their chance to join a team and have that kind of competitive challenge stop the other neat thing is super league has a unique secret sauce. we don't just run tournaments. we have a fully remote, virtual broadcast capability. is we can create compelling content for viewership of these tournaments will stop that technology is giving us an opportunity when live sports are on hold to start livestreamingh content for media outlets thirsting for that content. what i am more excited about than anything is the way we can produce e-sports competitions, but do it as an extension of a traditional sport. tournaments -- the everyday nfl fan can watch a virtual football game or a world

golf tour. it's a video for golfers, but how fun that it can be a legitimate replacement if the u.s. open and masters are on hold. emily: you say you are looking for new revenue opportunities, fully remote production capabilities. is that what you are alluding to? >> we have already been doing things for affectional e-sports teams, for getting -- for giving them a way to it engage with their fan base. with a lot ofs traditional sports teams and leagues who are asking the question how do i stay connected to my fans during this time? the other neat thing is we can bring the audience into the experience. instead of cutting away to a baseball game but not seeing anyone in the stadium, we have technology where we can have thousands of people

simultaneously joining in the experience virtually. we can even get into doing game shows stop the applications are endless. it is a fun moment for us as an early stage company. sometimes you build a piece of technology for one you sent all of a sudden, an opportunity arises for it to have a much water application. we designed this technology because we wanted to make the big screen in the movie theater come to life and be immersive ed interesting to families and friends who are watching their gamers game. that piece of technology and the patent we filed around it is becoming a real solution for not just sports leagues but wider entertainment and media content. ofly: the ceo and chair super league gaming, echoing what we have heard from a number of different gaming executives this week, including the head of microsoft xbox, the ceo of zynga , the ceo of electronic arts,

all seeing a surge of activity. the question is what happens in the new normal? how does that impact the activity and the business we are seeing? that's something we will continue to follow. that is all for this friday edition of bloomberg technology. " starts next.eek i'm emily chang. this is bloomberg. ♪

david: president trump says we have to run the risk and the markets appear willing to do that. this is "wall street week." i'm david westin. welcome back. we knew it was coming and yet it shocked us nonetheless -- 20.5 million americans losing their jobs in just one month. every one of those jobs represent a family that has been upended. though it is hardly any surprise , president trump says we must get the economy goi