faster than a call. easy as a tap. now that's simple, easy, awesome. >> welcome to "bloomberg technology." i am emily chang shelter-in-place in san francisco. markets entering the week in positive territory despite a slew of dismal economic data. u.s. retail sales punching in april worse than march, new record drop. store closures and bankruptcies continuing across the country. the fed issued a stark warning the value of stocks and other assets could see significant declines with commercial real

estate being among the hardest hit. planning to peaches -- beaches planning to reopen in time for memorial day as well as clubs in florida as there has been a resurgence of the credit virus in texas. i will ring in taylor riggs who has been digging into the movements of the day. early losses and late game, where did tech land? taylor: the second day in a row with early-morning losses that transitioned into gains in the afternoon. tech for a second day upper forming the s&p 500. it is not coming from big tax. the ndx, the nasdaq 100 the other performer. you are not getting the leadership from big tech you would expect in a rally. this is the second they were big tech lacked and the other performer in all of the tech stocks. you mentioned retail sales and industrial production all bad news. on the flipside, consumer confidence better than expected.

that is where you get small-cap stocks like the russell 2000, focused on that semester consumer, that was the big outperform or that -- on the domestic consumer a big outperform or that could provide an excellent nation on why there's a shift today with small caps being in outperform or. market field asset management says big tex valuations are not egregious. taking a look at the forward p/e ratios, facebook and microsoft cheaper than the average of 2018. -- big technology valuations. if that is the case big technology could come back and provide leadership. emily: meantime alphabet shares down after hours after dow jones reported the doj in various states likely to pursue an antitrust suit against alphabet. this is something we have been following. we saw chip stocks down, warnings from foxconn, apple's biggest supplier, that they do not expect smartphone demand to recover, and the recovery will be uncertain.

walk us through other trends? taylor: i will start with a chip stocks. we show alphabet so let me start there, recovering some losses earlier down as much is 2.4%. so perhaps analysts and investors taking a breather here, we have been hearing about the antitrust lawsuits and the news for about one year now. according to dow jones, the doj and some states could ring a case maybe as soon as the summer. state attorneys general may bring a case in the fall. on one hand there could be frustration about the lack of cohesion here. you have alphabet fighting multiple fires on multiple and from states and the doj and different fronts, on the other hand we have been hearing about this for some time. you wonder if this was, in part, why there was underperformance of google and alphabet, in 2018, when you did have a lot of big outperformance by some of its peers and big tex stocks -- big

technology stocks. and aftera little bit hours. around the chipmakers, part of big government taking action against big technology, we did get confirmed report from the u.s. that they want to track -- crackdown on the ability of huawei to access this and it is escalation against the chinese company which could freeze out the chinese company, while way in getting the chips it needs to make its products and then foxconn staying at the second saying the second quarter revenue will drop 50% relative to the first quarter which goes against what we heard from copies like apple which said in april demand was starting to turn around. -- seeming to think the worst quarter might be worse than the second quarter so things may not be as good as they think, components in the chipmakers for apple also falling on this news. let's talk more about

apple, starting to reopen stores in the united states and planning to reopen stores soon and italy. we know from foxconn they expect smartphone demand to remain uncertain. and we saw their profit plunge. but what of the early signs we are seeing from apple otherwise? taylor: the guest coming after me may have an opinion on this but let me set it up for you. as much as apple wants us to think their services company, 82% of their revenue comes from products. 55% of the revenue comes from the iphone and then from max, ipads and wearables. -- macs. they need stores to open because we cannot just sit at home and rebuy their services and the recurring revenue apple loves so much. big portions of the company are dependent on the iphone and getting consumers back in the stores. dan i've hasf

opinions and i will leave him to its plain that further. -- ives. as teller mentioned, we ives on the -- dan line. we got these numbers today from foxconn saying smartphone demand remained uncertain but apple is moving forward, starting to reopen stores in italy and already across the united states. what is your outlook? >> it speaks to what is going to be an uneven outlook over the coming months and quarters, with some dart is ahead, -- some dark days ahead, although now investors are focused on iphone 12. as that gets released, in november or december, possibly october. that is a light at the end of the tunnel. this will be an uneven recovery for apple. we have seen from foxconn, this will have a lot of twists and

turns. that is something you are seeing in the stock, combined with the huawei situation, which escalates that u.s.-china worries, with apple the poster child for an issue in china. >> how much does the physical store today matter to apple? is it a nice to have, to continue to drive sales, or is it a need to have? >> is a great question. to 10% of it 7% revenues come from the stores, most coming from online. the iconic apple brand, the golden brand that cupertino and tim cook have built, is based around the experience, the products. that is part of the aura of apple. and when you look at the opening of the stores overseas and your start to see them in the u.s., it is important -- you are starting to see them in the u.s.. it is important for letting the that applee recovery

and other comedies are seeing. -- laying the seeds for the recovery apple and other companies are seeing. how optimistic are you about recovery in the second half of the year, knowing we are still in this and do not know when we are coming out of it. some states are starting to reopen and we see a resurgence in texas and it is unclear what the next few weeks look like, let alone the next six months? >> it is going to be turbulent for apple and other companies. from an investor perspective you do not know what is happening in the next 10 minutes let alone the next three months. for apple i focus on the pure numbers. of 925 million iphones worldwide have not upgraded in a while. combined -- of there's pent-up demand. combined with the service business which we believe is

worth 500 to six or billion dollarys, that is the one-two punch on the other. that is why the stock is holding up relative to a lot of that headmans we see for apple. a lot of news from tesla this week with elon musk during police to invest him as he reopens. it looks now like california is onside and tesla is making cars again in fremont. that said, what is your outlook for tesla, given that we are not buying phones or cars now? >> the fremont standoff, it is important in terms of from an investor perspective, that they produce cars and they are not burning as much cash. that, fundamentally, is why you start to see that stock work, in

terms of the western standoff between musk and the state of california and alameda county. now, howout to china, quickly could they get to what had thousand units? units?000 we are seeing a significant ramp now as you go into may and june in terms of model three. you are looking at some temer and december is more about normalized run right here. it comes down to profitability. can they do this profitably? that is why the stock continues to hold in here because of the navigating the cost structure with some of these had went -- some of these headwinds given the overall demand environment. >> your thoughts on musk's leadership now? he is a polarizing figure. we had our tim o'brien writing a saying, this this week

can we stop listening to him now? has underestimated the impact of the pandemic and how painful it would be. that said, he has gotten his factory to reopen, despite it being temporarily against the law. that elonll think musk is doing a good job here? definitely a lightning rod situation and polarizing. to some, the standoff in fremont as i will call it, puts elon musk, in terms of loyalists, in a better light. he stood his ground and opened the factory. on the other hand, in terms of health and safety and other issues, there is a brighter spot in the broader situation. here it comes down to, can musk and tesla navigate the storm, stay profitable, and can they start to see model three demand ramp backup?

from an investor perspective that will be the question. perspective,ship musk has talked the talk and walk to walk. this is one chapter. we have to seal other chapters play out in terms of how the book is written. -- we have to see. but in terms of stance, he has put a strong line in the sand. ultimately there is risk in that as well as potential opportunity from restarting the factory. dan ives, good to have you calling in and stopping by on this friday. coming up, more on leadership and a time of crisis. we will talk to another ceo about how he is running his company. this is bloomberg. ♪

>> across the world the numbers are staggering. hundreds of thousands dead. tens of millions of people unemployed. and more to come. at a time like this people are desperate for leadership they in the public and private sectors. joining me now is the ceo of workfront. he recently wrote a piece on leadership in a crisis. i was speaking with the ceo of salesforce, marc benioff, and he admitted to me this is my first pandemic and i do not know what i'm doing and i'm learning as i go. is that something you would echo? >> that's right. when we put together our corporate calendar for the year, we did not pencil in a pandemic. i think for all of us, i echo

mark's sentiments. we are learning to manage this as we go. there are some things about this crisis that are the same as every other crisis. you can lean on experiences from other crises to work your way through this crisis. that said, this crisis is so far deeper than anything we have experienced in recent history. your copy makes work and project management software with a variety of clients from t-mobile to adp. we are getting more eye-popping jobs numbers. given your advantage points as a ceo who works with other companies about their work, what do you see over the next few weeks? are we going to see more of this and how much more pronounced is the economic devastation, just get -- doesn't get? -- does it -- how much more pronounced does it get? >> there are companies that will have a v-shaped or u-shaped

recovery. comedies are investing and we have seen large companies in the next few weeks make significant investments. -- companies are investing. in the last few days one of the top 10 wealth management banks, one of the top five media companies, a fortune 500 property management and casualty a global toy company, a large utility in the northeast, art making investments in a work management platform. what i think -- are making. comedies are going on -- some companies are going on offense preparing themselves to be able to manage a new world of work. discussion also about how companies are treating their workers. amazon has been in the crosshairs, a company clearly essential, keeping us connected, receiving are essential goods. yet workers dissatisfied. you have amazon's announcing are ending their hazard pay for workers at the end of the month. what is your take on the

obligation of companies now, and whether or not they are fulfilling them? >> at is interesting, when we think about our customers. what they have been focused on is how to be resilient with their employees and a time of crisis like this. we are fortunate that we have a customer advisory board, a couple of dozen large ,nterprises, like a prudential accenture, and we are able to bring those books together virtually and ask them, in terms of responding to this crisis, what is happening inside your companies? they talkedlly, about this challenge to help their folks be productive in managing what i would call asynchronous work and synchronous work. what that means is, all of these slackies, some of them is or webex, fantastic technologies

and what they told us in terms of their employees being able to fulfilling -- two able to for the work, is in areas where they those work platform to collaboration technologies, people were able to be successful. -- where they have a work front to those collaboration technologies. where they did not they were having trouble managing and tracking work at connecting employs to the most important work. last week i talked to a major medical manufacturer and they use work front to manage a product lifecycle. this comp her tummy in the first two weeks of a crisis they did not miss a beat -- this company told me in the first two weeks of the crisis, they did not miss a beat. emily: twitter has told employs they can work from home indefinitely. is that something you advocate? it seems that pendulum swings in one direction but it is bound to come back. i wonder if that is maybe an extreme reaction? >> we have talked about our returning to offices.

one thing i told our employees is it is not about going back to our offices, it is about going back to our office safely. we are not going back to normal. there is going to be a different normal. that does not mean it is a bad normal. it could be a great normal. whatever the normal is, it will include work from home. and when that happens, you need some type of a technology platform to be able to manage the work. so whether or not people completely work from home, clearly there is going to be nomadic work and that is going to be good for companies like workfront. emily: nomadic work, that is a new phrase and i will use that. ceo of workfront, thank you for joining us. coming up, facebook welcomes a new member to the family of apps.

talk about that, coming up. ♪

facebook's list of acquisitions just got longer with the adoption of giphy, the maker of animated images. facebook did not disclose terms but sources tell bloomberg the deal is close to $400 billion -- $400 million. i'm glad we are covering this story. sarah, why did facebook by this company, what is the motivation? >> it would seem to be about sharing gifs, but the real reason facebook needs this service is because of the data. it is always about the date with

facebook's. with -- with facebook. with giphy, they can get insight in how people are using it on all these different apps. to integrate with twitter, tictoc, slack, i message, signal. tentaclesall of these in different parts of the internet. that is extremely valuable for facebook. they have always tried, because they do not own a mobile operating system. they do not have android and they have looked for ways to gather more interesting insight on competitors. i think that is the main reason. but, of course, they are also looking for more ways facebook users can share, especially now that we are home during the coronavirus, we are not taking as many pictures of the things we are doing. we are sharing already recorded media more. that behavior i think will

continue. emily: it has been a moment for gifs. are we going to see more m and a now? you have company struggling and companies that need funding. i wonder if big technology is going to come to the rescue to some of these companies more often? interesting because at this moment facebook is under antitrust investigation by the ftc and doj, and 47 state attorneys general. there was more antitrust news that hit on investigations of google, just now on the terminal. this is a really opportune time to scoop up a lot of these companies that are struggling. but at the same time, it has never been more dangerous from a regulatory perspective for these companies to poke the bear. and they really are agitating. acquisition is

exactly the kind of thing that the ftc is probing about facebook. that they have found ways to get insight into and then undermine or acquire their competitors. so i think maybe they can get away with it now, but it may come back in a couple of years of these investigations as they get under way. emily: as you alluded to, giphy provides search functions for twitter at tictoc and those are big facebook competitors. thank you so much for joining us. about thewe talked new york stock exchange reopening its trading floor. we hear from the president stacy cunningham, next. this is bloomberg. ♪

there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere.

and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. emily: welcome back to bloomberg technology. we've got some breaking news. this coming from the associated press, reporting the tesla has chosen austin, texas and tulsa, oklahoma as finalists for its new assembly plant. company officials visited tulsa this past week and were shown two different sites. not clear if there are other finalists in the mix, but also an austin rising to the top of the list. earlier, the governor of texas did say he had spoken to elon musk in his interview with local television news.

he says he is genuinely interested in texas and frustrated with california. we have to wait and see how things play out. as will we wait to see how this plays out. we have been talking about how elon musk has been frustrated with officials in california relating to the reopening of the tesla plant in fremont. now i want to talk about the new york stock exchange which will 26 butly reopen on may not everyone will be coming back yet. cunningham, who spoke with bloomberg earlier today. stacey: it was not taken lightly. it was taken in consultation with public authorities, public health experts. we put a plan in place which will be the first phase of reopening. as market makers are standing at the post around me, we will continue to work remotely. there are largely are firms that can do a lot of what they did from remote locations. the brokers that are small

independent firms, that are typically standing around the trading floor will come in in the first phase. it will not require a lot of movement around the floor. we can limit interactions among people. this is an initial phase to get us back in and help businesses most impacted get started. >> what are some of the most important measures you will be taking from the get-go to ensure safety of the people coming back in? what will it look like in terms of density? stacey: given the protections we have learned, that are helpful to protect against covid-19, everyone in the building and everyone on the trading floor will be wearing a mask at all times. we will have six feet social distancing minimum applied across the trading floor. we asking employees that come into the building not to use public transportation initially, because the shelter at home orders are still in place and we are trying to respect those restrictions the governor and city have in place by keeping them off of the subways and

public transportation system. so we can leave that capacity for our central front-line workers in the health care system and limiting the exposure of different people we are interacting with. keeping that much more control. we will have temperature screening and medical screening. some of the measures we use in place of the end of march, but layering on additional such as ppe and social distancing restrictions. >> this must have been a very difficult decision. on the onset, what is your biggest concern is you open up? stacey: the decision-making process was about who is impacted most by these closures at how can we get to an increased level of service? we are going to live with this pandemic for a long time. we are not on the other cited yet. we cannot leave the economy closed, but we can be thoughtful about what parts of it we reopen and how do we do that. our plan is designed to focus our attention on slowly reentering in a very cautious

and very thoughtful, measured way so we can get that economy to reopening and start moving again without adding undue risk on the system. we're not expecting that we are going to eliminate the likelihood of any case of covid-19 because there is a pandemic we are all living with, but our measures are designed to reduce the risk of an outbreak and that is an important distinction. we are also coming into this knowing it will need to be a flexible situation. while we've outlined phase one and we have plans to increase the level over time, we also recognize we might have to contract over time as local conditions change. i think that is important for also -- for us all to be considering. how do we reopen and be ready to pull back if needed? this is a learning curve as this entire experience has been, but we learned so much week to week and that is information we need to use. >> much lower density at the beginning, of course, in terms of people in the building.

wearing masks, you have said. we have seen a lot of the market makers be able to function, not being able to come back right away. do you think some of the changes we are seeing at this time will permanently change some of the fabric of the new york stock exchange? stacey: what we have seen is while the community has been able to operate remotely and execute ipo's and still have complex transactions -- today, i'm standing next to the low goo biggeste of the biotech companies of the year just priced this morning which happened remotely. while we can operate remotely, we operate better when we have people involved. the data has been a really interesting experience to measure. we can actually see and the data supports we do operate better when human judgment is involved. we will go back to that level of service and this is just the first step getting us there. emily: new york stock exchange president stacey cunningham.

earlier this week, the former ceo and chair of google, eric schmidt, sat down with david rubenstein to talk about has to lincoln valley is responding in the midst of the pandemic and what silicon valley looks like post pandemic. here's a portion of that conversation. eric: you have to solve both problems. you have to solve a horrific health care problem and the health care workers in our country have done a fantastic job. if you look at the crisis -- this all started because we were worried the hospitals would be overloaded. we were terrified that people with a heart attack could not get to the hospital. we managed to avoid that to a hospitals. the second part, you have to come up with some economic solutions. the level of unemployment that we now have is on the border and approaching that of the depression. we need that period to be as short as possible.

the treasury has generally done a good job of getting money into the system. i'm worried we have a bankruptcy problem. eventually, you can float the business is long enough, but there if there is no demand, there cannot be business and that is permanent job loss. when i look at the actions of the people, my primary criticism is the speed by which action occurs. if you think about it, much of the deaths could have been avoided now had we acted a month earlier in every decision. that's a lesson from a pandemic. david: you are a major philanthropist. how have you changed your philanthropy as a result of the covid-19 crisis? eric: what we did is we decided to work on this because once it became clear this is not a one or two month scenario, we formed a special covid task force, we started looking to things that could act very quickly. we've now given tens of millions of dollars in that area with the

number increasing over time. the initial focus was on things that could happen very quickly. the most interesting one was ventilator trading. it turns out at the time we thought we would need an infinite number of ventilators, ne nobody knew how to operate the. thank goodness we have not need them as much as we wanted. david: you have also been a venture investor. after leaving google, you stepped up your venture investing, national security being one of them. what are you saying to someone who might be a venture investor? what are you investing in? eric: venture is a long game and all about the key men and women who have these ideas. find the entrepreneur, give them money, and help them accrue incredible talent and hope and pray and help them. i don't think that is any different now when i was in a startup. what i would say today is that

i've always believed that biology was going to be in enormous business. i think the pandemic has emphasized the incredible scale of businesses that can be built now. the most obvious ones being in telehealth. think about it. in two months, you have changed the economics of health care. people were hoping to do been addicted. in two months, you have reimbursements for telehealth which allow you. think about connected devices. why are you not watching -- wearing a smart healthwatch that is communicating to a system with ea your permission to monitor your help and it calls you and says you need to have a videoconference with a doctor? essentially triaging patients with video checks first. take a picture of me, do an analysis with my permission, and then say, eric, looks pretty good.

that will make everything more efficient. frankly, it makes my time more efficient. we can do this. david: new a person who has lived much of your career and silicon valley area. how will silicon valley change as a result of this? will people change what they do and how they operate these technology companies? >eric: it is interesting that in my career, silicon valley has changed dramatically. tech companies now have full institutions of governance. they have competitors. they have opponents, political strategies and so forth. i don't think that will change. there are clearly going to be bigger, big tech is going to be bigger. the simple answer is they will do even more fundamental work. emily: eric schmidt, the former ceo and chair of google. coming up, with unemployment in the tens of millions, that means tens of millions more people needing some mental relief.

we will talk to the ceo of head space about what they are doing to help people in need, coming up. this is bloomberg. ♪

emily: this week, another 3 million americans have filed for unemployment, bringing the total number of unemployment claims filed to 36.5 million in the pandemic alone. that means millions more people potentially in need of mental support. yesterday, headspace announced it will begin offering free one-year subscriptions to all unemployed people in the united states. here is cl richard pierson. headspace offers online

meditation services and content. quiteffering is really extraordinary. tell us about it. richard: thanks for having me on. as covidhink we, hit, we were trying to think about different ways we can help folks. what became apparent that it is needed more now than any other time in our company's history the last 10 years. as the unemployment figures start to come forward and a lot of our friends and family and people that we knew started to lose their jobs, it was pretty clear that the mental impact of that mental health crisis was going to come from these numbers you mentioned. it's going to last way into the foreseeable future. biggestd to take the impact with the resources available. so we go decided to make it

free for every unemployed person with a year subscription. that was the thinking behind it. emily: what kind of activity have you seen on the platform since the pandemic begin? not just from individuals, but also businesses. richard: yeah, in terms of core content, around stress and anxiety. we have seen about a 1000% increase in the core usage. in terms of enterprises, what we found is that there were a good number of companies that were discussing mental health in boardrooms. not every single company is discussing it. part of a way to look after and maintain the health of their employees. we have seen up to 400% increase in terms of inbound inquiries and offers to help manage the health of their employee base. we have seen an incredible uptick in all of our core

metrics. emily: how do you plan for what happens when we come out of the pandemic? what happens in a new normal? do you worry about, you know, a dip in all of this new demand? what does that actually mean for headspace as you model this out? richard: i think -- our core believed we've always that starts with the mind. we don't believe you can separate out mental health and physical health. they are linked. i think this crisis has just accelerated the mental health space by about five years. we have always felt the market would catch up to our longer-term vision that we had. i don't think the problem is going away. we don't know what the new normal is going to look like when we returned to work. have ay confident people

much bigger awareness as to how important mental health is in our overall health. now it affects our physical health. i think the science proves that out. i think when you've got business leaders and governments, schools, when you've got huge parts of the population looking for services like headspace, i don't think demand is going to go down. i think it is going to be much bigger awareness of it in general. i think it would part of our culture and forward. emily: all right, richard pierson, ceo and cofounder of headspace. free one-year subscription for all unemployed people in the united states. ok, coming up, geyer weiner check says too many people are spending too much money and are not fully prepared for the full depths of the economic devastation that will continue to roll out over the next month and years.

hukwill hear from vaynerc coming up. this is bloomberg. richard: '

arey: consumer habits shifting dramatically from off-line to online. we spoke to vaynermedia ceo gary vaynerchuk about how that is impacting e-commerce, social media and more. take a listen. gary: it exploded when everybody got their stimulus checks. it reminded me how much of a materialistic, capitalistic country we are. i was actually disappointed -- a lot of my businesses are in e-commerce, so i was micro happy but macro disappointed because i was hoping people learn how to save money during this time. we sit with aia,

lot of fortune 500 companies at we are very involved in a lot of their e-commerce businesses. the numbers on food and beverage. i think clothes have been hit, so apparel has been hit in certain ways. capitalistic, materialistic country and people want to buy things. sports cards is a space i pay attention to. i cannot believe how well it is doing. i think the macro conversation is the way this is all playing out, i think it is discussing some of the economic vulnerabilities because we are still in this cocoon. i think people still think there may be another stimulus check coming for me. this is over, i am going to get a job. i think the most interesting part of this from a thoughtful, economic standpoint is kind of that first month to three month, four months after he gets back to normal-ish.

i'm eyeing february, march, april of next year where you could see a dip because people will be like wait a minute, we are in something that. write out, i think it is fake to some people. emily: how do you advise your companies to prepare for the new normal? not knowing what the new normal is going to be. gary: every situation is different. the reason we decided to mmerce wasaynerco because everybody who sells something through a third party needs to figure out their e-commerce strategy. to be reliant on retailers or amazon or anybody else and not being the driving force of your own destiny of producing something and send to somebody is crazy to me. for that, it is like, regardless of where the world is, try not to overextend yourself on and let's get into the game. for others, it is try to mitigate their excitement on how good the numbers look so they

don't overspend. meanwhile, because it is a complicated game, facebook and instagram and google prices are down in costs and auctions because a lot of people are not spending so the customer acquisitions are crazy attractive. -- cashhe plays out rich businesses always accelerate. if you have the ability to spent on acquiring customers now and have a healthy business, there's a huge growth opportunity. for others, it is a re-strategized opportunity. dwelling and going on total defense is only the answer if you are on the verge of going out of business. emily: you mentioned amazon and amazon has been mired in controversy with the safety of his workers, but still essential. do you think this is the case of the big getting bigger or will we see a new landscape? gary: they are getting bigger but i think innovation comes at times like this. i do think -- when people really

analyze their business -- if you are selling through a retailer and make a product, you are in a bad business. walmart, target -- they have too much leverage. if you are selling on amazon, you are just setting up the next giant that it will have too much leverage and for more dollars and you will spend less on the consumer. i think the change you will see, much like anything -- you look at downtown supermarkets. now e-comm. i think you will see fragmentations of products going direct to consumer, not through amazon, not through walmart. many will talk to this time as the a-ha moment of we need to get our act together on going direct to consumer. emily: let's talk about the trends in social media and content. we are seeing platforms like tiktok take off even more than it has been. where the winners and losers in social media and why?

gary: i think stressful times or big things usually expose things instead of changes them. i think what you are seeing is -- look, tiktok is clearly the winner of this chapter. you have a lot of families at home together. those characters are spending more time with their parents. everyone is looking for something to do and you are seeing an exposure in 30 to 40. i think instagram in a lot of ways is such a juggernaut but definitely starting to get chipped away at. one thing we have learned about social networks is they are more like actual tv networks and actual tv shows. they have a lifespan. i think that is starting to lose the cool factor. it is scaling and growing. facebook is dominating. from a loser -- pinterest is a winner. people are cooking at home, visual search. i still look for snapchat to do

something to change their fortunes. i always felt went instagram came out with stories, it gave them a punch in the gut and they needed to innovate. i'm a little disappointed, i guess. i want as much diversity as possible in social. i think the biggest winners to me are pinterest and tiktok. the biggest loser is potentially snapchat but i think they are stable. emily: never a dull moment in an interview with gary vaynerchuk, the ceo of vaynermedia. with that, that concludes this edition of bloomberg technology on this friday. wall street week with david westin is coming up. we will see you back here on monday. don't miss our special, coronavirus: the digital front, which airs later tonight on bloomberg television. ♪

david: a cold dose of reality from the experts. equities appear to pay attention. this is bloomberg wall street week. i'm david westin. welcome back. joining us this week, larry summers of harvard. governor ned lamont of connecticut. >> the old idea of the community going into new york city five days a week maybe idea that is behind us. david: energy secretary dan brouillette. >> what the president has referred to is a reshaped recovery looks very clear in the charts right now. david: wall street veteran steve ratner. >> i'm pretty pessimistic about our ability to get back to that point at any time in the immediate or imaginable