>> welcome to "bloomberg technology." i'm taylor riggs in new york in for emily chang. stocks ending the day in the red, with tech leading the losses. this is all amid rising trade tensions between the u.s. and china, adding concern about the pace of the recovery due to the pandemic. and the numbers on the pandemic showing the u.s. virus cases rose today 1.5%, in line with last week's average. this comes as more state and local governments prepare to open up in phases. i want to break down these

headlines and what it means for markets with our markets correspondent, abigail doolittle. tech continues to outperform today, and it is something we have seen in recent weeks. where is the leadership tech typically provides? >> it was not there on the day. that has to do with one of the headlines you were talking about, ratcheting up tensions between the u.s. and china. they have been there in recent weeks, but markets ignoring it to some degree. last year, every other week risk on, risk off, depending on the headlines. right now, there are concerns those headlines, the war of words between the u.s. and china, taking down tech. a lot of these companies receive quite a bit of revenue from china. apple, the tech heavy weight received about 20% from china. the ship sector -- chip sector is super sensitive to china. we see the s&p 500 tech index down more than 1%.

the stock down even more. over the last nine days, we have seen a real roller coaster ride. last week was risk off. this week we have gains. how it will end will come down to tomorrow. today, a tad risk off, especially for technology. tracy: speaking of technology stocks we are following, nvidia out with earnings. i'm curious if we see the data center as well as the gaming chip demand that we thought we would see from this company in the quarter. abigail: the data center revenue was really solid. they put up more than $1 billion in data center revenue for the first time. overall, they beat the revenue by about 3%, earnings by 7%. the guide in line. see it off in after hours. that had to do with the fact investors wanted a little bit more, as expected. the auto segment was weak. on the year though, this has been a winner.

up more than 40%. more than 50%, in fact, at a time when the s&p 500 is down, the nasdaq is up. that outperformance tells you these chairs price a perfection. there was a good quarter, good outlook, but not enough to extend the stock higher, at least in after hours. basis: it looks like the of the s and p and some of the other big size, those big names we talk about, have been widening out, going back to the widest and's july 2013. what is this showing you, particularly apple within the? is that providing any leadership? abigail: there is tension between that valuation, the tension we had this year, and that outperformance for the faang stocks. the faang stocks have been on fire. many have been getting a huge bid up good results. once you see this economy

reopen, perhaps they are not going to be quite so well. it will be interesting to see whether or not that closes evaluation gap. on the year, there is a huge divergence. expedia was one of tech internet name that reported recently. not a great quarter. those stocks being hit by the virus down in a huge way. apple and the nasdaq 100 one in the same, up about 5% on the year as that carves a path. stocks, that valuation is skyhigh on the stay-at-home gain, up more than 20% on the year. it will be interesting to see if the economy reopens as so many market watchers and americans hope if those faang stocks, the stay-at-home stocks, the new defense will continue rising, or if we will see that sector leadership rotate with the valuation gaps you mentioned. tracy: thank you, as always to abigail doolittle. i want to stick to apple. they are ramping up.

it is pushing into some of the original podcasts vice seeking an executive. day after just one spotify acquired the exclusive rights to joe rogan's podcast. for more, we are joined by mark gurman, who covers apple for us. we know podcasts are popular, so why now? why this new original push into the podcast arena by apple? apple is pushing stronger than ever into original podcastsing. the reason to do this is to push apple tv plus. they are growing in content for tv plus. putting podcasts as part of it will give more value to that five dollars a month subscription price. it is a hot area for other tech players, like spotify. apple really pioneered podcasts 15, 16 years ago. clearly there is a market for par podcasts.

tracy: it seems like a clear push to integrate podcasts with apple tv plus. is that the very clear strategy that you see? >> absolutely that is the strategy. a lot of the originals they are working on acquiring our tv plus specific. there are two types they are looking at. one is a category of audio podcast shows that would be spinoffs of existing movies and tv shows on apple tv plus. the other would be wholly original new things and not based off of tv plus, but can be adapted into tv plus movies and shows. at the end of the day, it comes back to tv plus. tracy: we also mentioned spotify acquiring the rights for joe rogan's podcast. spotify clearly a formidable competitor. how does apple try to differentiate itself and keep up with what has become a relatively competitive space? big competitive

advantage is the fact that the podcast app from apple, the apple tv plus, apple music, they are built into the iphone. it sold over one billion iphones at this point. million million, 600 ipads, apple watches, air pots, apple tv. spotify is a software. . . they don't. have that built-in hardware. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- apple has a big marketing arm. the rbc have the money and the resources to push for original podcasts and the tv plus program. tracy: what is the monetization strategy? >> monetization would definitely be part of that paid subscription as part of apple tv plus or apple music. at this point, it seems these types of shows would be paid for by apple in lieu of the podcast

producers not slapping advertisements on top of the programs. you see spotify doing a mix of both. they pay for shows, but there are also advertisements. itle will skip advertising, is a very small segment in their overall services revenues. it is basically tied to app store search ads. also some other applications, like apple news. but we are not seeing that is very likely for the podcasting effort. tracy: you know better than anyone, anything to boost some of that services revenue that the company more and more wants us to become hooked onto. one final question, when you talk about an original podcast program, it has to have a clear leader. who could be the front runner to lead this effort? they are looking for someone to lead the original podcasting efforts. it will probably be a bigger

name podcast producer or someone from a podcast company. this person would be reporting to apple's head of global podcasts. you will likely see these people take a bigger face as part of this initiative. you see the apple tv plus executives have a bigger face on the tv side of things. tracy: thank you as always to bloomberg's mark furman. coming up, we will look at social commerce with michael levine. what he has to say about facebook's latest move. that is next. this is bloomberg. ♪

growth intinued e-commerce and social commerce during the current pandemic. facebook wants a piece of it. mark zuckerberg announced the company will recommit to online shopping and commerce, and that he personally will be involved to do so. we are joined by michael levine of pivotal research. he was taking a break from cold water surfing to join us. always great to have you here on the program. give me some of your initial thoughts about facebook's thoughts, and the opportunities it could unlock for the company. for the lead in. i think it is pretty fascinating. clients,r messages to even looking as earnings season

has gone by, it is pretty apparent that if you have a store, if you have under invested in your presence online, you need to get there, and get it figured out in a hurry. lot facebook for doing something different than they have done before in their prior attempts. necessarily a new thing to them, marketplace is not new. i don't think it has seen a ton of attraction. investors have been waiting on this for about a year. i think they realize the same thing. it is the time to get behind it. i think they have also done a great job trying to support the small medium business community. what to me is very different is the much more open ecosystem that they are embracing. working with companies like shopify and big commerce that are very frequently used solutions for small businesses. they are just making it a lot easier to take the on ramps. tracy: you kind of alluded to

the next question, where they are making it easier. earlier efforts had been maybe disjointed, for lack of a better word. checkout,stagram other brand content on other platforms. do you like the way zuckerberg is making this a cohesive plan that should be seamless across his "family" of networks? >> i do. the thing i would say is i'm not completely convinced they are going to have become a destination. one of the things if you look at the evolution of the big internet properties, i think when people have an association of this is why i go to facebook, snapchat, as compared to this is ory i go to amazon, ebay, netflix, where you are going to shop or watch streaming video, and if i don't have an account, or if i haven't purchased an item, i will purchase it. i think they have such a large

amount of traffic that they should have a large amount of success. if they change advertiser behavior and it follows on this big announcement from google shopping a couple weeks back, as as,l, about free pos cataloging your products in a way, be it google, facebook, it will just be a much better advertiser experience. so you can have something contextual to what somebody may be looking at on instagram and the ability to shop right there. it is gravy if they can go ahead and become more of a destination site in e-commerce. i'm not completely convinced yet, but i don't think it needs to be to be a homerun. tracy: is there regulatory pushback? >> i don't think so. it is good you are bringing up regulatory. the whole regulatory subject feels like it has gone a little bit flat. we are definitely not hearing as

much from investors. i think it is interesting that there is certainly chatter that seek anwas going to injunction around facebook integrating some of the properties on the backend, which would probably make it harder to pull apart. i don't know if they are necessarily completely out of the woods. as we got this reminder about google in the last week. this in itself i don't look at as being a regulatory issue. they definitely don't have particularly dominant share whatsoever on the commerce side. tracy: i totally hear you on that. i want to broaden out and talk about the advertising market. we came into this year thinking facebook, google, were going to be some of the best performers. then the pandemic hit. you had talked a lot about advertising market that was facing these companies, yet the first quarter results came out

and things were looking a little bit better for facebook than we thought. how are some of these companies positioned now that you are looking at reopening when it comes to the advertising market, and if that demand on the part of the advertisers is really there coming back in full force? about astill hearing decent amount of hesitation on the brand side. direct response has been the big surprise. to me, the absolute -- the biggest take aways were these companies were doing terrific in advance of covid hitting. we had snap pacing up 58% for the first two months of the quarter. youtube had likely accelerated to mid-40's. they didn't exactly say it was the number. 31% number for q4. the thing that has been surprising is how well direct response has hung in. the feedback we have heard from a lot of native dpc companies is

you have seen facebook pricing come down 35% to 40%. on top of the benefit they are getting from lower-priced media, just seeing higher conversions. you have a captive audience who basically can't go shopping off-line. so to me, the interesting phenomenon, there will probably be some give back in terms of what has been described as christmas early by one of these advertising cohorts. the brand is going to struggle a little bit. so something like twitter at the non-connected tv component of a company like play desk, make be slow in the recovery. a lot of the other guys have a good enough footprint on the direct response side. if anything, google is probably among the weakest of the large-caps. you think about the amount of snd exposure and travel exposure they have, i thought they were

pretty good results. tracy: when we all start to open up, assuming a lot of us go back to the stores, how does facebook and companies like google capture the audience? do you see this as a structural change, are they launching this and the timing is good because of the pandemic? what happens when things go back to normal? is there probably is some degree of pull forward with e-commerce. i think the genie is out of the bottle at this point. we are still relatively underpenetrated by way of comparison, if i look at something like china. i'm not in any rush to go back to cvs to buy stuff during the pandemic. i have realized i can get a time efficiency and cost efficiency. i think as i listen to these

companies during earnings season, it has been this exile genesis pull forward that has accelerated. i think microsoft some did up nicely -- summed it up nicely, when they talked about the earnings. they had a couple years of digital transformation accelerated in the course of a couple of months. maybe we will slow a bit on the penetration side, but it will be off of a much higher move. tracy: covering a few topics for us. facebook, amazon, google. thank you to michael levine of pivotal research. coming up, ready player amazon. e-commerce giant is entering the videogame arena to lure players away from hits like fortnite. we will discuss next. this is bloomberg. ♪

amazon's first major videogame launched yesterday. it is a free to play pc games the e-commerce giant hopes will help it become a force in the $159 billion global industry. to tell us more is priya a nod. there is a lot of optimism and expectations around this game. i first have to ask, how was the reception? now how unclear as of much of a success the game will be. it is owned by amazon, their own livestreaming platform where you can see what games are popular that people are livestreaming. crucible is not -- has not broken in into the top 20 games on twitch right now, or 20 categories, so that is one measure where you can see how it is doing.

for zooming, twitch was helpful in some way in promoting the game. it seems like it still hasn't cracked into that top echelon. tracy: take a step back and tell us why amazon is interested in this space to begin with. >> amazon has long been interested in adding different kinds of entertainment into the prime subscription. especially in this world where fast shipping is becoming more common among other retailers. ising more and more important for them as a way to draw people in and keep them spending. and having entertainment in all different forms is really important. prime video, and video gaming they view as part of that. they see it as a huge space and industry with tons of cash, tons of people enjoy video gaming. it is like their investment in video. tracy: this is sort of the time

when amazon is not the big player in this space. it is going up against electronic arts, activision-blizzard, microsoft, big players in this game. what is amazon's strategy to stand out, differentiate, and compete with other bigger players in this space? >> it is not how they are going to do in terms of developing their own video games. they have another one coming out later. people being the second home in certain places, they are not going out as much. it might help they have a couple of different pieces to their videogame strategy. they are reportedly working on a cloud game streaming service. that would reduce the need for hardware like consuls. they also have twitch back in 2014. quickly withi in a couple of years -- within a couple of years they world that into the subversion. want prime, you can get all of these added benefits like

free games, etc. through twitch. it is essentially an amazon prime subs christian with twitch benefits -- subscription with twitch benefits to try and attract a new different kind of demographic into the subscription program. tracy: you mentioned twitch a few times. how much of a benefit can that be to the company? it is unclear, in terms of pushing forward their own in-house developed video games. this is the first game that just came out this week, first big-budget game. it is unclear how much twitch can help push that forward if it is not a game people are interested in playing. i think we need more time to watch it play out and see how much people like this game, and if they do are not. that will probably have bearing on amazon's ability to attract talent to develop more video games. priya anand from bloomberg, thank you for joining us. coming up, our conversation with

the ceo of logitech. we hear how the pandemic work from home boom has the company on what one analyst calls an impressive run. this is bloomberg. ♪

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tracy: this is "bloomberg technology." i'm taylor riggs. facebook is announcing more plans to transform its workforce in light of the pandemic area in an interview with bloomberg news, mark zuckerberg said the company will hire more remote workers. even work from home permanently if they would like to. he believes remote workers could make up 50% of facebook's workforce in the next five to 10 years. one company benefiting from the work from home boom is logitech. the ceo joins us now. what i love having about getting you on this program is you have a lot of insight into consumer behavior. what are the trends you are

seeing from computers to keyboards and game consuls? -- consoles? what more shifts have you seen? >> our business is really structured around secular trends we are going through. people using video everywhere in the office and at home, gaming work,e, and remote working from anywhere. youtube.gram, twitch, so those long-term trends have been continuing. our business has done well. we are seeing all of them are accelerating, as you might expect. tracy: are you seeing these as permanent shifts? are you preparing your business for that? >> yeah, i think these trends are permanent. i don't know if you expect the growth rates that we saw in the last quarter, especially in the last month, per minnelli, you can expect these are permanent moves. more people will work from home.

i imagine it will be faster. more companies will announce something. google announced they will keep everybody at home until the end of the year. it is just a wave coming through. it will be hard to suck it back. one of the things we are seeing is people like working from home. they are downsized, but overall, it's a great experience. think you are right, i people around us are trying to find the positives in that work from home environment. it is interesting you brought up earnings. you talked about inventory. curious giving you are in the hardware space. what have you noticed with inventory within supply chains, the disruptions that we saw? have those resolved themselves? ourack in the middle of fourth quarter, we had disruption of supply chains.

every factory, everything, we couldn't make a single product for three weeks. we had a lot of catching up to do. so we started to ramp up. by the end of march, we were almost at full capacity. now we are at full capacity. in the meantime, shelter-in-place happened. that drove a run on some of our products. so we immediately sold out of webcams. we are on our way back. two waves of supply chains. tracy: the inventory is so desperate he needed right now on time, or as soon as you can? >> we are good at ramping up. we should be in better shape. do you find supply chain exposure in china? today, we have been talking about ramped up trade tensions

between the u.s. and china, more tariffs and retaliation. are you concerned about moving potential supply chain if you have it in china to somewhere else? >> we lived this last year. we had tariffs on many of our products. we are good at being the leader in our categories, where we needed to, we could raise prices. in other cases, we could move manufacturing. we have moved manufacturing very regularly. have our own factory, but we make half of what we sell. we are used to moving things. we are moving things out where it made sense. we will do that again if we have to. tracy: what has the recovery in china looked like, and what sort now starting tohat-- that we ae look at in the u.s. as we start to talk about phases of a reopening. is there any insight you are noticing in the asian countries that you can circle back and

glean to the u.s.? l country to focus on -- >> i think the right country to focus on is china. i think, you know, you are seeing, in china, at least, things are coming back to a more normalized level. while the growth is not enormous , there is growth just two or three months after the shelter-in-place there. already, they were way ahead of us in being online. so, maybe they had a little bit of a lead in bouncing back, but overall it looks pretty good. tracy: you also have to anticipate some changes in consumer habits to be prepared for a spike in inventory and a spike in demand. what kind of consumer habits are you anticipating, whether it be video cameras or some new devices, that you have been

expecting the consumer to adopt in the next six months to 12 months? bracken: we keep a lot of our new products secret. taylor: we are here to make news. come on. bracken: i happen to hold a new product that will be very exciting, but i can't show you on camera. i think we will see strong demand in gaming. gaming is a fascinating space. the world health organization actually encourages people to to stay socially connected. the rise of gaming [indiscernible] you can expect more there. you can expect more video everywhere. we are on video out of my house. i have three set ups. i encourage everybody to have at least three, very self-serving.

i think there will be more video out of homes. people will be trying to look better. they will upgrade their cameras. the most exciting thing is the explosion of creativity that has come out of this period. the dark side is the unemployment, the illness, the effect on families. the bright side is the constraints we put on everybody has created this explosion of creativity, whether it's musicians or bloggers. i can't tell you how many people i've seen creating their own video blog. we are in the middle of that business because we make the equipment and the tools. taylor: bracken, ceo of logitech, really appreciate it. bracken: thank you so much. great to be here. taylor: the u.s. has pledged over $1 billion to help astrazeneca with the vaccine. we spoke with the astrazeneca

ceo about the price of the vaccine and distribution. >> we have to show the vaccine works, of course. profit.oing this at no it's important to keep this in mind. we have ambitious timelines for clinical trials, but we are talking about vaccination. you can vaccinate people very quickly if you preselect patients. if you have a lot of infections, you can still get results very quickly. we haves manufacturing, identified supply chains that are independent, one for the u.s., one for europe. we are looking at india and china separately so there will be no competition between them. we believe we can actually get this done quickly. the manufacturing process is

something we know very well. we are confident that we can make it happen, but of course [indiscernible] >> it's a massive challenge. quite clearly, global pharma is coming together. pascal, you are a listed company. you are not run by the government. you are not a charity. when i'm thinking about the backing you are getting from the u.s. government, i'm wondering how you can assure us that this vaccine will be disseminated in a fairway, without -- a fair way, without a preference toward the country with the deepest pockets. how can you make that assurance? pascal: we are commercializing -- distributing it, i should say, at no profit and the cost will be very low, just a few dollars. issue.ot an countries, we

are working with global countriesons in many and we will find ways to bring the vaccine to the people around the world, even those countries that have very low income. the value of this, the cost is going to be very low. cost is not an issue for mid-to-high-income countries. the issue is manufacturing capacity. we are working on that 24/7. working very hard on that. this wouldyou said be about production capacity. my question is a simple one. if you have been back quite heavily by a couple of developed countries, are you assuring to us that they won't be getting the vaccine over everybody else? my question to you is, not how how doll this cost, but

you fairly disseminate the volume of the deck -- the globally,enly, without a preference on a single country over others? pascal: there is no preference for any country. everybody. serve the issue is we cannot make a vaccine if people don't want it. we are in discussions today with countries, governments, and global organizations so they can tell us whether they want it or not. modernre technologies, -- modified rna -- there are other technologies as well. it's not for us to lead distribution. it's basically for government and institutions to tell us whether they want it or not, and if they want it, we will supply it. the cost is going to be very low. astrazeneca'sas

ceo. despite seeing a huge demand recently, a public provider of remote work connectivity now plans to go private. we will hear from bill wegner, the ceo, next. this is bloomberg. ♪

taylor: as millions of people continue to work from home, boston-based provider of cloud-based connectivity, has seen a big surge in demand. what will come out of this now that some regions are slowly starting to reopen? joining us to discuss is the ceo. a lot of this caught people off guard.

how did you prepare? were you prepared for the big surge in demand we saw as the shelter-in-place orders started to take effect? people, wea lot of started to really think about this in the early february timeframe and started to build up capacity for what we thought might happen. in fact, i don't think anyone could have seen the extent to which -- how rapidly people had to shift to working from home. i think the speed with which people changed was pretty surprising. we did a lot to prepare. i think, since that time, have invested a lot to make sure we were ready. i think those first few weeks are really just focused on employee welfare and business continuity. i think a lot of companies were scrabbling -- scrambling.

>> how are you shifting now that some employees are starting to go back to work? bill: i can think of two perspectives. i am the ceo of a company that lives and breathes work you know dna. maybe we can operate differently as a company. maybe this is a time for us to shift and embrace it. toondly, the usages continue be really high across a lot of our products. while people are thinking about shifting back to work, i don't think anyone will allow themselves to be caught flat footed again like they perhaps were in the march and april timeframe. tracy: another issue that caught my attention is you are a public

company planning to go back to a led by a pe arm of elliott management. the board in march approved this. is the plan to go private still on track? it is.es, the shareholder vote was approved back in march. the deal is on track. we had always said mid year so we can clear all the regulatory approvals that are necessary, and we are looking forward to that transaction closing. tracy: why go private, especially when all the "virus stocks," stocks that would benefit from the work from home environment, have been the leader in the equity environment? why now make the decision to go private? us, we have a broad portfolio and were really focused on the last couple of

years to make additional growth. we felt we were hemmed in by the public markets in terms of our ability to make the investments we wanted to. i think this will allow us to make more investments, to move more rapidly, and i think this period will unlock a lot of innovation from a lot of companies, larger and start ups, because i think a lot more people are living through the workings of living and from home and working differently. it's exciting to think about. curious, given your decades of experience, the dream to go public and cash in, and yet from your experience, maybe going private, if that is a better way to innovate, what would you tell companies, particularly in the tech sector, that are debating the public versus private debate about maybe the right path to go?

that is an interesting question that i think a lot of entrepreneurs think about. the concept of going public seems to be the holy grail for a lot of young companies, but there are so many different ways to have good outcomes for both management and investors. for us and a company of our size, companies go through a lifecycle, and at different times in the lifecycle, you need to operate the business differently. with a scale like us, 1.3 billion dollars plus in revenue, we operate around the world. we have 4000 employees. it is a complex business and requires a lot of attention for investors to understand the story. it is situations like that where it is not as easily accessible, n it is a great opportunity for private investors to work with

management and make the investment, especially when they believe in the future as much as we do. tracy: joining us from boston, ceo, bille logmein wagoner. next for joining us. plan toina's $1 billion overtake u.s. leadership in tech. we will bring the story next. ♪

tracy: amid china's worst economic performance in over 40 years, beijing is accelerating its plan to overtake u.s. leadership in technology with a $1.4 trillion investment in store. resident xi jinping -- jinpingt xi backs the plan. i want to bring in shelley, who covers the u.s. and china tech scene for us.

the post virus stimulus tech plan underway, what does it mean for chinese tech companies? beijing wants to talk $1.4 trillion into the economy, including a wireless network, are the focal -- artificial intelligence, and basically focusing money on the technology sector in china. tracy: you talked a lot about 5g. we heard about huawei making plans. is this a 5g play? is there something else going on? what do you see being a devil play here? -- a devil in the details play here? >> a number of things. the wireless is part of a fiscal package that a lot of companies are doing to boost incomes post coronavirus, but there a whole bunch of other stuff under the nationalism,d tech

reducing the dependence on foreign technology, sending a u.s., which has been targeting huawei and other chinese tech companies. china is using this as a way to boost its own economy, which has seen better days, but also to send a message to the rest of the world, which is we are going forward, not letting this pandemic slow us down. we are going to invest in areas where we want to be a leader and also reduce our dependence on foreign companies, particularly those from the u.s. tracy: how does the u.s., then, respond? shelly: there is a whole lot of rising animosity toward china right now in all sorts of avenues. you are seeing it from the the president in the form of new sanctions against huawei. ,ou are seeing it from congress

to increase the scrutiny of chinese companies in the u.s. you have seen it in the public in terms of polling numbers and anger and animosity towards china. it kind of goes across a lot of different areas. tracy: does this further put pressure on the u.s. to have ideology nationalism surrounding u.s. tech, and then to push back on china and say if you are going to support huawei, we are going to do more to invest in u.s. tech as well? would you see a scenario like that where the u.s. within put forth a plan to help our own tech companies? i think even before this, the pandemic had shown people what kind of dependence the u.s. had on china, for things as small as face masks to harmful drugs to

-- to pharmaceutical drugs and other kinds of technology. moveould kind of see a big from congress to say, let's take look atack and really that dependence and see what we can do with it. so far, we have seen the former, which is this animosity toward china. we have not seen as much of the counterbalance, which is china is going to put $1 trillion into boosting their tech, the u.s. should put that into their tech efforts. you have not seen that happen yet. tracy: we will keep our eyes peeled. our thank you to bloombergs sheley banjo -- bloomberg's lly banjo. that does it for "bloomberg technology." ♪

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haidi: good evening from -- shery: good evening from bloombergs world headquarters. haidi: welcome to "daybreak australia." these are your top stories. china opens its most important political event of the year amid threats of tough new curbs on hong kong. we are live in beijing. markets slide but oil heads for a third week of gains