ask about saving up to $1500 on your installation. emily: welcome to "bloomberg technology." stocks ended the day slightly higher after a volatile day of trading. up after the company told congress it will cooperate in a congressional investigation into the power of amazon, making jeff bezos available to testify if necessary. this in the midst of a fresh

wave of protests across the country following a shooting of yet another black man, rayshard inoks, outside a wendy's atlanta. all of it captured on video. first, i want to digest the market moves and bring in abigail doolittle, who has been following it all. why such a volatile day? abigail: really a wild today. today and overnight tonight, there was a risk off tone. there was a bit of a haven bid for bonds. nasdaq up more than 1%. thefixed on the nasdaq -- vix on the nasdaq had been above 40. at the close, below 40, so again, less fear at the end of the day. trade, -- -- the

stay-at-home trade. 6%, and credible, but -- tesla up 6%. if you believe it, that stock up more than 130% on the year. as for why, i would like to say it is something exciting, fundamentals, but that is really not the case. it has to do with the dollar. the chart in, the nasdaq 100 and white. when a dollar goes down, it helps risk assets go higher. what we had earlier today was up half a percent, now the dollar is down its call it 0.3%, 0.4%. let's see what tuesday brings and feature rule, i guess, turnaround day people look for. emily: we will be talking about

some tesla themes later this hour, specifically board dynamics. rebounding in china. talk to us about some of the other tech themes you are following. electronic arts had a big day. that stock did very well. apparently they have released a new star wars title. dayes really pumping on the the title is called squadrons. calling it a significant and pleasant surprise. there is nothing else like it out there on the market. some of our analysts are saying that they think there could be a big boost for live services because of the stay-at-home theme. stay-at-home, you

know that is the big theme on the year. , one of the biotech companies, even though that has to do with the possibility of some sort of vaccine or cure. paypal, amazon that you were just talking about. electronic arts up 18% on the year. the real poster boy for the stay-at-home theme this year, amazon. the past few, over months, i have become an amazon convert and i love it. emily: neither am i. i am not a gamer but my kids are changing that in quarantine. abigail doolittle for us in new york. thank you for breaking it down. speaking more about amazon. amazon has pulled congressional investigators. the house will cooperate in an -- amazon will cooperate in a

house antitrust probe, making jeff bezos available to testify if necessary. we know that congress has been exploring the market power of big tech companies. seattle,et the day in covers amazon for us. give us the latest of where we know these investigations are at so far. how far has congress gotten and i will point would we see -- and at what point would we see things hit a crescendo? matt: the house has already held hearings and they are at the stage where they will either start calling ceos and coming up with conclusions. the department of justice also investigating big tech firms. so is the ftc. at least where amazon comes into this, the state of california said to be looking into amazon market power as well.

emily: this would be, to my knowledge of a jeff bezos's first time on the hill in this kind of a hotseat. alphabeteen the ceo of , facebook ceo mark zuckerberg, and sheryl sandberg. tim cook has been on capitol hill. what is the significance of jeff bezos being made available for this? for amazon's perspective, they did not have much choice. go toe toot want to toe with congress and start resisting subpoenas. they just have been subjected to enough scrutiny that they had to do this. issues around social media, foreign influence and disinformation campaigns that brought zuckerberg to congress. now it just seems to be amazon's turn for the spotlight.

emily: what is at stake for amazon in this testimony? obviously, president trump and jeff bezos have battled it out in public. what is on the line? will i think a lot of this be about perceptions of amazon. nobody likes to have their ceo dragged in front of congress to answer questions on derosa. i think it is a moment of reckoning for amazon. it is a pretty beloved company with customers, and now regulatory scrutiny in the u.s. and europe bearing down on them, it is about whether complaints about their market practices are enough to change minds and perhaps put some restraints on corporate behavior in a way that we have not seen before.

there's been some questions about how amazon handles third-party sellers on their side. what clues do we have about what bezos has said in the past about his argument, the company's argument that amazon is not a monopoly. matt: bezos used the shareholder letter last year to basically stick up for the company's role as a seller of its own goods. service, we turn on a we benefit from our customers having a good experience and our sellers having a good experience. sort of a full throated defense that amazon looks to please itious constituencies but does not succeed without its third-party sellers. emily: thanks so much for that update. i do want to get some breaking

news. some headlines crossing the bloomberg that softbank is now exploring some transactions with t-mobile shares. of course, softbank a big holder in sprint, which of course merged with t-mobile. softbank now exploring transactions with t-mobile shares. we will work on getting more details as we have them. andng up, over-mentored underinvested. we will talk to monique woodward, a black venture capitalist making waves in silicon valley. this is bloomberg. ♪

♪ emily: a deadly shooting in atlanta sparking a fresh wave of protests across the country. rayshard, a black man, brooks, fatally shot by a black police officer while trying to flee. injustice soacial prevalent across so much of this country. so much of this conversation centers around equal opportunities in the workplace. for our audience, that means tech. joining us to discuss the state of funding and the environment for black investors in silicon valley, monique woodard. i have to ask how you have been experiencing the last few days, the last few weeks as these protests have continued across the country and more of these simply devastating incidents have happened in part as a

result. what is your take? monique: i think, for any black person, in america especially, it has been a wave of emotion. anger, sadness. now, protesting and starting to affect video around fixing the issues. i think it has been a roller coaster for many of us. murderth the most recent in atlanta, i think it is just thrusting us right back to the place where we started, seeing george floyd and breonna taylor's murder. i think it is a very emotional time for a lot of us. fortunately, what i think it is different about this time, there are people outside of the black community paying attention who are on the front lines or protesting with us. emily: there been so many

conversations happening inside companies, inside investment firms, how to address this, what are we doing wrong.we have seen firmsn venture capital doubling down, saying they are recommitting to black founders, setting aside money. you came out and said that black entrepreneurs do not need a separate water fountain. what do you mean by that? monique: full disclosure, i say softbankn advisor to for a lot of their ongoing programming. funds say, weny are putting aside a separate pool of capital, when they do have an existing pool of capital. one, you have to start by understanding what is keeping black founders out of your existing pipeline.

a stage issue, really understanding how you can start to partner with founders early and get them into that early part of the pipeline with some capital, with some access to networks, and really work with founders at the earliest stages in order to help them succeed. because there are great founders out there, pools of capital that they can be invested in from a. if you are not actively doing that, there is something wrong with your pipeline. i say as an investor, you have to fix that. emily: talk to us about your own path to venture capital, the challenges you have faced and how that might be a window into what other inspired -- other aspiring investors and entrepreneurs might be facing today. monique: i moved to san

francisco in 2008. which was an interesting and auspicious time to move to silicon valley. it was almost immediately noted that i was getting into all of those rooms and i would not see many other black entrepreneurs in the rooms with me. my friends and i started black founders, a community of founders, because it was really trying to solve our own problems, having access to silicon valley, having access to investors, but also creating a support system that we felt was not there for us. andtarted it in 2011 unfortunately, it has taken until now to have the conversation come to some sort of head where people are paying attention. i moved to the investor side around 2013-2014 because i knew that all of the ecosystem

building, all of the advising, was when for nothing when they still had to go and face the same sort of uphill battles towards getting even a first round of funding done with venture capital investors who did not look like them, will often could not understand the businesses they were building, and who were often in some cases downright condescending about their businesses. that was really my reason for moving on to the investor side of the table. i did a lot of investing and decided to start a new fund of my own because i think it takes people who have investing experience and are able to step out and create an entirely new fund to change some of the disparities between black entrepreneurs and white

entrepreneurs. your fund, in part, your philosophy is being driven by some of the democratic shifts you would like to see. the fact that there will be more minorities than the white majority in the united states not long from now. talk about where you are putting your money to get ahead of some of these shifts that other investors may not be paying attention to. firmly believe that other investors are asleep at the wheel on some of the big demographic changes. one of the big ones is the shift where people of color will become the majority in the united states. if you are building a global company, people of color already and global majority. you see that in the popularity tiktok,forms like

instagram, the popularity of black twitter on twitter. internet,ps use the do all of these things differently. if you are going to really invest in the next wave of big consumer groups, that is who you should be investing in. you are also seeing women being able to drive companies to unicorn status. companies like glossier, the activity of a mostly female user base. now you will start to see that in other categories as well. the final layer of the cake for me is this massive aging population we have. a lot of investors are not really paying attention to these big demographic shifts that are happening. they are investing in the same old thing they always have. i think that i'm as these demographic shifts come to a head, they will be slightly

behind the ball on taking advantage of and getting into some of the hottest deals that will come out. emily: thank you so much for laying out the leaders of the cake that you are looking to get a piece of. monique woodard thank you for joining us. thely good to have you on show today. muchllion dollars, how apple's app store generated in 2019. this is bloomberg. ♪

announced theas app store ecosystem supported $519 billion in sales globally in 2019 alone. joining us to discuss, mark

gurman. this was a result of a study that apple supported. talk to us about the numbers. quite staggeringly large numbers, looking at half $1 trillion in sales. mark: this study again, backed by apple, says that the company's app store in 2019 facilitated $519 billion. that is not revenue to apple specifically. that is across the whole ecosystem of apple. for example, that covers let's say you have an app for your favorite clothing store, you order a new jacket that is $100, that goes toward that total. this includes things like uber, lift, grocery deliveries. basically everything that is facilitated via the app store. emily: i was surprised how big the numbers were for ridesharing .nd food delivery

tim cook saying, in a challenging and unsettling time, the app store provides opportunities for health care, well-being, helping people to adapt quickly to a changing world. sort of a changing part of the story. talk to us about the meaning of these numbers at a time when we are in a recession, when there are so many entrepreneurs in his this is depending on this ecosystem for their livelihood. mark: it is not exactly clear from a numbers and data perspective based on this study specifically what the impact was on app developers and different services during the covid-19 pandemic. that is because this is 2019 numbers specifically.

what they are vaguely saying, in addition to that quote you talked about, that there was massive growth for food or grocery delivery apps, a large increase in watching video, the use of social media apps. that number is massive. foroverall revenue purchases that apple may get a cut of, that is about $61 billion. a massive delta between one apple helps generate for developers and businesses that really are not giving them a percentage and really have nothing to do with the app store besides being on there. a few of the u.s. technology companies. , really a small part of what we generate overall

. are not that they really benefiting from, just serving as the facilitator firm. emily: the deed -- the drums are beating for wwbc, now a virtual developers conference coming this monday. what are you going to be watching? mark: the big thing next week will be the apple announcement from its transition away from intel to mac computers. for the first time committee chips used in the iphone, the ipad will be developed by mac itself. that will be easier for apple to make all of its products much more integrated. that is something a lot more developers and users are looking forward to. ok, mark gurman. thanks so much for that update.

coming up, doordash partnering with cvs, no longer just delivering groceries and food. will speak with the coo next. this is bloomberg. ♪ save hundreds on your wireless bill

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now that's simple easy awesome. switch and save up to $400 a year on your wireless bill. plus get $200 off a new samsung galaxy s20 ultra. emily: welcome back to bloomberg technology. i'm emily chang. uber last week announcing uber direct and uber connect to deliver more than just food to your doorstep. doordash announcing a partnership with cvs to deliver everything but prescription drugs. pharmacy tofirst join the platform. the company has been delivering groceries from convenience stores the last couple of months in competition with amazon and instacart. to join us with more, doordash coo christopher payne. tell us more about this partnership with cvs and what it

means to your business. christopher: thank you so much for having me. obviously, we are in unprecedented times and one of the things we accelerated in the last few months has been the addition of convenience to our platform. today, we are announcing our partnership with cvs. it will be in four cities initially. dallas, houston, new york and philadelphia. one of the cool things about this is you will be able to get items,s items, household over-the-counter medication delivered immediately to your door. there is no need to have timeslots or rescheduling. we thought this would be critical but knew it would be even more critical in shelter-in-place. we accelerated it and we are thrilled to be announcing it. we are going to roll it out in those four markets. over the summer, we intend to roll it out over the entire cvs footprint to reach about 100 million americans.

emily: certainly makes getting something you need from the pharmacy a lot more convenient in the middle of a pandemic. i know you are planning to expand to san francisco and boston later this summer. should we expect you to partner with more big companies, like let's say walgreens? how do you plan to roll this out? christopher: one of our core strategies has been to partner with a wide range of merchants. we partnered with hundreds of thousands of restaurants. we've been doing grocery delivery for many years now. we actually have a service called doordash drive which opens up our logistics platform and provides it to third parties. if you are ordering from 711,rt, grocery, hy-vee, doordash behind the scenes is delivering that. we deliver for more than 2000 grocery stores. we look to expand that. that is a critical service in

general, but in this time, it is absolutely essential. emily: now, there's been big news in your business. grubhub. to buy this could change the competitive landscape in the u.s. do you believe it will and what is your take on the deal? christopher: one of the things doordash has done since its inception, we have been focus on our customers, not competitors. obviously, this is an ultra competitive landscape, but the reason doordash got to the leading market position was focusing on our merchants, dashers, and consumers and doing the right thing for them. i have no doubt there will be more competition to come. it is the early days in this category. doordash is focused on providing value and we will remain doing so in the future. been: meantime, there's

plenty of commentary about this deal. we know that uber was also competing for the grubhub deal. that didn't happen. i spoke to the former chief business officer of uber who called that a big strategic miss, the fact they did not win the grubhub deal. he says the best thing is a merger with doordash and tony hsu becomes the heir apparent of the combined companies. what is your take on that? christopher: i think from our perspective, that's not what we are focused on. for the last six years, we have been focused on providing merchants, consumers and dashers with more options and choice. this crisis has been a perfect example of that. intonu know we have swung making contactless delivery possible. i think that's the key. i think we are going to remain as a company focused on trying to build this business, focusing

on our customers first. it's very early in this category. for us, that is the right thing to do and that is what has propelled us to market leadership. emily: speaking of that, i know you have having conversations about how to address this fresh wave of protests happening across the country. how to better support the black community, black-owned businesses. talk to us about what you are howg inside doordash and this will impact your relationship with your merchants. christopher: yeah, like you, i'm deeply saddened by all of the recent press and the long-standing racial injustice that we have seen. at doordash, we have remained committed to not only speaking up about this, but to take action to fight injustice and inequality and discrimination. we've done a few things in recent weeks. the first that we have used our

platform to try to highlight and support black-owned businesses and black entrepreneurs on both doordash and caviar, which is a part of the doordash family. we are donating $1 million, $500,000 of which goes to black lives matter and $500,000 to create a fund that will be directed by our black resource group inside of doordash. we know the key right now is to listen and learn. and one of the things we are standing up in the next few weeks is a new dasher council, council of color to help give us additional ideas, feedback, where we can listen and evolve our thinking. weve taken these actions and were deeply saddened i what happened in recent days. emily: all right, christopher payne, coo of doordash. thank you so much for sharing that. we will hold you to it.

appreciate you stopping by. cofounder and ceo of incredible health, a marketplace that has helped hospitals hire nurses. we will talk to her about trends as more hospitals reopened and what companies ncos can do to support diversity and inclusion at their own company. this is bloomberg. ♪

emily: the city of atlanta now in the spotlight after a white police officer shot and killed a black man, rayshard brooks, while he was trying to flee outside a wendy's restaurant. this contributive to a fresh wave of protests, renewed debate over police force, and

institutional racism in our country. abuzeid one of those executives in companies to use their platform to address and take on institutional racism. incredible health uses smart matching technology to connect hospitals with nurses and other health care professionals. obviously a critical resource in the middle of a pandemic. joining us now. thank you for joining us. there is so much to talk about with hospital starting to reopen across the country, but first of all, talk to us about incredible health's mission and how smart matching technology works. dr. abuzeid: the mission of the company to help health care professionals live better lives and help them do their best work. the employer's reply to the nurses instead of the other way around. we automated the screening of the nurses and we built custom matching algorithms so in less than 30 days where it normally

takes 90 days. it is to make increment positions too. you along obviously, with many other ceos are having these conversations about how can we use our products to address racial injustice? i know in your case in particular, a good percentage of nurses and nursing staff are minorities and that is something that you are using your technology to address. talk to us about how that might work. dr. abuzeid: that's right. 20% of nurses identify as minority. one of the things we priority is to remove bias in hiring. example of that is we don't display the current location of the nurse because we know people were being biased against nurses from specific locations. we also know that minorities are at a disadvantage when it comes to salaried negotiations.

we provide them with salary caps and career coaches that are also nurses that can support them. emily: obviously, the last few weeks, we have seen sort of renewed conversations about how to address really deep-seated issues impacting our country. yet again, over the weekend, another black man shot and killed by a white police officer. i'm curious for you, as a black founder in silicon valley, battling challenges that come with that in silicon valley, how have you been experiencing this latest wave of protests? dr. abuzeid: when it comes to our company, we took a clear stance to be against institutional racism and we follow that up with a clear action plan too. some of the things we are doing internally are we are committing to hiring a diverse team. juneteenth is a company holiday,

as well as election day, and the day before election day so you can participate in get out the vote efforts. and support our team that is teaching the engineering, design and marketing skills towards nonprofits. what i think what is missing from the narrative is how important diversity is to drive diverse results. there's a huge range of research that shows a diverse team drives higher revenue, more innovation, decisions are made faster, and ultimately drive better returns. that is why diversity is such a huge priority and it should be because it is driving real business results. emily: absolutely. now, as hospitals start to reopen, as the pandemic evolves, we are in a new phase where we are seeing more elective procedure started to happen again. a lot of nurses have been affected by this. health-care care workers have been in demand, but a lot of nurses have been furloughed,

their hours have been cut. what are the trends you are seeing and how is incredible health responding to that? dr. abuzeid: so, one of the things we have seen as hospitals start to open up is the backlog of surgical procedures is building. many of our clients have over 1000 procedures in their backlog. hiring is returning back to pre-pandemic levels, in terms of the number of hires. two key things that come down -- one is they made sure to stockpile and have enough personal protective equipment for the health care workers. the second is the implemented protocol to make sure it is safe for patients to come back, including having dedicated covid units, for example, and stepping up cleaning. we have been supporting them in the accelerated hiring. on ourncrease in hiring platform 19 days or less, particularly in operating room, and labor and delivery units

where they are ramping up again. emily: all right, fascinating to watch her progress and thank you for sharing those updates with us on the trends you are seeing. iman abuzeid, thank you. to vaccineupdates development. a second experimental vaccine from the u.k. is starting tests on humans this week. david rubenstein caught up with the ceo on the pandemic and his company's experimental vaccine. take a listen. >> i think the chances are pretty high. if anybody can use for this pandemic is that the virus is not too complicated. if you think about it, hiv was discovered in the 1980's and we still don't have a vaccine against hiv. the scientific and medical community believes that the

biology of the virus is -- i aink there's a hypeigh probability that several vaccines could make it to the finish line. it could be at the end of the year or early next year. david: let's suppose the fda says, you know what, it's ok, you can distribute this to people. how many will you likely have by the end of the year if you get approval? bute have not communicated to be able the end of q1. we have a couple million ready. david: will those go to the people of the united states first, all over the world? who decides who gets these? stephane: that is a tricky one. we set up a partnership with one of the bigger contract manufacturer of pharmacy products in the world. has a u.s., moderna factory. we have a factory in york shire.

it should be open and running in july. making their own product. the u.s. plant in we should have enough capacity for the u.s. population. plantope at of the swiss is to make products for people outside the u.s. david: what is it going to cost people? who decides the pricing and is that going to be complicated, controversial whatever the price is? stephane: the price, we were working on it as we speak. we are working on getting the drug moving as fast as we could. i think like products before this pandemic, diagnostics, ppp's, those need to be sold at a fair price. the manufacturers cannot give them away. business does not work like that. the manufacturer needs to commit to not charge a price that is

not fair. companies saw their test of the government or state or to prepare the bigger insurance. sure the vaccine is affordable. and comparable to commercial vaccines. david: the government has provided you with lots of money. should the government get a discount? how will the government get compensated for what they have done to help you? stephane: it is difficult for me to comment publicly. we want to be very fair. the taxpayer money, we are very thankful and appreciative for the help we got. do to make it to fair for the government. david: let me ask you a final question. are you optimistic, reasonably optimistic that sometime next

year, you wore one of the other companies that are working on this under government support is likely to have a vaccine that can be distributed to people for covid-19? stephane: yes, i'm cautiously optimistic. i think one or several vaccines will make it to the finish line. the virus is not so complicated. the companies are extremely committed. the partnership with the government is exemplary. the fda, the dialogue has been phenomenal. collaboration. we talk to her three times a day. everybody wants to help. everybody is moving in the same direction. i am cautiously optimistic. i hope more than one vaccine will make it because not one company in the world has enough capacity for the planet. the world needs two, three, four

forms of the vaccine to make it to the finish line. emily: the moderna ceo there with david rubenstein. still ahead, trouble at the top for tesla. criticism that board directors are getting paid too much. we'll talk about that coming up. this is bloomberg. ♪

emily: tensions on tesla's board with the world's largest proxy advisor warning investors to vote against the reelection of the chair. dana hull who covers tesla for us is with me now on the phone. the complaint is that directors are getting paid too much. how much are they getting paid and how much does it compare to other boards? >> sure, they really have two complaints. the first is about executive director compensation.

directors get paid millions of dollars, largely in shares. and makes them a real outlier compared to other publicly traded companies. the second issue is some of these directors pledge their shares as collateral against any personal debt and that is always risky for a company. denholm is on the audit committee. for all of those reasons, i assess, is advising the people vote against her reelection to the board. named chairshe was more recently because over concerns that elon musk was to close to some other members of the board. talk to us about some of the governance issues that have plagued this board over the years. dana: she has been on the board since 2014. she's highly regarded. she used to work at juniper networks. she is considered one of the big finance people on the board. she was named chair in 2018 after musk was sued for

securities fraud by the sec. part of the settlement agreement with the regulators, he would relinquish the chairman role. she's been the chair now for almost two years. i think of other thing that's interesting is that boards in california now have to have female directors as part of state law. she is one of two female directors on the board. i don't know how much teeth the recommendation has. a lot of longtime tesla shareholders, particularly the largest investors, do their own research and the stock is flying so high. it will be interesting to see what the final vote is on this. just the fact that iss is recommending no one her is pretty interesting. emily: as you mentioned, tesla shares just today rallying 6%. registrations in china seem to be rebounding.

talk to us about the recovery and demand that appears to be happening in china. dana: yes, so, this quarter is going to be really wild because we have the impact of covid-19. the factory in fremont was shut down for roughly five weeks, which impacted production. the demand question is really a wildcard because a lot of people are out of work or they have seen their 401(k)s decimated so how medieval will go buy new cars? at the same time, people are worried about public transportation. there is some indication in the auto industry that more people are interested in buying a car that before. we really don't have a lot of sense of demand in the u.s. because we are not getting monthly reports. we do get monthly data from china which seems to be quite positive the quarter results we will not get until early july but if demand is rebounding in china, that is the world's largest auto mouth -- market

and that will be big for tesla moving forward. emily: dana hull, thank you so much for keeping us honest. always on top of the tesla play-by-play. we appreciate it. thank you so much for sharing that update with us. thank you all for watching this edition of bloomberg technology. bloomberg daybreak australia is next. i'm emily chang. this is bloomberg. ♪

♪ shery: good evening from bloomberg world headquarters. i'm shery ahn in new york. haidi: i'm haidi stroud-watts in sydney. here are your top stories. the fed switches strategies to support the u.s. economy and the virus. it will buy corporate bonds to ensure companies can borrow cash. u.s. stocks edged higher following the fed's comments. the s&p closing