♪ caroline: u.s. stocks jumped. its sixthsting straight increase, the longest winning streak since december. tesla extended a five day rally to more than 40%. cases rose by less than the seven day average. on the other hand, new jersey saw the rate at which the virus

tread -- the virus spread between people to the highest level. -- to the lowest level. abigail: very risk on. the bulls rushing back in. s&p 500 up for a fifth day in a row. longest winning streak of 2020. this is the first time we have had a five-day string of gains. that tells you the degree and strength. individual stocks having positive news. the nasdaq had a new all-time high. the stock, the chips index, same thing. faang index driven by the likes of amazon and tesla. the fangs, those are the stay-at-home stocks. you were mentioning the virus data still being pretty bad.

real-world.een the last couple of days, it has been a global rally with asian and european stocks. the new york faang adex really doing its best on year-to-date basis. then it is the chinese tech stocks, the cqq's. up 22%.s s&p 500 and european tech etf's up just about 6%. that has to do with those european technology indexes. nokia, somerickson, of these other companies. tech, one of this year's star winners right around the world. caroline: getting past the

february peak in europe. abigail doolittle as ever giving us some of the best market action. let's stick with market action and some of the deals we have seen. bytt, i want to start off talking about a little bit of m&a to kick off this monday. we did get an exit from postmates. not the public exit. but how does it help the food delivery part of the business? >> thanks a lot. good ian with you. this is a deal that i think people were possibly thinking about. some consolidation in this category announced relatively recently. w --eattakewa justeattakeaway.com. my -- i think people were

probably thinking that uber was ready to make a move. according to data from second measure, at least as of may, they had a little bit over 20% share in the u.s.. postmates had 8%. that would essentially get them to the clear number two business in the category. behind only doordash. it would put them ahead, relatively clearly, of grubhub, which obviously is being bought by primarily european and canadian competitors. about -- talk to us what is interesting, perhaps not as much of a concern about the regulatory side of the equation now but what do you make in terms of a focus now on food for uber vis-a-vis delivery? postmates made its mark in being in general a delivery service.

we have seen uber really try to scale back what is doing, focusing on food rather than being all things to all people. what do you expect in terms of where it takes postmates going forward? interestingt is an point. at the least, i think uber probably has been pretty pleased at this point that it has a more diversified business than perhaps other more let's say focused ride-hailing and ridesharing type companies. even though i think it is fair to say that rides has been kind withindominant segment uber for some time, i think with -- to ubere to its

eats, investing in category, i think it is indication that uber is serious about much more than simply moving people from pleased to place. with postmates, there is the possibility of even. so, i see them acknowledging the potential. it is going to be interesting how that plays out because one of the things that i think was noteworthy about the was, iement this morning think within a year, $200 million in expected cost synergies. there is clearly some overlap. i think uber's diversified business model has proven appealing for some investors. interesting is about the synergies considering they will be keeping postmates as a mostly separate part of the

business. i am also interested -- certainly, the public market liked it. uber made back basically all it is spending from the market capitalization. an interestingn story. if you look at the market cap from about a year ago, i think they got to around $75 billion. as the coronavirus was having its most significant initial impact in mid-march when lockdowns started to happen around the country, the market capitalization got to about $25 billion. today, i think they're close to $55 billion. clearly, there has been some fluctuation, but the recovery perhaps reflects the more diversified business model and the exposure with uber eats.

based on what we are hearing, it is something where there is momentum, there is consolidation in the category, which tends to be a positive for existing players. less competition, perhaps more pricing our, may be better margins down the road. $56 billion market cap for uber today. increasing market capitalization across the board. what do you make of the valuations we see, the domination of technology with aazon above 3000, tesla with 40% increase over the past five days. are you comfortable with these evaluations? evaluationt focus on as a primary aspect of what we do day-to-day.

experts, ch industry level executives, about the world and what is going on in it every day to try to understand the big themes and trends as well as the companies that are kind of driving investment decisions and success. clearly, one of the big themes is how some of these companies have clearly captured imaginations. i think one of the reasons for that is this notion of digital transportation. saidmeone from microsoft during the recent quarterly results conference call, according to him, we have seen two years of digital transformation acceleration over the course of just a couple of months. so clearly, certain companies that have been positioned in the right places, are benefiting. those companies that are either

selling the solutions that are enabling digital solutions, or the companies that are further ahead, doing better when it comes to implementing those transformations seem to be the companies that are performing better and might be in more demand. caroline: stay-at-home stocks continue to win the day, great to get some insight on how you view this. coming up, brain trust looks to connect talent with some of the world's largest organizations. i catch up with ceo adam jackson. this is bloomberg. ♪

♪ u.s. is seeing a pretty marked improvement in the labor data, from a low basis. the weekly jobless claims are less exuberant. longer-term unemployment looking concerning. a full recovery therefore is far from certain. the covid-19 pandemic causing overnight shifts in how companies hire talent as well, especially in silicon valley. joining us comedy ceo of brain trust, the first user controlled talent network. also the founder of a telemedicine startup, doctors on-demand, which we will discuss in a moment. but, brain trust, how are businesses changing the way businesses want to hire talent, the way that talent wants to be hired now that we are all in a work from home situation? >> i think your last guest put it well.

we are experiencing multiple years of digital transformation in the last three months. before covid, before the lockdown, hiring technical talent was hard. almost every u.s. company is now being forced to act like a tech company but only some of them are in the labor markets like california and new york where there is a lot of talent. wasre this lockdown hit, it tough to hire people, then you pull out all these office spaces and companies are still expected to innovate. what is it like in terms of perhaps a wider pool of people being available. people deciding that they are basically going to work from home by default going forward and offices will not be quite so necessary. do you think we will see a wider pool of people being brought in

the echo or is immigrant -- brought in? or is immigration still a key concern? in march,omy slowdown all of the commercial office space closed down. airbnb thats like were disproportionately affected laid a bunch of people off. all the while, you have companies that really need this talent. on top of that, they shut the h-1b visa program down, which specifically brings in highly specialized technical talent. this is actually -- we have been working on this. we are a global network that connects really talented tech people with these big fortune 1000 companies that need them and can't get them in-house. companies like nestle. porsche is designing automotive

software. these are companies that could in seatshese butts you canovid and now, even go to the office anymore. you have to figure out how to keep building these big systems without being able to go into a conference room? caroline: on your website, you have task rabbit and the like, you mentioned nestle. how are they still managing to be creative, getting that production of innovative ideas when people are having to stare at cameras with each other rather than having those more serendipitous moment? adam: this part is tough, a combination of using tools like we are using now. but it is also about, people could work from home before in the tech world, but how did you

really innovate? what if you could not get in front of a whiteboard and to draw things out? doing distributive teams before everyone was forced to be distributed. so there is a bunch of tactics. we have engineering teams all over the world on braintrust that have never met in person. it is really more of an art than a science. want to shift gears a little bit and talk about doctors on-demand. how is that scaling at the moment? how are you seeing covid-19 help or hinder? it is a supply of doctors but the supply is suddenly pretty fierce for competition. but people want to be using this sort of product. i started dr. on-demand, i

was cofounder and first ceo eight or nine years ago. i am still very close to the team. doctors on-demand next patients with doctors over video for nonemergency medical cases, behavioral health. i would say that we have seen that whole industry accelerate 10 years just in the past 10 weeks. people are understandably scared to death to go into off-line physical care settings. doctors on-demand recruiting new providers like crazy, increasing hours, stefan up all over the country to help people think through covid, think through their symptoms, help family members that they might be physically stranded from, and then help with all those other things that still happen to us that are not covid related. caroline: just want to be able to do it from the safety of your phone. adam jackson, such experience. thank you very much.

coming up, facebook still front and center when it comes to controversy. this time in hong kong. this is bloomberg. ♪

♪ caroline: let's talk facebook. for now, it will not process user data requests from the hong kong government. there are concerns that a new security law imposed by china could criminalize protests. facebook says it is conducting a human rights investigation. first and foremost, let's talk about hong kong and what the

direction of travel might be for facebook as it tries to work out right now. >> facebook's policy is usually to follow all local rules and regulations. when they get a takedown request, they take into account not only their own policies but what the local government is demanding. they do not feel they have a strong enough understanding of what the local law expects, which is why they are putting a pause on this so they can try to understand what really what -- what really does this law say. from human rights to civil rights. meeting with civil rights groups, this was initially going to be a meeting with sheryl sandberg. the chief product officer as well. now we understand mark zuckerberg will also be meeting some of the key civil rights leaders who have really pushed

for change. how public a meeting might this be? >> i expect it will be very tough. as you pointed out, facebook offered up a meeting with sheryl sandberg and the chief product officer, chris coxe, and the civil rights group said, no, we will not eat unless zuckerberg is at the table. that kind of set the tone that they wanted to go immediately to the top. what we have seen over the past couple of years is that these groups have been critical of facebook. they have been very vocal in the press with this and boycott. anticipate that we will hear very shortly after the meeting how it went. i am not really convinced facebook and give them a lot of what they are asking for. i will be surprised if the reaction is that facebook kind

of stepped up to the plate. caroline: many civil rights leaders have said, we have done a decent amount on discriminatory ads. but there seems to be a real focus on voter suppression, hate speech, and the like. voters -- voter suppression is an interesting one because we heard on friday that facebook said they are trying to register for million new voters on facebook. how are they trying to spearhead these areas that are still a cause for concern? facebook's response has been to point at things like this voter registration campaign to say, look at all of the stuff we are doing to try to help american democracy. the 4 million registered voters goal is something they are taking pretty seriously. they have created this voter information hub that has all kinds of information.

and they are putting it on the top of every user's feet. everyone in voting age in the united states should be exposed to this when they log onto facebook. facebook again is pointing to this to say, this is how serious we are taking this. the question still remains whether this will be considered enough for these groups that have been pushing for a lot of change for many years now. caroline: let's see how they come back after that meeting. lastly, this has not just engulfed facebook, engulfed the executives such as mark zuckerberg, but other areas of zuckerberg's life, like the initiative he has formed with his wife, priscilla chan. kurt: being mark zuckerberg right now is not really the kind of person that people want to associate with. that extends down facebook.

his philanthropy committee chan zuckerberg initiative, as no had some employee pushback and some of the scientists they fund, they provide grants, they have written a letter that is basically asking mark zuckerberg and facebook to do more around hate speech. we spoke to some of the scientists last week and they said they are still waiting to see what they can do now to force more concrete change at facebook. it goes to show that when you have an issue in your private company, that extends to all the things you are doing. even giving away money becomes now a challenge because of the way facebook operates. caroline: thanks for taking the time. i know you're a busy man covering all this. coming up, second time's the charm. after last month's attempt to buy grubhub, uber eats has finally made a purchase of postmates.

this is bloomberg. ♪

caroline: this is bloomberg technology. back to the top tech story of the day, uber expended food delivery. the ride-hailing service agreed to pay $2.7 billion in stock for postmates. that is after last month's attempt to buy grubhub failed. the postmates? not quite as good as grubhub? >> i think it was a good deal. deal, theygrubhub went out and bought the next

best asset. food delivery consolidation was abletable for uber to be to show real progress. is byy they can do it consolidating. i think postmates are the number four player in this space. it was the next most obvious choice. they are losing money. uber eats is losing money. allline: they are still losing money. i am interested about that efficiency play. they are keeping postmates separate. they are keeping the management team as well. how do you think the synergies will be formed? a when you are operating marketplace, you have drivers on one side. you have the restaurants on the other side.

you have the consumers on the third side. you are operating the marketplace. need to make all three sides have been. i do not think we need to worry about consumers because the demand is growing through the pandemic. the food delivery demand is here to stay. how do they make drivers and restaurants both happy? probably by making sure the utilityhave more -- the and utilization rates grow higher. that drives into more orders for restaurants. i think uber can get to that. how they get to that is going to be a painful process. i think consolidating the supplies and the demand both from the driver and the strong side will be helpful -- on the restaurant side will be helpful. uber charges $.10 on every dollar of food they deliver.

totmates is charging 15 $.20. there is a wide gap. over time, all of them come together. s rate falls. over time, that is how uber is going to make more money. caroline: talk to us about what has been hit hard. 70%.iders plummeting how are you seeing that part of the business starting to recover if we do see food sales doing well? when will riding do better? next three to the four months, there will be a slow grind back to -- [indiscernible] if we see places outside of the points comingata

from an operator in china and an ierator in southeast asia, feel if we follow what has happened to ridesharing in those geographies, there will be the v-shaped recovery. go out thethe riders door and hail and override or ridesharing ride. it will be a flip of the switch at some point in the u.s. as well. when that happens is probably in the next two to four months. i expect a v-shaped recovery in ridesharing. getting much more worse. the decline is a pretty heavy decline. caroline: briefly, what does

uber become? it has become a swimmer. they have been walking back in terms of financial services, electric bikes. will they go back to that when times are better or are we going to see a more focused googler going forward? -- focused uber going forward? >> i think a slimmer uber. management is letting clear. the way they are doing that is focusing on two main segments, which is ridesharing and food delivery. they are checking on a few other lightweight things such as grocery deliveries or package delivery. i feel they have already exited certain geographies. they have exited in bikes and scooters. i would not be surprised if they take a similar sense -- similar stance with self-driving car's. growth optionality in these segments.

just investments would give them option value in 2021. caroline:caroline: we will see how the share pricing performs for now. 2020 has been a roller coaster ride. today was a strong day in terms of valuation for uber. coming up, looking for a socially distant alternative? he scooters and bikes are making people rethink their post pandemic transportation habits. next on bloomberg. ♪

caroline: cities around the united states have shifted

towards a rocky reopen. as people get back to their commutes, electric scooters and bicycles are being thought of as a safer approach to navigating streets. joining us to talk about the rise of micro ability, the executive director of tech n.y.c.. wonderful to have you with us. showsnchor in earlier does take an electric scooter sometimes to work from the west side to our central office. i am limited. i just moved across the water. how my ticket in on a daily basis if it is not a car -- how am i to get in on a daily basis? >> you have a few. you can take a car. you can take the train, which has been running all-time. you could take any kind of micro mobility option. depending on where you are coming from.

i would not take one in the tunnel. there are a bunch of ways to get here. what we are concerned about and why it is so important we see more different options on the haveis all of a sudden, we the city full of single individuals in cars alone. we are going to have total gridlock. that is not what anyone wants to see in new york city. caroline: how can legislation help that? i have been having to get a car because we are deemed essential workers. we come to the office. we are seeing week by week the traffic starting to pick up. es starting to pick up. i am sure, the cleaner air being taken away once again. how do you see legislation supporting clean roads? haveweek ago, you cannot people ask and -- cannot have e bikes in new york city.

they are still technically not legal in manhattan. i think we are starting to see the government open up and think creatively about different ways to move new yorkers around. that is really important. where elsehat about has been doing this well. we have been seeing londoners take to the sharing bicycles. that seems like a slight concern as we see the pandemic get on to slave use. where has opened up -- get onto a slight use. where have we started to see cyclists claim the streets a little bit easier and people have not had to think about their safety. >> european cities are doing a great job about making city streets cycle friendly, pedestrian friendly. as weizing public transit have thought about it for decades is not going to be the

same. cities, london, they are thinking creatively. some u.s. cities are as well. san francisco has been doing a light with bikes and moving people around for a long time. cities who have not had reliable public transit are ahead of new york in some ways. we have relied on the subway and buses, which has worked great for so long. we are facing a near-term situation where people are not going to feel comfortable passing in the subways like they usually do. most people's offices in the tech sector, the folks i work with, they are in certain parts of manhattan and brooklyn. what is it look like moving all these people around? what can we do as a city to get people back to their offices, to get them back supporting the neighborhoods where they work? right now, we are talking about

transportation, micro mobility. also interested in opening more offices near where people live. maybe you have satellite offices. you can go to work your house, eliminate the long commute. get out of the house for a few minutes. you can see i have young kids. i would love to go to the office for a little bit. caroline: i have to say as much as i love my kids, sometimes being able to going to the office is a delight. i'm interested in your view how tech n.y.c. is seeing a resurgence of new york's phone tech sector. how is technology filled the void? how is it fake incredibly about the ways we are going to work whether it be from home or big offices? are we starting to see the startup culture take on that challenge? >> we totally are. i think about that in two buckets. the first is that -- i'm going

to speak in generalization. this is not true for every tech company, but tech companies have been weathering this phase better than many other industries. a big part of that is it was so easy for these companies to transition to work from home. the technology largely switched on seamlessly. culturally, these companies have been able to -- as far from perfect -- really navigate this time pretty well. now, what we are seeing is so many of them are thinking as you said, creatively about how to help us in the new world. we have seen a ton of this in the health tech space. really excited about telehealth. a bunch of new york companies leading on that front. castle, umbrella, these companies who have been thinking about delivering health

using technology for a long time. all of a sudden, here we are. switch andned on a all of a sudden, america and the rest of the world is ready for a delivery of health care for ever -- health care wherever possible. about what we are seeing in the ed tech space. one of the things i think is us,resting is for many of amazinglynology is connecting people, we have seen the limits of technology. it is not a substitute for school. i do not think anyone who has kids right now things that zoom or google meet is going to take place of in person education. i'm glad as a society in new york especially, we are confronting those issues head-on and thinking about them. caroline: we could talk all day.

thank you for your time. stay safe and we look forward to having you back on the show. sticking with startup culture, we are going to look at china's key player. a ride delivery is making an aggressive push toward self driving vehicles. plans to the one million autonomous driving cars by 2030. selina wang spoke with the autonomous driving ceo. she asked how long it will take to replace drivers completely. >> the reaction has been beyond our expectation. we have a much overloaded wishlist of people wanting to, and test the vehicle and have the experience. operations team is working day-to-day to handle request. having people come in and give them the ride -- what they wish. selina: right now, a safety

driver is still required tiered and what point do you think a safety driver would not be needed? >> i think a safety driver today is sort of like the guardian angels of our autonomous driving system. they serve various important roles. right now, we are at the time where we start to introduce passengers to our testing process. -- we have two safety drivers today. -- oneoking at the taking over staring -- during when it is a seri. and one is looking at the system. selina: fierce competition in this taxi market. have a uber, waymo, auto x. the technology apart from the pack? >> a very good question. i think we have a lot of talent

and great companies trying to solve the difficult problem around the world. progress andot of achievement so far. what i think essentially what it boils down to is two things. one is the ai capability. how many corner cases you can solve. that boils down to how much data you can gather. you builduickly can up a network of vehicles as well as passengers? we have advantages on both. we have a large fleet of ride-hailing vehicles that on top of autonomous test vehicles, all of them are gathering row data. we are leveraging the data to improve our algorithm. have aat said, we readily available network of users on the network.

once we have a running, we can insert those vehicles into our fleet. the passenger will not feel a thing. it will be able to transition into an experience with autonomous services. selina: when you look at the industry overall, what is the biggest bottleneck to mass deployment? is it that technology development? is it regulation? is it collecting more data? >> i think it is all. we are trying to solve -- the reason this is a difficult problem is it is not a problem only for one party. it has to be a collaborative effort across the technology developer. the service provider, the hardware provider as well as the regulatory body. we are trying to move those toward the same direction together. hopefully, we will be able to solve them around the same time so that it is in parallel.

had an r&d have center in silicon valley for many years. how has u.s. china tensions impacted it? >> i do not think it is a competition. solve theng to problem of efficiency and safety for transportation. i do not think anybody should compete on safety. it is a humidity problem we are trying to improve -- a humanity problem we are trying to improve. over covid-19, some of our u.s. plans inrts have some changing the structure and leaving some of the talents outside. i think for us, we believe this is a problem that is very difficult. we need the global talent base

to come together to solve it. our u.s.intaining office as well as our china office to help you gather more talent to help solve this problem quicker. video gameow, the streaming industry has for years been accused of sexism and harassment. in the past month, dozens of women took a social media to share allegations, setting the stage for what could be a #metoo reckoning for the videogame industry. it is a fast-growing insular world of basically watching amateurs and professionals play live online. how is it difficult -- how is it different this time? sure, so in the past, this complaint has bubbled up for years. streamers whoe brought everyone's attention to

the complaints ended up essentially getting punished. some of them say that they ended up not getting sponsorships or advertisers turned away from them. this time was very different. they all felt a tremendous amount of support from fellow streamers, from other gamers. it is a very different situation than before. caroline: it is entangling some key companies. amazon, a key player. how are the corporate -- that make some of the technology people are planning on and some of the sponsors that back these companies actually meeting this task and serving up to it? >> the streaming side, to h as the largest, of quote -- twitch is the largest, of course. facebook gaming, they all started reviewing streamers accused of misconduct.

-- they bannedm the streamers who have been accused. they are still reviewing others. this is probably just the beginning. some of the corporate sponsors of streamers have come out and said they are not going to work with streamers accused of misconduct. this is definitely a big difference from prior years where maybe in the past, sponsors did not pay much attention to the various accusations made on twitter and elsewhere. streaming sites did not do very much. this time is very different. caroline: you speak so well in your story about the backlash some female streamers felt. the likes of izzy bell -- of isabel we can mention in your

story. she said if you spoke up, you can get turned down and your higher ability diminishes. willat changing and how sponsoring companies approach streamers going forward? will we have the push for diversity we see currently in broader corporate america start more facade light conversations when you have people playing in games when you cannot see what they truly look like but now there is more equality for those players as well? >> i think you're absolutely right. we will see more female streamers getting more sponsorships. i think sponsors in general will also do better vetting of the streamers they sign contracts with. in the past, it has been a little bit of a wild west.

sponsors have realized streamers are extremely good at selling their products because they might wear their glasses during a streaming session for where therehoodie or -- or wear hoodie. a lot of their fans might start using them as well. it is probably one of the best methods of selling goods and services. many brands have overlooked some of the accusations against some of the streamers. i think now, they will become more careful in who they work with because they do not want to get a blow to their reputation if somebody is accused of misconduct. caroline: how global does this get? how are the reactions different when it comes to america and sponsors also backing non-american gamers? think it is the same across

the board. i think just the industry hopefully is going to change for the better as a result of this. right now, online, there is a list of -- and it is still being about wonder 50 streamers who have been accused of misconduct. most streamers have sponsors. most streamers have advertisers. they have -- a lot of them have business teams working with them. they have pr companies working with them. i think this whole system will change a lot because of this. caroline: here is hoping. asgress to be made in gaming well as the rest of the industries out there. it is a great read. thank you for explaining it. that does it for this edition of technology -- of bloomberg technology. bloomberg technology is

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>> good evening from bloomberg's world headquarters. we are counting down to asia's major market opens. to daybreak australia. here top stories. u.s. stocks. nasdaq seeing another high. the longest winning streak since december. two familiar names among the headliners. amazon tops $3000 for