>> this is "bloomberg technology." lot going on for you at least market.he u.s. stock gaining. bens that the world could closer to effective treatment blunting-19 and concerns even as number of cases. for more i want to get right to bloombergng in

abigail doolittle who has been over this story. nasdaq another record high today. what are you hearing about sort of the strength that we saw into end of today's session? >> it's pretty amazing. we have another record high for nasdaq. nasdaq 100, big tech stocks continuing to do well. those are the stay-at-home stocks this year's defense. there's an odd tension that you have this year's defense and new hitting record high after record high. interesting,t earlier today, you had tech slightly lower. bulle end of the day really rushed through supporting technology. investors looking past virus numbers. it's not going to slow the that it hadhe way on the shutdown. back in february when the virus was raging in china, that down, stocks here

ignoring it. it feels we are ignoring some of fundamental data. take a look at the moves that we have on the day. wasn't just tech. tech actually on the day a sector.ower as financials up 3.5%. bit of a nice cyclical tilt s&p 500 beings& s&p helped out by bond falling. the dayisk on end of with yields rising. to the point of tech stocks consumer discretionary and services communication services, the week, we did have upweek for stocks. that, netflix up 15%, today rising about 8%. raised goldman sachs their price target to a street share there.per they're expecting their 2nd adding to be blowout

12.5 million subscribers on content. stay-at-home theme. lot of eggs in this basket and startsg earning season next week with the big banks and pepsico. >> pushing forward as you look that, you mentioned netflix, bigger gainers looks similar to the nasdaq 100. what continues to push higher some of the big tech things here. concerns could be oversold at this point? >> one concern as we have a big divergence on the year, lot of people are talking about. nasdaq 100, the record highs up about 24% on the year. down slightly, down about 2%. is s&p 500 sharply equal. you look at the s&p 500 without influence, we have that

almost in correction territory. it is in correction territory on year. that could be a real issue, really speaks to the story of haves and have nots. you have to hope that have nots improve their fundamental picture. otherwise, it could really weigh on the markets overall. point of the nasdaq 100, talking about putting all eggs thene basket, this is percentage performers relative nasdaq 100. tesla up about 300% year to date. not quite. to see how that's stay-at-home stock. huge momentum there there. not lot of diversification there. >> thank you, always there doolittle.bigail

we will stay on tesla. elon musk passed warren buffett on the billionaire ranking. massiven part to the run up in the shares of tesla. saying that it sent its delete tictoc e-mail in air? resort -- reported some employees have received an from amazon requesting they delete tictoc from their devices. amazon said that e-mail was sent in error. planned.st as if we we have a man here who's been covering amazon. all thesefacebook and big tech stocks that is with michael lavine of pivotal research. have you on the program here. you can ont if amazon. you don't cover -- tiktok.

feels likeof something that wouldn't exactly be party line. given the general red risk coming out of the trump administration, it wouldn't surprise me for them to come down and lower the boom on tiktok. there's lot of mistrust at this point. bringing in new knowrship from disney, i they are talking about wanting to move away. we do definitely doing lot of tiktok.und potentialived being a thread time spent for youtube, for instagram and occasionally snapchat.

i definitely understand the can make.government >> i'm glad you're keeping me honest here when i'm reading too much. i want to talk about amazon. to abigail, talking index.si how are you thinking about amazon generally in this environment. perhaps thee room company has to grow as they just dominant?e and more >> we had a piece out earlier in the week talking about retailing into thee and digging pivotal advertising insight panel. the majority of folks thought, this is continued to even as company reopen, there's an question mark of, we were 12% e-commerce epenetration in the states during covid jumped up to 25. where do we land.

does it go back to 12, does it stay at 25. likely somewhere in between. the important part to your question is, i think we plateaued at much higher rate the virus. i think the interesting thing been given is, they this shock test, given levels of demand. see them comell out profound lead versus any regards to logistics. this is anything more solidified most for the business. >> michael, how are you thinking context?ebook in this not only with the strength that you really highlighted in then news today that they are thinking just to get out of the controversy of pulling all the political ads. we know that political ads

aren't huge part of their revenue. could that be a probe for the get outjust to entirely? could.ink it it's one of these things where terms ofertisers in who will be in position to facebook. we're probably talking about 5 to 7 percent of their annualized revenue baseline. i think you're risking becoming lightning rod. which what happened and driven place.this i know mark zuckerberg said this is less. it's .5% of their annualized revenue. i'm like, just don't deal with it. it's really north the -- worth the distraction. >> what are some of those other things that the company? you've been talking about lot

about facebook shop and some commerce. >> that's been one of our really themes. it would really first turned our heads was when google basically announced, this is really under new leadership at google, the product listing ads incorporated within the shopping tab. it was followed by facebook aa 180,ally i wouldn't 90-degreea healthy turn. we trying to go it alone and went ahead and made a pivot. we're not going to be able to entire thing. we've been framing for it, with at thiss we're looking inflection point that covid forefrontught to the

of the retailization -- prioritization of commerce in retail ads. see more ads that are going to have actual commerce embedded within them. facebook is absolutely enormous. i say, even if you don't see there being successful as a like i'm not as convinced that happened. if you actually have this happen by the adf adoption base, i think it's a huge upside for the business. >> michael lavine, thank you for anding about this trend taking on some of the daily news of the day. thank you. us, coming up rooftop solarest companies has become bigger. we'll hear all of the details from sun run cfo all of that coming up next.

>> sunrun is set to become in solarerican rooftop market. this is about $1.5 billion of rival. both companies provide about 75% leasesresidential solar each quarter here in the u.s. to discuss what this deal means and the solar energy sector, we're joined by tom vonreichbauer. great to have you on the program. talk to me about what this deal means to you in terms of size and scope and scale to get you

want to be? >> great to be here. mission it is create a run by the sun. run affordable, more reliable power. this transaction gets you a new where we cane reach more customers and solve really important problem. customers want more choice than energy consumption. electricityasing prices and they spend more time at home. more demand for the product. it's the right moment to bring together.ies >> there's been some concern as solar racehere's a going on with tesla as well. they have been in this game as well. they purchased solarcity back in 2016. how do you feel your position relative to some of the competitors in this space? >> we're really excited about where this transaction sets up of scale. new level

500,000 customers operating in nearly 9000th employees. we think the combination helps us to deliver on efficiency and bring more products and affordable solutions to customers. have lot of respect for tesla and highly respected company to make one of the best home market.s in the we're proud to offer to our customers. we think competition is good. industry with more than 5000 companies across the country with more than a 1000 in alone.te of california there's lot of opportunity for many people to participate in this. >> tom, it's interesting. since the market bottomed out on were upd, your shares 200%. before the deal was announced than 100%. more which is only up about 40% or so. gains yous if the made since the bottoming out on march 23rd, how much of that demanddo with increased that you're seeing in this covid area? we're all working from home.

have more special attention to our home environment. perhaps wanting to improve the value of our homes since we're spending lot of time here. seeing increased demand as more and more people are home?ng more time at >> we're definitely seeing some benefits from that. lastepartment of energy week said electric bills will be .p 25% on average this year significant number of actions in toe march to position us move through this prolong crises quite well. we move to virtual selling model selling over the video and phone. we deploy drones for preconstruction to customer homes. we have best practices for employer and customer safety. worth noting, residential solar and home battery installation has been essential service in most of the country. that speaks to the pressing need

modern energy grid and investments were critical. we've been able to weather well.h that quite we're seeing places open back up and that's been helpful as we forward. we came into the situation very well positioned. sunrun team has run an amazing years.s over the 12 plus >> how does a potential biden win in november change the game for you whether it's subsidies that come back to help boost the business? how are you thinking about your business come november and new congress that come in play here? >> great thing about this, the need to bring a modern energy infrastructure and more energy consumer is both sides of the aisle i'm excited about. there's been proposals from both parties around extending tax credit and the like.

welcome some of those extensions. there's been great benefits for terms of jobin creation more than 250,000 residential solar in the u.s. today. one of the fastest growing job sectors. anreally think that this is nonpartisan issue and one that most of america is excited about. >> tom, if the acquisition goes through, you'll have significant share within the residential space. talk about future growth area. talk are conversations to into paneling corporations as perhaps corporations are now themselves we want to be carbon neutral. role in getting the environmental goal and taking a role in that. of those future growth opportunities? you?do they look like to >> couple things i touch on there. there's more than 5000 companies

in this space. distributedghly industry. there's a lot of competition to go around. onlly exciting opportunity the horizon here is our utilities. work with you can imagine dispatching to ourto the grid and neighbors in ways that help make and reliable.aner we deployed to number of massachusetts. and newaii, california york. >> sunrun cfo tom vonreichbauer, thank you for joining us giving us your perspective.

coming up, wall street gets the ceos are tech getting paid big money. we'll discuss all those big paydays. that's next.

>> you know wall street getting all the flak but then it's tech ceos these getting paid all the money. you will find any number of particularly in tech, taking home far more than the bankers ever made. to discuss we're joined by meller.g ander we got a headline saying that rocketed past warren buffett on the bloomberg index.aire ranking i guess sort of furthers your point, right? >> not a bad day to be elon musk

i guess. you're absolutely right. it's funny how when you listen to lawmakers and even on social media, you see the bashing of bank ceos and hedge fund managers and private equity titans. there are people in many other industries that i've been surpassing them in terms of compensation for years. stands out in that aspect. opinion, why aren't tech ceos getting the sort of bankers make? i wonder if there's a difference in composition how they are paid. maybe it's through stock and cash and leaving them off the hook a little bit. >> yeah. i think it's a combination of factors. ago duringn years the financial crises, the banks role therery central ceos were accused

playing with fire. none of the tech companies have something toof that effect yet. would argue that facebook, been quiteebook has impactful on global politics over the past few years. of it has to do with the idea that tech is kind of draws having this ora of start-up. it's hip and it's cool and it's creating new things and people make lot of money and it's such. true, many of the companies we see on the list like alphabet, microsoft, intel, are really large mature companies. there worth a lot. tens of thousands of people. of ora ofthe benefit start-ups and risk taking and the money that can come with big

wins. where did female competition if i in this narrative? >> among the 100 top paid executives in the u.s. last are four women. not many at all. 19thirst one comes on place. ofs lisa scheu who's the ceo advance microdevices. an overlly representation of men. theind of mirrors prevalence of women in ceo jobs companies in the united states. in between. and far it's kind of reflection of what executives look like in corporate america. >> anders melin, thank you for bringing us that perspectives. continues toebook

criticism in in controversy over content policy. have overview of all that next. this is bloomberg.

taylor: this is bloomberg technology. i'm to the rigs. -- taylor riggs. bloomberg has learned that facebook is considering a ban on its platform on the days leading up to the u.s. november election. we are joined by david "theatrick, the autho r of facebook effect." youve days on this where are on the program and we get news like this in the past few hours about facebook considering taking off political ads altogether. what do you make of that? david: thanks.

it is good to remember, this is something twitter already did last year. theink it is in line with way facebook has been acting lately in this sense, if they were to do it. so many of the things they have done in recent months seem to be into nude not to offend -- engineered not to offend president trump. yet, they are under this section ordinary pressure from the -- extraordinary pressure. if they were to ban all political ads, they can say they're doing something. they can say they are responding to the pressure, but they also could say this is not anything about trump. this is about all politicians. they can sort of get away from the risk that he would single them out and say you are treating me unfairly which they seem to be generally incapable of bearing. i think it's not an unreasonable possibility this could really happen. mentionedvid, you

they are following what other social media companies like twitter already put in place. does it make you nervous that you have a company like facebook with 2.6 billion monthly active users, 1.7 billion daily active users. instead of offering leadership, they are taking cues from other social media companies, perhaps as a more reactive stance instead of taking on a proactive initiation here? david: you said that very well, taylor. it is not exactly they are taking their cues from twitter that concerns me as much as this year fact they are so big. they are just too big for us to really tolerate. that is one of the weird kind of dilemmas that facebook poses to society. their influence is so vast. it leads to a lot of strange contradictions. i think one of the reasons that zuckerberg has taken such a particular -- a peculiar set of attitudes against hate speech

and political speech inside facebook is that in a sense, he feels he is the government because his company is so much the central platform for political speech in not just the united states but all over the world. he has said he wants regulation. to be honest, until we get regulation, we are going to be in a very uncomfortable, very awkward situation vis-a-vis facebook, society and democracy because we have to have rules for the road and the company clearly seems incapable of establishing them for itself. want to rewind a few weeks and take our viewers back to the boycott really that was launched to stop posting ads on facebook. now just for the month of july, i believe. is that enough really to catch people's attention? david: it has caught people's attention. the fact that 400 large

advertisers, and by some counts, as many as 1000 advertisers have basically suspended ads on facebook either for the month of july or indefinitely. and some of them have suspended ads on twitter and youtube as well. i think that has been a very important symbolic and p.r. issue. i think it has pressured facebook to respond because facebook is a very, very, very image-conscious organization. they are desperate to be seen as doing the right thing. they are desperate to be liked. and even though the boycott, despite the fact that big advertisers like unilever or coke have joined the boycott, it is not really going to have a material financial impact on them because the revenues are so overwhelmingly coming from small advertisers, local mom and pop stores. but, the pressure has been real. it has led to some real concrete discussions between facebook and

the human rights organizations like the naacp and color of change and antidefamation league that have been organizing the boycott. i think it is a positive thing for progress. taylor: talk to me more about that, because i spoke with the head of the antidefamation league earlier this week. he and a few other civil liberties leaders came out with a meeting with mark zuckerberg this week, frankly unimpressed with the way conversations had gone. what real change do you want to see, that you should see enacted by facebook to really address some of the biggest concerns that we are hearing from these organizations? david: well, there's a whole range of things that the organizations that have organized the boycott want. if i was to pick one thing, though, and i think this is almost universally agreed to be the one thing they need to change the most, that is the policy they have tenaciously clung to and that zuckerberg has

repeatedly defended to allow politicians to lie in paid ads on the service. that is an outrageous policy that both the human rights organizations and the ex-employees who wrote a letter to zuckerberg recently both pointed out that it is inverting the whole history and purpose of facebook, which was intended originally to be a place to give ordinary people a voice. now basically, they fact-check lies if it is said in hate by an ordinary person. but if a politician says it, they can get away with it. it is like saying the powerful have rights that ordinary people do not have. that is just plain wrong and it is a logical. frankly, i am befuddled why zuckerberg is so attached to that policy. if he changed that, i think he would get a lot of heat removed from him. the problem is it would anger the president because it is, many of the presidents allies and the president himself in

some cases that utter untruths and sometimes put them in their ads. facebook is just unwilling to risk angering the president. taylor: our thank you as always for that analysis. that is david kirkpatrick, founder of techonomy. one of the more interesting developments from the coronavirus lockdown has been an unprecedented number of new retail investors entering the investing game. we will have more on the rise in retail with the founder of interactive brokers group. all of that next. this is bloomberg. ♪

taylor: some are calling it the robin hood affect. retail investors have flooded the markets as stocks have rebounded. that oneing to build of the key drivers of the beaten-down shares that are dominating the rally. our bloomberg wall street correspondent is standing by with a veteran market maker. take it away. >> thank you. with me, i have thomas peterffy, the founder of interactive brokers, a pioneer in online trading. how do you think about retail trading becoming a more significant force in the market moving toward? do you think that could be enough interest to really drive markets? phenomenonhink this should be looked at as a sudden existing verywise long-term trend. andly, the stock

commodities exchanges became computerized towards the end of last century, which enabled the emergence of online brokers and the computerized processing of custodial and back-office functions. that in turn enabled online access to offer direct to their customers at extremely low costs and very low latency. so this process has been going on gradually for about 40 years. coronavirus, suddenly, it picked up speed. virus, it think the fear will-- the

theppear and i think that trading volumes will subside, but will not go back all the way to the levels they are used to being. because many people have opened accounts, learned about investing and trading. so, these people's activities will not end. sonali: what does that mean? who are the people that are really entering this market? are they much younger people? and do they have the resources they need to be trading in this market? thomas: so, our customers tend to be the more sophisticated type. they tend to be in their mid-40's. yes, they certainly have the money and they have the education. they tend to be into technology

or financial business, or a management somewhere. they certainly know what they are doing. so, all this nonsense i hear in the news that these are people with no idea what they are doing is -- maybe that is true for robin hood, but i would not say it is generally true for people in the markets. these people are not very different than a year ago. sonali: do you have any concern that about the rise of robin hood? how do you feel about them becoming such a big competitor in this market? a force in this market? thomas: let's look at this realistically. i hear that robin hood has 13 million accounts. equity inerage accounts is somewhere between $2000 and $4000. $25 billion.

that is certainly not enough money to have a substantial impact in market price. i don't think you could say that the markets are running up because robin hood investors are buying the market. sonali: how do you feel about younger investors, the folks that are on robin hood taking on the type of leverage they may be taking on? or trading with more complex securities? do you think the market is ready for that? thomas: the market is certainly ready for that. the question is are they ready for it? i don't know if that is actually true what you are saying. we certainly do not see that happening. -- first of all, most brokers have a lot of on material. in our case, if somebody wants

to trade options, but have to get -- they have to apply for it and they have to have two years of option trading experience. people can open demo accounts where they don't have to put down any money and they can play around with fake money up until they really get the hang of what they are doing. to extendow, we try all the educational opportunities we possibly can. sonali: that is a fantastic point. thomas: people don't take advantage of that. at one point, people should be old enough and serious enough to be responsible for themselves. sonali: that's a great point. another thing i want to look forward to is the next catalyst for the market. the elections are right around the corner. i'm wondering what you think it could mean for a joe biden presidency even in the market?

what would that mean for the stock market? thomas: [laughter] well, joe biden presidency is a it allue and i think democrats whether the have the give ability to stop the country from sliding into socialism. because if that happens, then there is no private ownership of companies. no stock market and there is no bloomberg machine, so -- i don't think anybody would like that. sonali: hope to have you back on soon. thank you for joining us. taylor, back to you. taylor: thank you as always to sonali. now, tech is on a tear with the sector remaining resilient even as the global economy struggles against the fallout of the coronavirus pandemic. the ceo of galaxy investment

partners warns that tech stocks rna classic bubble reminiscent of cryptocurrency markets in 2017. he spoke exclusively with sonali. take a liten. sten. >> this is a bubble, certainly in the tech space. i don't think jay powell will be saying them given that he wants the markets higher. we are kind of unhinged in the market. the economy is slowing down. we are lurching in and out of covid, yet the tech market makes new highs every day. tesla is up 10%. that is a classic speculative bubble. liquidity is finding its way to storied stocks. we are at really dangerous valuations on the growth side. if it's zoom or tesla or beyond meat, whatever stock has a story, everyone is rushing into, that gets me worried. sonali: what does that mean for the retail investor here?

we have been doing a lot of work on the mom-and-pop investors coming into this market. are you concerned that they may get really burned here at some point? mike: certainly. this reminds me of the cryptocurrency markets in 2017 when we have this crazy rally when bitcoin went from 8000 to 10,000, 20,040 days later and lots of people bought it and it collapsed. these stocks are not crypto, these are real companies. they are getting valued way ahead of what i think reality will be. i think there will be a moment. usually these markets, what ends rate bubbles usually is central-bank action or auction. in this case, we have a big election coming up. joe biden, let's assume he wins, which i think he will, and all of a sudden capital gains tax are raised, corporate tax are raised, high-end income taxes raised. that will be good for the market. that is not priced in yet. we are in the euphoric stage of

markets going up every day fueled by just tons of liquidity. sonali: i want to talk about that idea of biden for a second because just yesterday he was saying that he does not believe that shareholder capitalism can continue. how is wall street, how are investors going to bake in that thinking? mike: wall street was already moving that way in a lot of ways. paul jones has a thing called just capital. larry fink is on the train as mark and recent. tons of people have been moving that way, saying we need multistage capitalism. just shareholder only is not working. the rich-poor gap is getting wide, it is leaving too many people behind. there is this rise in esg funds . almost every fund wants to be esg these days. i do think it rises to wall street is trying to -- wall street was already moving there.

that is not i think the concern for the market, as much as the tax code. sonali: i want to go back for a second because you were talking about the sky high tech valuations. what does that mean in terms of how you are investing? mike: a friend of mine -- i said this yesterday, a friend of mine said in markets like this you want to be on the airplane, but the seat closest to the exit. the reality is i missed this tech move. i got smart enough not to keep fighting it, but i have not been participating. i got a lot of friends that are making a lot more money than i am these days. i have a whole bunch of gold, bitcoin. that is also participating in this liquidity driven bubble. i think they will be longer-term winners in the liquidity driven bubble. i don't think it will go away but it's not catching this mania that you are seeing in these storied stocks. taylor: that was mike nova

ogratz. still ahead, joe biden launched his plan on thursday to revive the u.s. economy with a promise to build back what existed before the coronavirus pandemic. bloomberg caught up with the key advisor to the biden campaign. that conversation is next. this is bloomberg. ♪

taylor: joe biden rolling out the first part of an economic plan in pennsylvania yesterday. one advisor to the presumptive democratic nominee is penny pritzker, the former commerce secretary under president obama. kevin cirilli spoke earlier with her. penny: the vice president put out a plan that i think is one that will help create greater

certainty in america which is really important. key components to the plan are first of all investing in infrastructure procurement and r&d. $400 billion for infrastructure and procurement. invest inillion to very important areas of our ndp sectors of the economy that we as a country need to lead in. clean energy, batteries, ai, 5g. investmentslargest in this area since world war ii. kevin: it is interesting because he framed this -- firstly, as the response that is needed to face this moment especially given the dynamics of covid-19. he also said he wanted to end the error of shareholder capitalism. why is that important? penny: i think what you are seeing this country is facing three crises. andndemic, economic crisis

also we are having a national reckoning with racial inequality. what you are seeing is the vice president saying we have to address all of these crises simultaneously. i think it is consistent with where american corporations are going which is a recognition that their stakeholders are not just shareholders but it is employees, customers, shareholders. it is the communities in which they operate. i think this is completely consistent with where the country is moving. kevin: i hear you talk about the need for certainty and you are seeing it especially in the markets over the past couple of weeks this adjustment of sorts but that is not just on wall street where you are seeing an adjustment towards the possibility of abided presidency. why is that certainty needed for main street and for small businesses as well? penny: it is really hard to plan when you have no idea what are the rules going to be.

are we going to be able to have an open economy? are we going to be a healthy nation russian mark the vice president recognizes the first thing we have to do is deal with the nation's health to make sure everyone has appropriate health care and that we beat this pandemic. the second thing is if i am a small business owner, i am someone trying to plan to open my restaurant or open my shop on main street. i have no idea whether people are going to be out and about, what are the rules going to be. what do i need to do to protect my employees -- how do i make my customer feel customer -- comfortable? these are the things that have to be clear and don't have to be something that is different from one community to the next. rather, we should have a uniform standard as to what the behavior and what expectations are to be met. that was former u.s. commerce secretary penny pritzker. that does it for this edition of

bloomberg technology. bloomberg technology is livestreaming on twitter. check us out @technology. follow our global breaking news network on twitter. this is bloomberg. ♪ i got an oriole here.

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for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education. david: every which way and up. the markets continue to push against covid-19 anxiety and tech leads the way. this is bloomberg wall street week. i'm david westin. this week, governor phil murphy of new jersey. >> it is not a one and done. we got that out of the way, check the box, we are good to go. this is a reality we are living with. david: governor ned lamont of connecticut. >> i think you are going to see a dynamic change. let's face it, for the last 20 years, young people want to be in a metro center. now it will be balanced out. david: former senior economic advisor to president george w. bush, glenn hubbard. >> the