>> welcome to "bloomberg technology." u.s. stocks hitting new records with tech shares leading the way. apple again driving markets higher. apple and google unveiling an update to their covid tracking partnership. iphones will have the ability to contact tracer without an app today. android phones will be ready within a month.

the company is hoping this will spark more adoption, but it will only work if health officials offer an app to utilize the technology. covid cases are dropping in many states but rising in the midwest. the u.s. grappling with how and when to reopen safely. new york public schools just postponed in person return for three more weeks. let's get back to the markets with abigail doolittle in new york. generally another up day driven by apple. abigail: that summarizes it. it feels as though that is every day. apple, a big driver for sure. in charge of the fed liquidity, driven rally continuing into september. we now have five up months in around and september starting up with more record highs. .75%, the0 gaining by nasdaq 100 up 1.5%.

apple really helping out the chip space as well because there is indications they could have a strong season relative to selling iphones. you see the stock is up 2%. and ais one tell possibility investors are cautious. we are seeing a rally for haven bonds, the 10 year yield down nearly four basis points. let's keep an eye on that. one day a trend does not make, but if that continues, it tells you investors are worried this rally is long in the tooth. speaking of big rallies -- big movers outside of apple, companies like nvidia and broadcom, we also have walmart and amazon up. walmart up 6.3%, best day since early july, as they are taking on amazon prime. they are launching walmart plus in two weeks. it will cause $98 for one year relative to amazon prime at $119

and will enable free delivery of products, free grocery deliveries, and discounts on gas. they are going after prime, but amazon investors don't appear worried. those shares up 1.4%. mega caps in many sectors are rallying. emily: potentially a huge development for walmart. we will see how it impacts the competition, namely amazon. i want to talk more about amazon. we spoke to matt nearly yesterday. he said the run-up of shares in apple and tesla is undeserved and we are going to see steep decline following the stock split. what's your take? abigail: i heard that interview. great interview. a lot of analysts are not as aggressive on air. if wechnical support -- go to the bloomberg terminal and take a look at a one your chart of apple, we are going to see a

grossly overextended stock. shares of apple, 75% above the 200 day moving average. actually 66%, but quite a bit. onlye february apple was 42% above its 200 day moving average. that's the degree to which buyers are more enthusiastic than the long-term buyers. the yellow line represents the long-term buying support. at some point apple will drop back down to the 200 day moving average. it happened time over time, typically around iphone cycles. matt said he would not be surprised to see 20%. if we see that drop over the next week or months, that would be a 30% to 40% drop. take a look at this 10 year chart. even though they are scheduling 75 million iphone scales -- sales, could be tough selling ahead for apple at some point. emily: we will be watching and

talking more about apple. bloomberg's abigail doolittle, thank you for that update. 75 million iphone target for the coming fall season. by a bloomberg reporter who covers the company for us and helped break this story. we are learning apple is targeting 75 million iphones for the fall. tell us more about what we know and what this means. mark: they have asked their suppliers to build between 75 million and 80 million 5g phones. what that indicates is there is going to be a similar target for sales through this year as they had last year and the year before, which means despite the pandemic, the economic slowdown, everything going on in the world, apple is anticipating the status quo for their own sales is their most important product. that is good news for the company and investors.

emily: you always have a pretty good lead on forthcoming products. you have reported they are planning to announce new apple watches this fall, a new ipad, over the ear headphones. tell us more about what you know. mark: it's going to be another jampacked holiday season for apple. in addition to those four phones, there is to be an over the ear headphones, which is quite popular. these will be basically air pods on steroids. the first time they will be doing over here headphones. these will be apple branded. there is going to be a new smaller, cheaper home pod which could help boost their smart home situation, where they have lagged behind google, amazon, and other companies in that space. there will be a new ipad air, the $500 to $600 mid tier tablet, which could continue to

increase sales of that line, which saw some success in the third fiscal quarter. it is going to be a packed fall in addition to those two apple watches. about i do want to talk this new contact tracing partnership that has been slow to take off the ground between apple and google. some new announcements today that iphones as of now have the ability to contact trace, but only in tandem with apps from, typically, public health officials. what did they tell us today and how well is this technology working so far? mark: the news is that on the iphone specifically with an update that came out today, you will be able to use contact tracing without installing an app from a public health authority. the problem is this portion of the service is only available in three states plus washington, d.c. this component is u.s. only.

on the android side, they are not doing as much as apple in terms of not requiring an app. the iphone will require no app, whereas android they are going to start building the apps for public health authorities themselves, which tells you all you need to know. the public health authorities have not gotten it together. only six states in the u.s. and 20 countries have adopted this. there is a lot of room to grow. gone byy coronavirus is the time people need to start complaining about this service only being in a limited amount of places. emily: what's it going to take for this to actually take off, for people to realize the need and take advantage of this? mark: i think google's approach to actually build the apps for the public health authorities is

really the best option. they are basically saying, you guys are not going to, so we are going to build them. as of today, only three states plus washington, d.c. out of all the hundreds of countries around the world and 50 states in the u.s. not a lot of penetration. we will see how many more states get on board by the fall and how long this will really be necessary. emily: meantime, looking forward you areroducts expecting them to unveil this fall, we are expecting the launch to happen in october rather than september, when it typically happens. normally we are preparing for the second week of september. that, to our understanding, is not happening. how will that impact apple's sales for the holiday quarter, typically the biggest for the company? mark: there might be more minor products during september. the ios 14 update will come out

this month. the iphones will be announced at an event of some sort in october. in terms of sales, i think they priced in for their internal guidance. they have not announced external guidance, with the coronavirus, that the phones will not launch until several weeks after. it is interesting to see how long the staggered launch is going to be. my anticipation is we will see cheaper new iphone 12 launch around the third week of october and pro models more toward the end of october, early november. you are going to see a drawback of that for the q1 holiday quarter. what that might do is set apple up for a strong q2 in 2021. emily: mark gurman, on top of it all, as always. we will be following the drumbeat to october. . coming up, the deadline is rapidly approaching for tiktok

to sell its u.s. operations. about is the company even close to a deal? that's coming up next. this is bloomberg. ♪

emily: time is running out for tiktok to sell its u.s. operations. president trump chimed in today on why the u.s., he believes, should be compensated. pres. trump: i told them they have until september 15 to make a deal. after that we close it up in this country. i said the united states has to be well compensated, because we are the ones making it possible, so we should be compensated. so the treasury has to be well compensated. now, a generalus

partner at raise capital who closely follows the company. thank you for joining us. you sold the company to oracle back in the day, and oracle is one of the players who has committed a bid for tiktok, in addition to microsoft and walmart, going in as partners. do you think oracle would make a good home for tiktok? >> thank you for having me. this is a very interesting deal. we did not even know it was going to happen. oracle is an excellent company in acquiring companies. i think there is no rival in the industry, how well they know how to do this. in terms of the fit -- emily: what are the pros? what do you mean by that? >> i think in this particular case for tiktok, we have a challenge where tiktok, 69% of

their users are gen z. that isn't really oracle's demographics. if oracle is going to buy them, oracle will have to go down the same road microsoft has already done with something like linkedin. they have to build the division outside the current business. that means oracle will foray into the consumer and add business. it is not far-fetched. i think there ratio is relatively modest, looking for things to grow is reasonable. in terms of people that really know how to buy a company and make it productive, they are very good at that. emily: as you alluded to, this is a complicated deal. you have the chinese government saying they would have to approve it. you wonder why the chinese government would approve such a deal at all. there are certainly a lot of risks.

if you are microsoft and walmart or oracle, why even embarq on on suchwhy even embark an uncertain endeavor? >> things changed this weekend. until yesterday, we, including myself, we were all questioning exactly what is included in this deal. we are talking about selling the u.s. operation of tiktok. that is really not very valuable. the crown jewel of the deal is the learning algorithm that is part of bytedance's overall portfolio. i have always been questioning, are they selling that? how do they sell it? do they sell a one time source code to the buyer and they will also now have to clean up the database? the u.s. operations data would be included. the data sitting in beijing

would also have to be cleaned up. adding that the chinese commerce ministry would have to put in 45 days of review, that is way past president trump's timeline that the deal has to be closed in 45 days from a couple of weeks back. we are very short on time to make anything happen. emily: what happens in this deal and what has happened so far is incredibly unprecedented even in the long and complicated relationship between the united states and china. how do you believe what happens here could impact u.s. and china relations for years and perhaps decades to come? as well as the cross-border investment that happens between the two countries and the tech industries in both countries as well? >> obviously the impact is profound. just look at what the u.s. has done with serbia's --

really wanted to buy money gram and could not. the things we have seen from siphias, the things china wanted to do, they can do in this direction. if we go down the route that there is going to be a chinese siphias, that means there are things the u.s. would like to be occurring or licensing, we are going to have the same impact. the bigger issue is -- here's the thing. this is a very brilliant company. for the first time the u.s. companies have seen how good the chinese companies are at building machine learning algorithms and break the market and amass a quarter billion users. it is going to be very tricky. portfolio with many applications. is u.s. operation for tiktok not a big revenue-generating

business. they could easily create another app. the treasury department would become a sovereign investment banker and brokering all these deals, or we are going to be implementing policy and create a u.s. firewall preventing us to use chinese apps and all the things we complain about how china has been doing it, the google and facebook and slack and twitter cannot get into china, and now we are going to do the same thing to them. emily: that's fascinating. that's quite a scenario you layout, and it really is anyone's guess how this plays out. certainly fascinating things to think about. thank you so much for joining us , general partner at race capital. coming up, with joblessness in the u.s. on the rise and unemployment shrinking, competition for gig workers is stiffening.

drivers are resorting to extreme methods to get deliveries first. this is bloomberg. ♪

emily: a strange phenomenon has emerged near amazon delivery stations and whole foods stores in the chicago suburbs. smartphones dangling from trees. contact delivery drivers are putting them there to get a jump on rivals waiting to pick up orders. spencer,story, we have who covers amazon for us. what exactly is happening here? drivers areivery basically staking out these routes by trying to get as close to whole foods as possible. the phones are white amazon's -- are what amazon's system looks for when it assigns routes. if it has a route that has to be

done immediately, it is looking for drivers that are close by. these drivers are combining a phone in the tree, to have the closest proximity to amazon, along with some sort of software running on the device to snag the route as soon as it becomes available. emily: what is amazon saying about this? spencer: amazon didn't talk to us about this. we did see a note they sent to a driver. some drivers are concerned because they feel like if they are not in on this plot, they are losing work. some people are benefiting and others are losing out, and they have complained. we saw an email amazon sent in response to the drivers, saying they will investigate the matter and if intermediaries are trying to game the system, that's a violation of policy. they said they would not be able to divulge whatever they

determine from their investigation with the drivers. the drivers are frustrated, saying amazon does not seem to be doing anything about it. emily: it is certainly a very creative solution, but also a sign of some of the desperation out there, how desperate people are to get work. how were you alerted to this story? spencer: this is the gig economy, so it is not like an hourly worker who is getting paid even when the shift is slow. these are people who only get paid if they get the amazon delivery job, so they are looking for anyway possible to get the job, which could pay as little as $15. it is kind of a sign of the times. it also shows how they gig economy, particularly in a tough job market, people with the work really benefit because they will have big lines of people waiting to get that work. it doesn't hurt amazon to have a

bunch of people milling around outside whole foods to get a delivery route. it doesn't cost amazon a nickel and makes their deliveries faster. emily: amazon has touted how many people they have hired in the midst of this pandemic. how are they handling delivery operations across the country? how much do they use amazon flex versus ups, fedex, and other delivery services? spencer: amazon really has a sophisticated delivery network. it can use those providers, like you mentioned, ups, the postal service. it has its own dedicated fleet of dive people see the blue amazon vans also making deliveries. all those handle a large amount of capacity. what flex does, this is an uber-like app, so it is similar to someone picking you up and driving you to the airport. that person can download the amazon flex app and make

deliveries for amazon in their spare time. it is another part of the system , the only part that operates in the gig economy model. that's why this is getting gamed in this way. emily: thank you so much for your great reporting. we will continue to follow that story. uping up, tesla gearing production with a huge stock offering. amazon's drone delivery program. we take a look at that next. this is bloomberg. ♪

♪ welcome back to bloomberg technology. tesla announcing today the company will be selling up to $5 billion in shares as elon musk repairs for growth in production. after a surge in the stock recently, the news has caused the stock to drop. ark invest has tesla at the top holdings for three of the firm's funds. tesla has been doing well on the back of this stock split. what is your take on this latest announcement the company is going to be selling up to $5

billion in shares? >> i think the company is taking advantage of the current market cap. obviously this will allow tesla to produce more vehicles, which from our perspective is a good thing. carsnd i have talked about and tesla's future. the more cars tesla has on the road, means the more data is collected and is furthering that goal as well. investors.-term . we have always been looking five years out or more at our companies. we are happy that tesla is investing for growth and is just looking to make as many cars as it can. just: elon musk also surpassed mark zuckerberg as the third richest person in the world because of the rise we have seen in tesla's stock. what is your outlook on growth as the pandemic continues? still more uncertainty ahead. people want more private modes of transportation. people are not commuting as

much. there are a lot of people struggling. we are in a recession. we do not have the money to spend on a new car. >> tesla showed the graph in its last earnings report. it is the only one that has seen growth. i am more concerned about the rest of the auto industry. if you are a tradition automaker and you're trying to shift towards electric vehicles, trying to shift toward autonomous technology and you have to invest in that when your core business is failing, that becomes a much harder problem. to rally behind something you have to pour money into to make it happen, it is even harder to do that when you have to deal with layoffs and cutting what is not crucial as a company. maybe even focusing on selling trucks. reallyhing, it inidifies tesla as a leader

electric vehicles and a technology player in the auto market. you are right that for the auto industry as a whole, this is not a great year. for a long term, we see battery cost climbing. that is going to continue. electric will be cheaper than gas powered cars. that is going to cause a massive demand switch. a player like tesla is a leader. that will only boost them. emily: i do want to get our thoughts on this amazon advancement in drone delivery. another big holding for arc invest. the company has gotten faa approval for drum drops. this has always -- for drone drops. as has always been in the future. the future is finally here now. the company is planning the first commercial drop in the united states. what is your take on this? >> i am excited for this announcement. i've been researching drones for

five years now. we wrote a piece a while go saying amazon could deliver a package with drones for less than a dollar. drones have always been held back i regulation. in particular in the u.s. that is why companies like amazon and google have gone abroad to test the technology. to see a home regulator getting the approvals along the technology to move forward, that is really exciting just for the u.s. in particular. for drum delivery, if you look at e-commerce as a percentage of retail, it was 15% last year. i am sure this year, it is going to be higher. we think that could go to 60% of retail by 2030. drones could deliver over half of that. we think this could be a market that is worth over 100 billion by 2030. for a player like amazon, it solidifies their position as this logistics goliath. i think that will only help

e-commerce and change consumer shopping behavior. emily: we should all start clearing space in front of our homes for a landing pad. much as always for joining us on the show. fascinating to hear your insights. at a time when the mission and means of law enforcement is under heavy scrutiny in the united states, axon, the company known to provide police body cameras is out with a number of new tools for police officers using technology. i sat down with ceo rick smith and asked how axon technology can play a role in police reform. >> part of the reason we are seeing this level of energy right now is because of the transparency. in the case of what happened to george floyd, because that was captured in so much detail including with police body cameras, the truth had nowhere to hide.

what makes it different from every other incident in the past is that every major police chief has come out and said, you know what, this was wrong and we need to change. go back to michael brown our previous cases, there was always so much uncertainty. we do not know if mr. brown was assaulting the officer. here is a level of transparency creating impetus for change. unfortunately, that is coming with a lot of anguish and social turmoil. energy isul this translating to meaningful change. emily: your mission is to make the bullet obsolete through your portfolio of technology, which includes body cams, tasers, vr simulations, how do you plan to do that? >> if we make nonlethal weapons effective and reliable enough that police do not have to go to their firearms, that is the

ultimate goal. we are not there yet. the reason police go totally full force is a remains most reliable way to stop a threat. that is a technology problem. we are working on solving it. all these other pieces are on body cameras are about optimizing a police agency's ability to hold its own members accountable, to train them better and minimize the risk. emily: the main criticism of body cameras's police can withhold the footage if it makes them look bad, which throws the accountability out the window. >> i think that is a mischaracterization. there are challenges around protecting people's privacy. if police are involved in an incident, some people say they should release the video. in some cases, you have child victims and others southern a's to be a redaction -- so there needs to be a reduction. the projection of history is

that these videos are being released. a few years ago, lapd had a policy of leasing no body camera video's. now they have a policy of releasing every single one that involves use of force. i think that is going to continue to move in that election. emily: tell us about the vr simulation and training you provide. for example, a violent protest like we have seen in portland over the weekend. how could your technology help officers respond? >> where i think the technology could help is in a more everyday scenario. these protests are certainly challenging, but something that happens all the time is police have to deal with people with until health issues. people that might be suicidal. we are using vr to give police officers a chance to go through those scenarios and practice them in highly immersive way and now only experiencing what it is like to be a police officer but we give them a chance to step into what it is like for a

person on the receiving end of a police interaction. what we are hearing from psychological experts and ball enforcement who have been through the training -- and law enforcement who have been through the training is that is a powerful tool. it is one thing to say, here is a powerpoint with check foxes. edit -- check. that is way different then going through an immersive video experience where you are experiencing what it is like for that person and we are hoping that will give them the tools to better understand how they can interact effectively. emily: what police departments are you working with? >> we work the vast majority of police department across the country whether it is through our taser weapons are body cameras. it is hard to find a police department we do not have some sort of relationship with today. emily: given you have many police departments facing funding shortages, where does that leave axon? often, new technology can be one

of the first things that gets cut. >> as it turns out with police departments, the best majority goes -- the vast majority goes to personnel costs. unfortunately, if there is a cut in funding, that means it is going to translate into reductions in headcount. what we have seen is if that happens, the agencies have to focus more on spending on technology to automate things that previously they did with human capital. emily: what is your reason for how policing looks different let's say 20 years from now? you imagine things will have dramatically changed? >> 20 years from now, police shootings are going to be exceedingly rare. if we do our job right, they may never happen in 20 years. emily: how? >> the only reason police shoot and kill people today is because it is the only truly reliable way to stop a threat. that is a technology problem. the minute police have the equivalent of the taser, there

will be no legal justification for them to shoot and kill someone. that is a high bar to hit technologically, but you gave me 20 years and we will do in 10. emily: i have to push back a little bit. they may think it is the only way to stop a threat, but the question is, is it really a threat? and is that kind of force necessary? >> those are legitimate questions in these incidents. the challenge is, if you put yourself in police officer's shoes, they are human beings as well. they are scared with what is going on. they are a tremendous threat. they make bad decisions, but i can tell you, standard police training is if they fear for their life, the thing in their hand is a gun. today, that is the only thing sufficiently reliable that they would bet their life on it. that is the problem we are working to solve. we need to get them something so reliable it would bet their life on something else. would theirble they life onset -- reliable they would bet their

life on something else. emily: women entrepreneurs still face an alarming set of obstacles in the start up ecosystem. we will hear from the ceo of a nonprofit trying to amplify women's voices in the often male-dominated tech industry. this is bloomberg. ♪

emily: research continues to show that women remain deeply underrepresented in the startup ecosystem. only 12% of decision-makers adventure capital firms in the united states are women. vc funds go to teams with one female founder. to discuss new efforts to break

the patterns holding back female entrepreneurs, we are joined by pam kostka. thank you so much for joining us. all raise has been at this for three years. gone through the #metoo movement and other black lives matter movement. at at this moment, a global pandemic. how much progress do you believe there has been over the last three years in terms of representation for women in the start up ecosystem? pam: there are highlights and there are low lights across the spectrum. when we started, women in venture capital were 9%. we are now up to 12%. making steady progress every year. unfortunately, the amount of funding going to female founders has remained relatively flat. we are still at about 11 to 12% of funding going to female founders. the team does not have to be all-female but at least one female founder. we like to say we are still in the first trial of the race. this is a marathon.

we have a long way to go. there is promise, but we shall have a lot of work ahead of us. emily: the representation of women in media is also important. it is something we are trying hard at bloomberg to improve and something we work on every day to make sure our show is a representation of all different kinds of voices. all raise is launching something called the visionary voices initiative to raise female voices across the board. how will this work? pam: we wanted to make sure we were not perpetuating a cycle where women do not have the same access to opportunities and networks as men. that includes access to media opportunities, opportunities to showcase their expertise. we crated an open access directory to almost 1000 highly qualified women. we could make it easy for conference organizers, media, people putting together a panel to be inclusive of women,

especially underrepresented women in various settings. we wanted to make sure we were amplifying their voices, making sure they have equal opportunity and access. we have an open source directory on our website open to anybody. we have partnered with a variety of organizations from conference organizers like start up and faster to media outlets to engage. it is not just limited to our partners. anybody has access on our website. we highly encourage if you are a speaker, one of the important things is you lose your influence and privilege as a speaker to create space at the table for others. as a speaker, you can use this or encourage those who are outreaching to you to use this research -- this resource for their own purpose as well. emily: absolutely. what trends are you seeing in the pandemic more broadly?

i have been thinking about the fact you have a lot of companies going through layoffs. companies that are trying to survive. i wonder if diversity becomes less of a priority because companies are just trying to figure out how to pay the rent and could that set us back? pam: we are highly cognizant and aware of the threat we might have a back slide. we did a study last week that came out that indicated female founders are forced to be more capital efficient. not surprisingly, they have less runway than their male counterparts. i will say that more when -- more men are reporting they have more concern about the future. i think this is playing to a time when the leadership characteristics of women is coming into play. despite the extra burdens they are facing at this moment, women are rising to the challenge with trademark entrepreneurial resiliency and their companies are ripe for investment. this does shift the onus onto

venture capitalists. it is important to be intentional about expanding your network, fitting to know female founders, especially underrepresented founders and to be making investments. emily: sheryl sandberg was on the show recently and talked about how women are doing a double double-shift. taking on the lion share of the childcare and the remote cooling in addition -- remote schooling in addition to their full-time jobs. what sort of impact are you seeing on women founders trying to get a company off the ground? how are they dealing with this? or are they rising to the challenge perhaps better than some people might give them credit for? pam: our cobit impact study does indicate that -- our cobit impact study does indicate women -- are spending more time. 32% reported their spending -- there is reported that

absolutely no impact to the business. they are finding the time in the day to accommodate and be resilient in this process. the onus cannot only be on the women. we have to create seats at the table, open up networks, be intentional about making introductions of female founders to investors and make sure those connections and networks are happening so they can get access to the capital they need. arey: what kind of trends you seeing in terms of ideas that are being brought to the table? companies that women are trying to start as more of us are working from home. there are new challenges and new solutions. we have seen the rise of zoom for example and productivity tools that help us work remotely. how is that impacting the seed stage where ideas are being generated? pam: there is a lot of opportunity. we like to focus on that

opportunity going forward. the next googles and amazon's and facebooks and maybe -- and apples are going to be born out of this downturn. we see a lot of innovation happening across the spectrum. where a is family tech lot of us are being burdened with extra responsibilities around care for the young, care for our elderly parents. there is a boom happening in family tech in particular. huge growing market demand and an opportunity to be making investments in those companies. emily: how do you advise companies right now -- smaller companies that are trying to work through this that need to rework and figure out how to run a company remotely and build a strong culture at a time when people are struggling managing work and home and it is hard to be inclusive when everyone is

dispersed in different places? do you have any recommendations for how companies can be thinking about this right now that will help them potentially in the future? pam: we think it is even easier to be inclusive at this point. virtual has test everyone to rethink so many different processes. people are relocating to different areas. there is a lot more talent availability and a chance to be thoughtful and to be focused. what we suggest to people is, measure yourself. be thoughtful about how you are approaching hiring. be thoughtful about how you are approaching your inclusivity. this is an issue of focus. now you have lots of talent that is available to you. reach out and expand your network. expander talent access. if you do not have access to that, outreach to organizations like all raise. we are happy to assist you in expanding your networks to make sure that diversity and equity

inclusion is built in to the fabric of your company from day one. tka, ceo of all raise. coming up, more of bloomberg technology after this break. this is bloomberg. ♪

emily: amazon's top robotics engineer who defended the company's warehouse working conditions has left the company to join in artificial intelligence start up. brad porter will serve as technology officer for scale ai. trainake software to help autonomous technology. the business was valued at more than a billion dollars last year. a woman running amazon warehouses globally may be tapped to become the first black logistics head. she brings a wealth of experience running factories at general motors. amazon's current logistic chief will step aside to lead the consumer business next year and in the wake -- consumer business

next year. that does it for bloomberg technology. bloomberg daybreak australia is next. that is all for now. i'm emily chang in san francisco. this is bloomberg. ♪

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