♪ emily: welcome to bloomberg technology. i'm emily chang. stocks down today but tech shares helping lead the way back into the green. investors weighing the chances of a compromise on a new stimulus package. steven mnuchin and house speaker nancy pelosi are now open to talking after previously stalled talks. house democrats have drafted a $2.4 trillion proposal.

president trump says he's only willing to go as high as 1.5 trillion. signs of the pandemic getting more prominent. the u.k. reporting a record number of virus cases today. with more on how it is playing into the markets, abigail doolittle in new york. tech shares going back and forth but tech leading the way out of the red. walk us through the day. abigail: another amazing one, but probably more so than a reason days because of the whiplash. the nasdaq 100 at the lows early on, down 1.1%. it was at one point, up nearly 2%. just about flat and then closing higher by about 6/10 of 1%. what that volatility tells you on the day, the week, the month and on the year -- uncertainty. no one knows. when you have firm control from the buyers or the sellers that you can make the case between february and march, the sellers

were on control around the uncertainty around the pandemic. the buyers took control but on the year, just about flat for the s&p 500. it is a real stalemate as we go into the election. investors trying to figure out these different factors. this kind of volatility tells you very few people have conviction. at the end of the day, tech did save the date to some degree. the mega caps came through. tesla having an update after a couple of brutal down days on the battery day disappointment. the stock is up more than 350% on the year. apple and microsoft also higher. apple, you want to see that stock get above the 50 day moving average rate of the fact it is close perhaps is a sign of hope for the bulls and another sign is the nasdaq 100 vicks ending lower on the day. it is also well off it september

highs, telling you while volatility is elevated on the year relative to the stock selloff, it is actually coming in. emily: i was also watching amazon shares. shares ending in the green but only about half a percent. you are also looking at chips, which also outperformed. what is driving that? abigail: it is pretty interesting because i could wish i could say there was a fundamental reason. as is the case for so many of the stocks and these sectors, i think a lot of it has to do with the froth from august. huge rally for tech, mega caps having to do with that option buying that was in the news a few weeks ago. today, we had ships rallying again, not for any fundamental reason. i was able to find, romaine bostick, talked about there could be some positive chatter about the semiconductor companies, they make the equipment that makes the chips. potentially in early sell.

another piece of tech strength, talk about whiplash and uncertainty, oracle. oracle since six pressing interest in tiktok, it is up about 9.4% over that time period. that is not the case for the nasdaq and s&p 500. more like up and down. this tells you despite the uncertainty, despite not knowing with going to happen next, whether they will be able to acquire those tiktok assets from the u.s., bytedance and what the majority ownership will look like, investors like the idea oracle is trying to diversify. they are going into a new business even though it might not sense to any of us intuitively or right away. investors like it. they're diversifying, trying to find some way to grow the revenue stream. emily: abigail doolittle for us, breaking it down to new york. thank you so much for your analysis. i want to talk more about tiktok

now. in a hearing held this morning, the trump administration was order to postpone a u.s. ban on the social media platform, set for this sunday, or respond by friday to a request by bytedance for a court order that would temporarily block the ban. we are joined by mario barker in washington. another day, another tiktok twist. where exactly do we stand now? mario: that is exactly the best way to do it -- put it. it has been quite the drama the last couple of months. as you mentioned, there was a temporary postponement imposed by the court right now blocking the by the trump administration. the trump initiation has until friday to answer. we will see what they say. we have not heard much in terms of what the next steps are, for the president has been quite vocal about getting to force the sale or ban tiktok altogether in

the u.s. at least. emily: chinese state run media has also become increasingly vocal, calling out dirty tactics by the white house. are you getting any sense that what is coming out of chinese state run media, which is really a megaphone for the chinese government, is having any impact on the administration or trump's approach? mario: what we are seeing is a continuation of what we have seen for the better part of the last 3.5 years, which is tension between the u.s. and china. two of the top two world economies. thaw in thatd a relationship earlier this year when they received the trade deal after a 2.5 year trade war. but, that has ratcheted back up, tension has ratcheted back up over the coronavirus. the president's rhetoric towards the coronavirus and the

back-and-forth we have seen between beijing and washington. emily: what is your sense of what happens tomorrow in response to this bytedance request versus sunday, another deadline for this app to be banned? mario: they will all be watching with bated breath all day tomorrow. what we have learned over the last three and half years of the trump administration is that it is hard to forecast what the next move is going to be. so, what we do know is we will have to be watching for tomorrow. that is the simple way they want to go. obviously, ame, huge and somber day in washington today. justice ruth bader ginsburg lying in state. president trump did visit her body there. what is the latest in terms of when we expect him to name his choice and how congress and the

senate will respond? mario: sure. have coalescedns around the president and said they overwhelmingly will support him trying to name someone to the vacant seat. we're expecting an announcement that he has been teasing all week for 5:00 on saturday, in which we will get his pick for the bench. what we do know is that there are five women finalists that he has spoken about. we know he has talked to at least one of them. we know he will have this announcement on saturday. emily: what is your sense how democrats will respond here given that there is a risk this consumes the news cycle? if it doesn't happen, you can see republicans flooding to the polls just so trump can get his pick.

there's a lot of interesting political dynamics at play. mario: that is absolutely correct. the democrats have said they will oppose this. they said there was precedent set in 2016 with barack obama's pick to fill the seat of scalia. so, they opposed that, citing the precedent. republicans pushed back. the democrats conundrum is to oppose it, but oppose it without anienating voters in election-year who are already sensitive of this partisanship in washington. emily: sensitive is one way to put it. mario parker, thank you so much for that update. we will continue to follow your reporting over the next 24 to 48 hours. coming up, speaking of social media. an early investor in facebook is demonstrating a new social network without all of facebook's flaw.

we will speak to the cofounder of telepath. next. this is bloomberg. ♪

emily: while many social media platforms especially facebook have been under fire for their handling of hate and misinformation, in early investor in facebook and other tech veterans are joining forces to build what they hope will be a nicer and more thoughtful social network. telepath was unveiled today and enlists be kind as its first rule. joining us is cofounder and share mark bostic.

they invested in facebook before the company went public. thank you for joining us. facebook was one of elevations most important investments and now you are trying to build a social network that does not hate or misinformation or many other things facebook has more recently been challenged by. what exactly is your goal here? mark: our goal is to create a space where people can have great conversation. we are narrowly focused on conversation where people who have an interest can find other people who share that interest and talk about it in a space, usually with people they don't know previously in the real world. emily: it is invitation only to start. what makes you -- think you can actually get users to use their real name?

facebook has 30,000 content moderators and even they can't do it. mark: our view is that if you start out with strong rules and strong system when you are small, you can basically great -- create a culture where people are kind and where you don't have a ton of disinformation. this is really a combination of people and software. we require people to use their real names. they have to have a phone number which we verify with carrier id. we think that the box and fake account problem will not be as bad. it is our intent over time to address disinformation by creating trust ratings for different sources and reducing distribution for outlets that we believe recurring lee publish fake news. our intent as we get bigger is to use systems and people to

scale. some of your early users include the guy running instagram himself. i saw matt hoffman. do you envision this reaching a wide audience or is this more of a smaller curated set of people? and if you do envision it reaching a big audience, how do you handle some of this stuff at scale? mark: our intent is that it should be a great experience for anyone that likes to talk and have conversation about a topic. it is not intended to be a horizontal social network that does everything. it is not a place to share videos, for example. it is really a place for people -- if you have one interest, narrow or broad, you find others that share that interest and want to talk about it. again, as we get bigger, our

philosophy has been to double and see what's broken and fix .hat we believe by making kindness and no fake news important company priorities, that we can keep that culture and that tone even as we get bigger. emily: it is not lost on anyone that your sister-in-law is sheryl sandberg. how is cheryl and the family taking this? mark: you know, i have not been super focused and thinking about other companies, nor is richard. facebook and google and tiktok, and others, snapchat and twitter, are so huge. our focus has been really narrow. so, i have been working on this for a couple years. kidsd to -- my wife and are on the site. it's not like we're in a

cave. in general, we tend not to think about the big companies, because the big companies, we don't see ourselves as providing some enormous, all-encompassing experience that is an alternative to that. emily: that said, -- i would like to hear more, but we will leave it there. your elevation cofounder roger mcnamee is guest on our show often. clearly, you are doing this because you don't think the alternatives out they are necessarily an option for many people. he said facebook is a threat of what remains of our democracy, it has too much power. do you agree with him? mark: i was a very early user of a bunch of social platforms. starting a little more than 10 years ago but what i loved about the early social internet -- i

would have some narrow interest. none of my friends in the real world shared that interest because they thought i was crazy to be so intensely focused on this or psychology or parenting. whether it was on facebook or f orums, i would be able to find people. our goal at telepath, in some sense, is to re-create what those early communities felt like. we will see. that is really, that in some sense, really motivates richard and i to recapture -- i look back over the last 10, 12 years, and nothing more than half of the new friends i made started off on the internet. so, we would like to be able to create that experience for our users. very much, tiktok has been in the news and has provided this competition to facebook and has offered a new kind of social network. the people behind tiktok say

they want to be an uplifting place for users to go. what are your thoughts on tiktok as an alternative? mark: i guess i have, like two kind of opposing views. on the one hand, it is superfund. i use it a lot. it is really enjoyable. i do think it is like, it makes me feel good. i think it is like, remarkably good about politics sometimes. and obviously, music. thompson,ot of ben and he has -- his writing has the politicalhat issues that have been identified by many people, you know, involving tiktok are. potentially dangerous so, i'm kind of split. do you read that? emily: i do. i do know ben thompson. i will take a closer look at some of the things he has

written more recently and we will get you back on the show to talk about it. mark bostic, we will watch to see how it works out. coming up, amazon revealed a slew of new products and partnerships including echo, echo for kids and even a gaming service. we will talk the amazon senior vice president next. this is bloomberg. ♪

echo's, echoes for kid, with or without video. amazon's event was jampacked today, and veiling new security cameras for cars and homes, fire tv. a cloud gaming service and controller called luna. i caught up with the senior vice president of devices and services that amazon. dave: i think it is a big market. gaming, we are in the renaissance of gaming right now. different customers will want different types of gaming and luna brings that to them.

we're focused on the idea that gaming is not just in one place. being able to do triple games -- triple-a games often takes a very expensive tv. a allows those games to transfer from location to location. over tv stick to an iphone to a mac and apc seamlessly because the controller can just sync automatically between those devices. we think that is truly different than a lot of the other things out there today. emily: amazon games studios have had some setbacks. you released and unreleased games, some games have been released -- delayed. what is the incentive for microsoft to put bethesda games on luna? some of the big-game publishers, the huge customers are walmart and target, which are amazon's rivals. do you need more original titles to make this work? dave: we started with two different channels on luna. the luna plus channel which has

over 50 titles and early access. we also announced a partnership with ubisoft. many of the titles will come out. listen, every different publisher is going to have a choice of where they want to put their games. we think we put a lot of advantages. we bring deep integration into twitch, where game streamers have said they are loving what luna brings. we think we will bring different types of customers that you might not get through the console market or pc-based market. if we do that, the content will come. emily: let's talk a little bit about what comes next. we want to talk about these echo devices that you unveiled. a new spherical echo. what has been the most surprising ways that folks have used echo in their homes during covid? dave: the home is becoming people's classroom. it's becoming their movie theaters. it is certainly becoming my workplace. you could certainly see echo based devices and alexa and

general helping across all of those. we see people using it to help learn. it is a great homework helper. much better at math than i am, alexa that is. we added some new features with alexa being able to help kids read. we had a kids mode so that she can automatically know when she's talking to a child now and sort of cater her responses based on the age of the child. it isth entertainment, hard to go to a movie theater these days, so people are screaming more and more. billions of hours a month on fire tv right now. being able to use alexa and fire tv to quickly find the shows you love has been an exploding use case over the past six months. emily: i was particularly intrigued by the echo dot for kids. i am curious, the first time doing a virtual gadget reveal. people can feel and touch these devices. how much of a challenge is that

going to be going into the holiday season and how do you expect that to impact holiday sales? dave: that is one of my favorites. tiny, super cute. i think we are going to have to be better at extending our products across the board. luckily at amazon, we have 20 plus experience of doing that. i also think as we get closer to the holidays, people hopefully will be more comfortable going out to physical retailers as well. what we want to do is build great products and try to ask plane that as simply as we possibly can. hopefully, customers will love them as much as the team loved inventing them. emily: dave limp, senior vice president of devices and services at amazon. coming up, cloud-based infrastructure continues to soar amid a remote workforce. what trends are here to stay. we will ask aaron levie for his predictions, post pandemic, next.

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yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... for one thousand dollas off your walk-in bath plus a free kohler bidet seat with purchase. welcome back to "bloomberg technology." the pandemic has forced his this is to keep -- is this is to keep work remote. the s&p 500 has seen growing dramatically. we see the listing of cloud-based ipo's. last week, valuations in the tens of billions. now for a closer look at the sector, ceo aaron levie. great to have you back on the show.

we saw a day leverage of tech ipo's last week. -- a deluge of tech ipo's last week. soaring over 100%. what do you think about these new cloud companies and what they can expect in the near term? market is veryo volatile right now. see dynamic range -- you will see a dynamic range. we will have a lot of different mirrors about people having money on the table, stocks going down or up, but the broader macro thing that we are seeing is companies founded 10 years ago that have now reached the scale with even more of a tail end right now. in many cases, these are companies going after large

multibillion markets that have -- that has growth in front of them. you will see this on the ipo pipeline because in the past decade, we have seen hundreds of disruptive companies emerge and get hundred and be able to reach scale -- funded and be able to reach scale. emily: you compared snowflake to google, how much bigger do you think the market can get? d-league we can look at snowflake the same way that we look at google today -- do you think that we can look at snowflake the same way that we look at google today? aaron: it was more of the sheer amazement. i remember google being a jaw-dropping valuation, game changing, historic ipo in terms of their scaling. none snowflake, -- then

snowflake, which is not known by consumers generally, but it is a days -- a disruptive company that is going larger and google did -- than google did. profoundt is a revelation of how big clouds are. the markets are going after our so anonymous. we would -- are so enormous. a companying to see go public? the opportunities for disruption wey continue, and i think will see more companies go public. emily: we have airbnb coming up. and this debate that is continuing to rage about money left on the table. if they are so focused on

institutional investors, do you think those investors are so valuable right now given the liquidity? a number of these companies could have raised the price and raised more for themselves. aaron: i am on the opposite end. i think it is great that there are a lot of different ways to do and ipo. direct listings, more traditional ipo's, different approaches now, but i would -- for us, we went public with a traditional approach. our stock went up by 70% in the first day of trading. we did not think we left money on the table, we thought -- we were happy to go public. i think a lot of times, there are things to look at in retrospect. the sheer demand for a new public offering at the start of

the ipo process. some of it ends up being easy to comment on after the fact i'm a but i think that from a corporate standpoint, going public is making sure that you can educate investors, building a strong support within your ipo process, and incrementally leaving 20% of financing on the table is usually not the most important factor. maybe it should be, which is again why it is good to have different points of you out there. -- of view out there. emily: oracle is an unlikely partner, stakeholder, whatever you want to call it, though it is also a political hot potato. how do you weigh the benefits in oracle bringing that into its portfolio? --on: i think in general

first of all, we are going off what we hear from the u.s. side of this conversation. there are different views on the likelihood of the success from the china side. based on the latest information, i think it is probably a win on all counts for oracle. i do not think there is a single negative on their end. they have an ownership stake as opposed to what was initially perceived as an acquisition of stake in the business. from a pure corporate debt standpoint, you might see appreciation on the equity value, also a large cloud customer that will push the platform forward. ethic all of those things are great. -- i think all of those things are great. it is forgotten that in the 90's, there were actually multiple efforts to get the consumer businesses built on the oracle platform. this is not as crazy as it looks from afar when you think about

oracle. it has been -- itgic and the timing was the internet superhighway in the 90's, leveraging the distributebox to information by oracle. there are moments where this has president -- precedent. i think it is a good move for oracle. the broader issue i have is the precedent that this could set for geopolitical dimensions to the internet. there is a lot of risk in that. the greater concern for me is what happens if other countries start to look at the u.s.'s actions in this space and try to replicate that for businesses in their countries.

this is an unsustainable approach to having open internet. when you have silos where not only data is stored in the region, but also ownership, operational control within that specific region. that would be a nightmare for those platforms. one of the powerful things about the internet is that a company could do business anyway. while there are plenty of cases where that is not true, the issue is that the u.s. is may be setting up a ater internet standard and we are definitely easing up on that -- a better internet standard and we are definitely easing up on that. softwareternet companies have historically relied on the huge sales conferences to drive sales of software throughout the year. this huge -- aaron: wait. emily: we are going from tiktok

to boxworth. wrapped your big conference and you had to do it all virtually. how did it go? what did you learn? do you think these big conferences are going to return in a post covid world? aaron: great question. segway.ery smooth -- i love the very smooth segway. scale ofe registrations we would normally see at an annual conference. we saw engagement in many areas. overall, great level of a tendance and engagement -- great level of attendance and engagement. much lower costs, a much easier way to get this to our

customers. benefits,lot of hitting a customer base that we normally would not have been able to and eight two or three day conference. three dayo or conference. there is a difference in being able to have conversations one-on-one with customers with different experience from that standpoint. we had to move to virtual. now we are asking the question, how does this look in the future when you cannot have physical conferences? do you still rely on a virtual environment? a hybrid conference? overall, we were happy with the success of the event. emily: you have customers ranging from morgan stanley to

after seneca, are you mapping out a mass return to work for a prolonged distributed, permanently distributed virtual workforce? each stage of this pandemic, i have been wrong on timelines and impact, so i'm the last person anyone should look to on predicting stuff. in general, what i think our approach has been, is it toooves organizations have flexibility and resilience. that way, you do not have to have accurate predictions on when people return to the office and when people will be open up -- open up. we cannot be in the business of predicting because there are so many factors from societal, health-care, vaccine actors, --

it is betterrs -- to set your business up to be resilient. even one offices do start to open up and when people want more flexibility, we are definitely in the middle of next year no matter what. the school season is forcing companies to have to make sure they have long-term flexibility for parents that have kids at home, that are doing remote classes. i think we are in the middle of thatyear before we see opening up, and that would only work with the health-care crisis been resolved in some degree between a vaccine, therapies for remediating the problem, or wholesale mask wearing and social distancing techniques. the companies we talked to see the benefits and expect that

they want to maintain that going offices open when up. emily: i appreciate your attempts to predict the future. aaron levie, ceo of box. always good to have you. coming up, what is at stake for the future of remote work? how do companies manage a distributive workforce? we will talk to the ceo of your duty think -- pagerduty inc. this is bloomberg. ♪

emily: companies are racing to develop technology for

productivity. a business doing that is pager duty -- pagerduty. the company has seen a boom in clients. tejada, thank you for joining us. great to have you back on the show just because it will help pagerduty does. you're responding with your technology, people working from home, talk about the demand that the pandemic is putting on your services. me,ifer: thanks for having it is great to see you. we are all living, working, and learning online that is putting a tremendous amount of pressure on online businesses, whether you are zoom and supporting the video world engaging by a -- via video or telecom.

with more traffic on these platforms, they are experiencing unexpected challenges and that is normal. when you see an abrupt increase in traffic, you also see an increase in incidents. they are not necessarily a site going down or something went dark, they are about not being able to transact the experience you want to have. a consumer might quit, they might find a different alternative. it is important for these businesses to be able to address these situations quickly. likeduty helps customers zoom, the new york times, doordash, we help these folks manage all the complex technologies so they can identify problems using software and she and learning before a customer feels an impact -- and machine learning before a

customer feels an impact. we have seen an increase in 40% idents in the pandemic. the platform is working for frontlinethe digital is also working a lot of extra hours and extra time to try and manage this overnight transformation to digital. emily: speaking of managing this transition, you did a big acquisition, you are running a company that will help build out the technology you have to offer. some challenges these companies are facing is managing a remote workforce from home, and i am curious what it has been like being a ceo of a public company, managing so many people that you cannot see in person everyday. a learningt has been

curve. we were well prepared for it because 20% is already remote, what we do is largely digital, so the ability to move home overnight was pretty straightforward. the bigger challenge is that changeen much harder to the processes around things like hiring executives. we have acquired a company without me being able to business them within their offices, which sounds unusual, but you have to change your diligence processes and adapt so that you can get to know that new executive or new team really well even though you cannot see them in person. i made a road trip to sit down at a picnic table socially distanced with the cofounder of run deck to help will that relationship. we try to tweak things to make it work. it has also put a lot more onus on us communicating much more

regularly with our teams, our customers, our employees, so that you have that constant connection. as a mom, i used to travel quite a bit for work. one thing that i knew was that if i let a day go by without talking to my daughter in the morning and evening, little problems became big problems. small challenges became big challenges. constant connectivity is really important. it does not necessarily need to have been over video, but you hand onkeep your the pulse of the organization. also ways to collaborate and innovate, which is harder when you cannot do it organically in the office. we are learning a lot, using new tools, we are making a lot of progress. emily: so important. thank you so much, jennifer tejada, for joining us today. spotify setting its sights on the big screen, hoping to turn

its podcast library into valuable stories for hollywood. a producer now behind them. details next. this is bloomberg. ♪

♪ spotify is heading for hollywood plans to turn the original podcast shows and these. the streaming service decided to partner with the producer of oscar nominees, and for versus for ari -- ford v. ferrari. what can you tell us about this? >> there is some money that changes hands, or a commitment to make certain projects, this has none of that. this is a shared commitment between spotify and truman entertainment, and a production

productionan a plus company. adopting spotify into podcasts has been popular, but spotify thinks it become bigger and will signal to investors that it thinks it is a huge opportunity for more shows. you have theme, entertainment still dealing with covid antifreeze on production -- and a freeze on production. movie titles are getting delayed. like widow, for example, -- black widow, for example. talk to us about how hollywood is challenging -- handling this challenge. lucas: the movie business is stuck. you canuction has, but watch this at home, on a streaming service, the movie business -- the big hollywood studios are all entirely reliant

on the theatrical experience. they do not have confidence on returning -- releasing titles online. the big studios are delaying releases because they keep having to release cash announce new release dates. chances are, they will have to push it again, so the smartest studios are the ones that are writing off this year and waiting to see what will happen next year. or the ones that will experiment online. but experiment like mulan did not appear to be a success this year. emily: my children and i watched mulan at home, did it not have a huge impact when disney made it available? lucas: disney has not made any public statement on that and

data points in the opposite direction. the people who measured it said that i did not have much of an impact on sign-ups in the first couple days. there was another report that millions of people watched it. if you look at the disney rankings, it fell out of the top 10 pretty quickly. it did not have a long life the way that hamilton did. disney has been clear in its public messaging that this is a one-off experiment. that if this was a big success, disney would come out and make some comment that was more optimistic or indicate plans to do this again. we have heard either of those things from the company at -- neither of those things from the company yet. emily: we will continue to watch how this situation in hollywood and movies of all. thank you so much. that does it for this edition of "bloomberg technology." bringeek, bloomberg will

you special coverage of the presidential debates that start on tuesday.

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haidi: good morning and welcome to daybreak australia. shery: good evening, i am shery ahn. top stories this hour. wall street on a roller coaster with new stimulus talks in washington.