♪ taylor: this is bloomberg technology. i am taylor riggs, and for emily chang. theng up, we speak about antitrust report from legislators and if the findings are a threat. .lus, demand for gaming we speak to the ceo of super league gaming on one of the fastest growing segments in the

pandemic. todyman continue if we start open up the economy? -- can that continue with we start to open up the economy? and what is the recourse if you wake up in your robinhood account has been drained? good news, abigail doolittle is here with us. her account has not been drained, but she has been here with us all day. risk on we had a nether that day. not just a risk on week, but a second in a row. for the nasdaq, third. that september felt so bearish, and it was, but we seem to have really recovered from that. today and this week after so many whipsaw's around stimulus on and off, right now there is hope among investors that stimulus is on and a big deal could be agreed on. nearly on the week up

4%. nasdaq having its third up week time we have first seen that since august. a big driver for both of these indexes, amazon, up 5.2%. there could be quite a bit of upside there. nextf course prime day is week. that's something investors are looking forward to. wererming risk on, bonds down although the 10 year yield is still not popping. as for one of the big stories on , one that is near and dear to your heart as far as technology, there is a potential xilinx and amd. the thought here is this will on intel.ake

the interesting thing about this stock, yes, it had a record high. if we go into the bloomberg terminal, the index is a bit overheated on a weekly basis. if you have the stocks over the last -- we have the stocks over years incouple of pretty reliable trenching between buyers and sellers. any time geared -- and it got here the top, it went back down. bottomicators on the mean the stock is the most overbought than it has ever been. investors are a little bit ahead of themselves. we will see you as we go -- we will see as we go into the end of the year. always on top of it.

thank you as always, abigail doolittle. big tech rallying on signs that president trump says maybe a stimulus package is on the horizon. but the threat of antitrust has not gone away. joining us now is a senior analyst. from a broad perspective, as you think about antitrust, is this fears of tomorrow, or are stocks because this could be a decades long fight and they could come out unscathed? >> it could be multiples across big tech names. besides google, facebook, amazon, i would put apple increasingly in that camp as well. i think if the government brings a case, i think it will basically be tied up in the courts for a couple of years at a bare minimum. facebook,nk through

amazon, google, i actually look regulatory impact ranges. taylor: let's talk about facebook. facebook,eople have messenger, whatsapp, instagram. is there a threat all of that could be taken apart? ofin the event that it is, the three, i look at probably facebook having the most disruptions if that were to occur, but for what it's worth, obviously the government was a little bit distracted with everything going on with covid, but they were going to go ahead and seek an injunction against the ntc about tying together messenger and instagram. the fact that that actually proceeded without the injunction, to me, is probably on the margin of a slight positive update. investors very often like to say

that companies will be worth more to the extent that there are to vest teachers. i don't know if i entirely s.bscribe -- investiture i don't know if i entirely subscribe to that with facebook. you have to rebuild targeting a second time over. you have to rebuild the sales team. you are not going to have the revenue that existed before. google is probably the company i am most worried about. i look at three potential scenarios and sort of tie an apple around one. i think apple has been getting increasing scrutiny around the app store tax. i asked them, you walk out the door is a gaming company and $.30 of every dollar gets paid or google.

the government in 2010 walked away with no win. i think they are looking at this search is a monopoly, but what do you do about that? but they could say to apple and is not 32 -- 30% reasonable. you are a duopoly. a fair rate is 15%. that, to me is something that's in the range of possibilities. i remember seeing pre-covid a story hitting on bloomberg about google talking about spinning out double-click. to me, that would be if this makes the government go away would be the best chess move of all time. google has already gone ahead adh a chrome browser blocking and cookie elimination. chunk of what drives their profitability and growth. taylor: there is a lot to digest

there. to amazon.witch a lot has been said about amazon web services. there is competition within that space as well. what do you see as the biggest threat to amazon? amazon, i really think the only thing they would pick on would be around private label. i don't have an exact number on it, but i would guess it's 3% of revenues. 5%-6%. we took our price target. i think people are not appreciating some of the of the dollars they generate out of the advertising business. still materially too low if you take 6% from ebay. a stock getting

valued on 2014 numbers. there are not a lot of names you can say. go,or: before i let you , what do yout week expect from prime day? will get anhey incremental driver from it. one thing i was wondering about is if they could conceivably start to give away the fire tv hardware. be ank it's just going to great tailwind for the fourth quarter. been a big event

for them. it helps drive their own branded hardware. of the category in general advertising, it's really positive. i actually think you are going to see target and walmart trying to go at amazon, so my suspicion is it's going to be a very nice tailwind for the online ad space. oflor: michael levine pivotal research, thank you as always for joining us. , we will talk to a republican congressman on his thoughts about the report. all of that next. this is bloomberg. ♪

taylor: this week, house leaders released a stunning report that could pave the way to break up monopolies like apple, amazon and facebook. and the companies are pushing back. a republican representative from colorado joins me to talk about the report and the response. what is your take? >> some of these companies have been cheating. others have been stifling innovation. for the ftc come and the antitrust division to do their job. there have been over 750 mergers and acquisitions in this area in fewlast 10 years, and very have received any scrutiny.

the federal government needs to do a better job of scrutinizing these acquisitions and putting some teeth into the antitrust laws. taylor: it's interesting though that in the last year there has been more pressure and more discussion about antitrust. they still have continued to these mergers and acquisitions. are you concerned that the pace has not slowed? think theyd i understand that the enforcement agencies are busy and undermanned. the one piece of bipartisan news we have is that both republicans and democrats in the house, and i would guess in the senate also, feel very strongly that we at theincrease resources enforcement agencies. they are less staffed than they were 10 years ago, and given what is happening in high tech, we cannot allow that to continue to happen. taylor: we were having a

discussion in the last segment, and an analyst who covers these companies on the street talked about facebook breaking up being the most disruptive. are you worried about which company could be the biggest risk if it's broken up? i'm not concerned at all. i don't think enforcers are necessarily going to seek breakup as a remedy. facebook has acquired companies -- for the purpose of stifling future competition. i think it's important that we get back to -- and perhaps we need to change the burden of proof that a company that dominates the marketplace like a four or five companies we are talking about, the burden shifts. and when they engage in a merger or acquisition, they have to prove it is not anticompetitive as opposed to the government

proving it is anticompetitive. i don't want to lower the bar 80%-90%, but with this bracket of domination in the marketplace, they should have more of a burden. taylor: let's talk about some of these individual companies. we talked about facebook and google. the search engine is coming under scrutiny. what does a breakup look like? how can you break up search engine? how have they suppressed competition? they have used their search engine to accumulate information about the buying habits of millions of people and then created products to compete with the products on their search engine. so, amazon and google both do this, whether it is a music app or -- and apple also. all these different companies have separate product lines they

are creating. they create them to compete with other companies and they have this tremendous advantage because they owned the platform that people buy the product on. apple alet's talk about little bit. globally, android has a bigger .arket share is that really a concern or is it a concern about feeds from the app store? plane overall business that apple has put together that is a major concern is not just the sale of iphones or apple products overall, but the app , the other areas apple engages in, they use the iphone to hamper competition from these startups. what is ironic to me is these four or five companies were started in a dorm room, in a

garage. they absolutely took advantage of our capitalist system. they were the startups. they got the venture capital. they move forward. and now they are suppressing the very businesses that are so similar to what they were a decade or two ago. uplor: i am glad you brought startups because there has been some concern -- i am thinking about the 1990's when they were so focused on antitrust and fending off concerns that they were a monopoly. there were sort of the lost time when companies were no longer innovating and then you had a bunch of brand-new companies that we see today that came in as disruptors. are you worried that these companies are so focused on this eventually newer companies will take over because these companies will no longer be able to innovate? is that a risk? >> i'm not worried about it.

i think it's great. acrossill be garages america starting new companies and eventually capitalism will -- andll of these venture capitalism can go to these products and decide whether to invest or not. that is what makes america so much different than other countries. we innovate. innovation is the hallmark of our capitalism and our economy. china will steal whatever we innovate five or 10 years later, but let's make sure we are doing everything we can to innovate. the four ories, five companies we are talking about are crushing the small innovators. that's what the problem is, and that's what i hope the next phase of our antitrust work in congress is, to make sure we are focused on how to create a remedy so that these small companies are able to grow. thank you as always for

your perspective and your time. , we will hear from the ceo of modern fertility. this is bloomberg.

no more expensive trips directctor's office, a to consumer startup is making fertility products more accessible to families. the latest in our retail transformed series. what is fascinating is there has ton a big shift from big-box direct to consumer. why a shift for you to accompany

like walmart? >> thank you for having me. i think the transition has been everywhere. fertility essentials we launched a few months ago that landed in walmart about two weeks ago, pregnancy testing was one of those products. 85% of pregnancy tests are bought on retail aisles. womenare really meeting where they are. retail is an essential part of that strategy. for every company, it is different, but for us, it is an essential part of the next phase of our strategy. taylor: as you just mentioned, pregnancy and ovulation tests.

expansionus why the at this moment. >> we started the company as a fertility information company. we felt like the conversation around fertility was very reactive as opposed to proactive. our flagship product was a hormone test. tests basically the same women would do in a fertility clinic if they were having trouble getting pregnant. we made it available in stores at a fraction of the cost. tolaunching it in a direct consumer environment, we build relationships with our customers, with our community, with our following. as part of that, we started getting a lot of requests and a lot of questions about why don't ovulation tests work for me? what pregnancy test should i buy ? when we dug into the science, we saw an opportunity to develop

and build a better product for expand to include a broader offering on fertility essentials and then went a step further by teaming up with walmart to be able to meet women where they were on aisles across the country. a lot of direct to consumer companies are focused on luxury products. fertility and fertility information is often seen in that same context. moderntarting fertility, we were really breaking their ears and bringing these products to the masses, -- breaking barriers and bringing these products to the masses. fertility is a right, not a luxury. theor: i am curious what funding environment has been

like for you. and how silicon valley has handled meeting where they are at. >> i think silicon valley is playing a little bit of catch-up right now when it comes to women's health. this was not the case when we modern raising money for fertility in early 2017. when i would go and pitch , i was met with a lot of confused faces. so, fast forward from that point. now about three fourths of our customers are 1-3 years away from actively trying to conceive, and i think the broader trend of women waiting until later in life to start their families, having another

-- we have so much information about our clean beauty products. taylor: i'm sorry to cut you off. vanke you as always. cap -- thank you as always for joining us. this is bloomberg.

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but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. taylor: welcome back to "bloomberg technology." i am taylor riggs, in new york. i am in for emily chang. toer league gaming continues surpass multiple benchmarks even in the crisis. joining us to discuss the state of the global gaming industry is ann hand, ceo of super league gaming. i am curious as we start to open up again, how do you expect this momentum to continue? >> is probably one of the most popular

questions that i get from one are public investors. look at predominant trends that existed before covid. you already had gaming bigger than tv and bigger than the global film box office. we have talked before that this is the dominant form of entertainment for millennials and gen z. there is a lot of stickiness there that i do not think will change post-covid. accelerant ineal our digital reach. taylor: how do you turn that accelerant into real monetization? ann: absolutely. when we listed on nasdaq, we knew that the pressure was on. this,ody is excited about but it is beyond the traditional publisher model. we feel that heat in a good way.

doing, what we have been we have been looking to monetize gamers. we have about 2.3 million strong users. more importantly, we are advocating the content. given highlight reels and gameplay, and we can distribute that and monetize that in a lot of ways. today,ar, we have year 191 original content series that have been posted on snapshot and -- snapchat and instagram. gamers are giving us this and we are able to repackage it to monetize. monetizing the player and monetizing the content of the player, that is the key. taylor: i am curious if anybody has thought about any addiction issues. when we are all at home during this pandemic, maybe gaming is

taking away from other learning experiences? has that allowed you to think about how to turn gaming into a learning opportunity and combating criticism? what do you say to that? ann: that is the heart of super league. when we came together in between 19, we saw that there was a lot of positivity in gaming. a lot of games have strategy. wrap teams when you and leagues and positive tournament around it, it it teaches you about sportsmanship and collaboration. that is the heart of our brand. that is how we have been able to track the types of content that we do. whether it be topped off work happens to be great brands like logitech or nickelodeon. we saw that there was an

opportunity for positive gaming and reinforcing that behavior. hallmark of the company. a high code of sportsmanship. too much of something is not a good thing. but gaming is just a much about the friendship that your voting through the games that it is about the games itself. taylor: your partnering up with city football group and soccer club operator. what do you want to gleam from that partnership? ann: we are excited about this. see traditional sport owners now 2 -- -- now investing in traditional total carbon -- nowity ventures leaks investing in traditional esports leaks. city is the dominant force, bringing it into our virtual environment. this will be a super positive

experience. minecraft willay get to participate in a three month competitive experience. they will be doing it and the legendary stadium, a real engaging and positive experience for kids. we have another exciting game that we announce we are lunching with and another couple of valley,alled venture and it about teens learning to start their own businesses and make smart decisions about optimization. yourr: i want to end about perspective about tencent. the trump administration has proposed blocking this in some way. how did that impact you in some way? have you spoken to to sent these issues? have you spoken to tencent?

ann: a lot of the conversation that i am listening to seems to be targeting other properties. partner, all of the gaming partners that we work with, have pretty strong points of view about adhering to the local laws, with regard to data and data privacy of gamers. that is a hot button for gamers themselves. that lines up pretty strongly with our brand values. we do not think that there is a concern there. we're pretty hard hard-pressed to find a mega-corporation out there, whether a china one or u.s. one, that does not have a significant step that they are making in gaming. next audience the of potential consumers are spending their time. taylor: we would love to have you back. thank you for joining us, super league gaming ceo ann hand.

to introduceushing clean 5g networks. fromard earlier washington. turned entirely. the big news is the integration of the clean network with the eu clean toolbox. the countries i went to. luxenberg. belgium announced that. the big one was germany. that is where they are about ready to issue regulations. we saw at the same thing with regard to auction -- two austria and spain. transatlantic alliance in 5g is secure.

kevin: why the shift? specifically with germany, it seems that there has been a shift with germany. what changed? combination of three factors. of time with the deputy secretary, and he said you cannot afford to have a fractured nato. civilian networks and peace and wartime. let's factor that as number one. the second is the clean toolbox. a lot of people do not know this, but he announced that the board of directors has to make the decision. if they choose a high risk supplier, just basically the

chinese suppliers, and something goes wrong, they are virtually reliable. the third thing is the integration with the clean network. they get to see that momentum around the world. kevin: if you look at some of the economic data, and supply chains, they are making a lot of money. their profits are booming. does that concern you? how does the u.s. diminish some of the clout of these companies? >> i think you're going to see the show up. they are private companies. with these guys. their deals are a rep rating -- evaporating all around the world. the most that we can count outside of china is seven. kevin: you are just in taiwan. specifically on chinese payment.

administration going to be doing about many of the national security concerns pertaining these companies. cannot talk about our internal deliberations. it is a cause for concern. kevin: you are in taiwan, attending a funeral. tell us what happened. how was that? mr. krach: i went over to the funeral of president lee. he is the father of democracy, he is like their george washington. ranking sinceest 1979 to go over there in taiwan. when i was there, the chinese tod 37 fighters and bombers break the airspace. i can tell you, i had such a great meeting with the president

and many of the ceos. we had an economic dialogue on many issues. they are a great partner and great friend. they are a role model for capitalism and democracy and a part of the world. taylor: that was keith krach, u.s. undersecretary of state for economic growth. , what does this partnership mean and what is the company doing to prevent another nikola incident? all of that next. this is bloomberg.

taylor: one of the largest worlds oil company, they global

oil conglomerate's attitudes with hyzonources motors. the company already is expecting to deliver another 5000 fuel cell powered trucks over the next three years. to discuss the future of the company is craig knight joining us from sydney. given that it is a relatively smaller company, talk to us about some of the financials and the goals. how do we get there? craig: thank you for having me. it is a great pleasure to be here. motors is the realization of a 17 year journey. through the parent company activity, it is a new entity.

but it is been set up to facilitate commercial mobility. it comes out of a fairly long pedigree of core fuel cell technology. it is the global business right from the outset because of the long history. what are the relative numbers behind the path to 5000? craig: we're looking at multibillion-dollar vehicle deployment revenues. while we think big, we always start small. mottoas been the guiding throughout the whole history with the fuel cell technology. we need strong partners such as total. this will be a global market, with big scale and global reach. taylor: let's talk about those marco -- let's talk about those

partners. total is another great investor. youanybody else approached regarding the commercialization? craig: we are engaged with a number of commercial discussions with companies around the world. we believe that hydrogen, that the only option to get very high utilization commercial vehicles off of diesel, we are talking to government agencies and major corporations. about -- i'mo us trying to understand more of the business model here. who would outsource the building? is that how you would sell or lease these trucks? craig: we concentrate on the core hydrogen system fuel cell parts.

reasonably asset light business model. we can depend on really good quality vendors to help us put together those capabilities. we can work with a number of different partners because we powerhe core fuel cell technology. of different lot incumbent players in these different sectors. taylor: can you give us the names of who you are and talk with? -- who you are in talks with. craig: because it is relatively early days, i think i would rather showcase the actual vehicles on the road, before we talk about that. taylor: i understand. i had to try. talk to me more about in this moment. there's so much focus on companies like nikola.

how do you differentiate yourself? this all comes down to intellectual property and maintaining that as your goal. craig: that is a good question about intellectual property being at the heart of this business. a our view, the fuel cell is core technology and the mobility system, at the core of our business. we believe that we have the core technology to differentiate our vehicles even when we outsource the non-core components. we can differentiate with the core technology. thefocus has been on laying foundations of the core technology the parent companies journey of 17 years. we have built up a very strong portfolio in the core tech. this is that the heart of a successful business model around fuel cell commercial vehicles in the future. taylor: how are you thinking

about the future of this business? if it is longer range, how do you get there? if it is inter-city, how do you get the cities to pay for this? craig: that is a good question about paying up. in the beginning, to get started, you might need early investors to start the journey. we expect the whole cost of ownership for hydrogen powered buses and heavy trucks, within the next three years, we expect those total costs to match diesel fleets. ongoinges about from innovation. this also comes from increased investment in hydrogen and increased of the ability of hydrogen. that is a very important consideration in the total cost of ownership, the cost of hydrogen and fuel. motors.the ceo of hyzon

come back and join us. still ahead, several hundred dollars had disappeared from robinhood accounts. more details next. this is bloomberg. ♪

catapultedinhood ared and its online rivals attracting amateur investors. in the company's rise, is come with ongoing problems. several robinhood have struggled to get help. i will bring them sophie alexander to discuss what she uncovered in the analysis and investigation. sophie: we heard from several robin hood users, the date notice that some of their shares are being used. and they were thought the ones

doing it. numbers were their declining and they could not get in touch with robin hood to try to figure out what was going on. the response from the company was pretty frustrating from all of them. taylor: i want to get to the response. what is the recourse? do we have any sense as to if your money starts disappearing, what you do? sophie: everyone's first instinct was to try to find a phone number to call for help on the company. robinhood does not list a phone number for customer support. they suggest that you email at robinhood.com and that someone would get touch with you. but that is not an actual person. someone else follows up with the rachelike a lauren or and says that they are there to

help. emails.e boilerplate at these people, the transactions were still pending at the time they got in contact with robinhood customer support. robinhood was not able to do anything to keep the money from being withdrawn, and they lost the money. taylor: i am curious. again big picture about robinhood. nobody saw this pandemic coming are the rise of this retail massive search of this account. now that we are six months in, do you think that robinhood has done enough to stay alive and staffing up to get the customer service, given that they have had such a big increase in such a short amount of time? sophie: the company has more than doubled their customer support team that is the beginning of the year. they are opening up to offices

also this year, to house those new team members. still, there is no phone number. a lot of people were frustrated with the customer support that they cut. a lot of -- that they got. a lot of people heard that they would not hear back, and a new person would respond to their concern. new agents were responding to the same inquiries, and not as quickly as they would like. taylor: are these glitches enough to deter investors to go into other more established accounts? or is there something about robinhood that makes people love that company so much? that they could get past these glitches because they love it? sophie: i'm not sure. this will certainly be a test on

the company. for the people that i spoke with, most of them said that they are planning to take their money out of robinhood once they got it back and had access to their accounts again. locked inem were response to this. it is hard to say. there such a craze over the company right now. taylor: thank you so much as always. sophie alexander, covering the stories as they pop up now and again. that does it for this edition of "bloomberg technology." i am taylor riggs. stay with us because we have a special note regarding the conversation around equality. .oin bloomberg television is it time to redistribute the wealth? this starts tonight at 7:00 p.m. in new york. stick around. happy friday. from new york, this is bloomberg.

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struggle to price political risk of an election, a sick president and stimulus that never seems to come. welcome to "bloomberg wall street week." arvind krishna -- >> we were a majority services company. ibm will become a software solutions company. david: contributor larry summers from harvard to. carly fiorina. >> technology needs to come to grip with the fact that this is a new era. david: and