independence with peace of mind. ask about saving up to $1,500 on your installation. virtual appointments now available. i'm emily chang in san francisco and this is blumberg technology. shiny new apples. latest phones.ts are they equipped with 5g speed? will they usher in the super cycle apple is hoping for? day, amazon launches prime deals designed for shoppers who

still prefer online shopping in the time of covid. aus, facebook, historically staunch free speech supporter, they have cracked down on holocaust deniers and and have asked ads. is it part of a trend? recent gains have outpaced prospects for a quick end to the stalemate over fresh economic stimulus. let's bring in abigail doolittle, following all the back and forth. not good news for future stimulus. also, bad news about some of the vaccine trials. abigail: there was a lot of back and forth. a topsy-turvy day for stocks. especially the nasdaq 100, down half a percent, up half a percent. to break a four-day winning streak, for the nasdaq, that was true for the s and p also's -- s&p 500 that

index also. disappointment that we don't have news on stimulus. pfizer not continuing right now. a temporary pause for their covid-19 vaccine study, as somebody fell unexpectedly sick. the story we have seen all year on a microlevel, uncertainty causing some really choppy trading. wass&p 500, the decline more significant. basically, down the whole day. opening slightly higher, closing down 1/6 of 1%. nine of 11 sectors were lower. the worst sector was the financials. citigroup, one of the big drags. they reported the beat, but they also talked about how the economic outlook overall will be a bit of a challenge.

you can see that stock really sold off. financials, a big drag. there were some bright spots. moderna was one of them. novavax was another one. pfizer pauses vaccine trials. competitors higher. that is one reason that the nasdaq biotech index closed higher. , the demand from dram. we saw a pretty decent rally for bonds. emily: what about apple? we see the stock moving a little up, a little down on the day when they make these announcements. unveiling four iphones today but the stock ending the day down more than 4.5%. abigail: yesterday was the real story. the best day since july 31. that is when the stock was up 10%. today, down more than 2%.

you put these two days together, up 3.5%. those four new iphone 12 powered by 5g phones, lots of sizes and models. the investors care about the numbers. this is expected to really boost numbers for 2021. they are expected to sell less than 200 million units this year. that should help numbers move in the right direction. emily: ok. that roundup. for i want to bring in mark gurman. a number of the announcements that you expected to see. now, having happened, what are the big highlights to you?

mark: i guess for me business perspective, they have hiked the price a little bit. when they announced the entry-level iphone 12, they announced the price as $799. if you look year-over-year, that is a $100 price increase. they have also added $30 carrier subsidies for verizon and at&t, meaning the phone is $130 more expensive. interesting is an thing to watch looking at iphone over the nexts quarter or so. emily: of course, touting the 5g, they need the networks and carriers to step up to improve their 5g network.

we saw verizon on stage with tim cook today. how much does it matter when it comes to consumers and those who pay up for these new phones actually getting to see the benefit of a 5g network? market: i was sort of surprised that apple went all in on 5g technology. last time around committee iphone 5 in 2012, they barely mentioned 4g. when they had that 4g improvement with some other models and 3g improvement, they really did not discuss it. alreadyne 3g, it was all over the world. 5g is still in its infancy. but, they did talk the talk, they back it up, they really

explained how they would be ready for 5g. consumers to up to explain that is really the reality. personally, i think it will be a while before we see the true effect. emily: we will see if these carriers can make good on their promises to improve the network. technology, we5g are seeing a big design change. as you reported, it is the biggest design change in three years. new camera technology, new video technology. talk to us about what is really in these phones that would make a consumer want to pick up for something new? mark: when you look at that price increase on the regular 12 models, one of the drivers is the new screen. this is the first time that they oled screens across

the board. when they did the first one, that was one phone. last year, they only had it on two phones. those can cost two, 3, 4 times as much. that would be a reason to upgrade alone for most people. 50% faster processor is a big leap, specifically with that a 14 chip. and the camera improvements you are seeing across the board but specifically on the max, i think will be interesting to a lot of people. emily: you have been doing a lot of reporting on the supply chain and how apple has adapted. nownow that the live events have been staggered. how are you expecting that to impact sales given that we are in the middle of a pandemic and there are a lot of people struggling, but we are also more connected and need our devices

more than ever before. on some models, it is about a one month delay. the iphone 12 and 12 bro, one month. iphone 12 12 many and promax come out in mid november, 30 days until today. that makes it a two-month delay. we will see if interest in the regular 12 bro can make up for .hat at least some emily: of quest there is a new home pod mini smart speaker. mark gurman, thank you so much for your reporting. coming up, we will continue talking about apple's product

launch. christina milian ac -- christina milanese and her take. this is bloomberg. ♪

more on apple. the tech giant unveiling its latest range of iphones and product line, which they want to kick off a new cycle of sales growth. i want to bring in carolina milanese. i am usually talking to you after these events but now having it virtually, given the time we are in, in the middle of a pandemic, obviously a

recession, but a new range of iphones packed with technology. how big do you think the super cycle is going to be? carolina: if you look at everything that comes with the new devices, they have a new design, new technology, and a stronger camera, which is still one of the biggest selling points across the board. economicre in a downturn. i also think for me consumers consumerink from a perspective, there is uncertainty across the board. are reallye carriers hungry to get people on 5g. we think some of the bundles and the aggressive price during the event with verizon. hard to call it but they have a lot of things that consumers are

interested in. the question is, where is my money going? for apple, they have more products this year than in previous years as far as where they want consumers to spend money. emily: exactly, awaiting withtially for new macs that apple design chip. four new iphones. many, between the 11one sc and current iphone in size. how does this larger family impact consumer choice? the largerou have portfolio with 5g but as you were discussing earlier, not everyone is ready for 5g from a

consumer or market perspective. sc, 11, and 10r in the lineup. i think that is what matters, giving the opportunity to consumers, getting the price point that is right for them. knowing also that through the software upgrade they are not getting a compromise experience, if you like. emily: let's talk a little bit about the camera technology. obviously, the camera or in this case cameras are one of the main reasons people buy an iphone at all. they enable you to take better pictures in lower light. pros.nable features for how big of a driver do you think that will be? carolina it is always a big

driver. -- carolina: it is always a big driver. this year, some of the features that are linked to both still camera and video are only delivered on the max, the bigger formfactor. it is interesting because not everyone wants the larger form factor. there returning to where iphone 6 plus was, where if you wanted the latest technology, you had to go for the biggest formfactor. i think apple is playing a little bit with pro features. how much are willing -- how much are people willing to give up a d slr experience for a phone? that is the balance, trying to find enough features for the there that makes my shot

noty shot better, necessarily more complicated. where's that line that litters blurs, as a pro, a camera versus a phone. emily: apple has not taken huge market share in smart speakers but they could. there are new opportunities with sensing your iphone when it is close enough. do you think this could be the product upgrade that it needs to take off? : i think the price point is aggressive. $99 will give people a reason to check it out. if the quality of the sound compares with the original home pod, or close to it, it is

definitely a great experience. i think that apple is quite interestingly pointing at the value of the connected home and your smartphone -- your smart home being in the iphone, and then the iphone connecting to other devices. even as they talked about the sound around your television, that allowed you to play a the home pod mini but also air pod. it is fascinating, the different approach that apple has compared to amazon where you don't have a phone. apple is putting all the strength that they have any product that they sell most, which is the iphone. it seems like a footnote

but another big change is that apple will not be included headphones and power chargers in the box anymore. it is a pricey phone. as anok sold it environmental motivation for this. thature it brings down faced cost of the phone as well. but what do you make of this? carolina: consumers are never happy when you take something them, or they don't get a discount. the reality is that a lot of people are upgrading from a previous iphone. the charger is something you already have, so that should not be a problem. , peoples the headset that prefer over the year

headset, i really don't see a lot of people using the out-of-the-box headset. a perception more issue and not necessarily a real point of contention with consumers. much to continue to follow and cover. we will be watching how those new iphones sell out of the gate. thank you very much. coming up, supreme court nominee amy coney barrett faces senators' tough questions this afternoon. the very latest, next. this is bloomberg. ♪

again, you are asking me for a view on that case and justice ginsburg gave the most famous

explanation, no hints, forecasts, or previews. whether any question was provoked by the application of that precedent to a later case. emily: but, did ruth bader ginsburg follow her own rule? supreme court nominee amy coney barrett earlier today, she opted not to weigh in on topics like abortion, the affordable care act, potential election challenges, and gun rights. covering all things supreme court. greg, what were the highlights today in terms of things she did and did not say? greg: she really resisted democratic attempts to cast her as someone who would vote to overturn the affordable care act or roe v. wade. she said she had not made up her

mind about issues that had not come before her. she refused to disqualify herself from presidential election cases that came before her. generally, she has avoided any major slip-ups that might derail her nomination. what are we expecting tomorrow and the rest of the week? have moreill questions tomorrow and more this evening. including from democratic vice kamalaential nominee harris. they have not talked about her presence at the white house for what seems to be a super-spreader fears event for the coronavirus. event for theder coronavirus. democrats are going to continue to try to press her, make some political points mostly about

health care know when do not have the votes to stop her. emily: whoever fills this seat will have an impact on issues for potentially generations to come. one of those issues is technology. there are some techy cases coming up? what are potentially the most impactful cases that could pertain to the tech industry coming up? greg: the court just heard arguments last week in the google-oracle case. there are only eight justices. google,-- oracle says in creating the android operating system, violated oracle's copyright. if the eight justices are divided 4-4, they may reargue that case with her as the one that would cast the deciding vote. the long-term, she would be

youngest justice on the court. that does not necessarily make her the most tech savvy justice but might give her a bit of an edge over older justices who are less used to the newer technologies. emily: she would be one of the youngest justices of all time. you can catch minute by minute coverage of the hearing by going on the bloomberg terminal. coming up, facebook and twitter both making changes to curb misinformation ahead of the election. we will be talking to the founder of common sense media. this is bloomberg. ♪

emily: this is "bloomberg technology." i'm emily chang. the role of social media has become a hotter, more controversial topic as the u.s. nears a critical election weeks away. platforms like twitter and facebook have been under fire over the spread of misinformation and blamed for undermining democracy. joining us is common sense media founder jim steyer who is out with a new book, "which side of history," which explores technology. this features essays from tech ,oices like marc benioff

tristan harris, and others. good to have you with us. you have been raising the alarm about the responsibilities tech platforms have. i know this is a rhetorical question but at this point which side of history do you think these platforms be on? -- will be on? theyit is the question have to answer, because we are at an existential point in our society in terms of our democracy. we can see it in the 2020 election. thee is misinformation in election. also in terms of the impact on your kids and my kids and all of our lives. this is a very fundamental question that i think mark dorseys, timjack cooks and everyone has to answer, which side of history do they want to be on? how do they shape the next generation of young people, our kids and your kids, and our society? these are profound questions and

that is with the book is about. emily: let's start with facebook. you read -- you write about tech platforms, holding them accountable. we have seen facebook crackdown on holocaust deniers and they banned qanon. is it enough or too little too late? jim: too little, too late. honestly, these guys participated in the hacking of the 2016 election by the russian government. think about that. they permitted their platform to be used by a foreign adversary to hack our election. also in 2018. when they are belatedly saying, we are going to ban holocaust deniers come are you kidding? they should've done this years ago. you raise an important question. what is the liability for major tech companies in social media ,latforms for misinformation disinformation and falsehoods?

they have to be held accountable. we have to redo section 230. this is a moment of great reckoning that will culminate in this election in a few weeks. permitted it they is different than saying they failed to prevent it. i'm sure that is what facebook would argue. but what kind of changes are required? should tech companies be broken up? do we need government regulation? different business model? a subscription model? jim: all of the above. clearly, we have major antitrust issues that will come to the fore. these have all been pushed below the radar a little, not that far, they are emerging, so we are going to clearly address issues in terms of facebook. we discussed this we would strongly urge that they be vestd to device -- do themselves of instagram. you will see liability issues for the content they are publishing on their platforms.

we are on a channel now where we have great restrictions about what we are allowed to publish, like all cable news platforms. the tech industry has no regulation. we need regulation, thoughtful antitrust provisions and we need a basic public effort and movement essay to -- to say to major tech companies, which side of history do you want to be on? your kids will judge you and history is watching. whether it is facebook, google, the other big companies, they will have to respond to these questions. in the election in 2020, all of these issues will be on the table. emily: you and common sense have been big drivers of the stop hate for profit campaign. you got hundreds of advertisers on board to boycott facebook in july. many of those advertisers have come back. i'm curious if you think that campaign will actually have long-lasting implications.

are you still talking with advertisers? do you think there are more boycotts to come? if they don't take a stand in that way, for an ongoing time, will facebook get the point? jim: great point, emily. the truth is, the belated efforts you mention from facebook about holocaust deniers, that is a result of stop hate for profit. we can congratulate ourselves for forcing them to do that. they should have done it years ago but they are doing it now because of stop hate for profit and the boycott. do we think this will continue? absolutely. i think people across the political spectrum are fed up with some of this. you even saw president trump last week, excuse me, donald sectionme out and say 230 should be repealed. it was for different reasons than most people have called for the repeal or overhaul of section 230 but it reflected that there is a broad assessment among the public on all sides of the political aisle, we need a

regulated environment. we need to treat tech companies as the publishers they are. the key will be a thoughtful, common sense regulatory structure. business has to weigh in, the tech industry, and you mentioned marc benioff, the folks at microsoft or apple, they have been important in privacy regulations in california and around the country. we will need tech leaders to step up. we need them to say, this is what we believe in. we have had a free-for-all wild west environment for the past decade or more. that is going to change. the question is, how do we regulate these companies? as i said, which side of history will they be on? the public is watching. so are our kids. consequences, potential consequences are huge. we have an election at stake. today, the california republican party admitted to placing misleading ballot boxes around

the state. they would continue to do so, so having accurate information about the election is so critically important. how concerned are you that this upcoming election that we are not ready, that this election could be undermined once again? jim: you said once again. because the 2016 election was undermined by a major foreign adversary, russia, with the complicity of a certain political party. i am concerned. one of the biggest concerns about facebook and instagram is that they permitted voter suppression. there were a ton of false and misleading efforts aimed at african-american voters, low income voters, etc., trying to suppress the vote. i amstanford law professor shocked and outraged we are worried about that but it is reality.

fundamental point is that tech companies need to be part of american democracy. they need to promote fair and good rules for all sides of the aisle. they don't need to take a stand. they need to do fair and common sense behavior. we are going to see a major regulatory regime, we will be talking about this on your fine show in 2021, emily. no question. if stuff has hit the fan, you will. the election is at stake, our democracy is at stake, our kid'' lives are at stake. these are important of a very important issues. but i tried to do with the book was get the smartest people in the world to weigh in on the aspects. at the end of the day, it is up to you and me and our audience to say this is the kind of society, and democracy, we want. and we all want to be on the right side of history, so we need to hold the tech industry accountable so they will be, as well. emily: i appreciate you

censoring your words because we can't say whatever we want on cable television, as you know. we talk a lot about facebook. you mentioned apple and google. there are other companies where we could lay some blame, apple makes a lot of money on in-app purchases and virtual items you buy in games. there is google as well, and of course youtube. what are some of the responsibilities of these other major platforms? where do you see them shirking those responsibilities? jim: great question. it is important for the audience to remember, the tech industry is not monolithic. when we passed the california privacy act in 2018, the landmark law, we split the tech industry. apple, salesforce, microsoft came along and basically facebook and google had to agree at the end of the day. it is not a monolithic industry. but these are profound questions about our democratic

institutions, your kids and my kids and the impact technology and screen time and content can have on them. these are really, really important questions for all of us to discuss. they go to the essence of corporate responsibility, the essence of what is the role of our government in a society where we respect freedom of expression but we also have other norms that matter. we are in the middle, and this program is in the middle of incredibly important discussion about the impact of technology on our society. company,ific technology more broadly, and our kids' future. what bigger issues we face other than who will be the next president of the united states? it is a great time to have this discussion and have "which side of history" out as a book. everybody listening has a stake in the outcome. emily: jim steyer out with a new book today. good to have you here on the show.

ceo of common sense media, check out the book "which side of history," out now. coming, amazon prime day kicks off in what many say will be a pandemic driven year of record spending due to customers spooked by in-person shopping. we will get an analyst's view, next. this is bloomberg. ♪

emily: amazon's prime day sale is underway. as exhibit said -- it is expected to give the company an advantage over brick-and-mortar rivals. the analyst and managing director joins us for a closer look. we are in unprecedented times.

will this be a prime day like no other? michael: some people call it prime day. i am calling it tuesday. amazon sales are ridiculous. take theirally guidance number and extrapolate the gross merchandise value, they are doing one at a quarter billion per day in normal sales all water. -- all quarter. the market are was talking about aboutarketer was talking this, sales are up five times for prime day. who cares? what we're hearing from the channel is that retailers and vendors are having trouble getting space in amazon fulfillment centers, particularly big merchandise, furniture, big stuff. amazon is turning stuff away because demand is so high for everyday staples, groceries, everything else. so i think e-marketer is right, it will -- but that is a

rounding error when you talk about a $90 billion quarter. this is just the beginning. they convinced us all we need to shop there all the time. i trust their produce and meats, i by perishables on amazon. i'm not sure i am ever going back to the grocery store. prime day was intended to win over new customers. they already got everybody. this is just selling their customer base a little more. emily: i have been interviewing you for 10 years and i always love your candor. how do you expect amazon to stand out from other big, normally booming holiday retailers, like target or walmart, as we get into the holiday season? michael: the thing that is probably surprising be the most is how well walmart has done and how well target has done. best buy, bed, bath & beyond, guys who tended to really lag on

online sales have figured it out. to their credit, walmart bought jet and decided they would compete with amazon a couple years ago. everybody is figuring it out. you have these upstarts like little overstock, which we cover, that has seen sales more than double. and wayfair has just killed it. is, five years ago i thought amazon was going to be the only online retailer and have 10% of all retail sales. i now think they are going to have 10% of all retail sales and the rest of the big-box retailers are going to capture 10% or 20% and we are seeing brick-and-mortar suffering. and omni-channel guys doing well. mom and pops are getting squeezed. nobody is going to the mall anymore. emily: you know who else is getting squeezed, whole foods. jeff bezos made a huge bet to

buy whole foods and you said you may never go back to the grocery store. the traffic and whole foods, certainly down, and in general, expected -- was expected. michael: i have an anecdote about that. a whole foods market opened in my neighborhood in long beach on october 23. literally, open for one year. it is turning one year. i asked amazon at the time, were they going to fulfill amazon fresh from that store? they said no, that store wasn't equipped. i said, which store is? they said, we haven't built it yet. part of the problem with whole foods is that it is a conventional grocery and it didn't have the capability to have trucks shuttling in and out of there 24-7. i think amazon has to reinvent the refrigerated distribution center and they are doing it because of covid. covid has accelerated that.

whole foods will probably be just a convenience store for prime visa cardholders to go in and get 5% cashback. that i don't think business is going to thrive. i think amazon fresh is going to thrive. emily: interesting. so the delivery arm, basically. michael: yes. amazon figured it out. i remember trying to buy diet burner soda on amazon about a year ago and a sixpack was five dollars and a $12 delivery charge. i didn't do it. for i by 24 packs of bubbly six dollars and it is free delivery. they figured it out. because of the frequency of delivery and the volume of delivery, to every prime member's household, they are figuring out, we are getting four or five packages a day. i used to laugh at people who got three packages a week. we are literally getting everything on amazon. i think a lot of prime members

are. certainly, people above median have found this convenient, and people who are afraid of buying have found this convenient. i never leave the house. emily: if i want a glass of bubbly i know where to find it. michael, good to have you on the show. thank you. coming up we will talk about verizon. bloombergs on television earlier touting their new 5g network. that is coming up. this is bloomberg. ♪ ♪

emily: u.s. carriers spent billions update -- upgrading their network to 5g, per month -- promising faster speeds. verizon became the third carrier to boast nationwide 5g coverage.

ceo hans vestberg spoke with bloomberg following the announcement. hans: i have been waiting for this moment. i told the market we are going to launch nationwide at the right commercial moment. this is the right commercial moment. we have the nationwide, we have the best network. this is something we want to give our customers. this is an exciting time for us. this has been a work in years with our partners and we have been driving the system in front of us. some things we were late on with 5g. i say we are two years ahead of the plans where 5g should be today. we are very proud of it. >> it is interesting to verizon and at&t are offering, amid this hope for a huge upgrade cycle, free access to these phones if you go on to more unlimited provisions that you offer in terms of access. i'm interested in who is going to be buying these phones.

we are in the middle of a pandemic and an economic crisis. how realistic is the super cycle amidst apple's new phone? hans: that is of course, we are in a tough situation with the pandemic and economic downturn. but clearly, we have seen a lot of excitement around the 5g phone from apple. so we will see. we are geared up to receive the demand. i see the network is perfect for using it and that is what we will see in the next couple weeks when the offering is coming out and the phones can be delivered. personally, i believe many people would love to get the 5g phone from apple on the verizon network. >> going forward, in terms of building out not only 5g capabilities but the general capabilities verizon needs to keep this increasing number of customers happy, what type of capex increase, if any, should investors expect?

hans: if you look at what we did at the beginning of the year, when we came into the pandemic, i think the second week when it hit in the u.s., we increased the capex volume for this year. we thought it was the right thing to invest more in the market. we didn't know how usage would be on a wireless network. now, the network has held up well but we continue to deploy the capital we decided to increase in the beginning of the year. we think it is right for our customers. when we come back we will have guidance for the next few years to come but right now we increased our guidance. >> can you give us a sense of how you will fund, via debt perhaps, to make those investments? hans: if you look at our balance sheet, and i am two weeks out, but the second quarter reporting, for the first time we hit the financial networks -- metrics pre-vodafone.

a great job by our team over the years, coming down to around two times r&d. that is fantastic. in this quarter, we did our second green bond for $1 billion u.s. dollars and continued to think about climate change and we are one of few companies in the telecom sector investing into climate change. this is the second one because the first one, we did in 2019. now we are going to the second billion. my pressure team is doing great work in order to position our balance sheet as strong as it needs to be. >> before you joined rison -- youzon, we go back to when lead erickson, a company that is all about infrastructure at its heart and providing global access, it was big in china, for example, you know u.s. markets versus the rest of the world.

how much do you think the u.s. is competitive with its 5g rollout versus china? is it not and neck? -- and neck? can it make up lost ground? hans: the u.s. is leading. we were the first with 5g mobile , first with the 5g commercial and smartphones. we see the deployments are going on in the u.s. and now, with the iphone, i think we are clearly leading in the 5g world. i am proud of what we have done at verizon. but there are lots of other companies in the ecosystem. i feel good about this. i think we are in the lead. ceo ofhans vestberg, verizon, earlier on bloomberg markets. that does it for this edition of "bloomberg technology." "bloomberg daybreak australia" is next. this is bloomberg.

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>> good morning and welcome to daybreak australia. we are counting down to asia's major market open. >> i'm shery ahn from new york. >> your top stories, wall street falls on the fear the recent gains. the imf warning the post virus recovery will be long and uneven. president jie zheng peng is said to lay out his vision