and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. emily: i'm emily chang in san francisco and this is "bloomberg technology." president-elect biden says president trump's refusal to concede is an embarrassment. we will get the latest. ,pple launches three new transitioning away from intel

chips. and, microsoft online game services hitby -- by an outage. dropping amid a tuesday.n big tech the e-commerce giant amazon facing an antitrust complaint from the eu abigail, walk us through the factors dragging stocks down today. abigail: another mix today. another down day for tech and the nasdaq 100 in particular having the worst two days and months. on the others, other sex is and indexes doing well such as the russell 2000 and other cyclically minded sectors. 4%.worst slide, down about

investors want out of this year's stay-at-home trade. investors charging forward into the reopening trade. in-out, in-out. as for what was dragging on technology, you were talking about amazon. , in a, now down that youn, the eu talk were mentioning. this was the ultimate stay-at-home stock. if the economy is going to reopen, recover a little bit sooner than expected. even as the virus numbers are worsening right now. investors one out of amazon, one out of microsoft. zoom, these stocks up so much on the year.

a specter of inflation on the screen. as for what is happening after has reported that the stock is all over the map in the after hours. revenues beat. revenues last year growing 60%. down 20% but still better than expected. still, lots of uncertain. that is good enough right now for the stock to be higher. emily: bloomberg's abigail doolittle. big tech will look like. interesting to watch the moves we have seen in tech stocks over the last few days.

your views over the past few that the obama administration had quite a cozy relationship with silicon valley back in the day. goldilocks sort of a scenario for tech stocks. specifically two areas. antitrust, one for legislative changes. i think that is a huge positive. second at i think most importantly is on china. , a significant ratcheting down, a much softer tone that biden will take. semi conductor stocks, you are seeing a rotation into chips. bullish names like apple and cisco as well. emily: we are looking at a video macs,le's newly released

designed with fully apple designed chips. this is a huge transition for apple away from intel. 18-20 hours of battery life for these new computers. what is your outlook? dan: this is a major step for apple. really 15-20 years in the making. the cupertino ecosystem. what you see they have done here on the mac side, i think it is a first step. there is more integration between software and hardware. taking a step back to the biggest product cycle apple has had in a decade. emily: this is obviously not good for intel. intel out with a statement,

having its own chips providing the best and most open experiences. they have been working for more than a decade to get these chips and laptops ready for prime time. talk to us about what this means given that now the entire family of apple products will be on the same architecture. eye for inteblack l, especially with apple saying chip.ill come out with a machine learning significantly higher than they have before. i think what you are seeing apple do is vertically have more control over the ecosystem. tos is really only drumroll 5g. now, apple is not just a customer, they are a chipmaker.

really monumental move today in terms of cutting the ribbon on m1. emily: what do you think this means for the holiday season? obviously, we are all stuck at home but we are also in the middle of a recession. we do have a president-elect, whether or not president trump wants to or does hand over the keys. holiday meanle's for you? >> i think despite the noise, it is viewed as a nerve on a situation, the biden president situation, ana biden presidency and a red senate. air pods, 90 million units per year. uptake will be key for holiday season. i think the iphone many as well

as other versions of iphone 12 will be significant holiday gifts going into year end. when you look at apple and of course amazon. i think this will be a rally where we will see anticipation of a very strong december quarter even though you are seeing what i view as a short-term rotation for value. emily: dan ives, thank you so much for sharing your view. always good to have you. on saturday, joe became president-elect of the united states. but, since president trump has not conceded, nor has the general services administration has acknowledged a transition of power, things are getting murky in washington. let's get more from our white house reporter. secretary pompeo earlier today joking about a second trump

administration. at one point do we need to be concerned that president trump is not going to hand over the keys? >> former vice president biden, now president-elect biden, tried to give a calming effect to the nation today when he spoke, saying that president trump will no longer be president on january 20 and that he is forging ahead with his transition. democrats are concerned about some of the signals coming from the trump camp. the escalating legal effort ongoing. now, attorney general bill barr is involved. he did away with a justice department rule, saying they are not supposed to go ahead with vote irregularity investigations while the vote count is ongoing. federal prosecutors do have permission to go ahead with those in addition to all the legal actions that the trump campaign is taking. democrats, supporters of president-elect biden, are very

alarmed. emily: president trump still tweeting that he is going to win, that these legal challenges are going to prevail. talk about the mechanics of this. there are organizations within the white house that need to start handing things over. right now, that is not happening. >> that is right. the general that oversees real estate basically -- the general services administration basically is supposed to open up office buildings for the biden administration to move into. there've been key agencies like the director of national intelligence who say they will not share intelligence reports with the biden camp until that certification is made. a lot of the actions you see at this point normally are not

taking place because of president trump's refusal to concede the election. certainl emily: --emily: certainly an evolving situation. coming up, the u.s. and europe continue to get hit with devastating surges of covid-19 with some places see and record high numbers of cases. we will hear from the ceo of an up-and-coming health care provider about what they are doing to tackle the mounting covid challenge. this is bloomberg. ♪

starting in late august, covid was essentially a rural problem.

now, it is back in american cities where dense populations spread the virus at alarming speed. new york and boston are seeing comebacks as the entire u.s. posted a record 143,000 new cases yesterday. one health care company looking to scale up its work in testing health.n joining us, the founder and ceo. with this new money, you are planning to open 100 pop-up clinics across 20 different markets by the end of winter. you are going to communities that need it most. where are those communities and what are they experiencing? four counties in the united states is what they call a health care desert.

those places will certainly be priorities for the pop-up clinic location. in terms of the pop-ups, health is going through a massive growth phase right now. seven clinic last year to now 30 clinics. by next year, we will have 150 locations across nine or 10 locations in the country. our plan is to reach 1500 locations by 2025. i don't think the health industry has ever seen the type of growth in location access points that we are going for. emily: in many ways, you are using technology to scale up health care. of activityhat kind

levels we are seeing as far as -- that is that simply the way that health care is going? --we are significantly in significant seeing an increase in telehealth visits. but tremendous growth in both sides. we now have i think seven times more patients than one year ago. everything has really grown by roughly eight times in the last 12 months. telemedicine has been an important part of that. patients will expect health care providers, whether it is video visits, clinic visits, maybe a testing,ace for quick may be monitoring and home testing, we think that patients don't want their health care to

fragment. a multiple format exactly in the future. offer variouso covid testing kits. you have a program called covid positive care for folks who have tested positive. the covid positive program is the most recent program. as we know, there are 10 million cases who tested positive but we still have not seen anybody build a solution. started on boarding the first couple hundred people in the first pilot. testing has been an area that was actively participated in. tests across every modality you can imagine.

really focusing our energy on responding to this pandemic in every way we can. that weyou can argue have taken the pandemic more seriously than the u.s. government. emily: how concerned are you about continuing issues amidst the good news about the pfizer vaccine? you are still seeing a lot of sick people. >> the pfizer vaccine is amazing news. the data is very good. there is a lot to be optimistic about. it is not easy to manufacture, distribute, administer vaccines. it is a significant and logistical undertaking. mile,ally in the last health care points would be a

big part of that. vaccinateder hundreds of millions of people. it has been putting up these containers,op-ups, so that we can distribute and administer it as fast as humanly possible. they: i imagine going into holidays, there will be a lot of demand for tests as cases continue to search going into winter. what are your biggest concerns over the next two months in terms of meeting that demand? seen 40% moreeady demand in january compared to september. we definitely expected an increase in cases around the flu season which is starting. surgewe expect another

when schools reopen and another one when people go back to offices. the problem has not been resolved and at every step, there will be another surge. hopefully, when enough people get administered, we can go back to our normal lives. emily: cofounder and ceo of carbon health, thank you for joining us. moreg up big tech facing global scrutiny with the eu and china going after powerful company. this is bloomberg. ♪

>> many retailers have to invest heavily to identify products of interest and bring them to consumers, taking risks when they invest in new products and when choosing a specific price

level. our concern is that amazon can avoid some of these risks when using the data that we have access to. emily: that was the european commission evp. europe'ss become latest big techtarget as investigators look into the use of rivals data and whether amazon continues to favor its own products. i am curious what you are complaintsthese new being leveled by the eu. they say they are not worried about amazon's size. so what are they worried about? >> they are sharpening their concerns about amazon. they are saying, we are

concerned about your business youtices, certain things are doing. in this case, the clip you played was they are highlighting their use of third-party merchant data. more than half the goods sold on amazon come from third-party merchants. the eu is saying, you could be taking advantage of this insight to create and develop your own products that then compete with these people that could stifle competition. emily: how does the eu investigation compared to the antitrust investigation they are facing in the united states? >> it seems that they started from the same place in terms of their concern for size. the eu appears to be ahead of the u.s. in terms of sharpening and narrowing the focus of these specific practices. they have this one here on the

third-party urgent data. even if amazon has hundreds of millions of product's, what really matters is what people really see. when they go to amazon to buy something. is amazon using its ability to make things more visible and them in front of you as opposed to other product's that might be on the site. the eu is a little bit ahead. report. had a 450 page highlighting concerns about amazon, apple, google. it is hard to see what the regulators have zeroed in on. we are getting a clear picture of that in the eu. aily: is this leading to possible breakup or is that unlikely? >> amazon want to have a uniform

platform. they want the same rules everywhere. that makes their platform easier to use. expense ofes their operating it. it is really designed to be around automation and simplicity. any difference in the rules of the game here, there, and everywhere, something that they -- want toid for avoid. emily: all right. thanks so much, spencer, for that update. consoles, the new xbox are out after a year of unprecedented hurdles. will xbox deliver on expectations? we will speak to the head of

microsoft's xbox next. this is bloomberg. ♪ when you switch to xfinity mobile,

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♪ emily: this is bloomberg technology. much --t is out with as with its much xbox series. the microsoft team and its development partners have gone to extraordinary lengths to build their games remotely. microsoft has delayed halo infinite. there is not a single major exclusive this year. the online game services experienced an outage this morning, preventing some customers from signing in to xbox live. joining us now to discuss how the new products welfare, phil

spencer, head of xbox. great to have you back. i asked if you will deliver on high expectations gamers have this year. will you? phil: absolutely. i feel really good about the products, the consoles we are shipping. demand is incredibly high. my guess disappointment is demand is higher than our supply. building consoles as fast as we can. feel really good about our products and the acceptance we are seeing from gamers worldwide. you expect to be affected by the supply issue and when do you think those will ease up? how many people who want an xbox will not be able to get one right away? phil: we did our preorder a little over a month ago. that was done in a couple hours. today, we have launched -- reports of outages at retailers. we are out of consoles.

every week, we will have new consoles coming in. i think we are going to be in this state for a couple months. the pandemic has -- we have seen a surge in gaming activity. people staying at home and playing games with her friends and family -- with their friends and family online. we are building them as fast as we can. there is a lot of demand. emily: i know the outage was fixed in a little over an hour, but what exactly happened? phil: we had a little bit of a sign in issue. it impacted about 10% of our base that was trying to log in. working with our networking team, we worked through it quickly. it was a number of things. it was not just an xbox issue. there was a microsoft account issue. it was rectified pretty quickly. we get reports of a lot of people having a great time setting up their councils today. -- there consoles today.

emily: talk to us about the herculean efforts to get the consoles in the content ready in the middle of a pandemic. my colleague hyson excellent piece out talking about engineers shoving large pieces of equipment into cars so they can do what they needed to do to build from home. clearly nothing you ever planned on. phil: it was a good piece. i thought she did a nice job on that. it is true. videogames today -- some people probably do not know this, hundreds of people come together to build these videogames. in the beginning of march of this year, everybody go home but continue to build the consoles in the operating system and the games to get ready. there is no playbook for us in how to get this done. the incredibly proud of dedication of the teams, to get the games that are available. foras a new way of working us. frankly, we are still working this way. the fact we were able to launch

this holiday and have somebody happy customers is a testament to the commitment of the team should emily: let's talk about the delays of the game. how long do you expect that to continue? phil: we have to put the safety and security of our teams first and foremost. it is not lost on me we are building videogames. we are not frontline workers. it is not an essential service we are providing. when we look at trade-offs between the quality of the game, the safety of our team, we are going to focus on quality and safety first. that is what we are working through now and a lot of teams are. us.s not just an issue for . we are going to work through it diligently to make sure we are building games in a safe way and we are making the right progress. we are learning everyday. it is a long process. i know microsoft is taking a different approach to other game makers, but you have folks out there saying without

halo, playstation's initial lineup is better. how concerned are you about that? phil: we are selling every console we can build right now so we feel good about the demand for xbox. like you said, we are taking a different approach. this is the generation of the player, not the data -- not the generation of the device. there are older models that would sell one device. you and i have had conversations -- there are games like minecraft that people are playing better available everywhere. fortnite, available everywhere. power is in the hand of the player. we have again passed, which is a subscription so people can build their library three subscription in addition to buying games. the power of the player and expanding the available options for new players as they come in to xbox, that is our goal. breaking some of the normal

tropes of the traditional gaming industry, but we think it is for the better of games as the industry continues to grow. emily: you and i last talked when microsoft acquired bethesda, one of the biggest acquisitions in microsoft's history. when will the first game be? what will that first game be? are you interested in buying more gaming studios? phil: we announced the -- our intent to acquire. we're still working through some of the regulatory issues. not doing any work with bethesda at this point, but they have a strong roadmap. they have some games announced that are coming out. we cannot wait to see games like a star field, which is an amazing new franchise from bethesda to come out on xbox. games are what gamers play. we build these platforms and services to deliver the best games to gamers everywhere so we need a great supply of first party teams. bethesda nearly doubled the size

of our first party studios, meaning the studios that build games is part of xbox. we are still looking for other teams. it is important we have a continued supply of great games for our gaming subscription and platform. will be watching how the launch rolls out today. phil spencer, microsoft executive president of gaming. thank you for stocking by purity coming up, we are going to hear from one of america's youngest mayors about what a biden harris win means. stockton caliphate -- stockton, california mayor michael tubbs is. -- is next.

♪

emily: we bring you now to stockton, california where the mayoral race is a tight one. candidate kevin lincoln is leading in votes over michael tubbs who has come to national attention as one of america's stockton'syors and first african-american mayor. joining us is the mayor himself. thank you for joining us. wereatest results i saw 53% to your opponent, 47%. kevin lincoln is in the lead. where is your head right now i would've the chances this can be turned around at this late stage? >> i think contact is important. as we saw in the presidential race, boating was different. democrats and aggressive -- and progressives, voted by mail. conservatives and republicans have voted in person. the votes that are being counted

currently are the votes by the more conservative members of my community who i also had the pleasure of serving for mayor. i remain confident when those are tabulated, i will emerge victorious and begin my second term as mayor of the city. emily: you won with 70% of the vote last time and an endorsement from president obama. it is fascinating to look at the intricacies of your race. there is a social media page called 209 times that has racked up over 100,000 followers on facebook and instagram that have battered you with allegations that semi understanding are unfounded. what do you make of that? is social media to blame? mayor tubbs: i think there are a lot of factors. first and foremost, 70% in an election is unprecedented. it is the largest margin anyone city.er won by in the

as mayor, i have been aggressive about pushing an agenda of universal human dignity. an agenda that the city belongs to everyone. as the first african-american mayor, it is not because i am the first person ever in the city's history to be qualified. racism still exists. i was not surprised or shocked the election would be a little closer. in terms of the misinformation , we have play -- we have seen it play out on the national level. the fact that folks and parties and people are weaponizing a way to postn allegations and lies and things that are unsubstantiated. it is hard to counter. i know in stockton we have done our best to illustrate the truth. we also have to make sure we are teaching critical thinking, we are elevating the education of

our citizens and we are being vigilant to make sure we are understanding what it is we are reading. so we understand everything --ted online is not [indiscernible] i do not think it will counteract the fact that life is better in the city of stockton because my leadership. so you do not think this is a failure of facebook to moderate the content? mayor tubbs: i actually do think it is a failure of facebook. i am just saying there is -- they are not that powerful to change the outcome of my election. let's get to facebook because i have mentioned to facebook that we have had a problem with information in our community. not just about michael tubbs but about covid. about the seriousness of this industry -- of this illness.

facebook has to do a better job of fact checking, of ensuring the platform is not used for nefarious ends, particularly when they are making so much money, particularly when democracy is on the bell in the future -- on the ballot and the future of our republic. emily: speaking of joe biden and kamala harris, president and vice president-elect of the unit it states, curious for your reaction to that and your level of concern president trump is refusing to concede and we do not know if he is going to hand over the keys when this is said and done. mayor tubbs: let me start with the new president and the new vice president and just say how incredibly heartened i am the majority of people in this country -- i think he has the widest margin of victory for a challenger in presidential race since ronald reagan. i think he is doing even better

than reagan. how excited i am they are going to be our president-elect and vice president. not because they are perfect people but because they are empathetic, they are ethical, they are intelligent, they are fact-based and forward thinking and solution oriented. that is not something we have had in four years. senator kamala harris, madam to crack that, glass ceiling as the first woman and first african-american and first indian-american attorney general of california and now the first lady of the united states. it is incredibly inspiring not just to black girls or indian girls but all of us. that we live in a country that we continue to push opportunity. in terms of the former, i would say it is a reminder that this country does not belong to him should he is not bigger then the

law or the election. an electionachieved one time but it is not going to happen again. there will be a transition of power. we will continue to build a country with liberty and justice for all. emily: you are beloved in democratic circles. regardless of what happens with your election, have you talked at all with the biden team or have they talked to you about a post in the administration? i have noticed your name on some lists. mayor tubbs: i think it goes back to the work we have done in the past four years. i am incredibly honored to be considered but i am adamant -- i plan on winning my election as mayor of stockton and serving in that capacity. definitely honored to be in any conversations but have not had any conversations to this point. i have been focused on ensuring we have an accurate count in all of the ballots, which we will. all right, mayor michael

tubbs of stockton, california. will be watching your votes votes continue to be county. from pfizerhroughs and eli lilly offer realistic optimism. 140,000 new covid infections on monday. where science stands in the global race for a vaccine. we are going to hear from the eli lilly chair and ceo next. ♪

♪ emily: a covid-19 antibody therapy by eli lilly was granted emergency use authorization in the end it states. pfizer out with a vaccine that may be 90% effective. bloomberg spoke with eli lilly chair and ceo david ricks.

studying what we call passive immunization in a setting where you are trying to prevent spread. in our case, we are looking at spread within nursing home facilities. it is similar to vaccination in a way. when you get a vaccine, you introduce a killed or modified form of a virus. what we are doing is we are giving you the response of someone else prior to getting sick. it is not approved by the fda. we do not have the data get. but that is a very interesting approach. if we look at other viruses like ebola, this was the setting where these antibodies made the biggest difference. in the u.s. and around the world, nursing home patients are at the highest risk. this would be an important positive event and we should have that data in the coming weeks. >> to build on what thomas discussing, we are trying to ask

the question about whether we need a multipronged approach. maybe also comp amended by what you are doing as well. one thing that stuck out yesterday is the storage of the mrna vaccine pfizer are moving forward with it how difficult it is to store at freezing cold temperatures. that?u speak to the developments on that side and how difficult it will be to distribute something like that widely and everywhere? the messenger rna vaccines, they are fragile molecules so they need to be held at a low temperature. that will likely -- i do not think that will be a major barrier once this is broadly available in developed markets with advanced medical systems. where it becomes a problem is where refrigeration and available capacity in developing countries -- it is going to be much tougher and will take longer. that is why we have two of the leading 10 vaccines are using

this technology. eight are not and likely will not have the refrigeration constrictions. i suspect some of those will work as well. we will likely end up with multiple vaccines. in the meantime, none of them will work 100% of the time. back to the original question, we will still need medicines like our antibody therapy help those that will still get sick, hopefully at a much lower rate as we approach something like her to immunity. you will still have -- like herd immunity. vaccinations and antibodies. we have two important developments in the fight against covid-19. the future is looking more certain and brighter for sure. some practical concerns as all of the pharmaceutical companies trying to ramp up production. issues, especially

as the pandemic worsens, the idea that all of these companies are trying to go for the same thing and probably sourcing some of the same substances and using some of the same staffers. how well can you ramp up production of the antibody therapies to meet demand in the next couple of months? >> i would not worry so much about that competition phase where we are competing for ideas. once it is clear there are winners, you will see the industry come together to make product at scale. at thes already occurred antibody space. andave teamed up with amgen the largest contact manufacturing organizations in the world like samsung and fuji to build out the supply base. i do not think we are wasting material by competing in that way. the antibodies are complicated to make. one of the most complicated medicines we make. we usually reserve them for

cancer and autoimmunity. we are talking about treating millions of people with these antibodies. it will strain that system and we will have scarcity. that is why the fda last night when the approver this past doctors to use it in the highest patients. we use it where it matters most. emily: eli lilly chair and ceo dave ricks. joining me with the latest on the global race to a vaccine and treatment, our bloomberg opinion columnist who covers health, biotech and pharma. what is your take on the eli lilly therapy and how it compares to things like the regeneron cocktail we heard so much about when president trump took it? >> absolutely. this is a really important category of medicine and for precisely the reasons that david ricks mentioned. even when you have a vaccination, people are still going to fall ill and there is a

suggestion that both this medicine and regeneron's can produce spiral load and -- can reduce spiral load. or both medicines, the data we have is fairly limited in terms of, can it provide concrete proof of how well it can work and in what kind of people it works best in. there is enough evidence that it seems like something that is worth rolling out. the difficulty is that supply simply is not going to come close to matching demand. 300,000 doses just heard the u.s. government. subbing like 100,000 plus cases per day. -- something like 100,000 plus cases per day. this is going to be rationed for quite some time to come until manufacturing ramps up quite a until there-- or are a lot fewer cases. on thewhat is your take

importance of treatment in the context of a vaccine now that could be coming soon? how much do we still need? >> i do think it is going to be quite important for a long time to come. we have vaccine data. we do not have a widely available vaccine. we will not have a widely available vaccine until a good bit into 2021. that is going to make treatment important for quite a long way to come. it is not just about getting the data or the initial approval. it is about mask manufacturing, -- about mass manufacturing, mass distribution. actually getting to a level of population immunity is going to take a long time. emily: really important stuff. appreciate your perspective. that does it for this addition of bloomberg technology.

i'm emily chang -- for this in edition of bloomberg technology. i'm emily chang in san francisco. this is bloomberg. ♪

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