emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, president-elect biden says president trump's refusal to concede is an embarrassment. what exactly is going on in washington? we will get the latest. apple launches three new, signaling the transition away from intel chips.

a glitchy start. microsoft's online game service is hit by an outage on the same day it introduces its newest xbox gaming console. we talked to the head of xbox this hour. u.s. stocks dropping amid a selloff in big tech tuesday. amazon among those caught up in it, falling as the e-commerce giant facing an antitrust complaint from the eu. i want to get to abigail doolittle in new york. walk us through the factors dragging stocks down today. abigail: another mixed today. another down day for tech and the nasdaq 100 in particular, having its worst two days in two months. you have other index is doing well such as the russell 2000 and other cyclically minded sectors. nasdaq down for the second day in a row, the worst slide since

september 8. investors want out of this year's stay-at-home trade. the russell 2000 gaining an all-time high as investors charging forward into the reopening trade. we have seen this playbook so many times this year, in-out, in-out. as for what was dragging on technology, you were talking about amazon. you and i have been talking about amazon for a month or so. now down 10%. amazon in a correction. a piece of it is the eu talk you were mentioning, plus the idea that this is the ultimate stay-at-home stock. if the economy is going to reopen, recover a little bit sooner than expected. we have hope around pfizer's vaccine, even as the virus numbers are worsening right now. investors want out of amazon, want out of microsoft. nvidia and zoom, these stocks up so much on the year. investors taking another look at it, a repricing of risk as

inflation -- there is a specter of inflation on the screen. selling big tech. we don't know if this is going to last. as for what is happening after the bell, lyft has reported that the stock is all over the map in the after hours. right now up a bit. their losses narrower than expected. revenues beat. revenues last year growing 60%. now down down 20%, but still better than expected. they have not provided a fourth-quarter outlook. still lots of uncertainty, but that is good enough right now for the stock to be higher. emily: bloomberg's abigail doolittle. thank you so much for that roundup. i want to get a big picture look at what they tech will look like under a biden administration. move weing to watch the have seen in tech stocks over the last few days. what is your overall view, given that biden has not detailed his

thoughts on big tech antitrust and the obama administration had quite a cozy relationship with silicon valley back in the day. dan: overall, it is sort of a goldilocks scenario for tech stocks. when you look at a biden presidency and potentially red senate, antitrust will be relatively contained and no legislative changes. idle think that is something biden -- i don't think that is something biden will necessarily push for as well. war,e u.s.=china cold tech there will be a 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 video of apple's newly released macs,

just showed them off today, designed with fully apple designed chips. this is a huge transition for apple away from intel. some of the new specs are pretty amazing. 18 to 20 hours of battery life for these new computers. what is your outlook on these new laptops? dan: this is a major step for apple. it is something 15 years in the making in terms of this vision. it is more control of their system, the golden cupertino ecosystem. when you see what they have done here on the mac side, i think it is a first step. there is more integration between software and hardware. it is going to be positive for magins. -- for margins. this takes a step back to the biggest product cycle apple has had in a decade. obviously the iphone 12 leading that. emily: this is obviously not good for intel. intel out with a statement, touting its own chips providing

the best and most open experiences. we know apple has been working on this technology 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. dan: there is no way to sugarcoat it. it is a black eye for intel, especially with apple saying they will come out with a chip. machine learning is significantly higher than what they had before. i think what you are seeing apple do is vertically have more control over its ecosystem. which is a negative for names like intel, but this is all about the move to 5g. 5g, you will have a decade of innovation.

now apple is not just a customer, they are a chipmaker. i think that is significant they made this 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. there is still some uncertainty, but we have a president-elect, whether or not president trump wants to or does hand over the keys. what does apple's holiday look like to you with the products they have unveiled? dan: from an investor an autonomoust is situation with a biden presidency. air pods, 90 million units per year. it was 65 million a year ago. a massive uptick. that will be key for holiday season.

i think the iphone mini and other versions of iphone 12 will be significant holiday gifts going into year end. when you look at apple and of course amazon, i believe 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 to value. emily: dan ives, thanks so much for sharing your view. it was good to have you. talking more about politics now. on saturday, joe became -- joe biden became president-elect of the united states. but, since president trump has not conceded, nor has the general services administration acknowledged a transition of power, things are getting murky in washington. let's get the latest from our bloomberg white house reporter. secretary of state pompeo earlier today even joking about a second trump administration. at what do we need to be

point 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 message to the nation today when he spoke, saying president trump will no longer be president on january 20 and that he is forging ahead with his transition. but democrats are concerned about some of the signals coming from president trump's camp. not only those comments from secretary of state pompeo, but this escalated legal effort ongoing. now, attorney general bill barr has gotten involved. he did away with a justice department rule, saying they are not supposed to go ahead with voter irregularity investigations while the vote count is ongoing. those restrictions no longer apply, so 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 the former vice president 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 there are organizations within the white house that need to start handing things over. right now, that is not happening. >> that is right. you make a great point about how this transition is supposed to work. the general services administration which oversees federal real estate is supposed to certify there is a president elect, and by doing so they open up a huge number of office buildings for the biden transition to move into. there have been a number of key federal 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 these official actions you would typically see at this are not taking place because of point president trump's refusal to concede the election.

emily: certainly an evolving situation. thank you so much for that repor t. coming up, the u.s. and europe continue to get hit with devastating surges of covid-19, with some places seeing 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. that is next. this is bloomberg. ♪

emily: starting in late august, covid was essentially a rural problem. now after months of relative

respite, it is back in american cities where dense populations spread the virus at alarming speed. newark, new jersey and boston are all seeing a covid come back while the entire u.s. added a record 143,000 cases yesterday. the resurgent virus continues its spread across europe. one health care company looking to scale up its work in testing just raised $100 million in new funding. joining us is its cofounder and ceo. thank you for joining us. 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? >> hi, emily. thanks for having me. one in four counties in the united states is what they call a health care desert. those places will certainly be

priorities for our pop-up clinic locations. carbonrom 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 different markets in the country. pop-ups are part of our growth strategy, but you are seeing clinics in markets and our our plan is to reach 1500 locations by 2025. i don't think the health care 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. you were a health care provider that was built to succeed in the pandemic. talk about what kind of activity levels you are seeing with

telehealth appointment bookings. is that simply the way that health care is going? there is a significant increase in telehealth visits. we have seen tremendous growth in both sides. we now have i think seven times more patients than one year ago. the number of clinicians, the locations -- everything has really grown by roughly eight times in the last 12 months. carbon, telemedicine is part of that. ist we think will happen patients will expect health care providers to meet them where they are, whether it is clinic visits, maybe a pop-up place for quick testing, maybe with device monitoring at-home testing, we believe that patients don't want their health care to fragment.

we call this concept omni-chan nel care. we think providing health through multiple formats will be the dominant factor in the future. emily: you also offer various covid testing kits. you have a program called covid positive care for folks who have tested positive. how are you treating those patients and how much capacity do you have? eren: the covid positive program is the most recent program. as you know, there are 10 million cases who tested positive, but we still have not seen anybody build a solution for the people who are positive. we started on boarding the first couple hundred people in the first pilot. testing has been an area that we actively participated in. we have done over 500,000 tests across every modality you can imagine. at home testing is an important part of that, rapid tests.

we are really focusing our energy on responding to this pandemic in every way we can. anyway, you can argue that we 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? celebratesoon to given it will be many more months and you are still seeing a lot of sick people? eren: the pfizer vaccine is amazing news. the data looks very good. there is a lot to be optimistic about. tot said, it is not easy manufacture, distribute, administer vaccines. it is a significant logistical undertaking. we were foreseeing that, especially in the last mile, health care access points would

be a big part of that. we have never vaccinated hundreds of millions of people every year. carbon health has been putting up these locations, pop-ups, containers, so when the vaccine is ready for public use, we can distribute and administer it as fast as humanly possible. i imagine going into the holidays, there will be a lot of demand for tests as cases continue to surge going into winter. what are your biggest concerns over the next two months in terms of meeting that demand? eren: we have already seen 40% more demand in october compared to september. this was expected for us. we definitely expected an increase in cases around the flu season, which is starting. the issue of -- we expect

another surge when schools reopen and another one when people go back to offices. realistically this problem has not been resolved. 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. coming up, big tech facing more global scrutiny with the eu and china going after some of the world's most powerful companies. we dig into that next. 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 or when choosing a specific price level.

our concern is that amazon can avoid some of those risks by using the data that it has access to. emily: that was the european commission evp. amazon has become europe's latest big tech target as regulators investigate the use of rival's data and whether amazon unfairly favor its own products. west coast reporter is with us. i am curious what you are finding in these new complaints being leveled by the eu. they say they are not worried about amazon's size. so what are they worried about? spencer: that is what is different here, they are sharpening their concerns about amazon and saying, we are not so much concerned about your

size, we are concerned about your business practices, certain things you are doing. these are specific things you are doing we are worried about. in this case, the clip you played was their 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 you get into their sales to create and develop your own products that then compete with these people, which would potentially stifle competition. emily: how does the eu investigation compare to the antitrust investigation amazon is facing in the united states? spencer: it seems that they started from the same place in terms of concerns for their 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 merchant data.

another is the notion of what you can see on the screen when you go to amazon. even if amazon has hundreds of millions of products, what matters is what people really see. is amazon misusing its ability to make things more visible and put them in front of you as opposed to other products that might be on the site. the eu is a little bit ahead. whereas the u.s. had a 450 page report highlighting concerns about amazon, apple, facebook, google. it covered a lot of stuff, so it is hard to see what the regulators in the u.s. are zeroing in on. we are getting a clear picture of that in the eu. emily: how much are these investigations going to hurt amazon? is this leading to a possible breakup or is that unlikely? spencer: a big question is if

they have to tailor things. amazon wants to have a uniform platform. they want the same rules everywhere. that makes their platform simpler to use and decreases their expense of operating it. every time they have to have a different way of doing business in a different geographic region , that adds to the level of complexity to their system which is designed to be around automation and simplicity. any difference in the rules of the game here, there, and everywhere makes things more complex for amazon and something they want to avoid. soper, who covers amazon for us. thank you for that update. coming up, the new xbox consoles are out after a year of clearing unprecedented hurdles. with consumers flocking to games amid the pandemic, will xbox deliver on expectations?

we will speak to the head of microsoft's xbox next. this is bloomberg. ♪

emily: this is bloomberg technology. i'm emily chang in san francisco. microsoft is out with its much anticipated xbox series x and s on time. not quite according to plan. the microsoft team and its game development partners have gone to extraordinary lengths to build their games remotely. still microsoft has delayed halo infinite. there is not a single major exclusive this year. also 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 will fare,

phil spencer, head of xbox. great to have you back. if you willhe tease 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 biggest disappointment is clearly demand is higher than our supply. building consoles as fast as we can. feel really good about our products and game pass and acceptance we are seeing from gamers worldwide. emily: how do you expect to be affected by the supply issued and when do you think those will ease up? how many people who want an xbox won't 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. they were just out of consoles. every week, we will have new consoles coming in.

so people, please just check with their retailers. 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 their friends and family online. these consuls are launching -- ansoles are launching to unprecedented demand. we are building them as fast as we can, but 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. it 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 consoles today. emily: talk to us about the herculean efforts to get the

the content ready for prime time in the middle of a pandemic. my colleague has an excellent piece out talking about engineers shoving large pieces of equipment into cars so they can build the caves and do what they needed to do 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 large-scale videogames. in the beginning of march of this year, everybody go home, but continue to build the consoles and operating system and the games to get ready. there is no playbook for us in how to get this done. i am incredibly proud of the dedication of the teams to get the games that are available. it was a new way of working for us. frankly, we are still working this way. still learning every day. the fact we were able to launch

this holiday and have so many happy customers is a testament to the commitment of the team. emily: let's talk about the games as a result of working from home. 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 teams, and the date, we are going to focus on quality and safety first. that is what we are working through now and a lot of teams are. it is not just an issue for us. 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. getting better. it is a long process. emily: 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 generation of the device. there are older models that would sell one device. everybody plays on that one device. you and i have had conversations -- there are games like minecraft that people are playing that are available everywhere. fortnite, available everywhere. pubg is available everywhere. the power is in the hands of the player. our games are playable on multiple devices. we have game pass, which is a subscription so people can build their library 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. expect closure in early 2021. 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 star field, which is an amazing new franchise from bethesda to come out on xbox. that should be really exciting. 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 doubles the size

of our first party studios, meaning the studios that build xbox. -- that build games as 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. emily: we will be watching how the launch rolls out today. phil spencer, microsoft executive vice president of gaming. always good to have you on the show. coming up, we are going to hear from one of america's youngest mayors about what a biden harris win means. stockton, california mayor michael tubbs is next. as his own election hands in the balance -- hangs in the balance. ♪

emily: we bring you now to stockton, california, where the mayoral race is a tight one. candidate kevin lincoln is currently leading in votes over michael tubbs, who has come to national attention as one of america's youngest mayors and stockton's first african-american mayor. joining us from stockton is the mayor himself. thank you so much for joining us. the latest results i saw were 53% to your opponent, 47%. kevin lincoln is in the lead. where is your head right now and what are the chances this can be turned around at this late stage? >> i think contact is important. as we saw in the presidential race, voting was important. democrats 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. there are between 30 and 40,000 vote by mail ballots to be tabulated. 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 to my 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 has ever won by in the city. i have no expectation of getting that big, particularly because

as mayor, i have been aggressive about pushing an agenda of universal human dignity. an agenda that the city belongs to everyone. particularly as the first african-american mayor, it is not because i am the first black person ever in the city's history to be qualified. there are institutional barriers and racism still exists. i was not surprised or shocked the election would be a little closer. in terms of the misinformation websites and campaigns, we have seen it play out at the national level. it is something we as a body politic have to grapple with, the fact that folks and parties and people are weaponizing social media in a way to post allegations and lies and things that are unsubstantiated. literally not the truth. 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 posted online is about facebook. i don't think social media will counteract the fact that life is better in the city of stockton over the past four years because my leadership. i am looking forward for the registrar to finish her count so we can see the truth of that statement. emily: 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 i don't think they are not that powerful to change the outcome of my election. [laughter] it does get to facebook. i have mentioned to facebook that we have had a problem with misinformation in our community. not just about michael tubbs, but about covid. about the seriousness of this illness. facebook has to do a better job of fact checking, of ensuring

their platform is not used for nefarious ends, particularly when they are making so much money, particularly when literally democracy is on the ballot and the future of our republic. emily: speaking of joe biden and kamala harris, president and vice president elect of the united 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 have integrity, they are intelligent, they are fact-based and forward thinking and solution oriented. that is not something we have had in four years. i am excited for the legacy and accomplishment thus far. my senator kamala harris, madam vice president, 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 president i would say it is a reminder , that this country does not belong to him, that he is not

bigger than the law or the election. he may have cheated an election 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 for a position, 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 of all of the ballots, which we will. emily: mayor michael tubbs of stockton, california. will be watching your race

closely as the votes continue to be counted. still ahead, breakthroughs from pfizer and eli lilly offer reasons for optimism, especially as the u.s. reported a record number 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 united states. this amid developments out of pfizer with a vaccine that may be 90% effective. bloomberg spoke with eli lilly chair and ceo david ricks about why different treatments may be

necessary even when a vaccine is released. dave: we are 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, we introduce a killed or modified version of a virus. your body mounts its own antibody response. here 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. 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. jonathan: to build on what thomas discussing, we are trying to ask the question about whether we need a multipronged

approach. not just the advancement we heard from pfizer, but also complemented 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 and how difficult it is to store at freezing cold temperatures. can you speak to that? the developments on that side and how difficult it will be to distribute something like that widely and everywhere? dave: for the messenger rna vaccines, they are fragile molecules, so they need to be held at a very low picture. 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 aren't, and likely will not have the refrigeration constrictions. i suspect some of those will work as well. i'd bet on that. 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 herd herd immunity. we have both, vaccinations and antibodies. we have both vaccination and anti-bodies. , in the last 48 hours, we have two important developments in the fight against covid-19. the future is looking more certain and brighter for sure. >> there are some practical concerns as all of the pharmaceutical companies try to ramp up production.

supply chain 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? dave: 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. that has already occurred in the antibody space. we have teamed up with amgen and the largest contract 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

severe disease like 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 they approved this asked doctors to use it in the highest risk 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. thank you for joining us. 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? max: 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

early suggestion that both this medicine and regeneron's can load andiral potentially keep people out of the hospital. the proposed 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? 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 per the u.s. government. something like 100,000 plus cases per day. even if you limit it to high-risk patients, this will be rationed for quite some time to come until manufacturing ramps up quite a lot or until there are a lot fewer cases. emily: what is your take on the

importance of treatment in the context of a vaccine now that could be coming soon? how much do we still need? max: 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 mass manufacturing, mass distribution. something in the case of pfizer's vaccine, something that is a little finicky. actually getting to a level of population immunity is going to take some time. emily: really important stuff. of bloomberg opinion. appreciate your perspective. that does it for this edition of bloomberg technology.

i'm emily chang in san francisco. this is bloomberg. ♪

>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg l.p., its affiliates or its employees. >> the following is a paid presentation brought to you by rare collectibles tv. ♪ the california gold rush is considered to be one of the most impactful events to affect america's young economy during its first 100 years and it has certainly had a long lasting impression in numismatic history, as well. the people of california soon needed a way to standardize the