i'm emily chang in san francisco. promisingrom two covid-19 vaccines. promises-elect biden 100 million vaccines will be delivered to americans during his first 100 days in office. full speed ahead. the startup that is buying

uber's selfuying unit. we will hear from the ceo of aurora. rallies,ying market ipo's, couldn't we all use some calm? the app's valuation has doubled. u.s. stocks climbing two-way record amid stimulus discussions. let's get to abigail doolittle in new york to break it all down. abigail: it turned out to be a bullish reversal at the end of the day. pretty steep declines for the major averages. today, the vaccine was launched. you would have thought that there was a rally. not the case in the morning. afternoon, there certainly were.

two earnings movers to look at. julie.com and gamestop. they put up a pretty strong quarter, they beat estimates. beat in a row. i am not sure what is weighing on them as of this moment. active customers increased, including myself. the results certainly proved it. gamestop on the other hand put up a disappointing quarter. the stock up 180% on the year. they had a problem and you can see that stock down 13%. all the big names, at the beginning of the day, it was really energy and some of the banks that were working. at the end of the day, apple, the top point boost. tesla reversed from a loss on the open, clothing up 1.3%, extending its inclusion rally.

they are raising more money, the secondary offering of about $5 billion. 3.2%, therestar, up vaccine starting distribution today in the u.k.. moderna, there vaccine is expected to be approved relatively soon and in use. at the beginning of this year, $170was a $20 stock, now a 168% this year on that vaccine. it seems that investors really want in on that technology. absolutely. incredible rise. abigail doolittle, thank you so much for that breakdown. u.s. officials say they will have enough covid-19 vaccine doses to lead most americans get

inoculated by summer. the trump administration is downplaying reports that it passed up a chance for more of pfizer's shot. has agreements in , astrazeneca,erna johnson & johnson, and others. we are joined by michelle cortez. a staff report says the vaccine is safe. what can you tell us? fix we are seeing the details of the trials. meticulous in terms of how people responded to the vaccine across different age groups, across different ethnicities, across different comorbidities.

efficacy across the board, every group they looked at. severe virus infections, very low, only a handful of people were infected. almost all of those came within the first few days after getting that second dose which indicates that if people do stay safe after those first couple of days, you can get to an even higher protection level. of course, now, what we are looking at is getting a final fda, we will see if there are any other hurdles. we are getting new details from astrazeneca. johnson & johnson and merck potentially on the horizon. how does the u.k. rollout affect

u.s. access to the vaccine? pfizer didearing how offer more of the vaccine to the u.s. but the trump administration did not want to go down that route. then we saw countries like the u.k. and other places have snapped up the pfizer vaccines. perhaps in the summer is when the u.s. would be able to get those -- get more of those doses. comeng as the vaccine does along, get approved, and have successful trials, we should be fine. in the u.k., it shows that some of the doses are being taken by other countries. should anything crop up unexpected, they will likely get it first.

it is a if a front-runner. -- it is a bit of a front-runner. ofly: how promising are some these other companies looking at this point? >> we are still looking for data from all of those companies but they bring something different and potentially better. , youon & johnson and merck do not have to wait for your second shot. they aredon't know how going to hold up. we don't know if they will have that 95% efficacy, which is what we all really want. really interesting details there. of course, it is only the world on it. thank you so much for that update. coming up, the self-driving car industry has a new giant. uber and aurora joining together

in a new deal competing with better funded rivals. this is bloomberg. ♪

uber has sold its self-driving car unit to aurora innervation and taken a 25% stake in the startup. they decided to pull back and focus on turning a profit next year after the pandemic took a toll on revenues.

for more, we are joined by the aurora ceo and cofounder chris urmson. uber has hundreds of engineers but there self-driving unit is burning something like $500 million per year. chris: we are really excited about this. a group that has tremendous determination and grit to see this technology in the world. by putting the team together, by putting the technology together, and then having the special partnership that we will with uber, we will accelerate our product on the market and deliver the benefits of more efficient roads, safer roads. this is incredibly exciting for us. give us a snapshot of where aurora's technology is

right now. for aurora, we are building the aurora driver, a platform capability that drives every vehicle from a truck through to a small compact electric vehicle. the combination of the software that understands the world around it. the hardware that runs the therithms, and of course data service that enables that. our first product will be in trucking and freight. from one place to another. are you in talks with the commercial trucking industry? are you close to any deals?

have anything to announce today but we work with and talk with folks across the industry. zoop: amazon just bought in june. what makes aurora worth $10 billion? i think that if you look at the team with together, the leadership, we have confidence that we will be one of the few companies actually able to cross the line and deliver, help deliver on the promise that we have been talking about for the last decade around self-driving vehicles. i think the way that we are approaching the problem, whether it is through our virtual , a next-generation approach to solving this. i think that means ultimately it

nol have a capability that one will be able to match. the relationships like the one we are building with uber now, we will keep working partnership with folks who provide vehicles and folks who need vehicles for their business to accelerate and up -- and improve. when we look at the transportation industry writ large, this is a $3.2 trillion space just in the united states. so, when people want to have an will looky, then you for the best team in technology and people seem to believe that is us. we are really excited about that. atly: your cofounders worked

uber and tesla, and you helped start waymo. this may be the biggest threat to waymo yet. how do you differentiate yourself from what they are trying to offer? what: we really focus on we do, providing clear leadership in emission people leave in. we have a ton of respect for everyone working in this space. it is a hard problem. it is such an important problem. we have deep conviction that we are going about it the right way and we can ultimately win and have a big part to play here. you want to talk about what aurora is doing.

there are different companies taking different approaches. a camera onlyg approach to self driving technology versus what the rest of the industry is doing. andd tesla beat aurora waymo? chris: we believe deeply that safety is essential. to operate these vehicles safely, you need to see the world clearly around you. our approach is to use a combination of different sensors. each of them provides different .dvantages last year, we acquired a company in montana. us to react more quickly than anyone else. innovationat kind of

is the type of innovation that unlocks this technology, making this market for real. and doing it safely. combined holistic approach to it, we just don't think it is ultimately going to be viable. more asell us a little you plan your business model, how will you make money? how much will you charge for this technology? chris: the product we will first bring to market is the aurora driver. it operates vehicles, when they 8ll initially be big class trucks and all kinds of different vehicles. the parallel i can think of is in the aviation industry. if you are an airline, you lease an aircraft from someone or

effectively buy it from boeing or airbus, then you also select the engine that goes into that. whether it is a whitney, rolls-royce, or ge. then, they by the airframe from the airline manufacturer and continue to pay for throttle by the hour from the airline. we think of that as the engine. recurringr this revenue business over time. the opportunity to partner with organizations that really understand their business and we can focus on what we do best, which is build a truck. emily: where do you think regulators will fall on this? of course, there are regulatory issues and continued safety concerns. do you see a world where they will allow commercial deployment in the near future?

chris: if you look at the , it is ao save lives no-brainer. that we will get there. opportunity to make transportation more equitable. revisit theterm, structure of our cities and make them more livable. it is clear that this is a social win. as i have engaged with regulators over the last decade, they understand their vision and obligation to protect the american public. theyperience has been that are going to be thoughtful and enable a life-saving technology from us in the future. emily: do you see more consolidation in the industry

and do you want to be a part of that? chris: i think we are a part of it. we are excited about that. isis a new technology, it completely appropriate for there to be a bunch of different companies trying things out and exploring the space. over time, the market is going to dictate which ones will continue to survive. since aurora is an independent company, we think that is an incredible opportunity. for us, it is about delivering our mission, self-driving technology delivered safely, quickly, and broadly. when would make something like , doesxciting acquisition that action accelerate our vision or make it more likely to get where we need to go? emily: we will be watching how it plays out.

certainly a big deal for you. , aurora ceo and cofounder. coming up, tesla is raising up to $5 billion in its third offering of the year. up next, what it means for spending. this is bloomberg. ♪

ofly: tesla taking advantage surging shares this year, going back to the market for the third raising --ths and and offering common stock. >> tesla has a big to do list for 2021. it is building factories in germany, one outside of austin in texas. the industry is a capital-intensive industry. it does not matter if you are building a gas car or electric

vehicle. know, tesla might deliver 500,000 vehicles but it wants to be delivering 20 million vehicles annually by the end of this decade. that kind of growth takes serious capital expenditure. 'sis really shores up tesla finances, puts them in a healthy position to execute on the plan that tesla has been outlining all year. announcedn musk has that he has moved to texas. plansw that tesla has big in texas. >> at the height of the pandemic earlier this year, elon musk was very critical of authorities in california, in the bay area and more broadly, over the handling of the coronavirus and restrictions they put in place on tesla. the austin plant is where they

will build the model y and cyber truck. elon musk is a very hands-on manager. .e hear that all the time he likes to be where the action is. lifeends his entire traveling on his private jet to shanghai. he wants to be in the thick of it. where spacex is working on its starship, and that is another area where elon musk is very hands-on as well. he speaks very affectionately about texas and he has confirmed today that that is where he has moved to. emily: what are you looking at today with tesla's inclusion in the -- >> he has told his staff to cut costs, focus on pennypinching.

things we have been waiting on .or years then there is this growth story. there are questions of whether tesla can pull it off and build ins factory in austin, germany. volkswagen delivering 10 million vehicles per year. it is the leader, the incumbent and electric vehicles. but we know that growth is top-of-the-line for musk as they approach the next 12 months. much forank you so your reporting. coming up, the market is looking at some major ipos this week. we will look at doordash and 'sat to expect out of tomorrow expected listing. this is bloomberg.

♪ when you switch to xfinity mobile,

you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

emily: this is " bloomberg technology,'i'm emily chang. the ipo market is looking to go out with a bang, closing out with big debuts, doordash and airbnb preparing to go public with doordash upping its price range to reflect positive investor sentiment, potentially one of the biggest of the year. white, who has a $99 price tag. valuation over the summer, now a potential $35 billion market cap. i know it has grown, but is it

worth that much? >> thanks for having me. of the lasthe time raising, between then and now, yes, the valuation has expanded, but the business has expanded even more. doordash grew revenues 268% year-over-year in the third quarter. in u.s.e largest player online food delivery, but is growing the fastest by a wide margin. technology investors generally will pay a premium for growth. it looks set to happen here with doordash. add, there'sould been a lot of investor focus and debate on will the valuations come back to earth on the others of the pandemic? to some degree, you will see growth rates normalize.

strong,dash had a very established trend of gaining market share pre-pandemic. it is certainly doing that during the pandemic. on the others, they will be able to maintain their leadership position. emily: what about the relationship with restaurants? bloomberg has done reporting, other outlets have reported on the tense relationship with the restaurant industry, restaurant owners complaining about the 30% commission. if they can get more restaurants on board, the complaint does it matter, but it does when it is a large part of the industry. >> certainly. during the pandemic, i think you have seen a cooling of that relationship. to thesets have turned food delivery platforms and embraced them more, given that

they are reliant on them to get exposure to diners and consumers who are in their homes. on the other side of the pandemic, i expect you will probably see a return to some of the rhetoric and debate around how healthy these platforms are for local restaurants. even during the pandemic. across a handful of cities in the u.s., we see the implementation of caps on commissions the food delivery platforms can charge to restaurants. most of them are temporary. i do have some concerns about how temporary, particularly on the others of the pandemic -- other side of the pandemic, unemployment remains high, it could last for a while. during a pandemic like this, online food delivery platforms are showcasing to the restaurant industry how they can help provide a lifeline to consumers.

hasy: let's say doordash 50% of the market. where do you see that number in a year? where does the growth come from? the suburbs, the cities, do they take shares from some of their competitors? >> it is a good question. or threek out two years, we think the u.s. online food delivery market is probably a two to three horse race. there will be a couple of large companies operating here. that's basically what we have today. doordash is at 50% share. the bigger you get, the harder it is to grow at outsized rates. quarter,t this last the growth rate was double that of their next fastest growing competitor, it seems doordash

can continue to take up their category share north of 50%. does it get to 80%? i doubt it. of myof the other sectors coverage universe, where i follow on my marketplace type businesses, maybe online travel or something like that, you rarely get a winner take all type market. i think the shares will pick up. don't think they will get north an80%, may be to 70% is aspirational goal. then you have two or three players overall in the market. emily: interesting. you also follow uber. i'm curious of what you make of their selling of the self-driving car unit two aurora. we were just speaking to the ceo of aurora. taking a big haircut on the actual sale. themselves into a

potential future successful self-driving car company. >> i think it's another example over the last eight to 12 months that highlights the willingness to make the really hard decisions when it comes to simplifying the business, streamlining the business, and accelerating the timetable for cash flow creation and pro fitabilty. a lot has been made by some of the asset sales, or shutting down of the businesses uber has done, but they have also made some acquisitions. they acquired corner shop. uber streamlining and focusing. not necessarily looking to get smaller in their core businesses of ridesharing and food delivery, but the corner shop is more adjacent to food delivery.

the company is refocusing streamlining. it is also continuing to invest in the markets where they are either clear number one or number two leader, or there's an imminent path to being a number one or number two player. all of the other markets, the longer-term opportunities are held to a much higher standard, in terms of payback period, return on the investment. i think that's what you are seeing with this decision. white, thank you for that analysis. we will be following doordash's planned ipo. we have breaking news. steven mnuchin has pitched a $916 billion stimulus package to house speaker nancy pelosi. it is the first move by the trump administration to break a month long stalemate on stimulus plans. tweetmnuchin saying in a

that he spoke with republican leaders in congress about the plan, as well as president trump. joe biden has said this new plan would only be a down payment on more money to come next year. we will continue following those negotiations. 2020 has been a tumultuous year for everyone. many have sought help from the calm app to meditate, relax, and hopefully sleep. we will speak to the ceo of how these anxious and trying times have propelled the company to new heights. that is next. this is bloomberg. ♪

emily: that was an eight hour long video with nearly 6 million views by calm, the maker of a meditation, sleep, and relaxation app. 2020 has become defined by the covid-19 pandemic, economic upheaval, racial injustice, and a contentious u.s. election. calm has seen growth like never before, with downloads doubling since march for people trying to find their calm. the company now had a funding round. led their voice to calm to narrate stories. joining us is the cofounder and co-ceo. thank you for joining us. alk about the trends in

user behavior. what are they finding with calm? >> this year has been incredibly stressful for pretty much everybody in the world. calm has seen a huge uptick in usage. we have had double downloads. it is quite interesting to see the range. some people are coming to deal with anxiety and learning meditation, others using sleep stories to help them fall asleep at night. it is really the full offering used by so many people. emily: you have seen 100 million downloads. can you give us any more information, data around retention and engagement? specific't break out figures, but all of those metrics have moved up during this crazy year. so we have seen record numbers

of subscribers, engagement has gone up. people using calm more often each week. it has really been great to be the support for millions of folks who need it. emily: this new funding round involves lightspeed, goldman, what other features are you looking to bring to the app? >> we are always experimenting with new things. m, recently introduced wisdo where we try and share the world's best wisdom from teachers to help people with their lives. also, very interested in coaching. matching humans with other users to help them deal with mental health. in a big growth area, calm for work. so many companies are now buying calm to bring to their employee bases.

we have hundreds of companies now offering calm to their employees. that is an exciting growth area. emily: speaking of growth, i have noticed advertising for calm everywhere. how much are you investing in marketing? are you seeing the return on that investment? >> yeah, we are. we spent a significant amount. we advertise online, a lot of paid media, instagram, facebook, google. we also want to be really creative. on election night, we sponsored some of the channels like cnn and their key race alerts. that juxtaposition on these important election results coming in with a reminder to be calm got a lot of additional virality. so we are looking for things that are a bit different. also some successful global campaigns. a times square billboard we are using as a gathering place to

find moments of mindfulness. we really do take creative marketing seriously. it has been successful for us. emily: i did see the ads on cnn, the billboards in the bay area. my producer uses your app to fall asleep every day. she uses the free option and was wondering if more features are coming for free, or is the main goal to keep driving people to pay for a subscription? >> subscription is very much our core business. this year, we have made a lot of our content free online, on calm .com/together. no sign-up or download required. it is for the people who need the support. we love doing things like that. we are very much focused on subscription revenue for the app. business,owth of our

we want to bring calm for free when paid for by an employer. maybe bloomberg will be interested to get a subscription for your producer. emily: thank you, we will explore that. -- you going to see new ashton kutcher was influential in the early days. celebrity endorsements. what will we see in 2021? any new celebs joining the platforms? >> a lot of new celebs. we love working with talent from many different types of entertainment. the mindfulness. we are also excited about leaning into kids content. we will be working with some of and creatingthere great meditation and sleep content for kids. that's really interesting. i will look out for it.

and a mom who needs a lot of sleep. thankofounder and co-ceo, you for joining us. apple taking another bite out of the market for accessories with the launch of its first over that year headphones. but wait until you see the price tag. we will discuss. this is bloomberg. ♪

emily: jd health surging in the largest stock market debut by a health firm in asia. looking to go past scrutiny in china, and demand for online medical service will continue to grow post-covid. witheo spoke exclusively tom mackenzie. ishong kong's capital market

mostly similar through the mainland. it is understanding of health care. it is also similar. china's system is very different from foreign ones. each country's health care industry is relevant to government policies. that's why we think listing in hong kong is a good choice. >> how are you going to prioritize putting the u have raised through the ipo to use for the business? putting have you raised through the ipo for use of the business? >> the supply chain>> still has room to improve, even though we are the largest retailer in the health care sector. secondly, we want to connect our online, off-line medical as soon as possible. we want to have cash reserves. anys good to have cash at

time, in case of any difficulties. improveion, we want to the ecosystem of our core business, including investments, or acquisitions. has the pandemic impacted the online health care business in china? from a long-term perspective, it has pushed the health-care industry forward. a lot more chinese people are now participating in online medical services. china has entered a normalization of epidemic control. itine medical consultation, did -- as the peak comes to an end. it means consumer behavior has been profoundly changed. number,is a realistic target, in terms of using numbers by the end of 2021?

>> from my perspective, we are very likely to have more than 100 million users. >> let's talk about competition. it is a very competitive space, with the likes of alibaba health, how do you differentiate yourself from your competitors? compared to the entire chinese health care industry, all of the three main players are very small. we are all trying to change consumer behavior. in light of this, we are business friends on the same mission of encouraging users to use medical services online. we are not necessarily competitors. >> how do you think the new antitrust laws china is working on will impact the country's tech sector longer-term? >> each industry has different criteria. companies leading the industry

can be innovation leaders, or can also be the monopolist who curves innovation. it's possible. course, it's necessary to establish standards at the government level to define innovation. and we welcome any reasonable government regulations. china's health care market is over 1.5 trillion dollars, but jd health, even as the number one player, is only $1.5 billion. so it is hard to monopolize the health care market. jdly: that was the ceo of health. we are getting more details on the new stimulus proposal that treasury secretary steven mnuchin has presented to house speaker nancy pelosi in the first move by the trump

administration since election day to break a month long standoff. mnuchin compared with -- withrned with -- conferred republicans and the president, and spoke with nancy pelosi the last hour. we are also hearing from kevin mccarthy that it contains $600 checks per adult. earlier, they were going to be as high as $1200. we are waiting for more details on who will be receiving these checks or eligible to receive them. but certainly progress in the negotiations on getting a package done before the end of the year. apple launching its first over that year headphones, entering a competitive market dominated by rivals like bose and sony. bymarks yet another push apple into accessories to

supplement revenue generated by the signature iphone. joining us to discuss, mark gurman, who covers apple for us. what do we know about the headphones? >> thank you for having me. these headphones are retro looking, made of fabric, plastic, aluminum, and stainless steel. they cost $550. that's getting the most headlines. that price point. compared to the highest end of the market for headphones, it compares favorably to some other headphones from sony, sennheiser, and others. for a product geared towards mass consumers, it is a high price. what else is out on the market, how does it compare? well to thees high-end of the market.

apple is traditionally known for going to the high end of the audio market. it is fairly new to them. i think it will take time for people to grasp that price point. it's also to be seen how good they actually sound. if we get them this week, listen to them and they compare favorably to other headphones, perhaps it will be worth it. is a lot of 500 $50 money during a pandemic for headphone -- $550 is a lot of money during a pandemic for headphones. emily: thank you so much for that update. that does it for this edition of "bloomberg technology." we will be following the new proposal steven mnuchin has presented to nancy pelosi. involve, as we understand, $600 checks to americans. house leader kevin mccarthy saying he will support this. we will continue to follow that

going into the next hour. asia" isg daybreak: next. ♪

haidi: good morning. i'm haidi stroud-watts in sydney. we are counting down to the major market open. shery: i'm shery ahn in new york. welcome to "daybreak: asia." markets set for gains after stimulus optimism lifted wall street to another high. republican leaders and the administration are pushing a new 900 billion dollar relief package. the u.k. rolls out the first