♪ >> welcome to "bloomberg technology." i'm sitting in at the moment for emily chang. a lot of stories going on around the world right now, and first we want to take a look at the markets. u.s. stocks rose for a second straight day on optimism the economy will benefit from government support. ed ludlow has more. ed: after hours, the news being

the house has the votes to impeach president trump for a second time, 232 in favor, 197 against, 10 republicans voting in favor of impeaching donald trump. not a lot of action out there. currency markets, pretty sanguine. yen, a haven assets. euro-dollar, pretty static. this is about outperformance of technology stocks. the narrative around a recovery in the u.s. economy, boosted by stimulus. you can see the nasdaq 100 up 6/10 of 1%. outperforming the s&p 500, up to tenths of 1%. really, the story here, intel, up 6% on the day on news that ceo bob swan will be replaced by pat gelsinger, gelsinger a long

time employee of intel, so it's a bit of a homecoming, but the narrative from wall street is around technology over finance. intel has fallen behind in key product areas over the last 12 months. that's perhaps why you see amd down. other names on the semiconductor index, also down. almost a 100% gain above the $49 where the company priced their ipo at. lastly, airbnb up 5.7%, an all-time high for that company, bringing its market cap above $100 billion, benefiting from the rally we have seen in travel stocks, but also news out of d.c. that they will stop and pause any bookings at d.c. locations throughout inauguration week. > not happy news given what is going on in washington. thank you to ed ludlow. we are going to hear much more

on a firm -- affirm's first day of trading. we turned to emily wilkins in washington. we have big news of the official voting on one article the impeachment against president trump. it is 232-197. any surprises? emily: there were a couple of surprises. we were in a position where there were no republicans who voted to impeach president trump. now this time three of them with liz cheney, there were names we are expected, there were some who were surprising.

people coming from strong districts who are tried and true conservatives who came out in this pursuit -- particular incident who said the president deserves to be impeached. david: we are expecting to hear from president trump. there will be a video. that's what he has done, we have seen videos on twitter. this won't be on twitter, i assume. the president tried to plea for mercy. he said, i don't want any violence, i am not a violent person. emily: yes, we have seen the president do more video addresses instead of live, in person ones where he can take questions from the press. a number of lawmakers, a bipartisan group, was getting ready to ask trump to give the statement that he gave today. they were asking trump prematurely to tell people to stay home, we don't want violence or what we saw last wednesday during the electoral college. lawmakers are prepared to ask trump for that. he had to give that message out. trump has been adamant in

defending himself against impeachment. he said he -- he said his speech was appropriate before the attack. he might try to defend himself further. david: what happens next? the articles go to the senate. is there any sense of when there might be a trial? emily: the senate does not come back until january 19, that's one day before the biden administration is set to begin. there is discussion about what that trial will look like. this senate has a lot of things to do. they need to approve bidens cabinet and biden wants to pass another stimulus. the senate might work in the morning and do a trial later in the afternoon. this trial might not take a long time. one of the house members who will be arguing the impeachment, everyone was in the capital that day and everyone knows what happened. david: there is extraordinary security measures at the capitol. i interviewed a freshman congresswoman, her name is nancy from south carolina, who said she planned to go to the inauguration and changed her plan because she fears for her personal safety.

emily: the capitol looks like a military barracks. inside we see dozens, if not, hundreds of soldiers, members of the national guard were posted there. there is a line on the floor of them sitting against the hallway, waiting to make sure they are there for the inauguration. 24,000 national guard will be activated. this is more than we have seen and it speaks to the fact that after what happened last week, a number of officials are concerned about what the security will be next week. david: thank you for your continued, great reporting. coming up on "bloomberg technology" we speak to the head of cisco. that is coming up next, and this is bloomberg. ♪ so you're a small business, or a big one.

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emily: president trump has been impeached for the second time, marking the first time a u.s. president has been impeached twice. this after the violent riots left five people dead at the capitol. five people all at the capitol. i want to bring in the ceo of cisco. obviously you have been watching this as an american citizen and as a leader in u.s. business, how are you digesting this? chuck: thank you for having me. it has certainly not been the beginning of 2021 we all hoped for. candidly it is just sad. everything that has occurred is sad. we are at a time when our nation

has so many crises going on, we need to come together, we need to work together, we need to be solving problems for the citizens of the country, instead we are dealing with the things we are dealing with. it is a sad day. emily: what is your reaction to the presidents impeachment? obviously, you are a business leader, we are facing an uncertain few days ahead and possibly not a peaceful transition of power. chuck: as i said, it's part of a sad narrative. what happened last week should not have happened. those who are responsible need to be held accountable. i'm looking forward to next week and moving forward. i think there is so much we need to get done and can get done. i never dreamed, honestly, that

the united states of america, at a time where we had so many challenges that we could not put down our partisan beliefs, come together and solve these problems, but clearly that is what we witnessed. emily: what is your outlook under a new administration for the things that are some of cisco's priorities. whether it is cybersecurity, infrastructure, or our global competitiveness with countries like china? chuck: i think technology has a lot to offer and what's going on in the world now, what's going on in the united states. when you look at the incoming

administration, clearly, there is a lot of focus around infrastructure. it will create jobs and modernize things in this country. there is a lot of work that needs to be done around cybersecurity. we need to deal with data privacy issues. the impending rollouts of 5g that are going on in the united states and around the world are important to our future as well. i think the technology can play a big role in the inequality issues we face in our country. we have proven through this pandemic that people can work anywhere. that gives us the opportunity to create jobs and places we might not have thought it was possible in the past. there is a lot to be done, there is a lot to do, and we are optimistic we can come together as a nation and solve some of these problems. emily: the pandemic is still raging. you and i are both in california where we are hitting new peaks in cases and hospitalizations, do you think about how cisco can help with the vaccine rollout? how do you imagine cisco and technology helping to improve that process? chuck: we have been involved in

lots of activities relative to the pandemic. we are experiencing the peak right now. early days, we looked at technology for pop up clinics, now we are supporting wireless, cameras, and different technologies, the pop up vaccination centers that are showing up. we have iot sensors that insure these vaccines are transported effectively. we have security cameras that are monitoring them. we are providing all the connectivity for the locations where they need to be administered. hopefully we will begin to see much more progress, as i know everyone has been looking forward to the vaccines, i sure hope we can do a better job over the next month. emily: let's talk about how the productivity world, how we work, evolves as we move into a new normal.

what's your sense of when the business environment, in general, will return to normal? chuck: one thing we have seen is that our customers move from the rapid response that they had to deal with last year, getting their employees working from home securely with the collaboration tools they needed, then they took a pause, and we have seen customers believe they have to move. we see customers investing, obviously technology was a key priority before the pandemic. every customer realizes how critically important it is. one of the aspects is, what does the future of work look like? we all believe it will be a hybrid model. we think employees will work some days from home, some days from the office. we need to work hard to make

sure the technology experience for individuals who are remote, and those sitting in a room in a meeting are similar so they experience the same productivity. a will change going forward. it changes where we live, how we can hire, where we can invest in resources, and it will be a different world as we come through this. emily: in other news, cisco is continuing to do deals, and try to do deals. you won a case order to abandon a plan of a case merger. could you give us an update. could you or would you raise your offer? chuck: it is currently a legal issue so i cannot comment much. we were confident that we had the appropriate chinese approvals, and we think the chinese for working with us to get to that point -- thank the chinese for working with us to get to that point. at the same time, they did not

believe we had it. we are having those discussions. i am hoping it will come to a rationalization in the next few weeks. emily: as with cisco's business, webex has been a standout success in the midst of the pandemic. hard well sales have suffered. do you expect more of the same this year or do you see a change in some of your own business trends as well? chuck: i think webex is up to having 600 million meeting attendees a month. it has held up well. the team has done an incredible job. the feature is faster than ever. when you look at other aspects our business -- aspects of our business, those who underlined our infrastructure on their campuses, we saw that continue. it was those customers who were still buying the older technology, that is what we saw slowdown. those customers who are committed to it kept moving.

the rest of the customers realized between the cybersecurity events in the pandemic, they have to have a robust of technology infrastructure. i think we will see customers invest, and i think they will be looking to prepare their organizations and the foundations of their organizations for whatever they may face in the future. emily: cisco ceo chuck robbins. chuck, thank you for joining us on a momentous day in american history. i appreciate you sharing your perspective with us. air b&b takes an aggressive step as the fbi warns about so-called so you're a small business, or a big one. you were thriving,

but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

emily: air b&b said it will cancel all reservations in the washington, d.c. area during the week of president-elect joe biden's inauguration. they will reimburse hosts. this is an attempt to prevent further attacks at the capital one week after pro trump supporters storm the capitol building that resulted in five deaths. joining me now is the senior vice president for global communications at air b&b. not only are you canceling communications, you are doing it at air b&b's expense and reimbursing them what they would have made. this is a pretty dramatic move on your part. who did you consult about this and how did you come to this decision? chris: thank you for having us. in a million years i did not

think we would have this conversation. we have been consulting with local officials, mayors office, members of congress. yesterday you had the governor of maryland and the governor of virginia and the mayor of washington dc make really clear that they did not want people traveling to washington dc. we have a decision making framework that we call our stakeholder framework. we considered all the issues impacting our stakeholders. it just became really clear to us that the right thing to do was to block people's families from going to washington. given everything going on in the interest of our republic. we want to make sure the that our hosts, who will be economically impacted, are made whole. that is part of our framework. it's a pretty simple decision to prioritize the public health and safety, particularly given the guidance we were given yesterday

from those various leaders. emily: since then, the president has been impeached for the second time. the first president ever to be impeached twice. you are canceling reservations on hotels tonight. i have not heard other hotels say they will cancel reservations. do you think they should do that? chris: i am pretty comfortable speaking about our decision-making. we will let others make their decisions. i do believe that all of us -- i am thinking of thomas jefferson's first inauguration where he said we are all democrats and we are all republicans, meaning we are all americans. we are in that moment where that should be our northstar and guiding star. i do think that something you

and i talked about, this concept of stakeholder capitalism and making decisions, i do think after time passes people will look back on this moment. it has been interesting to see a number of other businesses and business leaders standing up and prioritizing the interest of the country. i wonder if this will be a moment where people saw stakeholder capitalism and people are putting action to where it hurts. we made a decision on the stakeholder framework and what we thought was in the best interest of the community. emily: how much of the virginia and maryland area do your cancellations include? how much will it cost air b&b? and will you make other decisions and other state capitals across the country? chris: in terms of the geographic parameter, we are not looking to be dealing with the specifics. anyone out there looking to try

to evade the systems we have in place, to block the calendars, they could take advantage of that. we are applying this approach to the greater d.c. area, the metro area, but have been careful about not giving the detailed specifics in an effort to make sure that people cannot evade the systems we have in place. it will impact approximately 6500 reservations in that area. we also have signals that allow us to change those parameters quickly. from a financial perspective, that never came into the conversation. we have been removing violent extremists, neo-nazis dating back to before charlottesville and 2017. it's something we have been

doing on an ongoing basis. those conversations never involve how much this will cost with the financial impact will be. what is the right thing to do? i remember having a conversation with the ceo and he asked, let's make sure we are doing everything possible and never raise -- let's look at the financial impact and do the right thing. as it regards to the capitol, you are 100% right. the other day we announced a seven point plan to help address how we keep these specific folks off the platform. we have flexibility and adaptability to move that around. we are in contact with the different states and different governments, and we have been doing this all along, and we will continue to do this and take the learning as we go forward and work with governments to do everything we can to keep people safe in this moment. emily: we've got about 30

seconds left, but you have identified numerous individuals who were associated with hate groups or involved in criminal activity tied to the capitol riots. could you give us a sense of where that stands? chris: you know the history, in 2016 we introduced something called "we upset." -- "we accept." it's to be able to identify folks who are associated with violent, extremist organizations, and going back for five years, we take people off on a regular basis. emily: ok. well, thank you for sharing the dramatic steps that you are taking. i appreciate you taking the time to join us. chris lehane, air b&b head of global policy.

twitter, facebook and other networks facing backlash from world leaders for banning president trump. we will talk to the former ceo of twitter. ♪

emily: welcome back to "bloomberg technology." i am emily chang and san francisco. the u.s. house voted to impeach president trump for a second time on a single charge of incitement of insurrection. josh joins us now from the white house with the latest. he is now the first president in history to be impeached twice. what happens now? josh: it is going to go to the senate. we have chuck schumer who will become the majority leader after inauguration, pledging that there will be a trial. democrats are urging things to

move as quickly as possible, but mitch mcconnell has ruled that out. it does not look like there is enough votes for a conviction, but there would be for a trial. don't know how president trump will respond. he is said to be preparing a video address. he has not spoken to the press today. he has had no other givens in his schedule. it sounds like they will record a video, dump it out, and that will be his response. as for a trial, we have no clue what will be his approach, who his lawyers will be, it is just up in the air.

the president, given that he has been frozen out of his social media feeds, we are uncharacteristically blind in his state of mind as today's events unfold. emily: you told us over the last several days that it is unlikely that he will be removed from office or that he will resign between now and january 20. does this change that? josh: i don't think so. he wants to be defiant. he doubled down on everything. he came out yesterday and said that the 25th is not a threat. he will not be pushed, and donald trump has indicated he does not think he did anything wrong, so it would be remarkable for him to jump. it looks like he will be president until the 20th. other he will be president in washington, we don't know. we expect him to go to mar-a-lago, which will not only just be his residence. we don't know if you will hold

any events before then. by the day it seems he is losing staff and aids who are departing the white house as a response to the events of last week. the white house is winding down as donald trump deals with this new crises, one of his own making, from the events of wednesday. emily: regardless of whether or not he is still in office, certainly this is a stain on the president forever. how will this changes post presidency life? josh: it lowers the odds of whether he would run again, but it's a guessing game. he has not wanted to commit to 2024. it leaves the republicans at more of a crossroads. for this they would be at an overwhelming gravitational pull towards trump. he would have a lot of allies in the house, people running in nomination races would want to look as close to trump as possible in a lot of districts.

now it's more murky. what is also murky is the money question. we have seen pullback from donors after the mob storming the capitol, which has left five dead. we don't know the health and vitality told yet -- fatality toll yet. donald trump will hang around one way or another. we will have a fairly early test on how strong his grip is still. there is push in the house to remove liz cheney as host conference chair. she is a third ranking republican and was the highest profile person to vote to impeach president trump. she was one of 10 republicans to do so. if she holds on, that is a sign the party is ready to move on from trump. if she gets dumped, that means trump is still strong within the republican party. emily: that number of 10 republicans sound small, but it is significant. the future of the republican party in question. josh wingrove, thank you. we will check in with u.s. things continue to develop.

meantime, facebook's banning of president trump, alongside a similar move by twitter, has been blasted by critics around the world, calling it censorship. we are joined by our guest who applauded the decision twitter made, saying it took a lot of courage, while millions of users are sure to hate whatever you decide is what he said. the former ceo of twitter is with us. i have to start by getting your reaction as an american citizen and an investor, president trump being impeached for the second time. the only president to be impeached, and history, twice. how are you digesting this? >> another slow news week. it all comes at you so fast. in the tweets he mentioned the night of the riots, these things all change in real-time so quickly. it is hard to get historical

perspective on them. it then seems to come a week later and changes a week after that. the short answer is, i don't know. it is obvious that this will go down as an important moment in history. it's hard to understand, in real-time, how it will be viewed. just the diametrically opposed perspectives on the actions that technology companies are taking for users on the platform is something to behold. you have everybody thinking it is an obvious decision of what should be done. 45% of people think one thing in 45% of people think the exact opposite. emily: on that note, twitter has made the decision to ban the presidents account permanently. his account has been deleted from twitter. all of the tweets from the last four years are gone and facebook

has suspended him indefinitely but not permanently. do you think this was the right call? dick: i will never second-guess the management team of the company. and i will tell you why, i am not just bailing out on you. you have people who say it should have been done x years ago, but it's easy to say that when you don't have to face the consequences of what happens next. it's easy to stand on the moral high ground when you don't have to think about the implications of what might happen later. there could be all sorts of regular pressure thought to bear on these technology platforms. i am not just talking about twitter, i am talking about awx removing parler. it will be a wild precedent. the ramifications that these countries will face, that are probably a lot bigger than we might anticipate, are going to

be in norma's, and i know that that went into the decision-making process. there is context when you are making these decisions inside the company. those things include death threats against employees, threats of physical violence against employees. you have to balance all of these things when you make a decision in real-time about what to do. it just feels a lot like monday morning quarterbacking when you know the results of what happened. they did not make it, we all know that. it is obvious in hindsight. i think a lot of people think it's an obvious decision one way or the other, and none of those people have the context of the management team. emily: the presidents aid has

been exploring alternative options, like parler, which may never find another web hosting home. gab is suggesting the president could start their own social network. do you think he could successfully do that at this point? dick: it is remarkably difficult to start a social network, irrespective of who you are or the resources you have or the people you know or how well-financed you are. think of google and how much money and time and resources and energy went into google plus, which is now no longer with us. that sounds like a one and a million. not because of who the person is or what they think just because of how remarkably difficult it is for these things. emily: twitter shares have suffered over the last couple of days. they recovered today. there is concern of president

trump leaving the platform hurting twitter. are you worried about that? dick: the notion that engagement metrics or ad revenue would go down as a result of the company taking some action, and that may be why they did or did not do something, as your previous guest mentioned about air b&b, that stuff never goes into the decision-making equation. it's easy to think that an easy for people to look from the outside and say, that's why they let this person stay on the platform. those things are not part of the equation. it's all the other stuff. what are the downstream regulatory restrictions going to be that will be brought to bear against us? what are the global, political ramifications? there are heads of states of other countries that do lots of horrible things on the platform, will our hands be tied, or will our hands be forced?

those are the things that go into the decision-making processes, along with the threats of physical violence against employees. it must -- it's much less about what's going down in the company. i don't think it went into the decision-making process. emily: it is hard to believe it has been almost one year since the pandemic began, you joined us early on saying you were steadily -- you were still a buyer and the public market. we have seen more market turmoil, we face uncertainties ahead, given the administration changeover of what could or could not be a peaceful transition of power. are you still a buyer in the public markets, and what are you doing and buying in the public

markets? dick: i am a buyer in the public markets. in the public markets risk is extraordinarily underpriced, almost surprisingly slow. the markets seem to ignore it. you have another guest coming on in this syntax space. in the private market it continues to be underappreciated, surprisingly so given how well it is doing a public markets. you have companies like square and others that are up almost 100 fold from their ipos just a few years ago. there are a number of companies

in the private markets, or a couple of our investments with global payments automation platforms and spot on point-of-sale solutions that were super excited about what we think continues to be underappreciated and the private markets. emily: you mentioned an alternative payment solution. where are you placing your bets, and how do you see warped in the future of warp evolving? nobody knows what the new normal will be. how we will pay for things, where we will be working, whether or not we will go back to the office. dick: it got dark there for a second. i think we will go back to the office. what has become obvious is that collaboration tools and the ability to automate anything that was previously manual process is going to be vital and critical because some percentage of work will be remote going forward, whether that is 10% or

95% remains to be seen, but it won't be close to 0% anymore. collaboration software and software that has processes are going to be invaluable in their whole -- their total adjustable market will continue to grow. we love those companies, they tend to not have much churn at all. once you migrate to them you tend to use them for more and more things. we have seen it is the annual topline growth that has accelerated for this company. irrespective of what happens with the future of remote work, it's going to include more things being automated and more collaboration tools, and we are investing heavily into that space. emily: got it. dick costolo, always important to hear your perspective. former twitter ceo. coming up, as dick costolo said,

affirm doubled its trading. i will speak with the ceo, next. this is bloomberg. ♪

emily: we've got breaking news. the secondhand marketplace has just priced its shares at $42 a piece, which is above the marketed range. the secondhand marketplace is expected to start trading

tomorrow, and we will be covering that. meantime, a firm hit the market, almost doubling in its public debut in the latest multibillion-dollar tech company, draining significantly higher than its initial price. max, this is a resounding endorsement of a firm, but you potentially left a lot of money on the table. what is your reaction to the days events? max: i think i would like to take the long view. i think it is really important to know what this is all about. this is not an exit or a finish line, and we did not believe something, we started a new labor journey and it's super exciting. we really want to tell our story and we wanted to recruit lots of professional and retail investors to join, almost a revolution in consumer finance. we are very happy about it. the market will do what it does.

it will price this, and i really hope that people evaluate our performance in the stock, in increments of quarters and years, not in one day. emily: well, now you are a public company and you have to keep up the momentum. i'm sure you were prepared. we saw this happen with air b&b and doordash, but are you concerned this puts additional

pressure on the company to live up to very high expectations? max: i think we have always been very clear in relatively thoughtful, and it's in our dna to be transparent what we think we will deliver and build. our job is to tell our story clearly and guide what we can do and be held to that account. it's my first day as a publicly traded ceo. ask me in a few months what it's like. emily: we most certainly will. we are in an incredibly volatile, unprecedented climate. the president being impeached for the second time. first president in history to be impeached twice. this impacts sentiment and your customers are consumers, many who are suffering because of the pandemic.

they lost their jobs. what is your outlook on the next year given these remarkable circumstances. -- circumstances? max: we live in the strangest of times, certainly in my memory. i think it goes without saying, what we witnessed in d.c. is a disgrace. as an american, i take great pride in my citizenship, i believe in tentative democracy, and rule of law and all the building blocks are really important to me. both as a private individual in an executive and founder, i hope to never witness what we saw again, and i hope we do better as a society. that said, i think that the dream i believed in is this idea, when my family came to america, is that you could be anything and recover from anything. i believe our economy will recover. we are excited to help in the regrowth of lost jobs and businesses and customers. i am an optimist via training and trade. -- optimist by training and

trade. emily: we have about 30 seconds left. on the one hand we are going back to a new normal, but on the other, we are still in uncertain economic times. max: i am convinced that the shift from off-line to online is not flipping back. i think we go back to our offices, but not shopping the way we did. the giant leap that offline gave to online is here to stay and affirm is excited to be a part of it. emily: max levchin ceo of affirm. thank you for taking the time,

and we will catch up with you. we will recap where things stand in washington after president trump has been impeached for the second time. stay with us. this is bloomberg. ♪

emily: let's get to a few more top tech stories. a change of the top of intel. the ceo bob swan is stepping down and will be replaced by pat gelsinger. the world's best-known chipmaker has been under pressure to explore strategic alternatives for the company. youtube has removed new content from president trump's channel, citing concerns about the ongoing potential for violence after the riot at the u.s.

capitol. the platform blocked his account from uploading for seven days, while comments on the channel are indefinitely disabled. google is suspending all political ads from thursday to january 21, the day after president-elect biden's inauguration. president trump impeached again. he now faces a senate trial after the riot at the capitol. the u.s. house impeached him by a vote of 232-197 on a single charge of incitement of insurrection. house speaker nancy pelosi will be determining how to send the letter to the trial senate gop leader, mitch mcconnell rejected chuck schumer's plea to agree to bring senators back for an emergency session and start the trial before january 20, when trump leaves office in president-elect biden is inaugurated.

we expect trump to be in office on inauguration day. that does it for this edition of "bloomberg technology." "daybreak asia" is next. i'm emily chang. this is bloomberg. ♪

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