♪ emily: welcome to a special edition of "bloomberg technology," a new day in america. i'm emily chang in san francisco. the nation has sworn in its sixth president here is now-president joe biden taking the oath of office with supreme court justice john roberts. >> preserve protect and defend >> preserve, protect and defend

>> the constitution of the united states >> the constitution of the united states. >> so help you god? >> so help me god. >> congratulations. emily: president biden's inaugural address, pledged allegiance to all americans and touched on challenges the country is facing, starting with the pandemic. on a global scale, he said he is ready to engage. >> america has been tested and we have come out stronger for it. we will repair our alliances and engage with the world once again, not to meet yesterday's challenges, but today and tomorrow's challenges. emily: some of those challenges include the world of technology, where we could see major policy shifts on antitrust, section

230, cybersecurity, the vaccine rollout and u.s.-china relations. all will be shaped by the binding administration. in this hour, we bring you conversations with experts across the sector including an outspoken critic of facebook, a former obama administration cyber security advisor and a cofounder and chair of moderna, as well as a venture capitalist and china expert. those conversations in a moment but first come on this historic day when the country in the markets, you can feel president biden trying to set a tone of hope and optimism and unity, that word we keep hearing from him. as his motorcade neared the white house, he got out of the car, fist bumping well-wishers. berg's ed ludlow was watching markets from our san francisco office and ed, a moment here that means something different from everyone, you from the u.k., i wonder how you took in the advance that the events?

ed: scaled-back because of covid, but i thought it covered the spirit of what an inauguration really was, and the bipartisanship one would associate with an inauguration, i thought president trump, president obama, president bush, and the world was watching, messaging very light on policy come a focused on challenges the country is facing, naming lee covid -- namely covid and social and economic issues. it was a message of optimism and that optimism reflected across financial markets. on wednesday, most major indices hitting record highs, the s&p 500 having its best inauguration day since 1937, when january 20 was actually set as inauguration day. it has been outperformance in technology stock, and nasdaq 100 up 2%, hitting a record.

this driver being positive earnings reports from the tech sector. the new york faang index also up on wednesday. one other performer, philadelphia semiconductor index, softer by .3%. it has been treading water a little bit, one of the laggards of inauguration day, but i am not reading too much into that. the final place i am looking is bitcoin, bitcoin a little softer, hovering around $35,000 wednesday. pretty major news for the cryptocurrency, blackrock, the world's largest asset managers has made filings and futures to two of its investment funds, a real vote of confidence in the cryptocurrency from a major institutional player. they are not doing anything to support the cryptocurrency, around 40,000 -- around $35,000, below the $40,000 mark we have been monitoring. emily.

emily: ed ludlow from san francisco, thanks so much for that analysis. president biden beginning his presidency with a big promise, and vowing to end america's uncivil war and reset washington. our david westin, host of "balance of power" is with us now. we have been looking at live shots of the new senate on the floor, senate majority leader chuck schumer has taken the gavel and says this is a new chapter. at the big question is, will this really be a new chapter? and can president biden unite lawmakers and the country? david: it is a big, big task. we will see whether they can do that. chuck schumer is majority leader as you say, but it is a 50-50 split in the summit. kamala harris will cast the deciding vote.

they have a tall order. most people who know joe biden well, and he is very well known in washington, they think he is a leader who could reach across the aisle, if there is, it is joe biden. but there is fracturing in the country, without a doubt. emily: we are waiting for president biden to sign a few more executive orders possibly this hour. what is his schedule for the rest of the day? and what is priority one tomorrow? david: he has a lot of executive orders that he has or will sign across a wide range of subjects, really to reverse a lot of what the trump administration did. including the xl pipeline, things on immigration, the wall, whatnot. we expect the press secretary to give the first press briefing at 7:00 p.m. eastern time, what it was predicted to be, which may be a real departure from what we

saw under president trump. those press briefings were on again off again. they have promised they will have regular press briefings now. as far as tomorrow, the best thing we can do is look to what mr. biden as president-elect and now president said was his number-one priority, covid-19. it is vaccination, testing and tracing and i would not be surprised if the next big move we see would be that. we hope to hear tonight what his first 10 days are, his plan, and he is focused on that as the time he wants to change the direction of the country. emily: he is certainly trying to change the tone, but quickly we are going to be having a senate impeachment trial. what do we know about how much a distraction that will be and when that will actually begin? david: certainly he is concerned about it. you heard him during the transition talk about it and figure out a way we can walk and chew gum at the same time, do business in the morning in different is this in the

afternoon to get things done. he is very concerned. we don't know when the trial will happen. we also don't know where mitch mcconnell, now minority leader of the senate, will come out. he hasn't decided. that could be distracting. getting that 1.9 trillion dollars stimulus package through that he has announced be a big order of business. they have a lot of things to do. as you know well, emily, washington doesn't do more than one thing while at the same time. to do two or three things is all most impossible. emily: i want to take a moment to underscore the fact that we now have a female vice president, the first black, first asian vice president. no matter what your politics, this is a moment kamala harris -- this is a moment. kamala harris made history today. she and president biden have presented such a united front, if you will. how do you expect they are going

to communicate with the american people differently, using the tools now available to politicians, like social media, and how differently will they do that than president trump? david: such an important point, and we don't want to let the fact that kamala harris is the first woman, first black, first indian-american to serve as vice president or any nationwide federal office, it was an extraordinary moment noted by a number of people. but i would go beyond that. just looking at what happened yesterday when now-president biden went to washington, the first place he went was the lincoln memorial. he had that memorial service for 400,000 people who have died from covid-19. the day was full of symbolism. one thing that struck me throughout the day was that he has been pitch perfect in the symbolism and i think that is the way he will try to drive the country. social media, one thing is that he won't be like president trump. i don't think anybody can be like president trump in social media.

but i don't think we should think it is going to go back the other way. president trump demonstrated what can be accomplished for good or not for good through social media, so we should expect a robust campaign. one last point. one thing besides unity president trump went to again and again in the inauguration speech was truth and lies, we have to defend truth and fight lies. he came up with that again and again, we have to get back to facts. it will be interesting to see how he uses social media to get to what he understands as the truth and defending, as he says, against lies. emily: and we will be covering that. bloomberg's david westin, thank you for your thoughts on analysis today. coming up, our conversation with elevation partners'roger mcnamee -- elevation partners' roger mcnamee about what we should expect from social media.

this is bloomberg. ♪ 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: roger, how will the difference in the relationship

between washington and silicon valley the under president biden? roger: i don't think he can avoid taking on tech reform fairly early. there are two reasons for that. first, the pandemic. one of our biggest obstacles is misinformation on media platforms. he needs to take the bull by the horns. secondly, the constituency that elected president biden, women, like people, brown people, they have been the people most harmed by the malfeasance of facebook, google, twitter and the rest. as a consequence, president biden will owe it to the people who got him elected to really work hard to protect democracy and protect public health, privacy and competition, the things that have been undermined. emily: president trump has been banned from twitter permanently,

and indefinitely. i wonder how much you think trump being gone will lead to a more healthy conversation on these platforms. it is not that simple, but does removing it make a significant change in the conversation that is happening? roger: welcome is there -- well, there was a report earlier in the week that shutting down trump and q1 on pages and a couple other things had led to a 73% decline in election-related information online. i think there are other factors. i am not sure the numbers are something we should exactly pay attention to, but directionally i think it is correct. trump was one-of-a-kind. his impact on amplifying disinformation and hate and conspiracy theories is going to be hard to replicate. but the problem here, emily, is that the business models of facebook, instagram, youtube, twitter, they are based on

getting people emotionally engaged. so hate speech, disinformation, conspiracy theories get amplified disproportionally and that will continue to happen unless there is impetus to change it. the biden administration has its work cut out for it. i think it is great trump is off, but he will be replaced by many others. emily: resident trump his final days in office -- president trump in his final days in office didn't use the avenues traditionally available to him, talking to reporters on the white house lawn, he didn't do a national address, the silence has almost been deafening because he didn't ask that that didn't have access to twitter or facebook, which almost underscores and highlights the power these platforms have had in giving him that megaphone. what would you like to see the biden at nist ration do on tech? how would you like to see the

ministration curb the power of these platforms? roger: so i think the platforms, and frankly in partnership with the republican party and president trump, have been playing for with fire for five years and it all blew up this past year, first with covid disinformation and then with the election disinformation that happened, culminating in those things coming together to do the insurrection that the capitol. there are three areas of regulation that are desperately needed and we need them all at the same time, safety, privacy and competition. on safety, you need electioneering discipline, the people who make elections technology have no standards of behavior, no code of conduct, no requirement that they mitigate harm before it goes to the market. that needs to change. they need to have personal liability. they need corporate liability, both of those, for harms that they do to change the incentives so that the technology get spec

to what it used to be, which was a source of personal growth and opportunity for people as opposed to something dangerous on -- something dangerous. on privacy, what has happened with the success of google and facebook and others has essentially been manipulation. you see that 64% of the people who joined an extremist group on facebook do so because facebook recognize -- because facebook recommended that they join. keep in mind, those are facebook's own numbers. that means at least 2 million people joined qanon because facebook radicalized it. that has got to stop. that is all based on data. we need more privacy and need to reduce the use of private data for economic ends. and lastly, we need trust in regulation to return to what to choose to become a when we protected markets so that no one could dominate and block new entrants, no one could block against people competing in the marketplace, no one could eat up on their suppliers or their

employees. all those things are routine, and not just that, that is an economy wide problem. the biden administration needs to do something in all three areas simultaneously but the great thing is congress is very advanced in its work on safety and very advanced on antitrust. the trump administration did a great job on antitrust relative to previous ones. so we are a long way down the path on antitrust there, and at the state level. and on privacy, california and the state of washington have put into privacy laws but most important, apple in the new version of ios is going to opt in privacy, which means corporations must ask permission before using your data. that is exactly the idea that needs be implemented as a law across all businesses and all contexts. i think they can do that. that is not going to require bandwidth biden and his team. you just need to encourage congress to do it and make sure the roadblocks are clear.

emily: roger, we are looking at shots of president biden signing some executive orders. these have to do with covid, a mask mandate on federal property as well as one to support underserved communities, and having to do with equality. and the third -- rejoining the paris accords. >> a lot of things that we are going to do. the first-order i'm going to be sunny -- the first order i am going to be signing relates to covid. it is requiring, as i said all along, where i have authority, man dating mask wearing and social distancing on federal property, in interstate commerce, etc.. this is the first one i will sign. the second one that i am signing is support for underserved

communities. already, we will make sure we have equity and equality as is relates to health care and other things. the third that i'm going to sign, i am going to do it while you are all here, is a commitment i made that we are going to rejoin the paris climate agreement, as of today. >> [reporters asking questions] >> the president wrote a very generous letter. because it is private, i won't talk about it. but it was generous. >> on climate change, you are

rejoining the paris agreement? >> let's go. let's go. let's go. emily: there, you see president biden taking care of first orders of business, signing three executive orders, the third one possibly the most important, a commitment to rejoin the paris climate accord. roger mcnamee of elevation partners is still with us. roger, it is incredible to see president biden in the oval office being president dent already making big changes. do you believe president biden can unify this country? roger: emily, there are huge challenges to do so, but that is his goal. that is his commitment. and most of the country, the majority of americans, want to work together to make the world a better place. i think he wants to get more

distance from the trump years. and even people who used to support president trump will begin to see that the times of name-calling that -- the kinds of name-calling that took place, children in cages that the border, all those things were performative hate, and there is no place in america for that kind of stuff. biden is going to exemplify qualities most americans like to see in our country. so i am very hopeful that given time, he will do that. but he has got to be able to succeed against covid and he has got to be able to get the economy in a place where people are less stressed out and there is less food insecurity, less housing and security. these are really hard problems and i am hopeful he will be incredibly successful with them, but healing this country is not going to happen overnight and i don't think anyone should expect that, but i don't -- we need to

heal first, our first objective is to get well medically, get well economically and political things will take care of themselves after that. emily: the social network parler , i haven for voices on -- a haven for voices on the right, is coming back, and i wonder if you see parler becoming a new haven for conservative voices or another network emerges? where does that network go? roger: can i be honest? i don't think that is a question we need to focus on long-term. the parler story is so deeply tied in with trump, that there is this temptation to wonder

what happens next there. but longer-term, we have to begin to imagine social media in a very different model than the ones put forward by facebook and instagram and youtube and google and twitter. there are lots of other ways to do it, and most of those ways are going to be much less harmful than what we have seen. and i think we just need to get used to the idea of whether it is twitter or parler, it doesn't matter. there is a better way of doing that. whether it is facebook or something else, there is a better way of doing it. and it is ways that sit and ask the question, what is it mean to be a community, what is it mean to have things that you care about, what are facts? you need to have an approach that is fundamentally different than what is in the marketplace today, and until we do something about monopolies, it is going to be hard for alternatives to succeed. so we need to have government

intervention to create the opportunity for 1000 flowers to bloom. emily: what is the likelihood of a tech rake up? do you think apple, facebook, amazon, will those companies be broken up? roger: for years, i don't want to put a timeframe on it. it is inevitable we are going to see very sick for content i trust action. the states are going to do it whether the feds do it or not. so i think investors should be overjoyed. the history of antitrust intervention in tech has triggered every major cycle and it has worked out incredibly well for investors. i think if we were to have that again, that would be great news. but the court thing is not to worry about the timing, but the direction. and yes, it is going to happen emily: -- going to happen. emily: roger mcnamee, elevation partners, always good to have

you on the show. ask for helping us, agile in the future. coming up, we talk to the founder and chair of mike darda -- founder and chair of moderna. can president biden deliver 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. wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time.

it allows for over 20 exercises. do the aerotrainer super crunch, push ups, aero squat. it inflates in 30 seconds. aerotrainer is tested to support over 500 pounds. lose weight, look great, and be healthy. go to aerotrainer.com. that's a-e-r-o trainer.com.

♪ emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. california has surpassed 3 million confirmed cases of covid-19, the most of any state and more than reported infections in a number of european countries. meantime, the new york mayor says the city has to reschedule want to be thousand vaccine appointments because of a supply shortage largely due to a delay of moderna vaccines. bloomberg has learned the biden team is increasingly worried the pandemic is spiraling out of control.

joining us now is moderna founder and chair, noubar afeyan . moderna is going to be a huge part of president biden's ability to deliver on this promise. what is the likelihood he will be able to deliver 100 million doses in his first 100 days in office? noubar: emily, thanks for having me here again. we believe, at least on our side, the production, quality checks and supply distribution chain exists for us to be able to play our part in meeting that objective. so far, nothing we see discourages us. but i think the plans exist to do that and reduction systems are functioning according to our plans. emily: so the urgency has never been greater, given the soaring

cases and the fact vaccine is out there, it is just a matter of getting it. give us a picture of your production rate. will moderna hit its own targets, 100 million doses this quarter and 100 million doses the next quarter? noubar: we can do only as much as we are able to do in the sense that we haven't done this, and nobody else has done this before. in other words, nobody has gone from zero output of this type of product to what we hope by the end of this year will be one billion doses we have produced. it is important for us to understand that because that has not been done doesn't mean it can't be done, but because it hasn't been done, we can't just say yeah, we have done this a thousand times before. we are in uncharted territory as a globe, uncharted territory

medically undone chart territory in terms of supply. what we can do is plan to have pack ups and various measures put in place, all of those systems are in place. they are functioning. but until we have done that, we won't be able to point to having already done it as a reason to believe, because it is being done for the first time. we think 100 million doses as an objective in the coming couple months and another 100 million by the end of the second quarter, as our commitment goal with the u.s., is something we are on track to meet. lots of variables could get in the way. emily: now, vaccine shortages in new york and elsewhere are scary. people are out there who got a first docent don't know when they will get a second dose. some haven't gotten any vaccine yet at all. the new york issues don't have

anything to do with moderna, it was you distributor that had an issue with the ice packs. that said, how many doses may have gone unused in the united states because of temperature issues? noubar: i don't have that information. i don't think that is information that is going to be ready to come by, because we are dealing with hundreds of thousands of outlets in the distribution infrastructure being run by mckesson and coordinated by the group that is working with our counterparts and general perna. what is important is that we are all learning, the various states are learning themselves how they can get better organized, better forecasts, there are issues with storage as you said. there are different vaccines that have different handling and

storage requirements, so we are all going to have to be ready to recognize that there will be things that we are doing that don't work perfectly well. and look, the frustration we all feel is a different frustration than the fear we all felt that we were completely vulnerable to the virus and there was nothing we can do about it. now, there is something we can do about it. and we have to get organized and make sure enough time passes and enough experience is accumulated so that we get better and better at doing this. we are going to look at these days and say was the first week, it was the third week, and at some point, we are getting the trajectory of this, the learning experience is encouraging to us and we are quite confident that if we all do what is within our power, we will be able to get through this. emily: there have been some allergic reactions to the moderna vaccine in california.

any updates on a possible explanation for this, or any safety issues you have identified with this particular batch? noubar: the company put out a statement to the extent of what we can say and what we know and that is that that batch contains quite a large number of doses, a lot of which have already been administered. there appears to be a single site in which those reports come from and we have not yet, and the cdc and department of health has not yet had the opportunity to drill down on what could be a contributing factor at this particular location to cause this observation, versus the lot , or the particular handling of it. as soon as we can make a determination, we will. i think it is out of an abundance of caution that the

regulators, that the administrators in california took an approach of basically stopping using that particular lot. and we are hoping we will be able to, as quickly as possible, resolve, figure out what this is due to and make it available for people to receive the vaccine. emily: what is your understanding of whether you will need a third straight shot? i know i am jumping ahead, but i am sure -- third booster shot? i know i am jumping ahead, but what are your plans to examine the question? noubar: we will study that as we go forward because nobody knows the degree to which the response , which we know to be a very strong response given the design that we chose, 100 micro ram

doses administered twice about a month apart -- microgram doses administered twice about a month apart, we know that delivers a powerful response. whether we need a boost and when is something that we will study. and we will study it in the context of the other phenomena going on, various new strains coming online, so this is something that inevitably -- the good news is that the big questions are known, bad news is, we are going to have to gather data to answer them. we are not going to be able to assert them. it is easier to find out what might not work meant to know what does work. so we will ask the questions, design experiments with our partners and get answers as quickly as we can that will guide the next step and the one after that, and the one after that. emily: now your firm, flagship

pioneering, is funding a number of other fascinating technologies and efforts to fight covid. therapeutics, certainly beyond the vaccine itself. what do you most excited about and what might have the most critical impact on our ability to get this under control and save lives? noubar: emily, covid started by being a pandemic that was thought about as an epidemic that was bigger than we thought. but actually, as a pandemic it had such reach, so many people have been infected, that as we are learning about the consequences of the disease for those who are currently infected, but also those who had bouts with the disease but are now living with remnants of the disease, this is going to be a major health challenge on the planet for years, if not

decades, to come. so we need to separate out what we are doing to halt the disease now with what we will have to do in terms of the disease coming back, or aftereffects. we are working on all of that. we have companies, for example, that are using approaches to be able to use the microbes in our guts, which are very important in the way our immune system responses, to be able to avoid the overstimulation of the immune system that we see in many covid cases, where our immune system becomes a part of the problem. we have a number of companies that have been looking at understanding the exact immune response that can control this so that we can use those and only those, versus a broad-based

attack. we have some companies that are perfecting ways to be able to do much better at testing and drawing samples. it goes on, it is going to be a multipronged effort and we think it is going to be worked on for many years. technology and science will help in many other ways than just the vaccines. emily: absolutely. thank you, noubar, for coming on the show in giving the public an idea of what you're doing behind the scenes. noubar afeyan, moderna co-founder, thank you. coming up, the white house and cyberspace, our conversation with the former cyber advisor to president obama is next. this is bloomberg. ♪

♪ emily: foreign interference is not a new issue, it has faced this nation for decades. so how will the biden administration handle cybersecurity. what are they walking into? let's bring in kiersten todt of the cyber readiness institute, former cyber adviser to president obama. and it is not just foreign interference, it is domestic interference as we saw at the capitol riots on january 6. what is the biden administration walking into when it comes to the threat landscape and cyberspace? kiersten: thanks, emily, for having me on. we are in a very intense threat landscape. to your point regarding the two issues regarding foreign adversaries and domestic

extremism, the issues the biden administration is facing is how to challenge foreign adversaries and how to address social media and big tech. and we are already seeing actions taken today. priority number-one is clean up from the solarwinds attack that happened via the russian adversary. that is a very difficult task right now, because we need to remediate and operate on these systems simultaneously. so all efforts are going to be focused on responding to that attack and making sure that we have addressed the vulnerabilities that have been exposed. and we are are still figuring those out. emily: meantime, you have got a very real issue that this attack on the capitol -- i was driving on a highway in california and saw a billboard with the fbi asking for tips, so a lot of that is unfolding online. what are folks in washington doing right now to track that

down? and do they have the resources they need? kiersten: there are two issues and looking out what happened. it is certainly the role of big tech, and it is unfortunate we needed an attack on our democratic institutions to bring home the power of social media companies and how they have been used in malicious ways. one of the key priorities for the biden administration is going to look at how we address these issues. and there is an element of the 1996 telecommunications act called section 230, which has essentially absolved social media companies from any responsibility that they have. the key piece right now is to dispel the notion by the tech companies that they are defenders of free speech. they self happy ties to themselves to defend the first amendment, but we have to look at this and understand they have become part of our critical infrastructure, whether you are talking about the elections are what happened january 6, they have an impact on the national

and economic security of the nation and they have to be brought into government and looked at, just as we look at critical infrastructure. and that is going to be a priority for the biden administration. emily: i am sure you know i the folks the president has appointed and the folks who will be working across a number of these issues. how confident are you in the new team, and the transition, that they have all the information they need? kiersten: certainly in a transition, transition people say they never really receive the information they receive -- information they need or they want. and there were additional stressors on this transition. having said that, leaders being brought into the biden administration to take on these issues i think represent an impressive, stellar group of individuals that both have experience in government, they are not going to need a lot of time to figure out where certain conference rooms are, they know how government works, but also,

they have engagements and relationships with the private sector. at we know certainly that there is no fine line are marked line between industry and government when it comes to protecting our nation physically and in the cyber realm. so that his knowledge of both industry and government, and the trust of industry and government are critical, and leaders president trump has identified so far certainly represent those capabilities and expertise. emily: kiersten todt, who advised president obama on social security, thank you for joining us. stella -- still ahead, president biden in his first day in the white house. we talk with hi relations expert.

this is bloomberg. ♪ -- with a china relations expert next. this is bloomberg. ♪

♪ emily: president biden's cabinet picks signal that the new administration appears to potentially want to continue some of trump's hard-line economic policies on china. joining us now to discuss u.s.-china tension and what will change especially when it comes to tech competition, edith yeu ng, at raise capital. edith, is biden going to continue a hard line on china? edith: i absolutely believe biden will reset china-u.s. relations and approach china with dignity, honesty, humility, and will really change the mood and dialogue. i am optimistic. one thing i know for sure, he is definitely not going to tweet about foreign policy on a daily basis.

emily: what does this mean for tech investors like yourself, investors who are funding companies that depend on this relationship or are impacted by this relationship? edith: for the past four years, president trump has brought u.s.-china relationships to a really strange place, starting with the trade war in july 2018, lasted for 20 months and pretty much ended with covid. and it is a place where we don't know what exactly the trade war did to help the american people. president biden publicly said the trade war really was a failure, and that trump went after china in the wrong way. if you look at it from an investor point of view, all the m&a on transactions, ipo's, the

new york stock exchange and treasury department on a daily basis, should we delist chinese companies, yes or no, to the point of trying to block operations for tiktok or huawei for the past four years. from the investor point of view, it has not been easy. but i do think president haydn has brought in an experienced team, a secretary of state and nutri representative, they all have a lot of china experience. i look forward to what the changes going to be. that it is definitely not going to be easy, at least the tone. emily: at the same time, the chinese communist party has been cracking down on big tech. new investigations, for example, into big tech companies that have traditionally been given a lot of power. i wonder how that changes the

dynamic, given how great the concern is about chinese competitive in the tech -- chinese competitiveness in the tech industry surpassing the u.s. on many fronts? edith: tiktok was a shocking phenomenon for facebook and the apple and the world. but at the same time china, similar to the u.s. government, worries that big tech is going to dominate the conversation. it definitely was a huge disappointment that ant didn't get to go public, and jack ma is laying low in light of what is happening, but i think at the end of the day, both countries are going for the same thing. we need to understand the impact in terms of the financial ecosystem at social communication. the big tech user base is bigger than any of these countries combined, so it is very understandable now that the

chinese government is trying to crack down. but emily, you and i are not using ali k or w -- ali pay or wechat on a daily basis, but i think they will survive. emily: you think this is the start of a new era of cooperation? or will pride and old ways prevail? edith: i don't think the biden administration will go about tackling china and the relationship the same way as president trump. although it won't be easy, it doesn't mean that they will be stopped in anyway but at least on the trade war, he will go about it differently. i do think the biden administration will go hard on i.t., and very different on

human rights issues. that will continue. but at the same time, from a technology front or a financial system or in trade, there will be a different course going forward. emily: edith yeung of race capital, thanks so much for giving us that look ahead as jill biden starts his term is 46 the president. as we speak, we have learned president trump has assigned all of his day-one executive orders. he has additional business for the day including swearing in day-one presidential appointees. we will be watching that. stay tuned to bloomberg television. but that does it for this edition of "bloomberg technology." i'm emily chang in san francisco. "bloomberg daybreak: asia" is next. this is bloomberg. ♪

>> good morning. i am haidi stroud-watts in sydney. shery: i am shery ahn in new york. welcome to daybreak asia. markets welcome joe biden with asia extending gains. investors are betting his relief policies will boost corporate earnings. haidi: the president signed executive actions on day one.