♪ emily: this is "bloomberg technology." in the next hour, game stop, worst week ever, still up since the start of the rally but this week leaving an $18 billion hole. biotech emerges as the new favorite of the retail investor crowd. what next? we will look at what the memes are telling us.

bill gurley is here. gamestop mania, robinhood and getting it wrong. he was one of the first analysts covering amazon back in the day and we asked him about bezos stepping down. space, the next frontier, privatization, exploration, regulation, we cover it all with the former head of nasa, jim bridenstine. market stocks extend weekly rally, after a weaker than forecast u.s. job data bolster the case for president biden's 1.9 trillion dollar covid relief package. for the full picture let's bring in kriti gupta. >> stocks ending the day for the fifth straight session, the biggest rally since back in september. look at the board, the s&p 500 in the green, nasdaq outperforming.

what is not outperforming, the philadelphia semiconductor index about taking a step back today. the flipside, what outperformed? those big tech stocks. the new york bank index having a tear this week, 8%, nearly 8% gains this week. of course you know those of the heavyweight in the s&p 500 and nasdaq, helping those. let's look under the hood. what tech companies in particular helped this rally this week? amazon. we know stellar earnings across the board, and talk of a new ceo. google, reliving some of its previous glory, relieving investors of some digital ad concerned. snapchat, same idea. activision, strong goes -- growth in their franchise and that showed up in stock performance. i want to look at a one month chart of gamestop. you cannot do a market check these days without talking about

gamestop, look at the rally and how far we have fallen. at the peak we were up 2000%, now, today, up 78% and then pulling back. emily, this room a fascinating story and we will have to see what comes next. emily: absolutely, kriti, i am watching it every day, thank you for the roundup. it may seem the meme stock mania is dissipating after gamestop's $27 billion wipeout. there are still 16 companies with shares up this year. i want to bring in our cross asset reporter, claire valentine. shares still up since this retail rally started, what is stepping out to you right now about the latest turn? >> it is interesting, we have seen a lot of vstoxx come back to earth. -- a lot of these stocks come

back to earth. many are posting giant gains. now, after the close, 17 of the original 50 stocks restricted by robinhood posting more than 100% gains, remarkable. some that stand out our game stock guest gamestop, express, naked brands. the top one, built medico, a penny stock mentioned by tiger king star carol baskin, that helped drive a rally in that stock. pretty remarkable. emily: how does carol baskin become someone the retail crowd listens to, what is going on in these chat rooms? >> right, i think the story underscores the fact that sometimes when retail investors latch onto narratives, on reddit boards and chat rooms, it feels momentum.

we saw carol baskin be a big star in 2020, catch eyeballs with her name, and mentioning this tiny little company, and one of her videos, really spurred interest and it. it is a fascinating dynamic in how reddit traders banded together and drive up share prices. emily: meantime, i am sure you have professional investors and hedge funds trying to figure out where this wave is going? talk to us about the biotech rally, that seems to be next. >> yes, it is interesting how professional investors kind of grab onto this momentum, or are trying to grapple with what is going on with gamestop. and we have seen a lot of biotech companies doing well. some are keyed to coronavirus developments, and it is interesting to watch professional investors follow

retail investor sometimes and vice versa obviously. it is continuing to play out. emily: what are you watching next week, claire, what to be on our radar? >> i am still interested to see how this plays out. there has been an unwinding of retail favorite stocks, but a lot are up a ton. reddit chat rooms are not going away anytime soon, so a question in conversations is what is going to be the next gamestop, amc? are we going to see big pops again from retail traders? emily: you will have to keep us posted, bloomberg's claire valentine, thank you for the update. coming up, the gamestop frenzy, robinhood backlash. and jeff bezos stepping down. a lot has happened intact the last couple of weeks. a longtime investor, bill gurley, of benchmark capital,

joins us next. this is bloomberg. ♪

♪ emily: shares for gamestop after robinhood removed its prohibition on buying shares did little to impair the whole, name stop wrapping up its worst week ever -- gamestop wrapping up its worst week ever. bill gurley critical of some moves robinhood has made. bill, thank you for joining us. gamestop down 80% in one week. is this just the beginning of a wild ride? if so, where does it end?

>> i do not know yeah, my answer would be i do not know. this is one of the most fascinating things that has played out, as the internet intersects with finance. a lot of people have highlighted or believe it is similar to social media's impacts on elections and politics, right? one of the most fascinating things is the groups of people it has brought together, to seemly stand behind one side or another. so i think aoc and ted cruz, ended up reaching for the same player here, in this battle between the small investor and the giant hedge funds. what is interesting is real damage was done to the big hedge funds. like, they took big, big write-downs, and a market that

has been predominantly hot. so that is interesting. the other super interesting thing is it uncovered, you want to talk about there's a problem in the plumbing, i think there are a lot of problems in the plumbing. that fester for years, and create the dynamics that allow something like this to happen. the key question - emily: let's talk about the problems in the plumbing and start with robinhood. i know you said their business model is based on a bizarre reality. where do you think robinhood is getting it wrong? >> well, their whole business model from the beginning was, to tell the user that something was free. and then to make money somewhere else. that somewhere else, in this case, is what is known as

payment for order flow. so, the practice of payment for order flow, is illegal and for other developed countries, the u.k., canada, india and australia, and for reasons that it creates massive, enormous conflicts of interest. what happens is when you put an order into robinhood, they do not put it on the exchange, nasdaq or nyse. they sell that order to six different companies they work with, who are really their customers, that is who pays the revenue, the largest being [indiscernible] and all that is disclosed and you can find it on twitter on the internet. those people are even, in addition to maybe choosing the bid/ask a want to fill it out, they are allowed to front run the trade in their own account. . i think it is misleading to the user, to say something is free

when -you are probably- those companies are not paying for that order flow for no reason, right? you have to ask, why are they paying for it? they are monetizing it. that has to do with giving you that execution or front running your trade, which has a market moving away from you. you imagine you get a whole bunch of people buying out of the money call options. then you get the broker that is clearing those trades front running them, and you're going to create massive volatility, like we saw. emily: so, in that case, what should robinhood do differently? or what should the sec be doing about it? >> well, there are many arguments as to why you should ban payment for order flow, and have people directly connected. where you would have more liquidity in the right place, anyway. i was able to find, a letter that citadel, ironically, had

sent to the sec in 2004, where they did as good a job as any. they listed five detailed bullet points on the conflict of interest that come up and white payment for order flow should be banned -- and why payment for order flow should be banned. i would encourage people to read that. the u.k. did a study when they abandoned 2006, i would encourage people to read that -- when they banned it into thousand six. the things no one is talking about, their three dimensions were robinhood takes more risk than competitors. one's use of margin the other is encouragement of option activity, relative to normal trades much higher there. third, they let you trade before cash settles in you account, they forge you money. all three of those things -- they forward you money. all three of those things affect what goes into the capital requirement commitment they were forced to put up. but nowhere along the way did

they say, here is the calculation for that requirement, and here is why these actions we take as a business are directly implicated there. and meanwhile, those same things attract customers. so they have that problem, and they made themselves more interesting to people, for those reasons. but it means more risk. and that is why the clearinghouse came down upon them. the third thing i was going to mention, and we can wrap this up. you know, it is now known that sexy 4% of their revenue comes from options trading. so, the company wants you to believe, and goes on public television and claims their mission is to democratize investing. and i would say, you know, if this is mostly options trading, that is --there is no book from warren buffett or peter lynch,

burton mikael, who is famous that says the way to invest for the long term is to trade options. no one is saying that. they would all dispute that. so what robinhood is really doing, i think, is kind of glorifying speculation. they're not democratizing investing. emily: so, do you see a fundamental shift happening, in market power, from institutions, to individuals? and, if so, how should the strategy of professional investors be changing, now that there are new rules? you always say play the game on the field but it seems the rules have changed. >> some of it will depend. i think the new sec commissioner is paying attention, and congress is paying attention. so we will see whether things change that might eliminate some of the plumbing issues that might cause a future attempt

like this to not work as well. they may also come up with regulation around not voicing that you like a stock or do not like a stock, but if you are intentionally giving instructions to people on how to manipulate liquidity in a stock, they may come down on that. the 13 thing no one is asking is, how much staying power does the robinhood base really have? you mentioned on the open, $18 billion of market cap is gone. you know, the hedge funds were cleared out by the time that happened. so who was left holding that bag? and how burned are they? emily: right. >> so the next push may not have as many soldiers left if there are a lot of broken soldiers everywhere. emily: a lot of people lost a lot of money. you have been a long-time proponent of direct listings.

we have seen a number of high-profile ipos over the last couple of months, airbnb, doordash,'s mark, doubling-- poshmark, doubling or more than doubling on opening day. i have spoke to the ceos they are excited and nobody said they got the price wrong. but use see something wrong with that -- do you see something wrong with that picture? >> absolutely and i think all of those companies could be held accountable for violating fiduciary duty. selling the most valuable asset you own, at half of the market price knowingly, knowingly doing that? is just, it is a grant. -- it is just, it is a neuronal's. i do not -- it is ignorance. i do not think you'll ever asked someone on the dander ipo did you make a mistake and have them say yes, there is zero chance that will happen. emily: is that the company or the bankers? >> well, the problem is, and i

have data here, first day underpricing in 2016, to blame dollars, 2017, $4 billion, 2019, $9 billion, last year, $30 billion. so the problem is getting worse. and yesterday on the hong kong exchange, quaisho, a $5 billion deal with a $9 billion underpricing on one deal. look, the modern-day best practice banks advise, if they tell you that you want to be 30x oversubscribed. now, i think we could go back 400 years, and find economists that would tell you how supply and demand affect price, and no one, no one in 400 years of economics would suggest the best practice would be to have 30x supply-demand imbalance. yet every ceo, every cfo, every

boardmember that talks to a bank in the two weeks going into their ipo, they are told that is what they're supposed to do. and they listen to that, and say ok, that is great. it is plain stupidity. the great news as, commissioner clayton on his way out the door, approved --amazing for me at least --approved adding capital to a direct listing. and i fundamentally believe 5-10 years from now, no one will adhere to this idiotic practice of giving away billions of dollars in a single day. emily: while -- wow. you never mince words and that is why we love having you here. i want to get to amazon because you are the lead analyst on amazon going back to the 1990's. you posted a nostalgic tweet, of a photo of you and jeff bezos

from back in the day. andy jassy is well-respected, but what risks do you think amazon faces without jeff bezos at the help? -- helm? and is he really going to be able to hand over the reins and lean back or is he going to be a backseat driver? >> yep, i will raise a provocative question you might ask and amazon executive. it is my belief that jeff clearly is the best strategic thinker i have ever met. around business strategy. but he has another superpower which is, he is able to take those ideas, and systematize them. he is able to input met them in a company that now has over one million employees. -- implement them in a company with one million employees, and those practices have been able to scale. that is what is amazing.

it is not just that he has an idea for aws, but it is that he can scale it so much. the optimist would say he has not struggled to take his genius and push it through the organization and have the organization absorb those best practices. and so there is plenty of parts of amazon, where jeff is not touching the day-to-day details. no human could. from that perspective, i would remain quite optimistic. i also think, in both of these huge businesses, they have remarkable strategic advantages at this point, probably higher even in a classic consumer business. emily: so, you are not worried about the regulatory issues? >> i am not. i think there is a lot more heat on other companies than on them on that front.

emily: ok. >> i have a very cynical view. emily: final thought. >> i have a cynical view on regulation and interesting studies from goldman and morgan. to back it up. regulation is the friend of the incumbent. most of the time when washington, d.c., leans into a new industry, you lock in the incumbent, and the rules are written by the incumbent and make it difficult for new hundreds entrance -- new entrance to, -- entrants to come up behind them. so i would say the more regulation, the more you want to own the stock. emily: bill gurley, always good to have you here. coming up, more of "bloomberg technology." this is bloomberg. ♪ wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution.

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emily: it is the biggest

internet ipo since uber went public in 2019. shares rising 160% in the hong kong debut, the company operating one of china's short video services, it brought in $5.4 billion in the ipo and attracted hundreds of billions of dollars worth of orders. and former new york yankees star, alex rodriguez, arod joined the spac craze and joined to raise funds for business called slam, which tends to pursue business in a range of areas. despite his background the company says it does not intend to target pro sports franchises. coming up, no more trips to the drugstore during a pandemic or snowstorm it. we hear from the ceo of pharmacy which aims to compete with cvs

and walgreens, and the latest rival, amazon pharmacy. that is next. this is bloomberg. ♪

emily: welcome back to "bloomberg technology." i am emily chang in san francisco. president biden's administration will be testing a program to provide covid-19 acts seen directly to pharmacies, to increase -- vaccine directly to pharmacies, saying they will ship one million doses a week to pharmacies nationwide beginning february 11, and a trial run. joining us is the ceo of alta pharmacy, a telehealth pharmacy

that has started to serve 36 million customers across the united states. tell us how your model works? >> thank you for having me. alto is a new kind of pharmacy, where we do the work for you. we deliver to same day for free as a patient. we also help you save money on every prescription, usually through helping you navigate this crazy world of health insurance, and helping you optimize price. and we have a whole team of clinical pharmacists, experts in your health condition. so you are not talking to a generalist like at a typical retail pharmacy. emily: nobody a lot so, nobody likes going to the pharmacy to -- so, no but he likes going to the pharmacy to pick stuff up. amazon is getting into the game with drug delivery. how are you different? >> it is a half trillion dollar market, large industry.

there are patients with a variety of needs. amazon, they have been working at this for few years with the acquisition of pillpack. we are trying to provide an alternative, white glove, high level of care service, that tries to take the community pharmacy feel your member from decades ago, and bring that to the modern era. that is through delivery, navigation of health insurance, and higher touch cynical care. -- clinical care. emily: what are your thoughts on the biden administration sending shots of covid vaccine directly to pharmacies? is not a good step forward? >> absolutely, i think the name of the game is going to be distribution and access to the vaccine. very quickly we will have a lot of doses. it is really, can we get this to as many people as fast as we can? like everyone else i am looking forward to being out of the

pandemic. so, everyone that can help should be trying to help their. we are speak -- here. we are speaking with states to see how we can participate in making ourselves available to do anything and everything. this is really can we be helpful, and helping the country through this? the more we have points of distribution, the better. emily: so, will alto be getting any of those doses? >> not at the moment but we are working with states to see how we can best support them. emily: in addition to vaccines, there people needing drugs, to fight covid and i do not think we talk enough about treatment options once you get it. what trends are you seeing? what are we not talking enough about? >> frankly, i think one of the least talked about problems, for people across the u.s., has been

access to medication to stay healthy. sadly, many of the most at risk people to covid, are people who need the most medication. if you think of diabetes, pulmonary disease, cardiac disease, and hiv positive and prep, those individuals who are at risk of having to go to pharmacies during covid to pick up medications, which is probably the last place they should be to stay safe. so we are seeing a big surge in patients from those areas. and we have built a lot of teams and infrastructure around supporting those patients. we have talked a lot about the different drugs that have reputations of helping with covid throughout early this year. in my mind the patients we have left behind are those who maybe need frequent trips to the pharmacy to see healthy. emily: so, do you think the

physical pharmacy survives? what is your outlook on future of a cvs and walgreens? >> yeah, i mean, frankly, i don't know i compared to the -- i do not know i can predict future. it is hard to see what physical retail pharmacy is the right place for you to access medications. i think both from a clinical expertise and, health, and on the insurance and price optimization side, there's a lot you could do when you can specialize the workforce, and have the become expert at something smaller than every medication, right? and there are small items, people need them quickly, which is why male is not right -- mail is not the right solution for pharmacy. today there is no reason you cannot have any medication sent to you same day. i think we will see more and more moves to less in person,

less retail services. but there are a lot that walgreens and cvs does outside of help in the pharmacy space, that i'm sure will continue in needed that people will want to go in person for. emily: well, we will keep watching. alto pharmacy founder and co-ceo, matt, thank you for joining us. coming up, facebook and apple's long history of rivalry, why the ongoing competition may benefit both companies, next. this is bloomberg. ♪

emily: bloomberg has learned

apple has paused talks with south korea carmakers kia and hyundai about building an electric car. apple has been discussing similar plans with other carmakers. the secret project has wrapped up in recent weeks. bloomberg's mark gurman with us now. >> thank you for having me, emily. the past week there have been numerous reports claiming apple is in final discussions or nearing an agreement with hyundai or kia, to develop an apple electric car at a plant in georgia or elsewhere. we are told, however, these talks paused several weeks ago, and it does not appear they are moving forward on any agreement anytime soon, or potentially in the future. emily: so, talk to us about how this fits into the longer journey apple has been on, with this car making efforts?

there have been to a set and turns. mark: starting in 2014, apple set out to hire thousands of engineers to develop a car that would compete with tesla, at the time and lunch run 2021. there were -- launch around 2021. there were challenges related to management of the project, self-driving, quality control, etc., so they pair that back to focus on the underlying self driving car system. at the end of 2018 they hired doug fields from tesla, who ran the development of the model three. when he came back, he assessed the situation, and several months into that, he determined it was time for apple to go back to building a car. last year they formed a small team as part of the self-driving car effort, to work on an actual car body, underline car components, everything that goes into a car. now they are at the point of exploring, who are we going to work with? are we going to work with a big

italian carmaker, a german carmaker, and asian carmaker, right? so i feel they are still in the situation where they are looking at who they are going to partner with to manufacture or if they will do something similar to how they designed the iphone and used a foxconn to produce it. emily: talk to us about how apple's approach is different from other tech giants. google, with self-driving car technology it has been working on for a long time. microsoft announced a partnership with gm, what makes apple different? mark: the google partnership with ford, was about getting the android operating system preinstalled into now systems -- nav systems in ford car starting in 2023.

google with waymo focused on being an uber for the self-driving generation. apple is very much looking to take the tesla approach. the same thing they do with all of their products. dave built this nice -- they built a nice pricey car and they sell it and you buy it and you drive it or it drives you. the big difference between apple and tesla is tesla is 100% encompassing, they design and build the cars and do their manufacturing and battery production. whereas, you can expect the apple cart to be a mishmash of custom components from all over the global supply chain, like any other apple device. emily: well i have you, you have been looking into the relationship between apple and facebook. they have been getting increase to clay -- increasingly publicly testy about one another. you have been looking into how they actually benefit from the

tension in the relationship, how? mark: this has been a mutually beneficial relationship for years. apple sells phones or keeps people going to other platforms, by allowing, despite issues with facebook, it to continue being on the platform. whereas facebook has made ad revenue over the years by having access to those one billion iphone users and other device users, so it is mutually beneficial. attention is heating up and it will do so over ar and vr in years to come. emily: bloomberg's mark gurman, thank you so much for your analysis. we will continue to watch your reporting. now sticking with the biggest tech story of the week, i am joined by our bloomberg senior executive editor, brad stone, who is continuing to cover jeff bezos announcing he will step down from amazon later this year to be replaced by andy jassy. brad, we talked the day this happened. you are surprised, we all were surprised.

over the last few days, what have you been finding out about why jeff bezos is stepping down now? >> sort of shellshocked the day we spoke, i think everyone was. here is an internet icon who has probably been the most successful and effective internet ceo, maybe in history. now, a couple of days have passed and you look back, it seems natural in a way he has done this. first, what i learned in researching his activities for the past few years as, he has been stepping away. he has been involved in the new products at amazon. the echo, the project hyper, their effort to provide internet access with satellites in space, health care efforts at amazon. he has been going from the old and more mature businesses like retail and eight of u.s. and letting folks like andy jassy run the somewhat baton wesley -- somewhat autonomously.

the other indicator is, for the last year he has not had a shadow or technical assistant. the executive at amazon who tended to follow him around. andy jassy was bezos'first ta at amazon. the fact that he is not had one was really an indication he was beginning to step back and focus on other efforts like philanthropy, blue origin, and the washington post. emily: this is a question that occurred to me for the last couple of days, how easily do you think he will step away? do you think he is actually going to give andy jassy the space too late? -- 2 -- the space to lead? we have taken -- we have seen difficulties with others taking on a co-ceo.

how do you anticipate the transition to happen in practice? brad: i think it will be smoother than other transitions. he has been scaling back. over the last 20 years he has been effective at putting together a culture and system, of invention at amazon. he has laid the groundwork. it is like he wound up the robots, and he has let it go, and it is walking by itself. i think that is one of his most incredible accomplishments, creating a culture of innovation at amazon. he has let his deputies operate independently. he is not going to detach altogether. he will remain activity products, he will sit on the ''' team, and i imagine he will review major decisions like acquisitions. but over the last few years he has not shown that much interest in meddling with eight of u.s. enemy andy jassy runs it and there are examples -- he has not shown interest in meddling with

aws, and how andy jassy runs it. there have been areas where he did not see the reason and may be against it but ultimately said this is your business and i trust your judgment. and remember, this transition does not formalize until the third quarter. it is going to be a gradual pulling back by jeff bezos. emily: jeff bezos famously writes these? emails, for he forwards any melt to the team and all he says is, '?'. than everyone's grace to figure out what he is asking and give additional context -- then everyone scurries to figure out what he is asking and give additional context. what will andy jassy be like? brad: he has been doing that for aws. you raise a good question, will jeff bezos continue to send this emails? i do not have the answer so i

will pose at, will he continue to write his famous annual shareholder letter every spring echoes out the annual report? i do not know and that will be interesting to watch. will just continue to do that or will andy jassy take it over? we will not find out for another year. emily: all right, brad stone, senior executive editor, we appreciate your perspective and will continue to watch your analysis and reporting as well. coming up, i am speaking with the former nasa administrator jim bridenstine, at the space agency under the trump administration, where his sights are set for future space exploration, next. this is bloomberg. ♪

emily: space exploration, you might be seeing a lot more of it spacex on track to launch the first civilian space flight this year, and other rocket companies announcing their going public, the space sector is getting a new look. with me now, jim bridenstine, former nasa administrator under the truck administration and out senior advisor at acorn growth strategies investing in the space sector. we talked with jared isaac meant yesterday, the ceo leading the all civilian mission. i'm curious whether you think that is something nasa should be regulating, when it involves civilians going into space, even with a private company? jim: i do not think so .

nasa is an exploration, discovery agency. when it comes to human spaceflight by the private sector, i think there are other agencies that are more capable of doing regulation the nasa. nasa is about science and discovery. we are not at nasa, and i say we am not at nasa in the last two weeks, but nasa is not a regulator. i think we should be careful to not get nasa mixed up in that kind of activity. emily: curious what you have seen so far and your thoughts on the biden administration regarding space exploration? the white house saying the president does support a mission to the moon. you are a supporter of getting all the way to mars. do you think the biden team is missing something here? jim: no, i think they are doing

the right thing. i'm actually quite pleased and excited about the biden administration, coming out and saying they support the artemis program, and fully embracing the idea that it is time to land the first woman on the surface of the moon. that is an idea whose time has come. there have only been 12 people that walked on the moon, they were all white men. now, at nasa, there is a very diverse, highly qualified astronaut court, that include-- corps, that includes women and represents all of america. i am very proud of the biden administration for embracing the artemis program. a lot of people might not realize, artemis in greek mythology, is the twin sister of apollo, and she was the goddess of the moon. so we think about, here we are 50 years after the apollo program. we are going back to the moon. and this time we are going with all of america.

and we are doing it with a purpose, to get to mars. the moon is the proving ground, how we learn to live and work on another world for long time -- long periods of time. the fact that we went to from one administration to the next and get that continuity, i think that is the kind of unity america can respond to and be enthusiastic about. emily: every time i look at the night sky, i see more satellites in space. i wonder with all of this new exploration. all these new satellites in our orbit, are you at all concerned about the amount of debris, in some future life could we trap ourselves on earth, given how much is now up there? jim: absolutely, we are seeing constellations launched into space now, for low-earth orbit,

for low latency, high-throughput communications, which is absolutely great, because it is going to transform how we do communications, connect the world. the other half of the world that is not connected is not going to be connected. all that is wonderful for humanity. the challenge is, we have seen orbital debris continue to grow. and if we damage low-earth orbit, we cannot get it back. it is going to be damaged forever. so it has to be preserved. we need to be responsible. i will tell you the companies i know that are doing these activities, they are focused on responsibility. but there absolutely has to be a government response, that says here other rules by which everybody will operate. we need better space situational awareness. we need space traffic management. we need space debris remediation capabilities, how do we get the debris out of space? and we need everybody to be very

responsible when it comes to space great mitigation. if we do all of those things which -- space debris mitigation. if we do all of those things, which we are not doing now, space will be preserved and humanity will be better off. emily: 30 seconds left, now with acorn, or do you think they should place their bets in the sector? jim: the space environment is now more investable than ever before. used to be the place for billionaires. then venture capitalists not involved and now it is moving into private equity. that means our stable cash flows, stable revenues. space is now investable, at the private equity level. and we are seeing companies go public. so i really think this is a great time to be investing in commercial space. emily: jim bridenstine, great to have your perspective, former nasa administrator, thank you for taking the time to join us. we will be watching to see where

you place your bets in the great beyond. that does it for this edition of "bloomberg technology." i am emily chang in san francisco. happy friday and have a wonderful weekend, see you back here on monday. this is bloomberg. ♪

investors turn to helps of more help from congress. more vaccines on their way. this is bloomberg wall street week. i'm david westin. this week, larry summers of harvard -- >> you cannot say there's no fraud in the marketplace. >> former ibm co2. >> they all have experience. >> senator capital of west virginia. city global chief economist catherine mann.