♪ taylor: i'm taylor riggs in "bloomberg technology." for emily chang and this is "bloomberg technology." -- in for emily chang and this is "bloomberg technology." the price of the largest digital token surging to $56,000. plus, major ruling in the u.k.

affect uber drivers on the gig economy. in facebook blocking news on a platform across australia. more on both these decisions, which have larger consequences. ♪ ev battery startup quantumspace, breakthrough in its effort on lithium batteries. we speak to the ceo. we get to the stories in a moment but first, we have to talk about markets with ed ludlow. it is my favorite day. we can also talk about bond yields as well as the tech market. add -- ed: rising yields are putting pressure on high valuation tech stops. s&p 500 marginally lower, but a lot of pressure coming from tech stocks. the nasdaq 100, very tech heavy, off .4%. the basket of mega cap tech stocks is higher 1.2%. but most names in the index are

down. the philadelphia semiconductor index was up almost 2.5% and it easy with the news flow to forget we have a global shortage in semiconductors acting as a boost to the ones that are selling them. let's get the next board, these are the biggest point decline is on the nasdaq 100 today. , zan -- amazon, facebook, tesla. rising yields are putting pressure on high valuation growth stocks. that is the story here. these companies had outsized earnings oath in the most recent quarter. it is friday, taylor, let's talk about bitcoin. bitcoin hitting total market value of $1 trillion. in terms of price, above $55,000. elon musk we can to the bloomberg twitter account overnight, saying all kind of things about bitcoin. i know you're going to dig in

the rest of the show. i want to get to the biotech chart. is biotech behaving more like bitcoin? no. not really. the white line is biotech, the blue line is the s&p 500. biotech over the past five months as had doubled again the s&p 500 has. nowhere near the gains we have seen in it going. ever core out with a note saying with the volatility in biotech, a lot of retailers making speculative bets is similar to behawe sn cryptocurrency. maybe went to watch as the nasdaq biotech index going forward. taylor: when it was at 55,000 for bitcoin, it hit 56,000, now we are back to $55,000, i can't keep up. blink and you miss it. i finally did my research and figured out what lidar is. why are lidar stocks moving? ed: apple is in talks with lidar

makers regarding its self-driving car project, apple getting on the news, paring gains and freddie's session as did some lidar makers, lumen are at another both gaining. paring gains later. apple is someways off getting a self-driving car of its own and lidar, the consensus says, is it key part to help cars see the world around them and be truly autonomous. bloomberg news reports talks between apple and lidar makers are ongoing. bloomberg has invested heavily in its own research at its own lidar technology and underlying software that powers of driving. but it is one to watch. and it is a sign apple may be actually further away from a product than we might think. taylor: bloomberg's ed ludlow, thank you for the update and happy friday. the supreme court ruled uber

drivers are workers entitling them to minimum wage at holiday pay. this changes everything for the gig economy that has become more popular. for insight into what that means for uber, we are joined by dan ives from whatbush --wedbush securities. over took a sigh of relief when it didn't look like they were going to have to treat their workers like workers, but then this london and came along. what do you make of it? dan: this feels like a got punch so soon after getting past prop 22 in california. this shows the worker-contractor issue is not going away. the u.k. ruling, we could see it cascade throughout europe, given uber exposure. we think it iughly 3% of overall revenues in terms of the u.k.. i think it is a contained risk at this point, but it just shows

it is not necessarily time to celebrate yet, and that they are going to continue to condemned with these issues -- contend with these issues. taylor: what is the risk it goes from being a contained issue to a european issue? dan: that is the risk for other european countries. especially france, looking at this front and center. cooper is one step ahead of this. it is something where they are going to have to work with drivers on this issue. and they might have to scale down some operations if it does not work economically. that is why the whole thing is a slippery slope, not just for uber, but the gig economy continues to be a head scratcher for many and i think the u.k. ruling is a bit of a surprise for investors, but i think they took it with a grain of salt after going through the prop 22 nightmare in california. taylor: why is that stop reactions are relatively muted? are we appropriately pricing in

the risk? dan: the biggest deal is what we saw in california. obviously, they got through that in novembe but i think investors are just getting more and more used to this is going to be an issue uber and the gig economy are going to have to contend with. and from a cost perspective, it is something that is manageable. but like you said, if this goes across europe, it goes from containable to something more worrisome. that is going to be a bit of an overhang around uber and the gig economy as they get through this, but no doubt a got punch in terms of what we saw -- a gut punch in terms of what we saw. taylor: we are getting an update on lighter stocks -- lidar stocks and what that means for

autonomous driving. what you think about apple and the continued push to having a car? dan: right now, apple is essentially going through an electric vehicle data gay. as they continue to talk to suppliers, we think it is a matter of when, not if, that they dive into the pool of electric vehicles, volkswagen especially, given their quantumspace relationship is one of the top candidates for funding. we are talking about a $5 trillion market over the next decade. i believe we see an apple card 2024 -- applear by 2024 with a partnership. taylor: inking a deal, i want to make sure i understand, inking a deal by fall of this year. in looking at a car by the 2024 timeline? dan: yeah, two years plus to get

a car out there. but it is all about finding the right partner, one that checks all the boxes. taylor: i talked to an asset manager at morgan stanley and he takes a similar view, apple cars are the best kept secret and well know it is coming. but he seemed to think it wouldn't look like a car we currently drive. it might not be in the driveway, like something we haven't seen yet. dan: that concept might be something we see later this decade. but at least initially, this is going to be something that is within the electric vehicle swim lanes. apple vehicle is going after that autonomous, and even if they get a 3% share, that is something that could add $30 to the stock. i think some of the sci-fi project may happen -- projects

may happen later in this decade, not out of the gate in 2024. taylor: is it a threat to tesla? dan: we don't view it as a threat to tesla because it is a big enough market for more than one boat. apple, gm, ford and others, this is a mess of opportunity, $5 trillion over the next decade. it is not something necessarily competitive to tesla, but it shows we are going into a golden age of ev's and apple is not going to miss out on that party. taylor: one final q before we let you go, because it is friday. i am going to be interviewing the quantum space scape ceo at the bottom of the hour. what would be one question you want to ask? dan: we had a massive battery breakthrough this week. i think it is better understanding their hurdles to get to mass volume over the next

few years. they could change the game of battery technology in terms of everything going on at quantumscape. what they did this week was job dropping intern -- john dropping in terms of the breakthrough. taylor: the lengthy and i am, we think of tesla as solid metal lithium. is that a game changer? dan: quantumscape is going after the holy grail for ev technology batteries. many thought they could not be made. if they scale this, it changes the game for battery technology. it shows right now, we are in an ev battery arms race going on, just given what we are seeing in technologies for ev's over the next decade. taylor: dan ives of wedbush securities, thank you for your time. coming up, facebook making unprecedented news to block news sharing on its australian that form.

♪ taylor: facebook has started restricting sharing of news on its service in australia. a controversial proposed law would require tech companies to pay publishers when their articles are posted by users. for more, i bring in bloomberg's kurt wagner, who covers the company for us. is this something google has to do as well? kurt: it is exactly as you said. if a user on facebook shares a link to a news article, they are hoping google and facebook are going to compensate publishers who created that article. the idea is to spread the

tremendous revenue these companies make from advertising back to the news industry where, it is no surprise that the news industry has been completely changed because of these different services, and the ability for people to share information about white. -- information that way. this is an effort for some of that money to final back to the people who are actually creating the content. taylor: where are we in the point where this is no longer an australian issue, but a global issue? kurt: this is the reason facebook took such a dramatic stand, the fact they took news out of people's feeds from the platform in australia was that they were worried this could be the kind of thing that spreads to other countries prayed the minute they start paying australian publishers for the work, every other country where facebook operates is going to expect the same kind of deal. they are being stripped here

because it is important that it will set the president going forward. taylor: are global regulators watching? kurt: they are. similar ideas are being kicked around in the u.s. and canada. facebook obviously has a huge presence in europe with all its different product, so everyone is paying close attention here. because again, whatever facebook chooses to do and whatever google chooses to do, you can expect that is what they will be willing to do in other markets. taylor: facebook and google m2 in agreement with news corp.. where the odds that this is that temporary standoff, or permanent? kurt: you could come to an agreement with the big players, news corp. and the bloomberg's of the world, but you are not necessarily going to come up

with those types of agreements with every publisher that exists. it would be very difficult, time-consuming, and i don't think that is what facebook wants to get into. so i think that is a big win for news corp., but i don't think that is the kind of thing we have or see everybody get. taylor: can you walk me through the logic? sharing things on facebook should increase revenue for the online publisher, is that not the case? kurt: well, that does make sense when you think about the fact of people clicking and going and actually spending time on another website. but as you probably know, taylor, when i go on twitter or facebook, i get a ton of my news just from reading the headlines, just skimming through. taylor: no you don't. you are an investigative journalist. [laughter] kurt: you would think i would be wise enough to start clicking

things but even i, the investigative journalist here, can sometimes just skimmed the headline. that is probably where i a lot of news organizations lose. they get their stuff to a lot more people but don't necessarily get the click and the long read that leads to revenue on their own website. taylor: kurt wagner, don't be click made for us. final question, march 25, a slew of tech executives will be testifying. what do you want to hear? kurt: well, we have seen them do this a lot. this is not the first time they have all showed up. i would like to hear something new and i am not convinced we will. because it feels like these types of hearings always seem to be having the same kind of conversation around the role these companies play. but we have heard some ideas from facebook and twitter about how they want to tweak section 230 and change regulation around content online. i am hoping maybe they flush those out -- they flush those out a little bit more now that

we have at these hearings to establish the problem. but he agrees there is an issue. now, we have to agree on what the solution is. i hope they go more in depth than we have seen before. taylor: i hope you will come back and join us. bloomberg's kurt wagner. pandemic driven growth, that is the question as a company loses customers for a second straight periods. we discussed with ceo blue apron want to save hundreds on your wireless bill? with xfinity mobile you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network. sure thing! and with fast nationwide 5g included at no extra cost. we've got you covered. so join the carrier rated #1 in customer satisfaction. and get a new samsung galaxy starting at $17 a month. learn more at xfinitymobile.com or visit your local xfinity store today. when you switch to xfinity mobile, you're choosing to get connected

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♪ taylor: blue apron reporting fourth-quarter revenue, 115 point 5 million dollars, 22% year-over-year rise. but the company is saying customer decline for the second straight period indicates they may be losing momentum in the pandemic. let's discuss it now with blue apron ceo linda kozlowski.

linda, talk about your prescription for reversing declining customers. linda: thanks for having me. q4 is normally our lowest quarter as a business. and this really comes given the holidays around thanksgiving and christmas, so normally, customer numbers are done quarter by quarter. we had an unexpected drop in customers in the fourth quarter because of the seasonality. year on year, we were up in customers for the period. taylor: average order revenue per customer is rising, good news, what is driving that? linda: that is actually a key part of the strategy. we have focused on strengthening customer base for quite some time now through both products and customer initiatives. products are designed not only to create more value for each customer and drive customer value, but also to engage them longer. that a ovi -- that aov number is

a record number for us and really important to us because a lot of product initiatives we have been doing over 2020 are taking hold with customers and helping to drive long-term value creation. the more we have, the more we can invest in growth in the future. taylor: you mentioned customers are sticky. how sticky? how easy is it to be elastic and go to a competitor? linda: it is a very competitive space, but we look at that as a positive. the more people looking at meal kits, the more people recognize the benefit of meal kits and the better it is for us. we feel strongly we have the best food in our boxes, best recipes, best quality of ingredients and we had that plus one that brings expert flavor to the table. we think it is always a good thing when you can actually have choice and variety. we want to prove the value of

our product to customers and create new ways they can engage with mealtime, whether it is different times of day or special locations, that keep them coming back for more of the great lou apron flavor. taylor: what is the competition of restaurants reopening when we are on the other side of this pandemic? linda: interesting, because i never considered restaurants to be a big competitor. we do a lot of our chef partnerships on our thanksgiving box, partner last year with another. we engage with the restaurant community because we consider the meals that we provide as being complementary to a whole life of eating throughout the week. people are going to go to restaurants and want restaurant quality food at home, and that is what we provide. taylor: i want to talk about supply chain issues we have been seeing, particularly with facilities in texas as we

continue to see the worst of the storm passing, but it is still pretty bad there. you talked about reopening near arlington, texas, the facility last quarter getting through the pandemic. how did the weather impact you supply chains? linda: from our perspective, texas is such an important place because we have a facility we did reopen temporarily to help with demand. our customer support team and our engineering teams are also in texas. our priority was figuring out how they are ok, that they are taken care of, checking in and making sure everyone is all right. because we knew the storm was coming, we were able to use the flexibility we have been billing into our operations to shift a lot of the boxes to our 70's in new jersey and in california, to make sure we didn't have to move boxes on people and cancel orders. we were actually able to move most of our boxes and advanced.

that way, people working in the facility can stay safe and say off -- and stay off the roads. taylor: you have such key insight into consumer habits. a year ago, we were all cooking suites to try to get through the worst of the pandemic what shift are you seeing in consumers and how permanent are those shifts? linda: a lot of consumers now have gotten very comfortable in the kitchen and have said they want to continue to cook on the even after the pandemic is over. all the external and internal research shows people plan to continue to cook more at home after the pandemic than they did before the pandemic. and that is a fantastic thing. but the other interesting thing is, so many people have gained skills in the kitchen, now they are asking to upgrade the skills, we want to learn new techniques, we want to learn

more, and that is where we really shine because we have that little something extra for special occasions. and there is comfort food too, we are not out of the woods yet. taylor: i have to say, i learned how to turn on my stove last year. thanks so much, blue apron ceo linda kozlowski. this is bloomberg. ♪

♪ taylor: this is "bloomberg technology," i'm taylor riggs in new york filling in for emily chang. platform twilio earnings on record highs, beating estimates and providing a strong outlook for the rest of the year. i am joined by the twilio ceo. great to have you. the street is very happy. looking at analyst notes today, you are the top cloud pick after surprise quarterly profits. what is the biggest tailwind for the business?

khozema: what we saw in q4 and throughout 2020 was broad-based strength across the entire customer base. we saw pick and industries heavily influenced by the pandemic but what has happened now is the start of a long-term, secular tailwind. i'm talking about education, health care, e-commerce, retail, financial there is going to be durable growth over time. and we have some great wins like j.p. morgan chase or h and r block, companies looking toward digital engagement that customers engaged as customer engagement. taylor: you are ceo, so we can do some of the financials with you, which i love. analysts are seeing a path to increase the average per customer revenue.

are you looking to be a price setter instead of a price taker, being able to boost some of the prices? khozema: we want to offer a fair price to our customer base, we are not looking to necessarily charge in excess of that. we are priced fairly. i think our technology is really strong and our prices are according to that. what we are trying be is offer a set of capabilities to our customer base so they can grow their businesses using our tool set and using our apis in the building block we offered to drive their customer engagement strategies. taylor: analysts say you are just scratching the surface. you talk about this macro tailwind up cycle you are in. what is unique to your business that makes you stand out against what can be considered a crowded field? khozema: well, i will give your recent example. there is a lot going on in texas

right now. our hearts go out to the citizens of that state. and through a very agile software based, cloud-based set of software capabilities, we are able to leverage our technologies to help citizens of that state, to identify folks in need, sending it even to the vaccines and being able to assist with vaccine distribution through medication channels to monitor and make sure people are getting their vaccines on time, giving them alerts on what is happening going forward. and that is just texas. we are doing the same thing in california, all the way across the country to maine. there is a lot we can do that we are uniquely positioned for that other companies just aren't. taylor: do you see headwinds in the business as we think about a post pandemic world? cloud has really benefited from this work from home environment. what about the transition when we reopen? khozema: i don't want to sound

naive about it, but i think other than macro trends that are dynamic at times, and this has been a dynamic you're already, we see a lot of tailwinds in our business, frankly. i talked about some industries impacted positively earlier. we think does provide a long-term tailwind to the business. some industries have been negatively impacted in 2020, rideshare, hospitality, travel. on balance, with or without covid, we see a lot of strength and growth in our business. taylor: coming out of the recession induced by the pandemic, talking about the k shaped recovery, some businesses crushing it, others struggling. within the universe of companies you are speaking to end the overall tech trends, how are they thinking about shifting i.t. dollars? are there any headwinds to the macro i.t. environment?

khozema: i think as it relates to what they spend money on with us, probably not. our technologies our front of house technologies there to assist with the customer/consumer experience. we are finding that in fact, the opposite has happened, that the pandemic induced a six-year acceleration in the adoption of some of these technologies, which is exciting. but these are cost centers and buying centers that now have shared quality with the companies. the ceo, the cfo, the cmo have a budget and have a mandate to drive information and that provides online strength to businesses like ours. taylor: a $1 billion stock offering, in your plans? khozema: we are going to be optimistic about it. for us, it was important to raise capital so the cash balance was commensurate with our overall market capitalization. we are going to be prudent about

deborah l location strategy, and if something interesting comes along, we will take a look. but no immediate plans. taylor: we tried. khozema shipchandler, twilio ceo. thank you. quantumescape making a breakthrough in the battery space. we talked to the ceo and founder jagdeep singh. this is bloomberg. ♪

♪ taylor: it is a breakthrough for batteries. quantumscape, a producer of solid-state lithium batteries for electric vehicles cannot produce multilayer battery cells which are fast charging and provide longer-range for ev's. i am with founder and ceo

jagdeep singh. great to have you. talk about the fundamental difference of that breakthrough, what that means for your business? jagdeep: in december, we announced the first single layer solid-state batteries the world has ever seen, as we meet basic requirements of being commercially viable. you mentioned the 15 minute charge rate, very important to close the gap on ev's. the density is higher so you can get longer-range on a single charge. there are light benefits, economic benefits, all from the single-layer that is the building block of these cells. we announced for the first time this week a multilayer version of the cells that we can scale up to bigger cells that can be used in vehicles. a lot of work to be done, for

sure, turning a production, factories are going to require a few years, but nonetheless a very important milestone relative to the feasibility of what we are trying to accomplish. taylor: how important has the volkswagen partnership been? jagdeep: it has been huge. when you're working on new technology, a couple of problems you have. can the technology itself work? we demonstrated that with data we presented last month. does anybody care? is there a customer excited about the technology to the point they are willing to bet their product line? a partner with us took about early and partnered with us in 2012, 8 years now. they have invested $300 million plus in the company, and we announced we are building a manufacturing joint venture to produce these cells. without that level of support,

it would not have been as clear that this technology can have the impact it can. taylor: when can we see it be commercially available? jagdeep: this is one of the unfortunate realities of the automotive industry, factories to scale up production. even though we have the core technology demonstrated and verified by the customers, it will take us a couple years to complete the rest of the job and turn our factories to get into high-volume production. we are guessing this will be in production cars in 2024-2025 timeframe. it sounds like a long time by ordinary standards, but kind of the blank of an eye. taylor: we are getting into the weeds here, but i want you to guide and educate me. do you think this multilayer solid-state, does that overtake

what you currently hear about in tesla, the lithium-ion battery? when does that happen, if at all? jagdeep: i don't want to get into too much more what we do, but lithium-ion batteries use a carbon anode. carbon has a certain capacity. in the lithium-ion solid-state battery, you replace the carbon and odd with the lithium -- carbon anode with a lithium anode. lithium anodes have higher energy. equally important, it gives you the ability to charge the battery more quickly. you can charge from zero to 100% on the order of 15 minutes, whereas a normal battery might take an hour, even in a supercharger. there is a safety benefit that

solid-state materials are noncombustible, whereas in a traditional battery, the materials are flammable. so there are a number of key benefits that give us value, and if we get the battery in commercial production as we are planning on doing with vw, it is going to appeal to car companies and consumers. taylor: i was speaking with adams jonas, auto analyst at morgan stanley and he was saying a year from now, we are going to be talking about the massive battery shortage. do you see a battery shortage? are you working to solve that? jagdeep: i couldn't agree more. i bet there is absolutely shortage. there is a bad shortage now. tesla has gone on record saying the biggest obstacle is battery supplied to scaling up.

some have said they are going all electric in mid-2020, so these are very tight timelines. you have to realize a single car, the high-end tesla, uses the same number of batteries power as 12,000 phones. it is more demand than we have had for consumer products. in a nutshell, it is the single biggest issue. and also, how we can quickly turn production to meet demand. taylor: there has been a lot of focus on texas this weekend the fact that, while wanting to shift renewable energy is hard because you can't stored and then, batteries come in. can you give us perspective on battery usage as a way to storm into a bull energy when there is

deep demand like we have seen this week? jagdeep: your point is spot on. batteries offer the ability to store energy and the ability to store energy allows you to timeshift energy consumption versus energy storage. on today's grid, energy is generated at the same time is consumed. to be able to break that connection and be able to store it so you can move the demand is key. batteries are going to play a critical role. the demand is so high, you might need more than just batteries in some way, but it is a really important problem that batteries are going to play a key part in solving. taylor: jagdeep singh, quantumscape founder and ceo,

thank you. cryptocurrency surge, far outperforming traditional assets like stocks and gold. one point jumping 56 thousand dollars. let's discuss it with spencer bogart, general partner at blockchain capital. eyeblink, it is up to $56,000, i blinken it is down to 55,000 dollars. is it sustainable? spencer: we have to zoom out and understand both sides of the table. on the retail side, we have a megatrend with bitcoin. that is across all age groups but pronounced in younger demographics. to put numbers to this, 34% of americans say they are likely to buy bitcoin over the next five years. that stat is in the fall before the major price moves, so before there was increased attention around this.

and on the other side of the table, we have the institutional story. this is something that has been materializing up for a couple years. people have doubted it, but it is absolutely taking place today. we see this with major companies making allocations, pension funds making allocations and right now, what we are seeing is the major private wealth management platforms are scrambling to find investment vehicles for their clients. because at this point it is a competitive imperative for them, as the competition moves into this space. it is no longer viable as a form to say you don't havegement any vehicle for crypto. taylor: elon musk is leading the way in that, making that investment in bitcoin except he comes out and says bitcoin is just less dumb than cash. does that sound like a ringing endorsement? spencer: it does not sound like

a roaring adore smit, but tesla is an outlier. i am tremendously constructive on the institutional story because i think the best majority of the s&p 500 companies are going to allocate part of the treasury to bitcoin in the next couple years, probably not. but that doesn't change the growth story of what is going on here. at the end of the day, bitcoin is just an incredible, unique asset where you have exposure to scarcity and innovation in one asset. there is nothing like it. taylor: i understand that, but if the use case is just a weaker dollar, if you're holding cash on an inflation adjusted basis, you are literally using money, but is that it? is that enough to get this institutional interest? spencer: i don't think that it has to be a bearish dollar store. a lot of bitcoin holders are not necessarily holding bitcoin because they are bearish on the dollar. sure there are some allocators who think of it as a headshot

what could happen in an inflationary environment, but the story is more a supply and demand story. this applies bitcoin is fixed. if we zoom out and think, best estimates suggest only 2% of the global population has any exposure to bitcoin, so if we want to think about whether point price is higher or lower three to five years from now, we have to think about whether more or less than 2% of the world population will want the exposure a few years from now. when you look at the 2%, these are relatively diehard supporters that are reluctant to give up their bitcoin. on the other hand, we have 98% of the global population that has no exposure. and every passing day, week, month and year, people are increasingly warming up to the fact bitcoin is here, it is here to stay and it is innovation that is not going away. taylor: someone gifted me $10 of bitcoin five years ago. i think it might be worth $16

after taxes. i might be able to afford coffee. i have to have somebod figure out my pasword. spencer bogart of blockchain, thank you. levi's stadium in san francisco transformed into california's largest vaccination site. we have an exclusive conversation with the 49ers president. that is next. this is bloomberg. ♪

♪ taylor: the san francisco 49ers, my home team, turned their stadium into the state's largest vaccination site during the off-season, averaging 1000 vaccinations a day, hoping to ramp up to 15,000 pending

available supply. the 49ers president spoke exclusively with bloomberg's ed ludlow about the decision. al: sounds like supplies the issue, but i am pleased with the ramp up. the biden administration has done a fantastic job. we averaged one point 7 million doses a day in the united states. if you extrapolate that out over time, i feel good about the start of the next nfl football season, which we are all shooting for. not just nfl teams, but a small, all teams, to be truthful. we need to get back to some level of normalcy, and the vaccine, for us, is the only way. ed: beyond vaccinations themselves, do you see any long-term changes that need to happen on game days with regards to how the crowd enters the stadium?

any modification to stadiums might be coming? al: great question. we have been asked a lot about what are the permanent changes. the truth is, some permanent changes are in technology we key in during everyday walk of life. right now, you go up and pay with your mobile phone, you are contactless. the way you are served food might be different than before. buffet lines might be no longer in existence. so technology has come a long way during this pandemic. consumers will see what they see in their daily lives inside the stadium. as far as social distancing, that really depends on how quickly get this vaccine distributed, and where we are in regards to herd immunity. if we are at herd immunity and feel good about getting back to normal, we don't necessarily need to be in a socially distanced environment. i do think you will see major

league baseball come back with fans in most are kits in a socially distant setting, -- in most cities and a socially distant setting. if you think about ticketmaster and clear, what they have come to provide in your mobile phone to show the operator that note you -- not only do you have a ticket to that event, but you have been vaccinated. so i think the combination of testing, vaccinations and contact tracing alongside good technology will pave the way for us to get 100% fans back in the future. ed: are you able to quantify the impact the pandemic has had on 49ers business operations over the past 12 months? al: it is tough to be in this business for sure. i pinch myself every day, i am very lucky to have the job i do

and working in the sports world. the nfl is in a different place maybe then some other north america big five, they say because of our media contracts. but no question when you remove what we call gate receipts or fans from stadiums, it is going to be a massive hit anybody's bottom line. no doubt about that. so for us, in california, none of the teams this past season were allowed to operate with any amount of hands. now, you roll forward all your season ticket holders, which we feel grateful, our season ticket holders rolled over 97%. so they are showing villainess -- showing willingness that they want to come back, they are demanding come back interesting questions about what we are going to do to make the stadium safe but it was a huge hit and actually for the san francisco 49ers. taylor: the 49ers president speaking with our own ed ludlow. it is fernando lopez' birthday,

my producer's father's birthday. happy birthday, fernando. that does it for this edition of "bloomberg technology." wall street week is next with my colleague david westin. happy weekend. this is bloomberg. ♪

david: winter comes to texas can number -- can the markets look past the prices? this is bloomberg "wall street week," i'm david westin. two economists from harvard. special contributor larry summers and ken. dan bruillette. >> when people needed it. like right now. david: nancy davis of quadratic capital.