ed ludlow joins us. we are on the brink of victory.iting for new developments, essentially. direct pathke most for joe biden would be nevada, where he has a slender lead with 75% of the vote counted. we may be waiting for a matter of days to get a result from nevada, because election officials in that state have receivevember 10 to ballots and november 12 to count them. that lead is razor thin. in georgia, in the last few hours, the gap between president trump and joe biden has narrowed with around 98% of the vote counted, also according to the associated press. they are tabulating these votes largely in urban areas like atlanta, savannah, where voters are largely democrat. with around 90,000 votes still to be counted in georgia, there is some belief that perhaps joe biden cannot only make up the gap against president trump, he could take the lead in georgia. the consensus really is we could be some time away from a result. anna: yes indeed. we could be some time away from a result. we will wait for updates. arizona is a story that per

taylor: that was the rivian ceo speaking earlier with ed ludlow, who is also joining us now. rivian, but the whole ev space on a tear in the stock market. ed: today's driver was a note from wedbush's analyst dan ives who raised his target for tesla at $1000. he sees ev demand really taking off over the next 18 months to two years. hitting 10% of new passenger car sales by around 2025. what is so interesting, think about the big picture. you see on your screen, the blue bars are factory electric vehicle sales. they are a tiny proportion of the car sold around the world. it is not until 2014 that you see battery electric vehicles becoming 15% of new vehicle sales globally. we have a long way still to go. that is bloomberg new energy finance data we are looking at. what we are seeing is some optimism, some enthusiasm and change of psychology from investors. not just looking at tesla, the market leader, but also looking at these other startups and legacy players like general motors and ford, and thinking this is a good thing to make. they are addressing demand with new vehicles.

so much.nks ed ludlow up late in san francisco with the latest details. let's get into the markets with mark cudmore. you. very good morning to it seems as if globally equity markets are losing their nerve a little bit. no change in the overall voting situation the past 24 hours, but the senate does look much closer perhaps than it looked on election night. that could be decided by whoever becomes vice president. what do you think equity markets are looking at? >> what they are looking at is a chance to sleep this weekend and get a break. this week has been chattering and exhausting for most. at this stage people are pretty confused about exactly which outcome they want. the start of the week it seemed like a blue wave was the most favored outcome for every market. when it looked like a divided government, maybe that is even better because we don't get the regulation and the tax increases that might have come with a blue wave. there is a real confusion. a lot of it has just been position. momentum at the time. markets are looking more tired today. equitie

joining us to discuss is bloomberg's ed ludlow. overvalued? are basically raising the question, with valuations so high with tech stocks, particularly software stocks, what is the risk that the rally this year doesn't continue? what if they don't live up to the hype? he told bloomberg there is a lot of complacency. on a scale of one to 10, complacency is at a nine and the fear index is zero. he has flagged two companies where he thinks valuations are extreme. cooper and zoom. so many of us familiar with zoom because of the pandemic. cooper's stock has doubled this year, 693 times 2021 earnings estimates. zoom is up 530% this year. the question is, as we move out of the pandemic phase, optimism in the market around a vaccine, what happens to companies that saw fortunes rise during the pandemic? what happens when we move on? taylor: what does happen to companies like zoom? are we structurally forever going to be in zoom meetings? or the minute there is a vaccine, i can finally see your nice face? ed: a lot of the messaging is based on future gro

reporter ed ludlow in san francisco for us, thanks, ed.e company bytedance -- tiktok parent company bytedance has a new december deadline, seeking to block the sale of the viral video app by president trump. the sale date was today. would bring in kurt wagner, who covers social media for us. kurt, where do we stand? kurt: quite complicated. but they have a deadline today. the deadline is still in place. the deadline was sent by the treasury department. the treasury department said you need to figure out a deal and have it completed by tonight. that is not quote to happen. so the question is going to be, does the treasury department actually go after tiktok for missing the deadline? what you mentioned is a similar but different process that tiktok is also fighting this order in court, the court said bring some documents to us in the next 30 days, by mid december, two review that, but that does not necessarily mean that the deadline with the treasury department has been wiped clean. obviously, the administration has a lot on its plate, inclu

joining us now is ed ludlow. good to see you once again. hey busy week for everybody. finally, we seem to have an outcome. are we expecting quick movement on tackling the virus? the core ed: this is policy priority for president-elect biden and his team. that plan has been based around testing, tracing, and mass wearing. we expect him to name the 12 strong coronavirus task force that will include names like former fda commissioner david tesla, the former surgeon general, and a source told bloomberg it will also include dr. marcella nunez smith, a professor of public health at yale. we know as well that the biden team have been talking, according to sources, with executives from the pharmaceuticals industry, who are involved in operation warp speed, which is america's development plan for a vaccine. what is less clear is how much access the biden timo have for the current administration coronavirus given the president trump -- president trump's position on the outcome of this election. another cause for concern is the general services administration has not yet confirmed

ed ludlow joins me with my. what are you seeing? : i'm calling it the unwinding of the rotation trade, taylor. the s&p 500 coming off this record high, dow coming up 30,000 points that we saw yesterday, and then the technology stocks, the nasdaq 100 index up .6%. data wise, this is the first back-to-back rise in weekly u.s. jobless claims since july. investors are reassessing what is going on with the economic recovery as it relates to covid-19. the story, as you say, has been a move into value and small-cap stocks, those kinds of companies that would recover if there is the successful rollout of the vaccine. that sentiment is on ponce right now. in terms of the names doing stay-at-homehe stocks, the likes of amazon and apple. zoom, which we talk about so much from one of the big finish fisheries of the pandemic. --big beneficiaries of the pandemic. fed minutes did not move the needle. bitcoin softness as well. we might've expected to get the a recordber of 19,511, for bitcoin, but we didn't. the cryptocurrency fell away in the later

emily: ed ludlow on the ground in arizona. such a critical state. be following your reporting. thank you. over two thirds of the 2016 vote total have been cast already ahead of election day. even so, close races and key swing states like arizona suggest deciding a votes are yet to come. here to talk about counting the vote in the most crucial u.s. election in years, kathleen hale, the election administration initiative and graduate program. professor at auburn university, thank you for joining us. looking at these numbers, it is incredible. 136 million ballots counted in 2016. we are at almost 100 million. i may be dropping off my ballot after this show. what do those numbers tell you? kathleen: well, first and foremost, they speak to tremendous enthusiasm among the voting public to have their voices heard. there are more options than ever before. voters are taking advantage of things like early voting and catching a ballot -- casting their ballot by mail. orange county, california, there is a drive up option as there are in other locations. the mor

joining us to discuss is ed ludlow. surprising it has taken so long to get this news out there. ned to the deal? ed: surprising and has taken this long. the outcome not so surprising. sources told us that gm looked at what nikola had. they found little technology and made no progress. inhas invested heavily electrifying its vehicle operations. and thought it would be stretched too far and would have to do everything for nikola on a pickup truck. they felt under the founder, who is quite a character, he bit off more than the company could chew. the current leadership looked at what their goals were and wanted to streamline that, just a focus on hydrogen fuel cell semi-trucks. gm is simply a supplier, no broader strategic partnership. just gm selling hydrogen fuel tanks to nikola. emily: what happens to nikola now? what is its future? ed: they have all the pieces in place. they have a joint venture in europe. it's an incredibly reputable company. they now have two fuel-cell providers. they have a factory under construction in arizona. they have a timeline to get this done by 2023 a

francine: ed ludlow in phoenix, arizona. maybe it is a good time to take stock in the market.es from the associated press. i'm looking at them on my bloomberg screen, that they have biden outfront in wisconsin, a little less than 9000 votes there. if you look at market dynamics, this is probably one of the most interesting things that we could be seeing. if there was a senate held by republicans but a democratic president, is this a good thing for the markets or a bad thing? that is the question we have to ask ourselves. on the one hand, it means there is not much regulation coming. it could also mean that there is no reversal of tax cuts, but then you could not see a fiscal stimulus on the side that certain people have been waiting for. tom: for the international audience, i think you are right. the gyration in futures, i think i'm right in saying i have never seen the gyrations in the dow futures that we are seeing. paper that wetmus have. what i would suggest that is so important here is the mystery over the mail-in ballots, and we are beginning to learn those ratios, and t

let's bring in bloomberg's ed ludlow, who has been following this report. big takeaways? ed: the company has been a beneficiary of the global pandemic. we know what palantir does, it takes data from government agencies, from private-sector corporates and helps them integrate all the different inputs, all the different data somebody would need to track and put it all on one platform. as one analyst put it, the coronavirus pandemic has caused data-driven chaos, and pelletier is a beneficiary of that. it grew revenue from government customers, from corporate customers. it signed its biggest ever commercial contract with an unnamed company in the aerospace industry. like you said, there has been no focus on profit here. since the company was founded by peter thiel he basically bankrolled it. it reported a wider loss than expected for the quarter, but it is focused on headcount and very much on stock compensation following that direct listing. emily: what are you following on palantir? what are you following over the coming weeks? certainly, this continues to be

emily: thanks so much, ed ludlow in san francisco.g up, yup ceo talks about how millions of small businesses are grappling with the pandemic, one aspect may surprise you. his comments from my latest studio 1.0 airing tonight, a sneak peek next. this is bloomberg. ♪ emily: the pandemic has caused tens of thousands of small businesses to suffer amid lockdowns and continuing travel restrictions, nearly nowhere else is this picture more apparent than on the consumer user review site, yelp as it serves as a kind of barometer for main street economy. the ceo knows just how things are, i sat down with the ceo and talked about that moment in march when the pandemic shut down nearly the entire country. moment it was a scary for america and small businesses and especially for yelp especially because we are way to find great businesses and the person crossing my mind is, are people still going to buy advertising? we took a pretty big hit in advertising dollars, people pause their campaigns. we had functionality that allowed them to set up future

ed ludlow, get some rest.t-elect joe biden might be launching his transition efforts to shape the new administration but he's weeks away from making cabinet nominations according to his transition team. the former deputy chief at the u.s. embassy in london, a former secretary for hillary clinton and a senior director at the national security council under condoleezza rice. there is your cv, 30 years of work. i know you have this no doubt about potential pix in the cabinet. what or how can president-elect biden reach across to the progressives in the party but at the same time make sure his pix get through a potential control of the senate, which is going to be in republican hands? be in republican hands? >> his transition is a huge hr operation and it's all about finding the right people for the right job. there are 4000 jobs that a president needs to fill, 1200 of which require senate confirmation so what he has to do is he planned on having a diverse and technocratic cabinet and he still will but he was also

we just had ed ludlow talking about what is going on in arizona.s, keeping our election update story going all day long. the mostd you say is interesting thing that happened on this final full day of fall campaigning? >> really come at this point, it is over, we just don't know what the answer is. thought you were going to tell us the answer. >> the undecided voters, most people kind of know where they are going. i think that the polls you are seeing show that biden has multiple paths. it is possible that he could win the sunbelt. he could win the rust belt. unusual state an like georgia or ohio. he has a lot more rolls of the dice then trump does. romaine: i am curious about the outcome, how we sort of know the outcome. this is a much different election in that you have had millions of ballots cast already although many of those will not be counted until election day itself. how do you think the rollout will differ from 2016 and previous election cycles? >> in some states like north , they just have to push a button called show me the answer. so t

for more, let's bring in ed ludlow. what happened?d nikola have the relationship they posed in september. jim will be a supplier to nikola, supplying fuel cell technology -- gm will be a supplier to nikola. the original deal had gm not just providing fuel-cell but also battery technology, as well as manufacturing a pickup truck on nikola's behalf. sources tell us it comes from both sides. gm looked at controversies in the company. a report a couple months ago hit the rebate -- hit the reputation of the company, and there is an investigation into nikola. gm really wanted to streamline their approach. the nikola, too, changed what they were looking for. they had this sort of charismatic founder who had these big ambitions, very broad ambitions, lots of different projects and products. he is now out of the picture because he resigned, and the current executives, according to off more felt they bit than they could chew, so they wanted to narrow their focus to the semi trucks. they might talk about doing something around battery technology

ed ludlow is covering the race for us in phoenix. rent arizona is from 2016. i'm sorry, i'm not hearing ed. another technical difficulty, not just with congresswoman wasserman schultz. he is in phoenix because arizona is a key state in the race, not only for the presidential race but also the senate race, where we have mark kelly going up the current senator from arizona. the same time, i was suggesting, there has been a fundamental change, particularly in maricopa county, where phoenix is located. the county has changed fundamentally and who lives there, the demographics, both the age and race and ethnicity, and apparently in their orientation to certain issues, such as immigration. what was once the side of the conservative seems to be more purple. although it depends on whether you talk to a democrat or arizona.n in it will be a key race if former vice president biden is to take over the presidency. the route for him is to make sure that he holds all the states that went for hillary clinton last time and add some. arizona is one of

bloomberg spoke with ed ludlow. we have to replace them -- it is much more efficient.do that come in means that we need to focus as a company on more than just the u.s. we are seeing it in europe. it had launched future versions of our future variance in our portfolio, especially with that factor. the whole business, the vehicle platform, and the architecture were set up from the beginning to support sales across the , in the united states, asia, and the rest of the world. clear biden has pretty stated policies when it comes to energy and electric vehicles. do you see a biden administration putting the united states and perhaps the world on a quicker timeline for electrification? rj: you have what has happened how -- how are companies helping to drive that? then customers are being caused to make that switch. then you have the regular decide, and what can policy, taxes due to accelerate that? and we are seeing increasingly across the world many major markets, countries that have lots and lots of sales, driving targets toward 100% electrification for vehicle sales. we s

ed ludlow on the ground and chandler, arizona. ed, we'll be watching you all night.nutes away, four minutes to be exact to some polls closing in kentucky, indiana. the first pulse in the united states. stay tuned for more on the returns coming out of there. and do not miss our special coverage of the presidential election tonight 7 p.m. eastern time. more of bloomberg television after this quick rate. -- quick break. ♪ hope it doesn't cost too much. i hope my insurance pays for it. can you tell me how much this will be? - [cashier] 67. - sorry. - wait, have you heard about goodrx? goodrx finds free coupons to help you save up to 80% on your prescriptions. - wow, i had no idea. - [announcer] goodrx, stop paying too much for your prescriptions. the world awaits the outcome of the u.s. election, the sometimes bitter campaign is over. voters will now decide who holds the key to the white house. for the next four years. you are watching daybreak asia. from bloomberg's world headquarters in new york. haidi: we will be live in washington at the biden campaign headquarters i

our reporter ed ludlow is in one of those date right now, arizona. is critical to the hopes of --se campaigns, and arizona polls suggesting biden is in the lead, but this is the state that trump won back in 2016. ed: arizona and maricopa county are emblematic of what democrats are targeting all across the country, which is suburbanites. there's a growing population here in chandler where i am but also in the greater metric -- metro phoenix area. and asianlatino population, an influx of median income college-educated tech workers, they hope it pans out in the democrats favor. there's been some bleed in the republican party and a republican strategist has told me that some sections of the county or you will see white, college educated women devoted to trump in 2016 this time voting for joe biden, even if they are registered republicans. early voting is skewed toward democrats. met republicans are telling is that they think that trump will mobilize and energize his base, that trump supporters will come out and vote in person on election day, and they ar

ed ludlow is in one of the states right now, in maricopa county.cal to the hopes of both campaigns. arizona has been particularly important. explain to us why and what we can ask that there. it is emblematic of what we are seeing in suburban communities all across america. that is college educated white women principally it also other democrats moving away from the republican party, in some cases, planning to vote provide an even if they are registered republican. a story of vastly growing population and changing demographics driven principally by job. there are a lot of tech jobs in the state. the polls suggest biden has the lead. in arizona, he led by three points for several months. a new poll today put him level with president trump. strategists i have spoken to in both parties say that this race is going to be much closer than the polls suggest and one big factor is both of them agree, democrats and republicans, that trump will be able to energize his supporters to go out and vote in person. the early voting data has been substantial so far, s

i want to bring it ed ludlow who has been following this. ou watching when it comes to this launch? ed: this is going to be incredible. a 27 hour journey from earth to the international space station. four astronauts. it is the first time nasa has certified carrying humans to the space station since the shuttle was retired in 2011. spacex did that test with two astronauts over the summer. it was a success. millions of people tuned in. if you are fascinated by space exploration, if you are fully and to the romans around space and rockets, this is one that millions will be watching as well. the astronauts that are taking the trip have positioned it as a next step towards human flight to the moon and tomorrow's. this really is a big deal and really exciting. millions are excited to tune in around the world. emily: that set, what is also a big deal is that elon musk is saying he has tested positive for covid, but also negative for covid. kveta potentially compromise this mission? c : elon musk, the space x x chief, did four tests. two tested posi

bloomberg's ed ludlow reports.ies need cheaper before electric vehicles can become more mainstream. the battery pack accounts for 25% and 40% of electric vehicles cost. prices have come down almost 90% of last decade, but still we are a ways from hitting a magic number for batteries. $100 per kilowatt hour. that is the price at which ev's should achieve price parity with the nearest equivalent car. the price now is $156 per hour. uses a rechargeable battery similar to those in your laptop your they are just bigger. the batteries are expensive because of what goes in them. mainly a selection of energy dense metals. we're not just talking about lithium, but cobalt, nickel, and manganese. those can account for 45% of the cost of the batteries produced by panasonic and china see atl. the cells are installed in modules to efficiently manage the discharge of electricity. inside the cell, lithium ion cycles back and forth between cathodes. the case around the iron keeping them talked in is what is made of the energy dense

taylor: thank you as always to bloomberg's ed ludlow for the latest on those markets.e mentioned salesforce. i do want to talk about that story next. salesforce is considering workplace chat tool slack. slack surging as much as 34%. the analysts are coming out and thinking that this looks positive. what is your early take on this? >> it would be an aggressive move by salesforce. to take a step back we are going , into a golden age of cloud. they are looking to further expand the footprint of slack. it would make strategic sense. it would be a major shot across the bow to microsoft, google, and others in terms of where salesforce is coming and where they are positioned in terms of what i believe is a trillion dollars spent on the cloud in the next decade. taylor: some analysts were also noting that in order to do this, the best way is via stock. given the lofty valuations. m&a doe were to be an , you prefer stock as the acquisition mode? dan: i think given the size of the deal, slack, this would be the biggest deal salesforce has ever done, and there would clearly be a

ed ludlow joining us. newset's get to first word with mark crumpton.ark: groups representing doctors, nurses, and hospitals are urging president trump to share information about the administration's coronavirus response with president-elect joe biden's transition team. in a letter to the president, the groups say delaying the transition could cost lives as cases climb around the country. president trump has refused to concede the election and refused to start the transition to a biden administration. the head of nato is warning that the military organization would pay a heavy price for leaving afghanistan too early. the government -- the comments come a day after word that president trump expect to withdraw a significant number of american troops from the country in the coming weeks. jens stoltenberg says afghanistan is once again becoming a platform for international terrorists to plan attacks. hurricane iota tore across nicaragua today come hours after roaring ashore as a category 4 storm, along almost exactly the same stretch of the caribbean coast

ed ludlow breaks down the hurdles in this week's edition of bloomberg green. >> batteries need to gete electric vehicles can become more mainstream. the battery pack accounts for ofwhere between 25% and 40% electric vehicle costs. prices have come down by 90% and still, we are a ways from hitting a magic number of batteries. whereer kilowatt hour is they could achieve price parity with a gasoline car. the average right now, $156 per kilowatt hour. batteries similar to that in your laptop, just bigger. they are expensive because what goes in them, energy dense metals. we are not just talking lithium, but cobalt and lithium. of thean account for 45% cost of the batteries, produced by several companies. the cells are installed in modules throughout the battery pack to safely and efficiently manage the discharge of electricity. inside the cell, lithium ions .huffle back and forth the casing around the ions keeping them tucked in his what is made of the energy dense metals. cobalt has been preferred because it stops cells overheating, but it is expensive. the one minute -- way to make batt