A gut punch for the tech sector. Apple is the latest to pull the inperson events. Its worldwide conference will and a red online only ashless society fear of the virus via the greenback. Well talk to the cofounder of square. Take a eantime, let us look at how wall street ended, this wild week. I have no words. Erased all of the losses that we had on yesterday, look at this, s p having its 20008 and tech really one of the big outperformers here followed by as you can see, 13 basis points. At one point it was above 1 96 basis about points. South of the border with volatility this week, it was all at one point, we had a 75 on the vix, coming down to 57. And crude, a supply and demand in there above 30 a barrel. That means a bloomberg commodity made up of a lot of energy, you are getting the weakest levels you have seen 2016. Since it is all about king dollar, the safe haven bids investors rushed and the bloomberg dollar index now the strongest in almost three years. That we sawet moves this week all come back to washington, d. C. After weeks of the threat of the coronavirus, President Trump emergency. National pres. Trump to unleash the full power of the federal government im officially declaring a National Emergency. Big words, the action i am taking will open up access to up to 50 billion. Taylor joining us from who helps is josh cover the white house. Josh, i was talking about how the markets seemed to like what say, whattrump had to were your takeaways . Tangible w sort of things, one included that he tested, buying oil from the petroleum reserve, otherwise its a rehash of what did and there was one big thing left unsaid which is what e wants to see from democrats for that house bill. He never really came back to it it he did not specify what is that either he is looking for from them or he wants them to get a deale table to done. That remains a big question as to whether the federal the federal hat government will be actually able to do to address the coronavirus situation. I want to come to you quickly, in the meantime, breaking news that we are seeing is announcingsoft changes to their board, bill gates is now going to be the companysfrom board. Again, microsoft coming out to uncing a lot of changes the board including bill gates who will be stepping down from the board. News as weg you more get it, taking a look at some of the price action here in the trading again, microsoft had traded up more wait to today, so as we see how this sort of falls out, e know that bill gates will continue to serve as a tech advisor to the company, it looks like he is going to be stepping companys board. I will continue to bring you ews on that, gates saying that he wants to dedicate more time to philanthropy. News as that more comes. Josh, since i have you still with me, let me do some whiplash switch back to you and some of the news that were getting fiscald. C. , a lot of the measures that we saw waiving loans, t on student buying some oil reserves to help prop up the market, which in will pinion do you think be the most effective in terms of stimulating what could be a economy . In the josh i think in some ways the biggest hits are lack to come a better phrase, that deal that i mentioned and trump wants to do some sort of measures, lukewarm reception in congress, it didnt look that is going to happen. A t would arguably have bigger impact. The white house has drawn a line between the oil price crunch and the coronavirus fallout. We learned earlier today theyre looking to help airlines and sectors pinched by it, in particular if they need shortterm liquidity to get demand. A slump in again, President Trump didnt talk about this. Positively, icting dont want to say markets are always right clearly, taylor, there are a lot of questions unanswered in this press conference. I think we might see some tonight,spill out later over the weekend as well. This isnt over in terms of laying out the plan what the will do. Overnment the federal i think investors were looking for just a sense going to be a plan, were there tests, the u. S. Has tests very few people. That came f detail out, it moved to widespread esting, drivethrough testing at your local walmart, that kind of thing, maybe that gave investors pause and say, hey, a lid on how widespread this disease will be, this virus will be and as such, slump in demand wont be as long as it might otherwise have been. Taylor josh, curious about your thoughts on some of the travel restrictions that we have seen. Is ident trump said he certainly not forcing americans to stay home, they can continue seattlel to places like and new york where weve seen some of the biggest increases in he said staying home also could be a good idea. Is that the appropriate balanced response . Josh its absolutely a mixed him. Age were getting from the treasury secretary today said he would get on a plane to l. A. Right now and be that if he doing wasnt working 24 hours a day, but were also seeing things dont have to visit a longterm g in care home, dont do it. There is certainly a mixed view on it. Theyre stopping people coming back who are not americans, but mericans are flying back from europe are funneled through 13 different airports we learned about today. N general, theyre hoping that flight is restricted and people arent moving around as much as have seen. Therwise he mentioned that he might even change those travel restrictions, for instance, potentially to the u. K. Because there has been a spike in cases in the last 24 hours in particular, the wife of the canadian Prime Minister contracted the coronavirus on a so maybe e u. K. , removing other countries from he list of countries that he tabbed for travel restrictions with the coronavirus. Tonight at 11 59 p. M. Coming from, people those countries are funneled through certain airports, entry and may be denied into the uggs. Taylor there were concerns about President Trumps health himself. Said of course he was not showing symptoms but there wasalikelihood that he could be in the or the virus coming weeks. How big are the fears and president er the himself . Josh i mean, i think people are wondering why it is he is with someone, an aid to the brazilian president who has the coronavirus who has for the sitive coronavirus and yet isnt going to get tested. He said early on he wasnt going press er in the conference, yeah, i probably will soon get tested, but, you preaching were also the practices up there saying people should wash their hands, remains poor advice of Health Professionals but theyre up there shaking ands and touching the microphone and everyone touching the podium, i dont know that he best practices were definitely on example during that lengthy press conference that we saw. He president sort of has conceded that it might be good or public sentiment, Investor Sentiment also as well to make in that his exposure particular to that brazilian and other lawmakers who have been in with the potential case at the conservative conference two weeks ago, there are a series of contacts that could its way to the president , thats why there are calls for him to get a test. Thank you to josh win grove. We had that breaking news on microsoft saying that bill gates will be stepping down from the companys board, so break down to bring in i want dan. Dan, i know that the news is just coming out, we do know that bill gates is going to be stepping down from the companys board, microsoft seems to be in hands, we do have the reins who has been in the here for several years here. Reaction on initial a mr. Bill gates stepping down from the board . This is a historic move. Legacy bviously the speaks for itself in really rarefied air. Is really the baton being fully handed over. An s will still be there as advisor, but no doubt, this is, day for seminal microsoft and just shows with leaving, the confidence. But no doubt, what i view as a leaving day with gates the board of microsoft. Taylor dan, i hate to be a pessimist, when we hear a come out and say they want to step down, theyll continue as an advisor, but they dedicate more time to we believe , can that . Dan in this situation, just given what obviously bill and in terms of done philanthropy, i think this is unique. This has s one where been a staged sort of process for him last few years to take further steps back from the board and this is the final here. And ultimately its really a microsoft, nadela has in my opinion, one of the transformations of a Technology Company in the last 20 years along with everything apple. At i think leaving it in obviously reat hands and i think it also speaks to the timing in terms of confidence to leave at this nadela has donet with the cloud and microsoft. Remind us again the difference between the visionary, the founder and the the. Who is running business, what does bill gates the good relative to c. E. O. Running the daytoday business . Dan gates built the modern that we live in today. Bill gates, 90 of not exist. Mpanies do nadela had the cloud vision, but that gates ething helped push toward as part of that team, but i mean when you gates, youre talking the Thomas Edison of he nothi technology in terms of seeing. Have been taylor give us a reset on where microsoft is in the midst of the we talk about all of these fears as you have been taking a look at the deep dive financials, how is microsoft really positioned to weather this . You stress when test the model, when you stress took 10, 15 of revenues off, at this point this buy with both fists. In our opinion on the other side, where they are in the p. C. Are exposed from the supply chain, 80 to 90 of valuation is cloud. Thats why in my opinion in terms of all of the volatility longterm ng, the investors, microsoft is the name to stick out, i think continue north of 200. Want to go over to one f your other peers who we have joining us from skype, michael from pivotal research. Skype, you ng on might not have your trustee bloomberg terminal in front of we know, bill gates stepping down from the board, what does this mean for you . Tend to agree with dan. Think people would feel differently if they had not done tremendous job transforming the business. People look at what he has of making d in terms the cloud, if you asked three, four years ago, is there a microsoft could be conceivably narrowing the gap in amazon, growth with theyre still quite a bit maller, i think he has done a commendable job, i dont think investors will look at it as being a negative. Stock in chael, the after hours trading off 2. 7 , we have to put that into we were up 11 on friday through the close. How much of that is just taking a breather, how much of that perhaps is some founder ss about a big perhaps stepping away . Michael its hard to say. Like some of the things are getting back some of the gains which makes me think a movement of the close bit i agree with dan, this is the type of name to folks are going to want lean into. Aylor michael, dan had answered this question earlier and i want to get your thoughts on it. Increasingly within this Technology SectorFounders Firm bench, and a Firm Leadership coming in at the helm, a new generation. Want to see from a leader, a c. E. O. That is different from the founder and that we had in bill gates . Michael its a fair question, taylor. Of the things as im thinking about some of the big tech companies, you would like having been with the company through crisis. I think thats probably more it probably than was three weeks ago and really having demonstrated product being able to alvanize the Organization Behind him. He basically checks all of those boxes pretty well. Taylor you also cover another company that microsoft right now in the cross hairs of and thats amazon. Alk to us a little bit about the cloud space right now given ome of the fears over the coronavirus, how these Cloud Companies like a microsoft, like an amazon are set to really storm. R the michael you know, i talked to the Company Earlier this week had a note out on montauking about the way we implications from coronavirus in terms of cloud. Ng, in terms of i think its a different kind of sell than Typical Software selling. Its much more of a consultive to and explaining customers, here are additional benefits you may be generating. Be clear, like sales folks get on the road, part of how they make action happen is front of customers, so i think this is going to be disruptive toward the cloud space will probably be more resilient, assuming your is still up and going nd we actually think in all likelihood this drives more home et usage, people at relying on e commerce. Its going to be disruptive. The growth rates slow down. Taylor i want you to stay with to tom, our to go Global Executive editor of bloomberg technology, he has een covering Companies Like microsoft in his decades of experience. Tom, i have given you a little longer than i gave my last guest, you have three minutes to digest the news, your take. Tom yeah, i mean this is bill ates saying that he wants to devote more time to philanthropy. This is something that bill spending so much of his time doing for several years. Next step. T goes the its also a vote of confidence sacha. This is the c. E. O. That has been in place for a half decade already. Has basically shown that he has created a major turnaround he microsoft which before took the helm was going in a direction that a lot of people of confidence in the company, the stock was flat lining and so sacha has breathed new life into microsoft, its technological its engineering talent, a lot of excitement around the company. Seen e of what you have with the stocks in recent weeks because of the coronavirus, overall the trend for microsoft positive one. So bill gates can step away from in full brain child, knowledge that the company is in good hands, that is something we every investor that talked to will say about sachas leadership in microsoft. And by the way, bill gates isnt away. Stepping he is providing technological sacha on an ongoing basis. Hell be doing it without being a formal rd per se on basis. Taylor and, tom, i dont want you to speculate too much on the were getting. In after hours trading on this news, we are down 3 after a gain we got on friday during the close, any sense of here or is this sort f a normal reaction to a major founder stepping down . Tom he is someone that was the many ways of in microsoft for a very, very long time. A very important one. And he is the one who founded brought that vision. I think he is definitely in the memo in his post, he definitely convey that he is not completely. Behind taylor wonderful for that analysis, quick, too, on the pot, tom giles, Global Executive editor for bloomberg technology. As we take a look at the broader discontinue to play a major role in the wild have seen this week because of the coronavirus. Tested and standouts including advertising, cloud computing, supply chain, this is according to michael who continues to stay with me via on the d still have phone, dan ives, thanks for as we atient with us digest the microsoft news. I want to broaden this out. Let me start with you. We look at the coronavirus, who in your opinion under your winners and the losers . Michael so i think netnet, are not a ton of winners, at least in terms of coverage. Ook at in i think e commerce benefits nicely, so amazon should actually do well. Going to startre to see some constraints on the supply side as they probably get some stuff depleted. My sense in a conversation with them this week, i think they to buy quite a bit more. You probably will see the partyss mix towards first sales versus third party. Our sense is that actually advertising started to get there in the month of february even before you saw the markets have the drawdown and real spread outside of china. But overall, taylor, the thing people we try to emphasize on monday to folks is when at you probably have boards who are in war rooms, lets say the advertisers first, there and sitting youre like, what is must to have versus need to have, what i basically slam the brakes on versus not. Advertising in general is very, this. Exposed to taylor dan, you have different areas of coverage, but enerally, do you look to your coverage universe, who stands out to you as some of the inners and the losers as we digest mania and peak fear of coronavirus . Dan look, i mean there is winner, but i think when you think about the tech space, you look at areas cloud, cybersecurity, microsoft, cybersecurity, those re ones that are clear beneficiaries, supply chain most exposed, i think thats temporary. On s three to six months, the other side, thats why like apple, in my opinion, it will be a roller coaster volatile area, on the other side of it, these are the names, these are he opportunities and were definitely not in the doomsday armageddon camp like some others. In your an, also coverage universe are some of the cybersecurity firms. At some analysis earlier that showed sort of an fishing potential Cyber Attacks coming from abroad during our mania here because we to be distracted. Are you seeing potential cybersecurity firms get a boost as we start to work from home and need to ramp up our own companies of he which we work for . Yeah, we are. I think in cybersecurity in 3 to spending, cybersecurity has five, six that number. That continues to be a space that is going to show strength. M and a. Ee a lot of remember of everything were valuations, strategic m and a in cybersecurity. What i tinues to be consider to be a rock solid area volatile n in these times. Taylor michael, do you see nyone in your universe looking to buy m and a, you can get companies 40 cheaper than they or do you see smaller players start to get shaken out here . I think the logical acquirers in my space, amazon, facebook and google, facing regulatory scrutiny, it will be very, very hard for them to do something large. Down to a you get particular valuation level, piques the est interest of the traditional media company, but i think they have some rough riding ahead. Taylor michael, how is changing Consumer Behavior around the social media sites . Michael i think its too early say. I would guess that usage is quite a bit, but look, so much of what drives nline advertising is whats actually happening with the consumer. The last real macro freakout i think back to was seeing 2012 ess in europe in mid and booking. Com, price line at he time, they basically were highlighting that their efforts on google were seeing more eople doing window shopping, taking shorter trips, booking types of hotels, so like the d. R. Space, the direct is a se advertising which huge part of google and facebook, i mean that just sees downtick. I see a hard time the consumer not being under pressure as what is going on in the world. Taylor as we talk about the consumer, we can fold that back world, dan, a consumer like an apple, i think a tesla, ok because ng to be china, and i think of tesla shanghai factory is on the other side of this. Dan right now there is definitely some clear head winds china, thats why as an investor, you got to basically write off the march quarter, it looks like the next six, 12 months in terms of china. At tesla, thats 100,000 cars in the first year. Apple, there is a consumers in the opportunity with the apple stores open in china. I view ong term what game changer opportunity near term and obviously is a headwind. Creates the opportunity for those investors o look on the other side of this dark period. Taylor michael, i want to flip ack to you, sort of a final question here, final thoughts, what would be the message you told be trying to get across clients, readers of your Good Research on some of the stocks cover as we weather the volatility . Michael i step back. Dan. Ree with i dont know if were talking three, six months, that sounds scenario, do case i think this necessarily means we go into a protracted global recession, unclear. I dont think anybody at this point knows. On the like to bet companies who have actually navigated through this in terms f looking through coverage, i thought through this and really google and amazon are the only wo in my opinion that are Battle Tested in terms of having seen what bad looks like back in 200809. In reality, all of the online has had massive tail ends at their backs for years. To be a ts going volatile period and talking to some investors, i dont think say there is a 15, 20 cut. I think some of these companies iterally spend to go to zero from a good chunk of their clients. So it could be pretty ugly. I want to thank both of michael, dan and cant thank you enough. Bill gates will be stepping down from the companys board and philanthropy. More next. This is bloomberg. Taylor im taylor riggs, this is a special edition of bloomberg technology. It was a historic week in the and we will get to that in just a moment. First some breaking news in trading. Rs bill gates saying that he is stepping down from microsofts board. Is saying in a blog post that microsoft will always be an lifes workart of my and i will continue to be ngaged with the technical leadership to help shape the vision and achieve the companys ambitious goals. Gates founded microsoft in 1975 and grew it into the largest in the world. He hopes to devote for time to philanthropy. We have been following the markets and the s p 500 posting oneday gain since 2008. Almost allied erasing all of the losses from thursday, that was the worst day since 1987. For one of on track the worst weeks since 2008. Over the phone from new jersey. Mike, the markets seem to love say, President Trump had to all rallying 5 in that last 10 what do you make of a move friday after 10 loss thursday . Taylor, its not uncommon when you have a bear arket like this with massive volatility and massive down days like we saw yesterday to then on the upside. Ay it doesnt its very have ult to say, ok, we found the bottom here of the stock market plummet because snapback rallies are very common. S you pointed out, this is the sharpest oneday rally since october 2008. Emember, that was still a good five months before the market actually found its bottom from he financial crisis, so while this is good to have this day, its somewhat relieving to end with a rally,this its hard to extrapolate too as sort of the end of the volatility that we have seen. Some positives that the market really keyed in from presentation, s especially the decision to buy up the de oil, stock Strategic Petroleum reserves. In allowed a big rebound oil prices and oil, energy ompanies and especially the credit worthiness of Energy Companies has been a very big point of this whole bout of volatility. That allowed the banks and companies to rebound pretty sharply today. Taylor mike, i have to ask, how liquidity . Ike traders and investors are reporting its very poor across all markets particularly in the treasury markets. There is just a very thin order book for treasuries all week. Moved yesterday to pump a lot of liquidity into the oney markets, certainly helped alleviate that stress a lot. The problem is that corporations sort of tors are both preparations obviously are worried depending on the sector theyre in, but worried about their cash flow going in as sort of their theyre s dry up, so tapping those Bank Credit Lines because they know the corporate more or less shut down. So really the banks are under a ot of pressure to provide just cash, u. S. Dollars to corporations. That can have a Ripple Effect markets. Rest of the it makes them a little less able the market been maker in the treasury markets. Seen the wildhave swing in treasuries, too. Hen the market was crashing violently yesterday, you would they them to rally, but actually went up. Were hearing from most people, that was absolutely because of constraints throughout the market. Taylor mike, quickly here one im going to show ofhart and those are spreads triple bes, earlier this week triple bs could widen out to 400 basis points and we would in another 150 to go and the blue line, were looking at double bs at 520 saying those widen out to 750. By those measures, they would a lot more to t hit a bottom. Your take. That triple right, b basket obviously has been a source of a lot of peoples concerns for a long time. Such a big trench of debt and it really sort of will put he pressure i think on the government to come up with some sort of solution for the credit stress to alleviate the were seeing and hopefully ratings defaults and downgrades. Certainly there is more anxiety credit markets to come. Taylor our thank you to loomberg markets editor mike regan for jumping on the phone. Came during President Trumps press conference, the president declaring a National Emergency freed up, lion Emergency Services and more, all of this to try to contain the coronavirus throughout the u. S. Res. Trump im also asking every hospital in the country to activate its emergency plan. The hospitals are very engaged. On the phone g us advisor and enior professor. What was your take from the preconference that we heard today . We saw the president which is reason why the market seemed to rebound in that last hour, you know, feel the decisive o take more action as this virus has spread to upend so arted many aspects of americans lives. The market and americans felt the president was responding in the way that they wanted him to several days ago, maybe a week or more ago. Had been up to this point that the federal response had left something left to be desired. About increased testing, 50 billion now that the states are going to be able use to combat this, i think importantly, the federal government working with the sector to develop things like drivethrough testing, im right now from new rochelle, new york, the first drivethrough testing in the country, we had a scourge of the see here, were going to much of that rolled out. The president was saying as early as sunday this weekend. I think a combination of those things is what people had wanted the president to say. Of ink there was a lot relief that he and his team came today. Said it taylor louisiana was the first what ay their primaries, other states could come out and delay the political process now contained . Ng isnt louisiana delayed its primary. That we could ng see other states do. Here has been a lot of concern because at the same time youre like new york saying, the governor saying you of 500 ve gatherings people. In a few weeks, theyre going to high school gymnasium, cast their ballot with other people. Other states follow suit. We dont know yet. Its going to be a real challenge if this virus isnt before the next set of primaries start to wave in. We see the debate obviously this we see voting as early as tuesday. For s going to continue several weeks. Taylor thank you as always for jumping on the phone to join us. The u. S. Continues to see rising number of coronavirus ases, public anxiety also escalating that includes concerns about using cash, many orry it could actually be a source of transmission, though many transactions are now digital, are we ready to go fully cashless . Jim, author ofby the innovation stack. The fact of this coronavirus on mobile payments, is that a good thing . Know its hard to say its good in a time of crisis . Jim probably for a good reason, the c. D. C. Has not yet etermined that cash is not a way of contracting the coronavirus. Theyve actually traced cash to people are ions and scared. So they want plastic or better yet, contactless payment. What do you do when people are not going to stores, not using the mobile payment in retail footprint, are you hoping that the revenue is made up by some of the online orders im staying home . Jim the great thing about the u. S. Economy, we have all of theyreny merchants and super adaptable and resilient. Give them the right tools and choices. Ake the right taylor how are you seeing Consumer Behavior change because of this, is it permanent . Jim who knows what is permanent . Were going to unearth some new trends. White collar workforce is going to work from home now. Hats going to set totally new habits. Im concerned about people that have to go into work, people who re hourly workers, were going to see a lot of disruption in those areas, we have to build new tools for them. Guess is that those tools are coming from the Small Businesses, from the people on it. Ground living what we want to do, we want to make sure that population has of the best technologists so they can make the decisions. Heyre the ones who invent the future. Taylor you mention the Small Businesses, loans to the Small Businesses from square increased 42 last year year over year. Are you worried about some of the loans and the credit quality those vendors . Jim no, im excited about those the most good. Theyre the tiny loans but for literally in are the streets making the decision. Things are changing a lot. T doesnt mean that the world is coming to a halt. It means things are different. We cant sit here in new york where the differences are. Ut to thousands or millions of businesses, those decisions are being made. We want them to be connected, need and thes they money to make those decisions. The 15 , is it half a week . Day in jim i study the fed data. Im on the fed. Nobody knows. I certainly dont. Youre out with a book, what is the innovation stack . The worst week in history to launch a new book, but the subject is totally relevant. Talking about a phenomenon i bserved at square, how square was able to survive a direct attack by amazon. A series of inventions and its different than normal business. And when i saw this pattern, i figured out that companies hroughout history would change markets, who actually invent new markets have this thing called stack. Ovation i didnt want to write a business book. Copy. Ught you a it was a comic book originally. Aylor hold it out so the camera can get that. There is a murder, and this is how banking started. Here you go, you can have that. Look, im not trying to make light of it. We are going to go through a period, some people are going to go through a period, but we want those people who are out there oing it to at least understand that, look, the history of great the creation of new industries occurs with who are willing to try new things. The entrepreneurs, theyre the people who bring us the future. I wanted to write a book for those people. Were using that skill set more than ever. Obody knows what is going to happen. Taylor you were here when we get the news that bill gates is microsoft, wn from leaving the board, i should say. Your general thoughts on him, visionaries e, the as we continue to see a shift in leadership where some of the founders are stepping aside. Im he has dedicated his life to philanthropy now, he probably that because the impact of what he has done and the money he has raised and the contacts, he is a huge reader, fantastic organization and dedicating more time to that future is iy be the think a rational choice, being very well run. Aylor jim of square has more energy than i do, thank you, of course, the author of the stack. Ion i appreciate your time. Much more ahead, stay with us, this is bloomberg. Aylor the increasing use is changing our Shopping Experience 5 is one of the companies that re helping brands go conversational to Better Connect with customers. Joining us now on our retail series, it is c. T. O. Alex who is also the former alexa at amazon. Alex, great to have you. Think the coronavirus has certainly been disrupting all of in Consumer Behavior, when this moment do you tell clients . Lex actually, thanks for having me. I could not ask for a better person to follow than jim from square. Talked the things he about are exactly the things that were seeing. So our tool we build the cloud which l enables businesses to have real ime conversations with their consumers, a. I. Driven and human and what were actually seeing a lot of our customers and some of the biggest brands in the world reaching out to us have to send ally our contact centers, our call centers home around the world can you help us actually from home h a work solution. Cane really excited that we suddenly help both big businesses maintain the consumers to their and also the hourly workers and im mentioned this, how changes might go to hourly workers going home. We can help them work from home and continue the continuity of have jobs and service their consumers. Thats kind of the big thing for two ght now over the last weeks is this swarm on while our tools can actually be used to businesses and people continue to have some type of normalcy through this crisis. Foot traffic last week was down 9 , so its very Consumer Behaviors continues to shift, this is not a new trend to online. How are you managing that shift, ow that its at such a rapid pace . Alex our tools are fundamentally digital tools, our really is that for most big businesses, your big box etailers, your big brands, websites and apps actually havent produced the kind of returns that we expected. You from home, from your phone, from the tool that youre used to interacting with friends, your family, your app, wes, your whats the you to have that conversations across the real time shopping stack in the real time. Automated. Ose is you get quick updates and status of things like where is my to purchase something, i want to reorder something. Also human to human so you can it. Help when you need we have seen traffic to our Services Grow 8, 9 over the weeks. Wo as you can see consumers not going out and actually wanting o do things more from the privacy of their own home. Aylor alex, you said it was a pleasure to follow jim from square. You are e remiss that in neighboring seattle, just redmond, washington, we got the news that bill gates was stepping down from the board to focus on mo more philanthropy endeavors. The foundersvision stepping down for the next generation . Alex personally i think its fantastic. He has acton to offer. He is brilliant, smart, and help and taking that financial power to do some real has in the world which he done to a certain extent with the gates foundation. It gives me a lot of pride being seattle to see him do that. Think technology, if you look across the progress, economic theory will tell you that progress is really driven by advancement. We have seen that focus in the consumer space for a long time consumerization of technology, im really excited to see what he can do as a to bring focus and Try Technology to some of the Worlds Largest problems. I think its a great thing. My pleasure to have alex on this program, thank you for joining us. And we will have much more ahead, so stay with us. This is bloomberg. Taylor for the workers of the gig economies, there are no sick days, no fulltime benefits and high risk s a situation, not only for the gig workers and commerce. John, aco founder serviceso. Of a talent company, providing full benefits to its temporary workforce and the couraging others to do thing. John, your thoughts on if this could be the first real big test the gig economy . John yes, its really important and unfortunately, im not sure the gig economy is going to pass test. The gig economy unfortunately is a Public Health risk now because of two reasons. They do not get sick leave. 50 of our population is covered by state laws and city laws that gig re sick leave, yet the economy circumvents all of these laws by considering people contractors. 73 of private employers give economies, 0 ig give sick pay. S a result you have 10 Million People who cannot afford to do what we need them to do and that distancing. Ial they are more often than not public facing Front Line Service workers. If anything, we need these folks to be able to afford to off if they have symptoms and stay at home, but nstead theyre compelled to work in the public and thats a real problem in todays world . Taylor some of the Gig Companies arent doing what you did, providing full benefits to temporary workforce. They complain its too much of a hit to their Balance Sheet and statement, how did you do it . John yes, we did it in, were to do it in 1993, this is when 40 Million Health s had no insurance and Staffing Companies did not do this. O we wanted to be part of the solution rather than part of the problem. So we worked very hard with companies and very hard with the technology ompanies to figure out how to offer benefits and we did it. And what we learned is that ffering benefits doesnt cost you money, it makes you money. And the reason why it makes you money because you can attract retain the very best people. So thats what gig economies should do today. Should invest in their people and give them not only insurance ut health much like 90 percentages of americans who have Health Insurance today. Instead, most Gig Companies dont give any Health Insurance at all. Ut if they did, i think they would realize they would attract and retain the very best people and they would actually make money. Taylor what would be the one change that you would like to economy learn from this virus . Ohn right, i would like the gig economy to understand that they have a really important in the economy. They are doing such wonderful terms in the economy in of helping people find pportunity easily and that is really great. However, because they avoid all as er Protection Laws such Health Insurance, workers comp, hey also avoid minimum wage, unemployment insurance, overtime laws, that really kind of all of the wonderful things they do. What the gig economy has to be a e to do is to pay people fair wage and at the same time charge customers a fair price a truly theyll be breakthrough service. Right now they only get half the equation. I really like them to think investing in their workers nd really make gig economy everything that it can be. Thank you to john, cofounder and c. E. O. E have more breaking news to bring you, 10 down, 10 up, what that means, j. P. Morgan has for some of their wealthy clients amid this rout. Ric we are clearly in the bear market, fallen off 20 from highs, j. P. Morgan has froze their trading for wealthy historic rout. Is of course, we want to recap the gates es about bill saying he is stepping down from microsofts board. E said in a blog post, i feel more optimistic than ever about the progress the company is making and how it can continue the world. Gates founded microsoft in 1975 and grew it into the largest maker in the world. To opes to devote more time philanthropy. That does it for this edition of bloomberg technology. This is bloomberg. The coronavirus cast a worldwide shadow and fears stock market. Im david westin. Welcome back. This week, bob diamond, former berkeley ceo. Always a challenge its been. How do we make the system safer and center while also promoting jobs and economic growth, meaning getting risk and lending into the economy . David and atlas merchant founding partner. And rick rieder. The credit markets tonight are challenging. David the chief Investment Officer of global fixed income. Liquidity down the credit spectrum is really, really tough. Were all in, all