And covid continues to peak across the country, once again shutting new york city Public Schools down. With vaccines on the way but still not quite ready, we speak to 23andme ceo Anne Wojcicki. Could their research on genes and covid give us more clues on how to fight it faster . All of those stories in a moment, but first, u. S. Stocks dropping as fresh resections put in place to limit the spread of covid19 overshadowed positive news about Vaccine Development. Our Abigail Doolittle has more. Abigail, generally the markets were quieter today, but then it fell off late in the day. Abigail yeah, truly a sleeper for much of the day. Very small, fluctuating moves. Cyclical rotation trying to take over. Then new york city headlines crossed on top of the mta news around the subway. Earlier today, you had these two negative headlines. Of course the second one being that schools are shutting tomorrow until at least after thanksgiving on the 3 , sevenday rolling Positivity Rate here in new york city, at least according to the mayors office. It looks like the governor may have had a different number. In any case, schools are shutting. And i believe in addition, Governor Cuomo earlier was talking about the possibility of the orange designation at some point in the near future if that 3 rate really is hit. That would mean the likes of restaurants and gyms close. So, initially stocks wavered and then you can see a pretty decent selloff at the end of the day. The worst day for the dow. We usually do not look at the dow, but this was the index that was really hit the most in about three weeks. So investors really taking this virus news seriously. The first time i can remember over the last couple weeks if not months where it seemed there was a connection between investors and a somewhat bleak reality here. As for the day on the stayathome trade, earlier during that sleepy trading, the stayathome trade was not doing much. But at the end of the day, take a look at zoom and pelton. Both of those had been down. Right when the new york city news came out they shot higher. Zoom having their best day. On the possibility that there could be a more serious lockdown and people would be spending more time indoors. Interesting, take a look at amazon and apple. Especially amazon, they finished down. That does not make a lot of sense. But the true stayathome stocks, zoom and peleton, a nice rally on that new York City School closure news. Emily interesting. Wonder if apple has something to do with them reducing fees for developers in the app store. We are going to talk about that in a moment. I do want to quickly hit nvidia. Shares down after the Company Reported results. But results exceeding expectations. What are you seeing . Abigail options suggested this stock would move in a big way, more than 5 up or down after the earnings came out. That has clearly not happened. It has been fluctuating around about more now down than it has been at any other point during the session. They put up a solid quarter. They beat earnings and sales estimates. Adjusted earnings by 13 . They put up more than 4. 7 billion in revenue, beating by 6. 9 . That is great. The forecast was also terrific in terms of pc and data center demand. The gaming unit was good. This could be a case of too far, too fast. The stock was up more than 130 on the year, so investors may have wanted even more of a beat. But we have to wait for the call and let investors sift through a little more. Where we have true certainty, i know you know, tesla up for a second day. It is really incredible. The stock was basically already in a bull market, but up 19 in two days. When you make a move of 20 in any time period, that is generally a bull market move. So basically a bull market move on top of a bull market. The company is being included in the s p 500 on december 21. It means index funds have to buy the stock. Buy it, they are. So are some other investors out there in the world. This positive momentum may continue for tesla on that inclusion on for the s p 500. December 21 emily always nice to hear about tesla to spice things up. Bloombergs Abigail Doolittle, thank you so much. I want to talk about apple now, cutting App Store Fees in half for the vast majority of developers. In its biggest changed to the revenue structure since they launched the service in 2008. For more, i want to bring in bloombergs mark gurman, who covers apple. This is pretty dramatic. It impacts the vast majority of developers out there. How Many Developers are we talking about, and what does this mean for them in terms of materially boosting their revenue . Mark thank you for having me. Like you said, this is the biggest change to the App Store Fee structure since the store launched about 12 years ago. This applies to developers who offer paid apps and in App Purchases and subscriptions. The data we are seeing is it comes to about 98 of developers and it accounts for overall App Store Revenues for apple. Emily that said, some of the biggest critics out there, epic, spotify, are still not happy about this. In fact, they say it underscores the arbitrary nature that they see apples App Store Fees involve. An epic spokesperson saying this would be something to celebrate were it not a calculated move by apple to divide app creators and preserve their monopoly on stores and payments, again breaking the promise of treating all developers equally. A spokesperson from spotify saying the latest move proves their policies are arbitrary and capricious. We hope that arbitrators will ignore apples windowdressing and act with urgency to protect Consumer Choice and ensure fair competition. What do you make of that . Mark i think there are two things going on there with the responses from epic and spotify. One, they are not happy that this move does not apply to them. Right . This 15 reduction, or a change from 30 to 15 on the fee is only applicable to those who generated 1 million or less in the prior calendar year. Right . So that would obviously not impact spotify nor epic. At the same time, im not sure what spotify is still completing about. Given that they have actually been circumventing apples App Store Fees for months, if not years. You cannot sign up for spotify inside of their app. They are paying nothing to apple. Epic games, as you know during this lawsuit with apple, they have been paying nothing to apple either. So this is not really something that applies to them, necessarily. In terms of windowdressing that spotify is talking about, this is something i do sort of agree with. Apple is saying this is in response to the covid19 pandemic impacting Small Businesses and small developers. And i know of several developers who have had their revenues fall because of covid19, but i think that regulatory scrutiny and other issues that apple has gotten over its app store practices is a big reason for this change as well. Emily is this going to be enough to appease regulators as the antitrust scrutiny continues . Do you think regulators will see this and say, ok, this makes us feel better, or is it not enough . Mark maybe some. And i think the same voices inside the ears of the regulators and governments, Companies Like you mentioned, epic, basecamp, spotify, they are going to continue harping on this. Because this fee reduction does not change the fact that there are a lot of developers still complaining about their apps being rejected due to inconsistent rules, rejections they disagree with, apple competing with developers on their same platform and not having to pay that 15 to 30 cut to anyone. So this fee reduction will go a long way to buy apple some goodwill, perhaps with some regulators and small App Developers, but i think it does not change the larger story. Emily that said, the folks on apples side, including Many Developers, recognize that apple has created this incredible infrastructure that enables these developers to get out to the wider world. How much of a hit will apple actually take on revenue here, given that this is impacting the vast majority of developers, but those developers do not make more than 1 million a year . Mark i certainly agree with you. Apple obviously provides the app store, and these App Developers would not even exist without the tools they provide. I have seen three estimates so far today on what the impact will be. Ive seen an estimate of apple losing 1. 6 billion in annual revenue. All the estimates come down to apple losing less than 1 of annual revenue. So it is not really going to have a Material Impact on the company as far as i can see. Emily all right. Bloomberg techs mark gurman, thank you was always for breaking it down for us. All right. Coming up, President Trump fires chrisnd security official krebs after contradicting his unfounded claim about election fraud. We will talk about the severity of the allegation, and the security surrounding the election, if it was all rigged, as the president says. That is next. This is bloomberg. Emily Homeland Security official Christopher Krebs publicly contradicted President Trumps unfounded claims about widespread election fraud. Last night, those remarks cost him his job. The president tweeted that he had fired krebs over what he called highly inaccurate comments. Krebs agency had called the 2020 election the most secure ever. To discuess, were joined by kiersten todt. Obviously, this is an important job that chris krebs was doing. Are you worried at all for American Security at this very moment, not having a director of cyber and infrastructure security . Kiersten thank you for being with you, as always. The short answer is no, i am not worried, and that is because of the work that chris krebs has done over the last two years. This agency, this cybersecurity and Infrastructure Security Agency just came into being in 2018. And chris and his team spent two years ensuring the security of this election and future elections, securing infrastructure across the nation. And because of that work, the team in place now is very much prepared to address handling government. We have continuity of operations in government. That is what Good Government does, and that is a testament to the leadership of chris krebs, to his deputy, and the team. So while it is unfortunate, it is an irresponsible act on the part of this president to have fired him, i am not concerned about the security of the nation. Emily the president of course doing this via tweet, again claiming election fraud, and that what chris krebs has said in the past about Election Security is quote, highly inaccurate. Krebs actually responding on twitter as well, saying, i never claimed there was not fraud in the election because that is not our job. It is a Law Enforcement matter. We did provide measures Law Enforcement uses to detect dead voters. Dont buy it and think twice before sharing. You know, what do you think this says at all about the integrity of the election . Kiersten i think based on what we have heard across multiple jurisdictions, we have 10,000 voting jurisdictions in this country. State and local officials from both parties have all come forward to validate the integrity of the election. And there is no reason to doubt all of those voices who were on the ground securing the integrity. And that was one of the key focus points. And it was an impressive election from the perspective of National Security when you think of all of the threats that we know were and are coming at us. But there is no reason to believe anything other than all of the people that are on the ground, the government officials, state and local governments jurisdictions who have all validated the integrity of this election. Emily krebs had wide bipartisan support. As we head into the next administration, how do you think the biden team should be looking at this, and what should they be doing to plan for their own transition . Kiersten it is a great question because cybersecurity is evolving so much. I was working in the senate in 2001 and worked on the legislation to create the department of Homeland Security. So i have seen its growth and its evolution, through its awkward stages, and where we are now is we have gone through serious progress. The last four years, led by chris from an infrastructure perspective, we have made a lot of progress. And now we have to continue to look forward. And the priorities are the same. We have to look at how we build a safe and secure digital infrastructure. We have to examine how we can deter and prevent nationstate activity and threats against our infrastructure. And we have to work with businesses of all sizes to stay secure and combat cybercrime. So, this administration that is coming, this Biden Administration and the transition team, needs to be looking forward, needs to grow upon the successes of the past. And has to absolutely have a diverse workforce. In its diversity of opinion, perspective, race, gender, culture. Cybersecurity is about Building Solutions and problem solving. And the best way to do that is to ensure we have diversity of voices and represent the new and emerging voices that we are seeing in this space. Emily krebs has been quite humorous about this situation on twitter, saying he will now reintroduce himself to his family, watch sports, and ride bikes. I mean, do you think biden should consider rehiring him for his administration . Kiersten i think president elect biden has a lot of people around him who have worked in government in the past who are from industry. And again, we want to make sure that as we look forward, we are going to bring in a workforce that will take the successes that have been built, take the successes that chris has achieved, and build upon them. I expect president elect biden to look at chris during the transition because that is how Good Government works. We work off of the successes of the past to build forward. Emily at this moment, what do you think the biggest Cyber Threats are that bidens team needs to be worried about . Obviously you know the relationship with china is incredibly frosty, and tensions have escalated. Similar situation with some other countries out there, and certainly the Trump Administration has not done the best job at maintaining our relationship with traditional u. S. Allies. What do you think should be priority number one on the cyber front for bidens team . Kiersten it is a twopronged priority, number one. I think we absolutely have to look at how we are working internationally. We have to get rid of the america first, america only approach, and really reach out and repair the International Relationship that has been hurt over the last four years. And when we look at cybersecurity, we cannot do this on our own. We have to do it in collaboration with likeminded economic nations. We have to build a coalition of the willing to build a safe and secure digital infrastructure. So there is the international piece. And on the domestic side, the current threat right now that is much more serious then i think we continue to acknowledge is ransomware, because that is affecting businesses of all sizes. And when we look at the interdependencies of Global Supply chains, Small Businesses are the most vulnerable. And so, we have to continue the work underway to really help Small Businesses be more secure so that these global value chains can do better work. And with the cyber readiness institute, we have worked closely with chris and his team for helping Small Businesses and i hope that work continues in the coming years. Emily all right. Kiersten todt, managing director at the cyber readiness institute, thank you so much for joining us. Very interesting to see where you see priorities on the road ahead. Want to bring you some breaking news now. The senate is setting up to leave for recess without having voted on Judy Sheltons nomination to the fed board of governors. Her nomination has been left in limbo as the senate prepares to leave for this thanksgiving holiday. Senate Majority Leader Mitch Mcconnell has been facing the absence of two key gop members, but has scheduled no more votes for the week as a result of that. We will continue to follow the prospects for getting President Trumps controversial nominee, judy shelton, confirmed once the Senate Returns november 30. Still ahead, scientists and pharmaceutical companies are on a fastpaced hunt for tools to control the pandemic. Their efforts are paying off. On theh ceo weighs in latest blake latest breakthrough. This is bloomberg. Emily another encouraging breakthrough in the fight against covid19. Pfizer and biontech announcing a vaccine that is 95 effective in Clinical Trials and will now apply for emergency use authorization in the u. S. The biontech ceo spoke earlier with bloomberg from germany. Take a listen. We know that we will submit, or we plan to submit our documents on friday to the fda. We are already in submission. We have a rolling submission to the european regulators. So this is an ongoing process. Congratulations. This is obviously great news for everybody. We want as many vaccines as humanly possible. How do we know if the vaccine prevents asymptomatic transmission . Do we have that information yet . We do not have that information yet. We have the information about how well the vaccine prevents disease. But we have indicators that the vaccine should be able to prevent infection, since one of the components of the immune system that we are activating the vaccine is the antibodies, the neutralizing antibodies. We know that our vaccine induces strong neutralizing antibody responses. This is well known in the clinical models that this could prevent infection. We are going to collect indirect data showing how well the prevention of infection works, but this will require a few months. Are you going to get a t cell response . Is there going to be a longterm effect here . Because the antibody response obviously fades. But will there be a t cell response . Will the body have longterm memory of how to deal with this virus . Yes, we have created evidence for that. We have analyzed the t cells from subjects, from volunteers who have been vaccinated, before and after vaccination. And what we observed is that after about already four weeks, the vaccinated people have really strong t cell responses. And we see two types of t cell responses. [indiscernible] this is an extremely important, important finding. And the finding shows us that the t cell response that we are observing is even higher than the t cell response that is observed after disease. And we know from other virus infections that the t cells can last for many, many years. So we have now one component of the immune system which is a better stability than the antibody response. Emily the biontech ceo. All right. Coming up, 23andme has found that africanamericans are disproportionately more likely to be hospitalized for covid19, even when controlling for certain socioeconomic factors. But the question remains, why . We will hear from ceo Anne Wojcicki next about their covid19 research and where it stands. Also, their work to conduct blood type to covid. That is next. This is bloomberg. Emily welcome back to bloomberg technology. While the u. S. And countries around the world rejoice in the positive Covid Vaccine news coming out of pfizer and moderna, covid19 cases are continuing to surge. New york city will close its largest Public School system on thursday. The number of patients needing ventilators in new jersey doubled in a week. I caught up with 23andme ceo and cofounder Anne Wojcicki to talk about the vaccine hopes thed how she Biden Administration will tackle the pandemic. Anne i look at the holiday season. I think it could really be awful. I think we are going into a bad time when people are going to be indoors. Getting leadership about how we will control it will be great. That said, i am very enthused about the vaccine. I think the vaccine, you know, we havent seen the data, but the fact that the companies are coming out with strong results is exciting. Emily weve got a new administration coming in. What do you want the Biden Administration to do when it comes to the pandemic, science, all these important issues that are happening now . Anne people seem utterly confused about what is real. For me, like, i look at the mask mandate and the opportunity for people to make some behavior changes and really control the virus. I look at countries like new zealand where they have been able to have a relatively normal existence because they had such strong measures for a short time. I think that is one thing for people to realize, that if we were really aggressive for a period of time, there is an opportunity to get it under control. Emily the fda just gave the green light for the first athome covid testing kit. There are concerns this could introduce human error or false results, cases that could go unreported. What is your take . Anne i have not looked at their data, but i know the fda process. I have some level of confidence knowing they have gotten an authorization, that this can be something people can use at home. So i am pretty enthused there will be some kind of athome testing. Right now for instance, i myself and others in the household, we all do a weekly testing. But it has to go through the mail, but it is a great service. Understanding there are going to be some kind of errors, but you are going to enable people to get tested in an easy way. Thats what people need. Emily 23andme has been doing Exciting Research on the link between genes and covid. You already found blood type o is more protective against covid. What else have you found so far . Anne the thing that is interesting to me that i want to keep pursuing is when i look at all my customers, we have over a million customers that have taken our covid survey and thousands who said they were hospitalized. When i look at their genetic background, you can still see that africanamericans are disproportionately impacted for hospitalization. That leads me to believe there is still more genetics to find. What is it in the africanamerican genome that makes them disproportionately likely to be hospitalized . Our data shows they are over 80 more likely to be hospitalized. Even when you adjust for underlying conditions and other socioeconomic factors. Emily what is the ultimate goal of your Covid Research and other avenues you are exploring . Anne what has been first for us is to understand, is there something in your dna that makes you more likely to be susceptible and to have a really severe case . We have all now read about some of those stories where you have a young, healthy individual that has no underlying addition and condition and they are severely ill or they die. Is there something in their dna . Because then, those people could be potentially more isolated, or we could hone in on our policies to say have these people should be extra protected or have more aggressive care. We are working, we have a Large Community of individuals that said they did not have covid, we have their dna. We are looking to work with pharma partners, can we help with treatment and Vaccine Development . Emily when we last spoke, you said you would be happy to collaborate with pharma makers. The folks working on the vaccines, and share data with them. Since then, have you had any talks . Anne we had a number of talks with pharma partners that reached out to look at getting access to the aggregate data that we have. Those are ways we can help further research. We have this partnership with gsk. Gsk says they have a separate collaboration on vaccine and drug development. We work with them on understanding the data we have. Emily meantime, you have been working on Drug Discovery, ramping up your own Drug Discovery work. How big is the team, when you might have something out, and what the targets are looking like . Anne i am so excited about the Drug Discovery side because Drug Discovery is so hard. Things that a lot of your viewers know about. There are a lot of failures in this space. But there is good data that shows if you start with human genetic information, you have a higher likelihood of success. We have over 100 people on our therapeutic team. We announced a large collaboration with gsk in 2018. We have a dozen programs in development, we have one that is in the clinic now in phase one. It is an immuno and oncology program. I am super excited. I dont know when data will come on it but i am really enthused, because i can see the genetic story. Emily you were tweeting about amazons push into pharmacy. It is going to be exciting to watch. What are your thoughts . Do you have concerns about the security issues, regulatory issues . Anne covid19 has blown open the doors for digital care. There is such an unbelievable opportunity now. I think everyone can relate to the pharmacy experience of not being a great experience. You go to get your toothpaste, then you spend 45 minutes waiting for your prescription. Is there another way . Aboutk what i am excited seeing is how is amazon potentially going to pioneer a new way . There is a lot that can happen with how it is delivered, the service, as well as frankly, with your data. Has anyone tried to pull out their medication history from a pharmacy . Emily as we move into winter, i know that you were tweeting about bidens election win, Kamala Harris becoming first woman vice president. Given the social issues i know you care so much about, how significant is this to you as a woman, as a business leader, as a mom . Anne the most important thing i have seen that has happened in the last four years i have seen is how much representation matters. It is the type of thing people always talked about before, but you actually see, and the stories and twitter stories. It matters to have a woman there. It matters to have a woman who does not have a european background. Everyone wants to have the role model that they can point to. I think what is exciting as is it unlocks the potential of all these women and all of these communities that have felt marginalized. To give people that opportunity to dream is huge. So i am really excited. This country is built on diversity. Its why we are phenomenal. Emily given we are in the middle of a health, economic crisis, continuing social crisis, are you concerned about the transition of power . It is great to be hopeful, but are you concerned about the president not wanting to leave office . And making things difficult until the bitter end . Anne i have faith in the country and faith in enough of the leaders that the right things will happen. For me, i am a perpetual optimist. I think entrepreneurs have to be optimists. I am a believer. The country is going in the right direction. And i think we have learned a lot over the last three years. The number one thing for me was the wakeup call that we have to do better. Emily Anne Wojcicki, ceo and cofounder of 23andme. She will be speaking alongside bill gates, the ceo of moderna, the heads of the imf at the dachshund the world and the World Health Organization at the Bloomberg NewEconomy Forum thursday. You can catch those conversations on the terminal and online at bloomberg. Com. Coming up, with people driving less in the pandemic, podcast publisher iheartmedia seeing a big uptick in global downloads and expanding its business with a new acquisition. Iheartmedia ceo bob pittman joins us to discuss next. This is bloomberg. Emily as the pandemic continues to upend all of our lives, our podcast listening habits are changing also. Podcast publisher and radio veteran i heard media is theirence confident listeners arent going anywhere. Iheartmedia repeated 266 million global podcast downloads monthly. Joining us to discuss what is happening in the podcast and streaming world, ceo bob pittman. Good to have you back. We are seeing a lot of action in the podcast space. You are making deals. Spotify is making deals. What does this mean for content creators, advertisers, for investors . Bob we built up using the power of our radio platform to be the number one podcast publisher about 2to1 over the next largest commercial podcast publisher with fantastic growth. In terms of revenue, q3 we were up Something Like 70 revenue yearoveryear. Q2, 100 . So it is all building. I think you are looking at people trying to get aboard this party, and for good reason. I think it is such a growth engine. This podcast business has surpassed the big streaming music players. It has been probably the fastest digital growth business. It is certainly the focus is people who have never thought about audio are looking very seriously at podcasting and jumping into this. I think our acquisition we made is another piece in the puzzle of how we maximize the monetization of that big audience, and by the way, still growing. Pandemic came. Certainly some people for a period of time didnt spend as much time in the car. Our podcast usage did not dip. It went up. We saw a shift in the categories. Less true crime, more comedy. More news. For us important thing is to maximize the value of this growth and keep the growth going. Emily you mentioned cars. People are driving less in the pandemic, which is a huge space for radio listeners. I know that you are having some layoffs in different markets. Give us an update on the state of the business and how much you think it can recover if our driving habits are forever changed. Bob the driving habits arent forever changed. Some of us are fortunate to work from home. Most of us are not. If you look at the apple maps driving request index, it is higher now than at the first of the year. It has done a first a full recovery from covid and group m just put out a report about media use during covid and says radio listening is up 7 . I think what happened was, our usage was great. Consumers really needed us. Unlike music collection like spotify and pandora music, we are radio. We are companionship. Our job is to keep people company. There is always someone with you in the empty seat in the car or sitting on the counter talking to you while you are cooking or brushing your teeth. So i think it increased our bond with the consumer. Advertising was a different story. We saw advertisers pulling back. Some businesses had difficulty. Some businesses did not know what to do to be creative during this time. We see that recovering nicely. Hopefully, a vaccine, as we see the recovery moving forward, that of course helps us recover with our advertising. But i think there is this misperception, no one is in a car, keeping in mind out of home we do about the a third of our listening in the home, two thirds out of home. That is split between the car in the workplace. Important to us. Our home listening went up and the car stuff is back. Emily i am curious what you are seeing among younger listeners and if your competition is changing. Is tiktok and a more visual customized medium your competition now . Are younger listeners listening to radio as much as the generation before them . Bob the answer is yes, they are. Surprisingly, because you think this new tech it technology. They are listening to it on a lot of other devices. We are on 250 other platforms other than am fm. Podcasting is a Young Persons medium as well. People say young people dont want to hear the spoken word they do. It has to be the right spoken word. We think tiktok is a wonderful promotional vehicle for us. It is something else. Our users do video games, they do tiktok, facebook, instagram. It is some of the ways we communicate with them. Keep in mind, we are not content, we are companionship. We are keeping people company. We are hanging out with you. Anything they talk about of interest to them, we get involved with. You have tiktok videos and people interacting with radio. It all becomes one piece, especially for the younger audience. Emily lets talk about the people providing that companionship, musicians. We know that revenue streaming for musicians have been worn down over time, but kind of obliterated in the midst of the pandemic. They cant do live concerts. What does the future moneymaking opportunity look like for a traditional musician going from, maybe not taylor swift, but a step below that who is looking for an outlet . Bob the streaming services are continuing to be used. It is the new tower records. It is your new music collection. They are providing ongoing revenue to the musicians. You are right, touring has stopped, but that is going to come back. As i talk to people in the music business, you hear estimates from the spring until the end of next year but i think a lot depends on how effective the vaccine is, how much vaccination we can get, how quickly, and how well the therapeutics work. I am encouraged about it. In the meantime, we are helping our friends in the music business keep their relationship with the consumer. We are reaching out, we are dreaming up ways to connect them with the fans. On our music radio stations, which is 75 of our stations, we make it a mission to connect the fans to the music. That is more important now than ever during this pandemic. Emily interesting to watch how you pivoted. A lot of your live events have gone virtual. Iheartmedia ceo bob pittman. Thank you so much for joining us. A quick reminder, Bloomberg Radio does provide programming of iheartmedia through a local Marketing Agreement in san francisco. We do have some quick breaking news, deaths from covid19 in the United States have now topped 250,000. This coming from new data out of Johns Hopkins university. Obviously a very bleak number. Now 250,000 americans we know have died from covid19. Cases continue to surge across the country. Lockdowns also surging across the United States and threatening to take another bite out of the already struggling hospitality industry. One expert is reimagining the future of dining, and that is jon taffer. Host of a very popular show. Bar. Stay tuned for that conversation next. This is bloomberg. Emily 250,000 americans have now died of covid19. Restaurants across the country continuing to shut down. New york city closing its Public Schools as of tomorrow. We head into the holidays and we are joined by jon taffer, hospitality expert and host of bar rescue, known for revitalizing failing restaurants and pubs. Obviously we are continuing to get bad news at a time when restaurants are normally looming. Booming. You have just opened a new restaurant. How are you opening a restaurant and addressing all of these challenges . Jon we started creating taffers tavern two years ago when unemployment was so low that the Restaurant Industry could not find employees. That is how much things have changed. We had an industrywide issue with finding employees. Particularly back of the house employees. So we went on a quest to change the casual dining model with robotic computerized cooking systems and creating a kitchen of the future. Doesnt look like any kitchen any other restaurant would have. That is how we started. When covid came about a year ago, we realized we have the safest kitchen in the world because it has virtually no contact. It is computerized and highquality products. We developed the taffer safe dining system, compartmentalized outgoing food and transactions, created an exceptionally safe environment with hand scanning equipment, with all these technologies. When we were finished, we have the most covid friendly restaurant in the country. We started out focusing on, how do you do it without a labor pool . It ended without a labor pool and more machines, less contact. Emily that is fascinating. Restaurants are one thing. Bars are another. How do you see bars coming back from this when no one wants to enter an empty bar . I imagine that would be even harder. Jon it would be. As bob said in your last segment, we have great therapeutics. The vaccine is coming. We know that. 160 days from now this will be a different country. I believe more people will take the vaccine than they say they are. I think the next thing they do after a vaccine is go to dinner. I see boomtown this summer in the restaurant business. When you think the capacity could be about 40 lower, capacity is 40 lower because of restaurant closures and if the marketplace comes back with a surge this summer postvaccine, it is boomtown. The marketplace gets active so i am very bullish on the future of the industry come this summer. Emily boomtown. That is quite a prediction. We will be looking out for that. Jon taffer of bar rescue, fascinating to hear about the technology you integrated into your restaurants. I love the optimism. Thank you for joining us. That does it for this edition of bloomberg technology. Bloomberg daybreak asia is coming up next. 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As a way to declare to the world that the United States of america was now an independent country that would c