Taylor riggs has been diving into all of it. Tech has been the winner of the week. Where do you see the strength . Index the s p 500 tech was the second best performer this week and it was up 6. 5 . You mentioned the dismal economic data. Tech and the markets overall are looking past this, perhaps thinking that the worst is behind us. You hear Companies Like uber seeing green shoots in their demand recovery. Zillow saying people want to buy and sell these homes. It was notable that tech did not leave the gains. Up until this point, the nasdaq is the highest impact since february. Despite underperformance today, i continue to be surprised at the resiliency of the tech sector. Emily what about bonds . Taylor the two year yield hit a record low of 10 basis points at one point today. We ended up coming off that low a little bit. But the bond markets are giving us ominous signs of what is going on. The markets are pricing in a negative federal funds rate. That hell has said doesnt want negative rates. But the markets frankly do not believe him. We are looking at negative fund rates by the markets perspective. Over at guggenheim securities. He tweeted out that the market believes the policy rate is stuck at zero and the risk is that treasuries will soon be negative. Clearly the bond markets are telling us a much different story. There still is a lot of uncertainty for the tech giants. The Advertising Market is a key one. How many people are going to buy new smartphones . When can a factory reopen . County officials in california thought the factory could reopen, but then the county said not yet. Why are we seeing tech rising . One of the biggest etfs reached a major milestone this week. Taylor i keep hearing that when we are all stuck at home, tech is the products that we are actually using. You talk about tesla, people wanting to go back out. People wanting to get back out there. Netflix, which was a lot better than people feared it would be. Disney falls in that camp. Shanghai park had a soldout number. Tech, perhaps of all those things that we are using when we are stuck at home, clearly the out performers. You mentioned that milestone. A 20n 2000, it was billion market cap. Look how far we have come. Also, one of the big out performers this week. That is outperforming the qqq index. Really leading the way throughout this bounceback from march 23. Emily bloombergs taylor riggs in new york. Thank you so much for breaking it down. I want to bring in a tech veteran, the chief experience officer, also former president of the Rhode Island School of design, and a design partner at kleiner perkins. Curious to get your thoughts on just how hard this is going to hit the tech economy. Airbnb laid off 25 of its workforce. Uber laidoff 14 . Off 17 . How many more large chunks of Silicon Valley companies are we going to see get wiped off the map . Think this is the awakening of realizing that Silicon Valley isnt just full of robots. It is full of people. If you remember brians essay, p up thedont blee culture. Awakening that computation involves people is no front and center. Emily does that make Silicon Valley companies more vulnerable . , taking onike airbnb more and more funding, and then used that funding to hire more people and invest in the longterm right now, those longterm projects, that is what is getting cut. Some of these Venture Backed Companies are actually a little bit more threatened right now. Threatened if their cultures arent when you think about airbnbs culture, it is carefully crafted, almost artisanal. But looking at Silicon Valley as a whole, you want to consider unemployment will probably see a new wave of startups emerging in the next five years that have much more empathy for people who are out of work. It wont just be a startup founded on the idea of faster laundry or faster pizza. It is going to be more profound, i believe. Emily what does that mean for the gig economy . What do you foresee . Idea thatee that the the simple problems, the startups, are more about difficult problems, how to manage unemployment, how to survive, i think that is much more profound. Research really focuses on the relationship between humans and machines, humans and technology. I wonder if there are certain trends that you see accelerating, given that we are working from home, given that so many people are sheltering in place. How does the ratio and the relationship shift over that time . I think we all know that contact less is like the thing. We are learning so much from china. Im glad you mentioned keuka and other chinese companies. Weve become more like china in how the internet has come into our lives. Emily what are the opportunities you see in technology . What are the trends that you think companies and people that work at these companies should be doubling down on now . We should be doubling down on how we make systems out of data. When we look at the tech sectors doing well, never before has it been able to acquire so much data about our lives. Because we are sheltered in place, it is a perfect petri dish to understand us. Theres kind of a scary side but also opportunistic side. Sapient is a company that helps people make the digital transformation. You are the biggest points are seeing for different organizations right now, and how well are they rising to this challenge . That is the question on the top of my mind. There is that internet joke going around, who is responsible for digital transformations progress . Becauseis notion that, we have this situation, essentially a power outage of the entire world, every company now realized they should have gone digital. It is opportunities for the established companies to up there tech game. Now. At is an exciting time emily all right, john maeda, chiefis sapient experience officer, thank you for stopping by. Coming up, we are going to hear about googles relief efforts during the pandemic. We will speak to the president , next. This is bloomberg. Google. Org, the charitable arm of the company, is doling out another 50 million to covid relief efforts, bringing the total to 100 million. Joining us on the phone, jacquelline fuller. Thank you so much for joining us. Google and alphabet have a number of initiatives. Talk to us about where the money is being allocated and how. Theres some good news in this moment. There are innovative nonprofits and universities all over the world with really clever ideas on what we can do to stop the pandemic and address the economic devastation. Google. Org comes alongside of them with funding, with technical expertise, to help make their ideas a reality. Some areas include health and science, as an engineering company, we are committed to Getting Better data, better mapping, economic recovery as well. Important that we get cash to individuals. And then areas like distance learning. Billion learners around the world who cant physically get to school. Emily youve also got google employees embedded in interesting places like boston childrens hospital. Tell me about that. Superpower isur not only the 100 million we can provide, but googlers themselves. We sent teams of engineers and product managers and they go out and work fulltime for our nonprofits and researchers. With bostons childrens university, they are figuring out how to use Data Analytics and Machine Learning to map the spread of covid in realtime and that is helping transform the best approaches. Googlers are, the helping to take a prototype platform, a research platform, and actually make it scalable and resilient and make sure all to data is made available other teams of researchers and governments around the world who can really create other Mapping Solutions based on that data. Were also the former Deputy Director of Global Health for the bill and Melinda Gates foundation. Bill gates has been concerned about an outbreak like this for some time, but governments were still caught off guard. What populations are you most concerned about . Who are you most worried about getting hurt by this pandemic . We want to particularly Pay Attention to those who are most vulnerable. We are looking at people and communities who are marginalized and underserved even before covid. Those are the same groups that are being hardest hit both by the pandemic itself, but also the economic devastation. For example, our headquarters is in the bay area. We saw such Economic Impact even because so we teamed up we know that providing immediate direct cash during a crisis can be phenomenally helpful. We wanted to make sure we got 1000 to families that were in desperate need. , 41 singlemilies mothers, 79 reported not having enough money or food to last more than three days. So, partnering to immediately get economic relief, but also looking at longerterm economic recovery options. Emily right. The economic devastation, i know it is just beginning to be felt. Google has told employees that the majority should expect to work from home through the end of the year. Youve got the president pressuring states to reopen now. Why is google taking a more cautious approach . Jacquelline we were one of the startedcompanies who working from home earlier. Our philosophy is that, if we can work remotely, if we can work from home, help flatten the curve, then we are going to do that. We will be going back to the office. We will have some workers who need to be on site. But it will be very gradual. Towill be using science guide us in our decisionmaking. Emily how are you handling this with your own team . Science, whatthe is it that you are concerned about . Are you concerned about continued health and safety . Jacquelline my team at google. Org, we are absolutely motivated in this moment. Conduitlike we can be a to help bring resources. The people on the front lines who have really great ideas, as much as we are bearing the impact personally, having friends or family members coming down with covid, team members who have had loss in their personal lives, we also recognize, this is an unparalleled moment where we can come together and build solutions and be part of a global community, and that is energizing as well. Emily all right, jacquelline fuller, president of google. Org, thank you for stopping by and sharing your work with us. Really appreciate it. Jacquelline thanks so much, emily. Proving thatn stayathome fitness is here to stay. We speak to mark gurman about that, up next. Bloomberg. Peloton is proving that some athome trends are here to stay and one of them might just be at home fitness. Quarterly revenue soaring 56 . Peloton also raising its forecast. Peloton is an interesting one. We keep asking which of these trends are going to live on, but here you have people investing in a couple thousand dollar bike , which is putting some money down, and you wonder if that gives this trend itself more staying power. That is a good question. Callnk their cfo, on the earlier this week, made their position pretty clear. They have about 2 million of their products in use. Is equivalent to about 90 million subscriptions. They believe they have a long run way ahead of them. They also believe that even though we may be nearing the end of the pandemic in some regions, life is never going to be the same for many people after this. Emily personally, ive experienced the beauty of five times 50 minute workouts that i never would have done while i was commuting to work. Weve also heard some people think they can buy these bikes and maybe return them. How big a risk is that . That is definitely a potential risk. Sense of there is the value. These things are hard to get right now because of the supply challenges raised by covid19. Thing, they are more making money than ever on subscriptions for different classes and fitness programs on and Different Software that a lot of their users are on a monthtomonth plan. Theres obviously a greater risk of people leaving the plan. Mean for theoes it competition . There are a lot of different to providethere virtual instruction. Wonder if theres just some sort of reckoning in the Fitness Industry in general as a result of the success of peloton . Peloton is more and more becoming a brand name. It is almost becoming sort of the kleenex or xerox of fitness equipment. I think their brand is superstrong. Youve seen their share price really grow. I think they are going to be here to stay. I dont completely agree with the notion that they are going to continue with this level of growth, but i think theres going to be some realization where peloton will be stronger than it was in the past. All right, mark gurman, thank you so mark so much, mark for your insights there. Coming up, the pandemic has made the Instacart Shopper trend essential frontline worker. How the company is grappling with new challenges and new opportunities in the midst of covid19. That is next. This is bloomberg. 49. 50 daddy, i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies, even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Emily welcome back to bloomberg technology. Im emily chang. The toll the virus has taken on the u. S. Workforce is staggering more than 20 million americans losing their jobs in april alone. Economic advisor at larry kudlow thinks job losses will be temporary and expects a significant bounce back as we come back out of the pandemic. He spoke with bloomberg earlier today. Have time for everyone in america. Theres no question about that. Wherever you work or dont work, it is a tough time. This jobs report today is full of heartbreak, full of hardship. I believe it will prove to be temporary because i think the pandemic contraction or the contraction in the economy caused by the pandemic, covid19, will prove to be temporary and we are coming down the home stretch in terms of reopening the economy. But it is a rough number, no question about that. Some of this looks to be temporary layoffs, may be about three quarters of it, but that doesnt necessarily make it any better. People expect to return to jobs and lets hope they can return to jobs. President trumps leadership, Vice President pence put together enormous, enormous rescue package, cash, liquidity, Federal Reserve, payroll protections, its a remarkable thing. I was adding it up and its includingrillion now the Federal Reserve and what we have done on fiscal policy and the budget. Some of this may cushioned the decline. That may be part of this story inside these very difficult numbers. We will see how this works and we will see whether we have to go back. Let talk about president ial policies in a few moments because i do believe the second half of this year, according to the cbo and forecasters, the second half is going to have very significant ounce back in Economic Growth and that well head into 2020 one and that can be a fantastic economic recovery. I know you are an optimistic man, whether you have got any Contingency Planning for a second wave and another shut down . Are you doing that Contingency Planning now . Yes, we are. Its a subject that comes up. Im not going to go into detail. It is outside my lane. I have talked to dr. Birx, dr. Fauci and a terrific team. I will tell you this without naming names, but one of the senior people in that group, i asked that person what happens right now, the virus numbers are flattening out and thats a good day. That means we can reopen this economy. So i ask this person what happens if you get a jump back up in the virus numbers and the response was simply, look, we wont have to reshut down because we know more, we have more experience, and we are much better equipped with the right tools. Are you rethinking your knee your relationship with the Chinese Communist party . I dont think weve ever stop thinking about it. Today,know from reports ambassador lighthizer, secretary mnuchin met with device pretty year of china the vice premier of china. It was a very constructive meeting. The printout, the communique was very positive. China continues to tell us they have every intention of meeting the requirements and implementations of the deal that was signed formally last winter. It seems like a thousand years ago, but it was only a couple of months ago. They are a little behind on commodity purchases. That may be a function of economic conditions, but he said they are pledged to continue, including, i might add, remedies for intellectual property theft and related measures. Those talks seemed to go well and were constructive. However, the chinese relationship is very complex and we know the virus originated in china. We are investigating, we, the u. S. Government, intelligence agencies, the state department, are carefully investigating what happened and what didnt happen, what may have happened and what actually happened. Transparent. N not a lot of people are concerned. I saw this with the president at the g7 video teleconference and the other World Leaders felt the same way. They will be held accountable. They will be held accountable when the final studies are in. Emily white house Economic Advisor larry kudlow. The pandemic has shuttered businesses all over the world and as people begin to fear for their health, businesses like instacart went from luxury to essential. But with the crush of demand has come to struggle to keep up. Joining us now are our bloomberg reporter, ellen hewitt, who were at the cover of this weeks edition of bloomberg businessweek. There are a few different stories going on here. You have the need for this service from people who are shut in. You have the workers on the front lines complaining about their safety and lack of benefits. And you have the company that has been stepping up to meet the demand. How do you reconcile those different stories and where did you land in terms of just how well this is going . Isi think my take on this instacart has been facing this enormous surge in demand for their bu