Wave of protests across the country following a shooting of yet another black man, rayshard inoks, outside a wendys atlanta. All of it captured on video. First, i want to digest the market moves and bring in abigail doolittle, who has been following it all. Why such a volatile day . Abigail really a wild today. Today and overnight tonight, there was a risk off tone. There was a bit of a haven bid for bonds. Nasdaq up more than 1 . Thefixed on the nasdaq vix on the nasdaq had been above 40. At the close, below 40, so again, less fear at the end of the day. Trade, the stayathome trade. 6 , and credible, but tesla up 6 . If you believe it, that stock up more than 130 on the year. As for why, i would like to say it is something exciting, fundamentals, but that is really not the case. It has to do with the dollar. The chart in, the nasdaq 100 and white. When a dollar goes down, it helps risk assets go higher. What we had earlier today was up half a percent, now the dollar is down its call it 0. 3 , 0. 4 . Lets see what tuesday brings and feature rule, i guess, turnaround day people look for. Emily we will be talking about some tesla themes later this hour, specifically board dynamics. Rebounding in china. Talk to us about some of the other tech themes you are following. Electronic arts had a big day. That stock did very well. Apparently they have released a new star wars title. Dayes really pumping on the the title is called squadrons. Calling it a significant and pleasant surprise. There is nothing else like it out there on the market. Some of our analysts are saying that they think there could be a big boost for Live Services because of the stayathome theme. Stayathome, you know that is the big theme on the year. , one of the biotech companies, even though that has to do with the possibility of some sort of vaccine or cure. Paypal, amazon that you were just talking about. Electronic arts up 18 on the year. The real poster boy for the stayathome theme this year, amazon. The past few, over months, i have become an amazon convert and i love it. Emily neither am i. I am not a gamer but my kids are changing that in quarantine. Abigail doolittle for us in new york. Thank you for breaking it down. Speaking more about amazon. Amazon has pulled congressional investigators. The house will cooperate in an amazon will cooperate in a house antitrust probe, making jeff bezos available to testify if necessary. We know that congress has been exploring the market power of big tech companies. Seattle,et the day in covers amazon for us. Give us the latest of where we know these investigations are at so far. How far has congress gotten and i will point would we see and at what point would we see things hit a crescendo . Matt the house has already held hearings and they are at the stage where they will either start calling ceos and coming up with conclusions. The department of justice also investigating big tech firms. So is the ftc. At least where amazon comes into this, the state of california said to be looking into amazon market power as well. Emily this would be, to my knowledge of a jeff bezoss first time on the hill in this kind of a hotseat. Alphabeteen the ceo of , facebook ceo mark zuckerberg, and sheryl sandberg. Tim cook has been on capitol hill. What is the significance of jeff bezos being made available for this . For amazons perspective, they did not have much choice. Go toe toot want to toe with congress and start resisting subpoenas. They just have been subjected to enough scrutiny that they had to do this. Issues around social media, foreign influence and disinformation campaigns that brought zuckerberg to congress. Now it just seems to be amazons turn for the spotlight. Emily what is at stake for amazon in this testimony . Obviously, President Trump and jeff bezos have battled it out in public. What is on the line . Will i think a lot of this be about perceptions of amazon. Nobody likes to have their ceo dragged in front of congress to answer questions on derosa. I think it is a moment of reckoning for amazon. It is a pretty beloved company with customers, and now regulatory scrutiny in the u. S. And europe bearing down on them, it is about whether complaints about their market practices are enough to change minds and perhaps put some restraints on corporate behavior in a way that we have not seen before. Theres been some questions about how amazon handles thirdparty sellers on their side. What clues do we have about what bezos has said in the past about his argument, the companys argument that amazon is not a monopoly. Matt bezos used the shareholder letter last year to basically stick up for the companys role as a seller of its own goods. Service, we turn on a we benefit from our customers having a good experience and our sellers having a good experience. Sort of a full throated defense that amazon looks to please itious constituencies but does not succeed without its thirdparty sellers. Emily thanks so much for that update. I do want to get some breaking news. Some headlines crossing the bloomberg that softbank is now exploring some transactions with tmobile shares. Of course, softbank a big holder in sprint, which of course merged with tmobile. Softbank now exploring transactions with tmobile shares. We will work on getting more details as we have them. Andng up, overmentored underinvested. We will talk to monique woodward, a black Venture Capitalist making waves in silicon valley. This is bloomberg. Emily a deadly shooting in atlanta sparking a fresh wave of protests across the country. Rayshard, a black man, brooks, fatally shot by a black Police Officer while trying to flee. Injustice soacial prevalent across so much of this country. So much of this Conversation Centers around equal opportunities in the workplace. For our audience, that means tech. Joining us to discuss the state of funding and the environment for black investors in silicon valley, monique woodard. I have to ask how you have been experiencing the last few days, the last few weeks as these protests have continued across the country and more of these simply devastating incidents have happened in part as a result. What is your take . Monique i think, for any black person, in america especially, it has been a wave of emotion. Anger, sadness. Now, protesting and starting to affect video around fixing the issues. I think it has been a roller coaster for many of us. Murderth the most recent in atlanta, i think it is just thrusting us right back to the place where we started, seeing george floyd and Breonna Taylors murder. I think it is a very emotional time for a lot of us. Fortunately, what i think it is different about this time, there are people outside of the black community paying attention who are on the front lines or protesting with us. Emily there been so many conversations happening inside companies, inside investment firms, how to address this, what are we doing wrong. We have seen firmsn Venture Capital doubling down, saying they are recommitting to black founders, setting aside money. You came out and said that black entrepreneurs do not need a separate water fountain. What do you mean by that . Monique full disclosure, i say softbankn advisor to for a lot of their ongoing programming. Funds say, weny are putting aside a separate pool of capital, when they do have an existing pool of capital. One, you have to start by understanding what is keeping black founders out of your existing pipeline. A stage issue, really understanding how you can start to partner with founders early and get them into that early part of the pipeline with some capital, with some access to networks, and really work with founders at the earliest stages in order to help them succeed. Because there are great founders out there, pools of capital that they can be invested in from a. If you are not actively doing that, there is something wrong with your pipeline. I say as an investor, you have to fix that. Emily talk to us about your own path to Venture Capital, the challenges you have faced and how that might be a window into what other inspired other aspiring investors and entrepreneurs might be facing today. Monique i moved to San Francisco in 2008. Which was an interesting and auspicious time to move to silicon valley. It was almost immediately noted that i was getting into all of those rooms and i would not see many other black entrepreneurs in the rooms with me. My friends and i started black founders, a community of founders, because it was really trying to solve our own problems, having access to silicon valley, having access to investors, but also creating a support system that we felt was not there for us. Andtarted it in 2011 unfortunately, it has taken until now to have the conversation come to some sort of head where people are paying attention. I moved to the investor side around 20132014 because i knew that all of the ecosystem building, all of the advising, was when for nothing when they still had to go and face the same sort of uphill battles towards getting even a first round of funding done with Venture Capital investors who did not look like them, will often could not understand the businesses they were building, and who were often in some cases downright condescending about their businesses. That was really my reason for moving on to the investor side of the table. I did a lot of investing and decided to start a new fund of my own because i think it takes people who have investing experience and are able to step out and create an entirely new fund to change some of the disparities between black entrepreneurs and white entrepreneurs. Your fund, in part, your philosophy is being driven by some of the democratic shifts you would like to see. The fact that there will be more minorities than the white majority in the United States not long from now. Talk about where you are putting your money to get ahead of some of these shifts that other investors may not be paying attention to. Firmly believe that other investors are asleep at the wheel on some of the big demographic changes. One of the big ones is the shift where people of color will become the majority in the United States. If you are building a global company, people of color already and global majority. You see that in the popularity tiktok,forms like instagram, the popularity of black twitter on twitter. Internet,ps use the do all of these things differently. If you are going to really invest in the next wave of big consumer groups, that is who you should be investing in. You are also seeing women being able to drive companies to unicorn status. Companies like glossier, the activity of a mostly female user base. Now you will start to see that in other categories as well. The final layer of the cake for me is this massive aging population we have. A lot of investors are not really paying attention to these big demographic shifts that are happening. They are investing in the same old thing they always have. I think that im as these demographic shifts come to a head, they will be slightly behind the ball on taking advantage of and getting into some of the hottest deals that will come out. Emily thank you so much for laying out the leaders of the cake that you are looking to get a piece of. Monique woodard thank you for joining us. Thely good to have you on show today. Muchllion dollars, how apples app store generated in 2019. This is bloomberg. Announced theas App Store Ecosystem supported 519 billion in sales globally in 2019 alone. Joining us to discuss, mark gurman. This was a result of a study that apple supported. Talk to us about the numbers. Quite staggeringly large numbers, looking at half 1 trillion in sales. Mark this study again, backed by apple, says that the companys app store in 2019 facilitated 519 billion. That is not revenue to apple specifically. That is across the whole ecosystem of apple. For example, that covers lets say you have an app for your Favorite Clothing store, you order a new jacket that is 100, that goes toward that total. This includes things like uber, lift, grocery deliveries. Basically everything that is facilitated via the app store. Emily i was surprised how big the numbers were for ridesharing. Nd food delivery tim cook saying, in a challenging and unsettling time, the app store provides opportunities for health care, wellbeing, helping people to adapt quickly to a changing world. Sort of a changing part of the story. Talk to us about the meaning of these numbers at a time when we are in a recession, when there are so many entrepreneurs in his this is depending on this ecosystem for their livelihood. Mark it is not exactly clear from a numbers and data perspective based on this study specifically what the impact was on App Developers and Different Services during the covid19 pandemic. That is because this is 2019 numbers specifically. What they are vaguely saying, in addition to that quote you talked about, that there was massive growth for food or grocery delivery apps, a large increase in watching video, the use of social media apps. That number is massive. Foroverall revenue purchases that apple may get a cut of, that is about 61 billion. A massive delta between one apple helps generate for developers and businesses that really are not giving them a percentage and really have nothing to do with the app store besides being on there. A few of the u. S. Technology companies. , really a small part of what we generate overall. Are not that they really benefiting from, just serving as the facilitator firm. Emily the deed the drums are beating for wwbc, now a Virtual Developers conference coming this monday. What are you going to be watching . Mark the big thing next week will be the apple announcement from its transition away from intel to mac computers. For the first Time Committee chips used in the iphone, the ipad will be developed by mac itself. That will be easier for apple to make all of its products much more integrated. That is something a lot more developers and users are looking forward to. Ok, mark gurman. Thanks so much for that update. Coming up, doordash partnering with cvs, no longer just delivering groceries and food. Will speak with the coo next. This is bloomberg. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. You say that customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Emily welcome back to bloomberg technology. Im emily chang. Uber last week announcing uber direct and uber connect to deliver more than just food to your doorstep. Doordash announcing a partnership with cvs to deliver everything but prescription drugs. Pharmacy tofirst join the platform. The company has been delivering groceries from Convenience Stores the last couple of months in competition with amazon and instacart. To join us with more, doordash coo christopher payne. Tell us more about this partnership with cvs and what it means to your business. Christopher thank you so much for having me. Obviously, we are in unprecedented times and one of the things we accelerated in the last few months has been the addition of convenience to our platform. Today, we are announcing our partnership with cvs. It will be in four cities initially. Dallas, houston, new york and philadelphia. One of the cool things about this is you will be able to get items,s items, household overthecounter medication delivered immediately to your door. There is no need to have timeslots or rescheduling. We thought this would be critical but knew it would be even more critical in shelterinplace. We accelerated it and we are thrilled to be announcing it. We are going to roll it out in those four markets. Over the summer, we intend to roll it out over the entire cvs footprint to reach about 100 million americans. Emily certainly makes getting something you need from the pharmacy a lot more convenient in the middle of a pandemic. I know you are planning to expand to San Francisco and boston later this summer. Should we expect you to partner with more big companies, like lets say walgreens . How do you plan to roll this out . Christopher one of our Core Strategies has been to partner with a wide range of merchants. We partnered with hundreds of thousands of restaurants. Weve been doing grocery delivery for many years now. We actually have a Service Called doordash drive which opens up our logistics platform and provides it to third parties. If you are ordering from 711,rt, grocery, hyvee, doordash behind the scenes is delivering that. We deliver for more than 2000 grocery stores. We look to expand that. That is a Critical Service in general, but in this time, it is absolutely essential. Emily now, theres been big news in your business. Grubhub. To buy this could change the Competitive Landscape in the u. S. Do you believe it will and what is your take on the deal . Christopher one of the things doordash has done since its inception, we have been focus on our customers, not competitors. Obviously, this is an ultra Competitive Landscape, but the reason doordash got to the leading market position was focusing on our merchants, dashers, and consumers and doing the right thing for them. I have no doubt there will be more competition to come. It is the early days in this category. Doordash is focused on providing value and we will remain doing so in the future. Been meantime, theres plenty of commenta