It is still up there, unchanged for now. President the suspended temporarily visas of hundreds of thousands of workers used to work in the united visas, including the h1b used widely for immigrant employees in Silicon Valley. First, a check of the markets. Ending the day slightly up despite all the political commotion. Abigail doolittle has been watching the back and forth. Investors again looking past the bad news. Why . Most part, they are looking past the bad news. Relatively risk on close. Close itself in the past couple of hours, not so great. At the highs, the s p 500 and nasdaq up more than 1 . The nasdaq of course closing at yet another record high. That has to do with todays strength, the stayathome stocks and stayathome sectors. Both at aamazon closing time. The longest winning streak since july of 2019. The stayathome team has emerged. A couple of weeks where the cyclical sectors were doing better. As the virus has started to hotspotscertain areas, created fear. Weeks, thest two overall story is risk off. Overall cases have emerged in the haven yan is up. It will be interesting to see how the virus data continues to play out. It could certainly continue to take the Financial Markets in a risk off tone. You have the nasdaq at an alltime i, sort of a tough puzzle to figure out. The stayathome stocks getting nods from analysts, including etsy, which has been critical for inviting people across the country with handmade masks. Talk about what you are seeing their. Abigail very nice handmade masks. Emily i have a few. Abigail they actually are really quite nice. Hat stock has been on a tear today, Goldman Sachs raising their price target to a street high, i believe 120, saying they can expect this trend to continue. The numbers tell the story for the Second Quarter to be reported, the june quarter. Growth to the top line is expected to be i believe 80 . Bottom line, 200 growth. ,s those numbers come through price targets being raised. The biggest question here for the stayathome stocks, especially online retailers, is this going to be a secular change . Will it be a nearterm pump for people like me who have started shopping online in a more someone liker will me continue to go online . I will probably stay online. It seems like some of these analysts are appearing for something your along those lines. Emily i am with you. I will probably stay online as well. Onk to the president s move immigrant work visas. The president signing an order monday temporarily halting several work based visas affecting hundreds of thousands of foreigners seeking to work in the United States. This move has been widely condemned by leaders. Just how temporary do we believe this will be, and what will the longer term in act be given that there are so many people using these visas across the United States and especially in Silicon Valley . Three quarters of those h1b visas go to tech workers. I some estimates, this could affect between 325,000 to 500,000 people just now. The longterm effects that you alluded to go much deeper. Taking about all of those students who have come to the u. S. Or wanted to come to the u. S. To get Computer Science and engineering degrees who might know longer want to come to the u. S. About this in us the context of new pledges that we are seeing from facebook and at a timeut Diversity Companies shelly i think it is hard to make these pledges just because of the situation that we are in right now with the economy and the high unemployment numbers across the country. I think that what people need to remember is that tech is not experiencing the same job losses and unemployment that others are. A light of these industries are still hiring, particularly for the highest levels of talent, the most experienced and best soughtafter engineers and scientists. That is the area that i think they really can impact change. We have seen a decades worth of pledges with these companies to increase diversity. And they have not really followed through with that. Emily absolutely. The numbers have been barely budging and if they are moving, they are moving slowly. Tim cook saying, like apple, this nation of immigrants has always found strength in our diversity and the enduring promise of the american dream. There is no prosperity without both. He let ask, ceo of tesla saying, very much disagree with this action. Visa reform makes sense, but this is too broad. Obviously, there is a lot of uncertain tea ahead. We dont know which way the economy will turn. This order seemingly out of nowhere from the president as aese companies are facing social crisis as well. How do you expect these companies will tackle the issues from the inside, a fundamental thinking of how the workforce is shaped . Abigail i think it will be very hard for Tech Companies right now to want to keep hiring folks from other companies. If you look at the amount of people coming and applying to their jobs, if you talk to someone who may be the most talented person, probably equally talented as someone else, you are just not going to go down that route to even try to apply for some of these visas. I think that will set off longterm talent issues. Fromhearing a lot more startups who are moving to what they call distributed teams, that i do not even need to bring you to the u. S. Anymore, i will just keep you in china or india, not necessarily move you to the u. S. In the first place. So we dont really know what the longterm effect of that will be. You have all of these ceos and executives coming out over the past few years over the last few days, denouncing this. Canquestion is, what action they actually take . Are they going to try to hire these folks, or will they think it is not worth it so much from a political angle . Emily this is something we will continue to discuss throughout the show. Later, we will hear more from the airbnb ceo who talked a lot about new efforts they are making to improve diversity setting new targets, essentially quotas. We will hear why he thinks that is important. Ore of Bloomberg Technology after this quick break. There has been so much speculation about where the economy goes from here and what recovery looks like if indeed the economy does recover. Earlier today, Steve Schwarzman, says heof blackstone, sees a big v in terms of the shape of the recovery. Take a listen. V inu will also see a big terms of the economy going up for the next few months because it has been closed. As people are allowed to go back, the economy will really respond a lot. Much thee is only so economy, which is highly complex, can respond, just because not all things go up equally. Quite a while before we sync up and get back. Steve, when i think about your experience, i know that blackstone is a place where you are always looking at opportunities and new opportunities in many ways. The investments you have made in real estate. I think about the last financial crisis, how heavily you invested into credit and distress. What is something that you are doing now take us inside blackstone that might help us understand the opportunities that exist in this latest crisis . This one is different. They are always different. The easy things to have been doing was when you hit that bottom, even if you did not know it was the bottom, to be making significant investments. We reported at the end of the First Quarter that we had invested 11 ilya in liquid securities. A very happye had outcome. We did more in addition. That is sort of a first stage. Businessesh of our are now seeing interesting opportunities. Changing things and people are staying home more , the areas where you would want to invest, whether it is technology, health care, are being modified. , unlessolder economies you have a really remarkable management you want to stay away from. Economyarts of the opening faster. Some things were closed completely. In the hotel business, we owned one hotel in las vegas, completely closed the first week it opened. It was 45 filled. That is an astonishing thing because las vegas is barely open. There will be some surprises. Not all. But if you look at the gradation of places you could drive would recover much faster, places where you have to fly will recover much slower. And if you have to fly over oceans, that will be the slowest recovery type. Is each of our businesses starting to really put out money. Our business lines. And there is a much better tone. To do a lot of private investing, there has to be some confidence on both sides. They have to believe they are getting fair value. There is an overlap. Typically what happens, as you know, doing private investing, sellers dont like to sell at bottoms. You can buy liquid securities, and securities of cm bs other things that are stacks where you can find the security where you think it has the most upside. Even if it has gone up halfway ed, some ofit start these will continue to go up. It is an issue of trying to figure out where the underlying businesses have returned to help. Emily Steve Schwarzman there with our own jason kelly. Coming, Silicon Valley pledges on diversity. Ceo chris young. Emily all too often we heard the words diversity and inclusion right up as pillars of the american workforce. If you look closely, signs of progress are scant, especially at some of the Biggest Companies in Silicon Valley, despite pledges otherwise. One person familiar with the industrys struggles, chris young, former ceo at the Cybersecurity Firm mcafee. In january, he left mcafee to join another company. Your overall reactions. Obviously, we have seen renewed momentum behind the black lives matter movement. That has led to discussion in the work lace about what they can and should do better. Do you feel like now is a moment that will lead to real change, or will things just stretch back to usual . Chris thanks. Clearly, the unrest across our country today is really an outpouring of emotion not only over the past few weeks, but over years. Encourageds, i am that so many people are coming out in support of the black Community Across not just the Tech Industry but really across all industries. Opportunityt is an for us to drive some real change. Risks are ink the the second half of your question, using this moment as an opportunity to drive sustained effort. That godomething created in a number of years. Focus in order to fix and get to a place where we truly feel that we have diverse as well as inclusive workforces as it relates to africanamericans and other minority groups. Emily you stepped down as the ceo of mcafee earlier this year and i cant help but notice that you were replaced by a white man. What happened there, and what can you share as your personal experience with these issues . Chris i would say, my leaving of mcafee was more of a planned thing. I dont think race was something that was really involved with that decision. I can tell you that over my career, and this is something that i have talked to, my colleagues, friends who also are black executives, we have faced similar challenges. Many times, you are the only person in the room. I remember examples of times when i would show up to a meeting and it was clear that the person on the others of the table, if they had not met the, might not think i was the most senior person in the room when i happened to be the most senior person in the room. Those are just small examples of what one might call today i grow in equities. But they are due to stereotypes that many of us have about race. As you imply, there are a thousand Little Things that have left us in this position, some big, gigantic sort of historical forces. What do you think companies are doing wrong and what can they do right to actually change representation sniffing link . Representation significantly . Chris i think the work that can start now. Some companies have started. Some organizations are just getting started. They can make this a priority. Not just to say it is a priority. We are seeing a lot of donations for example happening right now. Conversations are being had. It has to be something that becomes a goal. Nothing in our organizations would we see as a priority if there were not metrics associated with those priorities. For companies to progress, move forward in a meaningful way over time, we will need to see companies with goals around diversity and in this case around africanamerican representation. Setting goals around the progress of africanamericans and other minority groups inside the company in the form of advancement. I think they have to measure what is happening from a cultural perspective. I had a great conversation with someone last week, who said to me when they dug into some of their engagement scores, if you look at that information by race, often times, you will see that your africanamerican Employee Base feels less confident about their ability to not just work at the organization but to thrive and grow in their careers. Waysis a warning sign, that we can use metrics, measurements, and trying to figure out what needs to change. Emily we have about 30 seconds left. You are on the board of snap, american express. People with your background are in demand. How do you feel about that . Be should we expect you to leading another company anytime soon . Chris i am, like many people today, spending time with my family. Navigate trying to some of the challenges out there with covid and other things happening. Someexpect there will be interesting opportunities that i will be able to talk more about in the future. Able tow, i will be focus on my family, focus on making sure we are all safe and healthy. As the world opens backup, i will start to think about what is next. Emily as you should be. Chris young, former ceo of mcafee. Thank you so much for joining us. Coming up, cybersecurity top of mind with so many people and Companies Working remotely. We will talk to the ceo about the future of work. 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. Emily welcome back to Bloomberg Technology. With so many people working from home, the increased internet traffic has also led to an increase in cyberattacks and an increase in demand for cybersecurity products now more than ever. Here to weigh in on the impact is the cofounder and ceo of ossa my technologies. Good to have you with us. First of all, what kind of activity are you seeing in terms of cybercrime, especially in the last three to four months that we have been sheltering in place . Its across the board. Just in the last couple of weeks, weve seen the two largest denial of service attacks ever. To one billion packets per second in an attack. We are seeing attacks to steal online accounts. They are being doubled yearoveryear and with the remote workforces with employees being at home, weve seen factor of five increase in these devices going to malware sites, and thats because people are clicking on p fishing links and going to the sites. Threat actors are very active right now. Emily does that mean that cybersecurity products need to catch up to a new Threat Landscape in terms of protecting workers and businesses given that working from home is probably going to be a big part of the new normal . Leighton en mr. Thats right. Akamai at akamai, thats probably our biggest area of research, so these attacks are not successful against our customers. Working from home opens up a range of challenges for enterprises, and that is where our zero trust products are making a big difference today. Workingow much more from home do you think there will be passed the economy starts to open up, as people slowly start to go back to work and school . How much is working from home just going to be part of our new habit . Mr. Leighton i think it will be very substantial for companies where employees can work from home. I think you will see a large fraction of employees continue to do that. We have told our employees that they can work from home for the rest of the year, and i expect in the long run, maybe half of our employees will do that on a regular basis going forward. Sometimes, employees need to come in, but for a lot of companies right now, they can work very successfully remotely, in many cases easy for the employee. Emily obviously, you work with so many kinds of companies of all shapes and sizes. I wonder how much exposure you have to Companies Like the travel industry, airlines, which have obviously suffered greatly and what that ultimately means for your business, given that and businesses are thriving operating just fine but others are not. Mr. Leighton it is really tough on the travel and hospitality sector right now. In some cases, we have worked with them to adjust contracts, help them through this difficult time, and i thought it would be worse, but worse than it has been so far and we will have to see what happens in the future, but believe it or not, people are booking flights, booking cruises and vacations, and i think, you know, there is a lot of demand. People want to get back to a normal life, and, hopefully, we will be able to do that in the nottoodistant future. Headingeantime, we are into a critical election, and with that comes interference, foreign and domestic. What are you most worried about in terms of threats on the integrity of this election that could be perpetrated online . Mr. Leighton the election itself is not online, and that is probably a good thing, but where we worry a lot is about the information, the new sites, the social sites, and we help them prevent accounts from being taken over, information from being corrupted or changed against their will, and that makes a big difference. You really dont want to see that happening around an election because misinformation can do a lot of damage. Youy meantime, how are thinking about the return to work for your employees and your own offices . What will you be doing differently post and i say this with some irony post covid19 . Mr. Leighton already we are beginning to open our