The bottom of the hour. He is traveling today in wisconsin, talking about the economy and jobs. For now, the Postal Service in the spotlight as we inch toward an election where voters where a significant number of voters will be mailing in their balance. Joining us, abigail doolittle, who has been watching the backandforth of the day. No records today. But what were the main drivers . Abigail everybody waiting for that potential record for the s p 500. Stocks really climbing this wall of worry. The s p 500 hitting this area of resistance. The polls fallen short of being able to take out those old levels. S p 500 up about euro. 3 . Nasdaq once again closing at a record high, up 1. 1 , really being helped out by some of those mega cap tech stocks. China, so muchs, for investors to worry about. They are going again toward this years defense of technology. The vix down a little bit today but still relatively elevated. Couldxperts say that we see some sort of pullback after this huge rally out of the march lows. If we go into the bloomberg terminal, some are wondering whether it is too far, too fast. The top panel of this chart, valuation on the s p 500. It is super stretch. 27 times forward pe. Exactly where we were in the tech bubble, supporting perhaps the idea of too far, too fast. Fed liquidity helping out the economy and financial markets. Now we need this new stimulus. Talking about doubledip recession if we dont get it. Emily lets talk about some of the tech outperformance. Nvidia being one of them. Abigail that stock really on fire. 6 ahead ofre than reported earnings. The street getting very bullish. Lots of targets getting raised. Fourday winning streak. Up 13. 7 . Wednesday,eport on the big question it is priced for perfection, will they deliver perfection . About 170 out of the march lows. Estimating 1. 97 in earnings. Adjusted learning adjuster earning on 3. 7 billion. 42 on the top line. A lot of the analysts out there, bullish right now. If there is any kind of makeup, he could send these shares lower. If we look at the performance of nvidia relative to the nasdaq and the stocks, there is that huge out performance. Am thorton, he thinks it is stretch and we are likely to see the stock drop back down. We will know more on wednesday. Today, not helping get that record high for the s p 500. Emily we will see if it happens tomorrow. Thank you so much for stopping by. Turning now to the 2020 Democratic NationalConvention Starting tonight. Most of it happening virtually. You can watch it right here on bloomberg television. This as House Speaker nancy pelosi has called lawmakers back into session to vote on a proposal that would block the president s plan for overhauling the Postal Service. Some seeing his efforts as a threat to the election which will likely see more mailin ballots as the pandemic continues. Mario, talk to us a little bit about the president s latest criticisms of the Postal Service. The big concern is that this could put a damper on mailin voting when a lot of voting will be happening virtually. You are absolutely right. The president has waged another rod site at amazon, a familiar target for him during his presidency. He is accusing the Postal Service of under charging amazon , in part blaming its deliveries of amazon products for its financial woes, just as democrats say he is trying to undermine the election by essentially gutting the Postal Service. Emily he said he has opposed additional funding for the Postal Service. There is also this controversy where the Postal Service has been shortening hours, removing letterboxes. They have now said they will not remove any more boxes until after the election. Former president obama saying President Trump is trying to kneecap the Postal Service. Mario it sounds like a cliche but it is absolutely accurate to unprecedentedan election cycle. There are people that are afraid of going out to vote, given the coronavirus pandemic, the social distancing guidelines. They were for to just mail in their balance. , one of hist longstanding criticisms has been to say that mailin ballots, mailin voting is just ravaged by fraud, even though there is no evidence to support that assertion. But there is a lot at stake. Less than three months before the election, as Many Americans signal that they plan to cast their ballots by mail. Emily lets talk about the convention. Starting tonight. President trump been trying to Counter Program the dnc. Prominentve some speakers, including Michelle Obama, will be on stage. A feature of been his campaign throughout this cycle to try to Counter Program the democrats and make sure he can try to quell some of the enthusiasm or even coverage around the events. This week, he will be on the road in some key battleground states. As you mentioned, the Dnc Convention kicks off tonight. You have Bernie Sanders speaking and you also have Michelle Obama still wildly is popular among democrats. Parker covering the president for us this hour. Thank you so much for that update. Dont forget to tune in to bloombergs coverage of the Convention Starting at 10 00 p. M. Eastern time right here on bloomberg television. Coming up, more on the potential threat to mailin voting. We will talk to one expert to get her take on what she sees as the election nightmare scenario. During a pandemic era election in which millions of americans plan to vote by mail, their raging concerns about the integrity of the result. Foroke to a visiting fellow cornell techs digital life initiative. Ofo former facebook head advertising. I asked her about how platforms like facebook and do better. I want to be really clear. Any recommendations between now and november are sort of the emergency things that the platform can do. What i would really like to see some day may after november is the larger conversation about systemic issues that have made these platforms where they are today and has made this rampant disinformation about voting, about things that are so important. Emily the Democratic Convention happening this week. On Joe Kamala Harris now bidens ticket. Does that ratchet up the intensity or urgency now, that it seems more real. Yael there is no question. Some people are using this moment spread crazy disinformation about her. That should not be surprising but, again, it is up to healthy heads of these platforms are going to deal with that. I think it is important to remember that start voting in september. We are talking about november 3. But since so many people are floating through the mail. The election is starting in september. So we dont have a lot of time to figure out, how do we build trust, how do we make this safe and secure . There are so many elements. But it is urgent. Emily you recently released a report on what platforms can do. What should they be doing that they are not doing . Just announced a few days ago a new voting center. I am glad they want to educate their users. , it is userslem responsibility to click through to get to this voting information. , we we would like to see put together four recommendations on top of what facebook is already doing. One, they have got to clarify whether or not Voter Suppression policies and disinformation policies apply to politicians. All of these things we are talking about, they are sort of tinkering around the margins of the real issue, in that they are allowing. Politicians to lie about mailin ballots and voting procedures. Facebook you think should be taking down some of posts, rathers than sending people to a voter information center. Some of these posts from President Trump are now circulating on the platform and they are forever effectuating forever perpetuating potential untruths. Yael there is no easy answer to this political quite to this particular question. But, if facebook has a policy that says we will not allow anybody to lie about or post disinformation about voting places, voting times, then why are they not applying it to the president . The president has some posts that skate a fine line. If he said that mailin ballots would cause a fraudulent election. There is plenty of evidence that mailin ballots do not. But he can kind of word it like cans looking Facebook Factcheck that. Thatte all these labels create a false equivalency, make it seem like all posts are treated equal, they could at least make it seem like these start out targeted at anybody. As soon one of trumps posts come out, the next thing you see is an accurate piece of information about voting. At the end of the day, i do not agree with Mark Zuckerbergs opinion but i am happy to make recommendations of what else you can do since you are doubling down on that policy that the civil rights community, your own employees come advertisers have said is dangerous. Emily what else can they do . Should they be taking political ads at all . Yael i am not advocating to taking political ads. In the future, i would like us to reconsider the entire advertising landscape. And i want to be clear, the u. S. Government has failed on this as well. We do have laws that they have just never updated to apply to political advertising online. Emily do you think that facebook and twitter are tilting the odds in favor of President Trump . Yael they are different platforms. Surface,y, just on the it seems like twitter is willing to make the risks to make the call about protecting our election. They have the potential to tilt the scale. But do i think that either jack dorsey or mike circo burke has sat down and said, i want President Trump to win and therefore i am going to do this . No. Do i think that Mark Zuckerberg has doubled down so much so much on his personal ideology that i want to censor anybody. First of all, it is not censorship. But, they have the potential to tilt the scales. Emily what is the worst Case Scenario . Lets assume that more republicans vote in person and more democrats vote by mail, because that is what the messaging has been from those sites. Some november 30s and we have 3 hits andnovember we have more republican votes being tallied. Even worse, a lot of his people try to slow down the ballot counting as it comes in. It is not about whether or not mailin ballots are fraudulent or not, they slow it down. They challenge every ballot, they challenge the signatures. Bycomes to the point where the time you have to have it done counting, the counting has not finished yet. There is a, wait a minute, what happens now . Hasine that one side declared victory and it really looks like a victory, before all of these mailin ballots are counted. It is a nightmare scenario of what that would do to American Society and i am fearful that there will be cries to come out into the streets from both sides. I hate to sound super alarmist but this is a real potential nightmare scenario. Emily sounds like a nightmare indeed. The former head of Election Integrity and political advertising at facebook. Coming up, technology caught in the middle of a rising tension between the u. S. And china. Trump ratcheting up his fight with tiktoks chinese owner. This is bloomberg. The Trump Administration is tightening restrictions on Chinese Telecom giant huawei, aimed at cutting the companys access to commercially available chips. This is the latest move in the relationship between the two worlds biggest economies. Joining us with the latest, bloombergs shelley banjo, it is a little hard to keep up with all of the twists and turns of this. What do the latest developments actually mean . There are a lot of and turns. It feels a little repetitive. What is happening today is that the Commerce Department announced further restrictions on huawei. Aimed at really trying to close up some loopholes. Huawei is a huge, sprawling company with a huge, sprawling Global Supply chain around the world. They have tried to stop access to things, particularly chips made by american companies. What this latest action does is try to curb even more of huawei s access by closing some of the loopholes. How does this play into the upcoming trade talks and some folks on this show have said that it appears the president is trying to start a cold war. Feels that each day there is more action being taken against chinese tech companies. Huawei has been one of the biggest targets for the Trump Administration. We reported that chinese officials wanted to talks about wechat on the, table for the trade talks. But so far, it is not entered into the trade talks. And there is a trade deal at least in theory signed by the u. S. And china. Emily talk to us Tiktok Tiktok ,bout the latest with tiktok some developments over the weekend with the government basically enforcing this idea the bytedance has to sell assets of the company. Shelly it was a bit of a mad scramble to figure out what exactly happened. President trump on friday put out another order basically telling bytedance, the Chinese Company that owns tiktok, saying it had 90 days to divest in the u. S. It brought some legality to the threat that President Trump had made before. Previously, donald trump had said, you have 45 days before we ban tiktok. He used the authority he had under emergency situations. This is a different authority. This basically uses the authority granted to the committee on foreign investment, which reviews different acquisitions of american businesses by overseas investors. It provides a stronger legal case. Emily so what are the latest on the negotiations with microsoft . Are they the only bidder or have others tried to get into the game . Shelly what is fascinating is that deal talks try to be secret, or at least the company is trying not to get reporters to talk about it. Microsoft came out very publicly saying we are interested in buying this. Reported, we have about twitter also looking into it. Twitter is a much smaller company. They would certainly need financing to back them up. And, there are other companies that have been talking about or at least interested in looking into it. Companies like amazon, google, facebook, they have enough of the antitrust issues to worry about. Bloombergs shelly banjo, thank you so much for that update. Coming up, finding the unicorns of tomorrow. Where he is planning to put a new huge fund. What companies are standing out. This is bloomberg. Experience the ultimate sports hub. Where you can find games, news and highlights. All in one place, right on your tv. The xfinity sports zone. Use your voice to search every stat and score. Follow the teams you love. And, even get notifications with breaking news alerts and more. With the xfinity sports zone everybody wins. Now thats simple, easy, awesome. Say xfinity sports zone into your voice remote today. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Emily welcome back to bloomberg technology. Capital, the company that backs instacart, coinbase another Tech Startups has raised 250 million in their fifth and largest round of funding. All aimed at providing seed money for Tech Startups. Joining me is the founder and managing partner of initialized capital management. Thank you for joining us. We are obviously in unprecedented times. What was different fundraising this time than it was last time . In some sense, it was a little bit easier because normally i would be on a plane for four or five weeks back and forth. Instead, im coming at you from exactly here. I did not have to leave my home in San Francisco which made it easier. Emily what about the environment . Obviously, we are in a recession. Tens of millions of people have lost their jobs. A lot of small and medium businesses have been wiped off the map. How optimistic were and are investors about putting a lot of money into new funds right now . Garry for us, we really focused on being the best at the very earliest possible stage. Its a team idea demo. Just take a look at the nasdaq and how tech stocks are working right now. Tech is really the most pure form of yield that exists out there, especially when talking about teams of one or two people, engineers, product people pushing that out. That is our favorite time to fund them. Emily what is different about the type of companies you are looking at now versus six month ago . Garry what we are seeing in our portfolio is things like grow move beforemedicine like it did not happen before. Thatt is existential health plans and providers are struggling with revenue. Telemedicine is an important pivot for one of the largest industries, one of the largest businesses in the economy. Emily so, given that nobody knows exactly what the future will look like and we are in this for much longer than we thought we would be. How do you even try to game out what the future does look like and what companies or sectors will be the most disruptive . Garry i started off my career as a software engineer. I probably would have worked on software for free. Now what i realize 20 years into my career is that software is actually penetrating every part of the economy. Were really just some of the first. Really, the tip of the sphere now is Companies Like instacart that are arming the rebels. Take a look at the shop a by sto