President trump says hes only willing to go as high as 1. 5 trillion. Signs of the pandemic getting more prominent. The u. K. Reporting a Record Number of virus cases today. With more on how it is playing into the markets, Abigail Doolittle in new york. Tech shares going back and forth but tech leading the way out of the red. Walk us through the day. Abigail another amazing one, but probably more so than a reason days because of the whiplash. The nasdaq 100 at the lows early on, down 1. 1 . It was at one point, up nearly 2 . Just about flat and then closing higher by about 6 10 of 1 . What that volatility tells you on the day, the week, the month and on the year uncertainty. No one knows. When you have firm control from the buyers or the sellers that you can make the case between february and march, the sellers were on control around the uncertainty around the pandemic. The buyers took control but on the year, just about flat for the s p 500. It is a real stalemate as we go into the election. Investors trying to figure out these different factors. This kind of volatility tells you very few people have conviction. At the end of the day, tech did save the date to some degree. The mega caps came through. Tesla having an update after a couple of brutal down days on the battery day disappointment. The stock is up more than 350 on the year. Apple and microsoft also higher. Apple, you want to see that stock get above the 50 Day Moving Average rate of the fact it is close perhaps is a sign of hope for the bulls and another sign is the nasdaq 100 vicks ending lower on the day. It is also well off it september highs, telling you while volatility is elevated on the year relative to the stock selloff, it is actually coming in. Emily i was also watching amazon shares. Shares ending in the green but only about half a percent. You are also looking at chips, which also outperformed. What is driving that . Abigail it is pretty interesting because i could wish i could say there was a fundamental reason. As is the case for so many of the stocks and these sectors, i think a lot of it has to do with the froth from august. Huge rally for tech, mega caps having to do with that option buying that was in the news a few weeks ago. Today, we had ships rallying again, not for any fundamental reason. I was able to find, romaine bostick, talked about there could be some positive chatter about the semiconductor companies, they make the equipment that makes the chips. Potentially in early sell. Another piece of tech strength, talk about whiplash and uncertainty, oracle. Oracle since six pressing interest in tiktok, it is up about 9. 4 over that time period. That is not the case for the nasdaq and s p 500. More like up and down. This tells you despite the uncertainty, despite not knowing with going to happen next, whether they will be able to acquire those tiktok assets from the u. S. , bytedance and what the majority ownership will look like, investors like the idea oracle is trying to diversify. They are going into a new business even though it might not sense to any of us intuitively or right away. Investors like it. Theyre diversifying, trying to find some way to grow the revenue stream. Emily Abigail Doolittle for us, breaking it down to new york. Thank you so much for your analysis. I want to talk more about tiktok now. In a hearing held this morning, the Trump Administration was order to postpone a u. S. Ban on the social media platform, set for this sunday, or respond by friday to a request by bytedance for a court order that would temporarily block the ban. We are joined by mario barker in washington. Another day, another tiktok twist. Where exactly do we stand now . Mario that is exactly the best way to do it put it. It has been quite the drama the last couple of months. As you mentioned, there was a temporary postponement imposed by the court right now blocking the by the Trump Administration. The trump initiation has until friday to answer. We will see what they say. We have not heard much in terms of what the next steps are, for the president has been quite vocal about getting to force the sale or ban tiktok altogether in the u. S. At least. Emily Chinese State run media has also become increasingly vocal, calling out dirty tactics by the white house. Are you getting any sense that what is coming out of Chinese State run media, which is really a megaphone for the chinese government, is having any impact on the administration or trumps approach . Mario what we are seeing is a continuation of what we have seen for the better part of the last 3. 5 years, which is tension between the u. S. And china. Two of the top two world economies. Thaw in thatd a relationship earlier this year when they received the trade deal after a 2. 5 year trade war. But, that has ratcheted back up, tension has ratcheted back up over the coronavirus. The president s rhetoric towards the coronavirus and the backandforth we have seen between beijing and washington. Emily what is your sense of what happens tomorrow in response to this bytedance request versus sunday, another deadline for this app to be banned . Mario they will all be watching with bated breath all day tomorrow. What we have learned over the last three and half years of the Trump Administration is that it is hard to forecast what the next move is going to be. So, what we do know is we will have to be watching for tomorrow. That is the simple way they want to go. Obviously, ame, huge and somber day in washington today. Justice Ruth Bader Ginsburg lying in state. President trump did visit her body there. What is the latest in terms of when we expect him to name his choice and how congress and the senate will respond . Mario sure. Have coalescedns around the president and said they overwhelmingly will support him trying to name someone to the vacant seat. Were expecting an announcement that he has been teasing all week for 5 00 on saturday, in which we will get his pick for the bench. What we do know is that there are five women finalists that he has spoken about. We know he has talked to at least one of them. We know he will have this announcement on saturday. Emily what is your sense how democrats will respond here given that there is a risk this consumes the news cycle . If it doesnt happen, you can see republicans flooding to the polls just so trump can get his pick. Theres a lot of interesting political dynamics at play. Mario that is absolutely correct. The democrats have said they will oppose this. They said there was precedent set in 2016 with Barack Obamas pick to fill the seat of scalia. So, they opposed that, citing the precedent. Republicans pushed back. The democrats conundrum is to oppose it, but oppose it without anienating voters in electionyear who are already sensitive of this partisanship in washington. Emily sensitive is one way to put it. Mario parker, thank you so much for that update. We will continue to follow your reporting over the next 24 to 48 hours. Coming up, speaking of social media. An early investor in facebook is demonstrating a new social Network Without all of facebooks flaw. We will speak to the cofounder of telepath. Next. This is bloomberg. Emily while many social media platforms especially facebook have been under fire for their handling of hate and misinformation, in early investor in facebook and other tech veterans are joining forces to build what they hope will be a nicer and more thoughtful social network. Telepath was unveiled today and enlists be kind as its first rule. Joining us is cofounder and share mark bostic. They invested in facebook before the company went public. Thank you for joining us. Facebook was one of elevations most important investments and now you are trying to build a social network that does not hate or misinformation or many other things facebook has more recently been challenged by. What exactly is your goal here . Mark our goal is to create a space where people can have great conversation. We are narrowly focused on conversation where people who have an interest can find other people who share that interest and talk about it in a space, usually with people they dont know previously in the real world. Emily it is invitation only to start. What makes you think you can actually get users to use their real name . Facebook has 30,000 content moderators and even they cant do it. Mark our view is that if you start out with strong rules and strong system when you are small, you can basically great create a culture where people are kind and where you dont have a ton of disinformation. This is really a combination of people and software. We require people to use their real names. They have to have a phone number which we verify with carrier id. We think that the box and fake account problem will not be as bad. It is our intent over time to address disinformation by creating trust ratings for different sources and reducing distribution for outlets that we believe recurring lee publish fake news. Our intent as we get bigger is to use systems and people to scale. Some of your early users include the guy running instagram himself. I saw matt hoffman. Do you envision this reaching a wide audience or is this more of a smaller curated set of people . And if you do envision it reaching a big audience, how do you handle some of this stuff at scale . Mark our intent is that it should be a great experience for anyone that likes to talk and have conversation about a topic. It is not intended to be a horizontal social network that does everything. It is not a place to share videos, for example. It is really a place for people if you have one interest, narrow or broad, you find others that share that interest and want to talk about it. Again, as we get bigger, our philosophy has been to double and see whats broken and fix. Hat we believe by making kindness and no fake news Important Company priorities, that we can keep that culture and that tone even as we get bigger. Emily it is not lost on anyone that your sisterinlaw is sheryl sandberg. How is cheryl and the family taking this . Mark you know, i have not been super focused and thinking about other companies, nor is richard. Facebook and google and tiktok, and others, snapchat and twitter, are so huge. Our focus has been really narrow. So, i have been working on this for a couple years. Kidsd to my wife and are on the site. Its not like were in a cave. In general, we tend not to think about the big companies, because the big companies, we dont see ourselves as providing some enormous, allencompassing experience that is an alternative to that. Emily that said, i would like to hear more, but we will leave it there. Your elevation cofounder Roger Mcnamee is guest on our show often. Clearly, you are doing this because you dont think the alternatives out they are necessarily an option for many people. He said facebook is a threat of what remains of our democracy, it has too much power. Do you agree with him . Mark i was a very early user of a bunch of social platforms. Starting a little more than 10 years ago but what i loved about the early social internet i would have some narrow interest. None of my friends in the real world shared that interest because they thought i was crazy to be so intensely focused on this or psychology or parenting. Whether it was on facebook or f orums, i would be able to find people. Our goal at telepath, in some sense, is to recreate what those early communities felt like. We will see. That is really, that in some sense, really motivates richard and i to recapture i look back over the last 10, 12 years, and nothing more than half of the new friends i made started off on the internet. So, we would like to be able to create that experience for our users. Very much, tiktok has been in the news and has provided this competition to facebook and has offered a new kind of social network. The people behind tiktok say they want to be an uplifting place for users to go. What are your thoughts on tiktok as an alternative . Mark i guess i have, like two kind of opposing views. On the one hand, it is superfund. I use it a lot. It is really enjoyable. I do think it is like, it makes me feel good. I think it is like, remarkably good about politics sometimes. And obviously, music. Thompson,ot of ben and he has his writing has the politicalhat issues that have been identified by many people, you know, involving tiktok are. Potentially dangerous so, im kind of split. Do you read that . Emily i do. I do know ben thompson. I will take a closer look at some of the things he has written more recently and we will get you back on the show to talk about it. Mark bostic, we will watch to see how it works out. Coming up, amazon revealed a slew of new products and partnerships including echo, echo for kids and even a gaming service. We will talk the amazon Senior Vice President next. This is bloomberg. Echos, echoes for kid, with or without video. Amazons event was jampacked today, and veiling new security cameras for cars and homes, fire tv. A Cloud Gaming Service and controller called luna. I caught up with the Senior Vice President of devices and services that amazon. Dave i think it is a big market. Gaming, we are in the renaissance of gaming right now. Different customers will want different types of gaming and luna brings that to them. Were focused on the idea that gaming is not just in one place. Being able to do triple games triplea games often takes a very expensive tv. A allows those games to transfer from location to location. Over tv stick to an iphone to a mac and apc seamlessly because the controller can just sync automatically between those devices. We think that is truly different than a lot of the other things out there today. Emily amazon games studios have had some setbacks. You released and unreleased games, some games have been released delayed. What is the incentive for microsoft to put bethesda games on luna . Some of the biggame publishers, the huge customers are walmart and target, which are amazons rivals. Do you need more original titles to make this work . Dave we started with two different channels on luna. The luna plus channel which has over 50 titles and early access. We also announced a partnership with ubisoft. Many of the titles will come out. Listen, every different publisher is going to have a choice of where they want to put their games. We think we put a lot of advantages. We bring deep integration into twitch, where game streamers have said they are loving what luna brings. We think we will bring different types of customers that you might not get through the console market or pcbased market. If we do that, the content will come. Emily lets talk a little bit about what comes next. We want to talk about these echo devices that you unveiled. A new spherical echo. What has been the most surprising ways that folks have used echo in their homes during covid . Dave the home is becoming peoples classroom. Its becoming their Movie Theaters. It is certainly becoming my workplace. You could certainly see echo based devices and alexa and general helping across all of those. We see people using it to help learn. It is a great homework helper. Much better at math than i am, alexa that is. We added some new features with alexa being able to help kids read. We had a kids mode so that she can automatically know when shes talking to a child now and sort of cater her responses based on the age of the child. It isth entertainment, hard to go to a Movie Theater these days, so people are screaming more and more. Billions of hours a month on fire tv right now. Being able to use alexa and fire tv to quickly find the shows you love has been an exploding use case over the past six months. Emily i was particularly intrigued by the echo dot for kids. I am curious, the first time doing a virtual gadget reveal. People can feel and touch these devices. How much of a challenge is that going to be going into the Holiday Season and how do you expect that to impact holiday sales . Dave that is one of my favorites. Tiny, super cute. I think we are going to have to be better at extending our products across the board. Luckily at amazon, we have 20 plus experience of doing that. I also think as we get closer to the holidays, people hopefully will be more comfortable going out to physical retailers as well. What we want to do is build great products and try to ask plane that as simply as we possibly can. Hopefully, customers will love them as much as the team loved inventing them. Emily dave limp, Senior Vice President of devices and services at amazon. Coming up, cloudbased infrastructure continues to soar amid a Remote Workforce. What trends are here to stay. We will ask aaron levie for his predictions, post pandemic, next. This is bloomberg. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Call. For one thousand dollas off your walkin bath plus a free kohler bidet seat with purchase. Welcome back to bloomberg technology. The pandemic has forced his this is to keep is this is to keep work remote. The s p 500 has seen growing dramatically. We see the listing of cloudbased ipos. Last week, valuations in the tens of billions. Now for a closer look at the sector, ceo aaron levie. Great to have you back on the show. We saw a day leverage of tech ipos last week. A deluge of tech ipos last week. Soaring over 100 . What do you think about these new Cloud Companies and what they can expect in the near term . Market is veryo volatile right now. See dynamic range you will see a dynamic range. We will have a lot of different mirrors about people having money on the table, stocks going down or up, but the broader macro thing that we are seeing is