Still prefer Online Shopping in the time of covid. Aus, facebook, historically staunch free speech supporter, they have cracked down on holocaust deniers and and have asked ads. Is it part of a trend . Recent gains have outpaced prospects for a quick end to the stalemate over fresh economic stimulus. Lets bring in abigail doolittle, following all the back and forth. Not good news for future stimulus. Also, bad news about some of the vaccine trials. Abigail there was a lot of back and forth. A topsyturvy day for stocks. Especially the nasdaq 100, down half a percent, up half a percent. To break a fourday winning streak, for the nasdaq, that was true for the s and p alsos s p 500 that index also. Disappointment that we dont have news on stimulus. Pfizer not continuing right now. A temporary pause for their covid19 vaccine study, as somebody fell unexpectedly sick. The story we have seen all year on a microlevel, uncertainty causing some really choppy trading. Wass p 500, the decline more significant. Basically, down the whole day. Opening slightly higher, closing down 1 6 of 1 . Nine of 11 sectors were lower. The worst sector was the financials. Citigroup, one of the big drags. They reported the beat, but they also talked about how the Economic Outlook overall will be a bit of a challenge. You can see that stock really sold off. Financials, a big drag. There were some bright spots. Moderna was one of them. Novavax was another one. Pfizer pauses vaccine trials. Competitors higher. That is one reason that the nasdaq biotech index closed higher. , the demand from dram. We saw a pretty decent rally for bonds. Emily what about apple . We see the stock moving a little up, a little down on the day when they make these announcements. Unveiling four iphones today but the stock ending the day down more than 4. 5 . Abigail yesterday was the real story. The best day since july 31. That is when the stock was up 10 . Today, down more than 2 . You put these two days together, up 3. 5 . Those four new iphone 12 powered by 5g phones, lots of sizes and models. The investors care about the numbers. This is expected to really boost numbers for 2021. They are expected to sell less than 200 Million Units this year. That should help numbers move in the right direction. Emily ok. That roundup. For i want to bring in mark gurman. A number of the announcements that you expected to see. Now, having happened, what are the big highlights to you . Mark i guess for me business perspective, they have hiked the price a little bit. When they announced the entrylevel iphone 12, they announced the price as 799. If you look yearoveryear, that is a 100 price increase. They have also added 30 carrier subsidies for verizon and at t, meaning the phone is 130 more expensive. Interesting is an thing to watch looking at iphone over the nexts quarter or so. Emily of course, touting the 5g, they need the networks and carriers to step up to improve their 5g network. We saw verizon on stage with tim cook today. How much does it matter when it comes to consumers and those who pay up for these new phones actually getting to see the benefit of a 5g network . Market i was sort of surprised that apple went all in on 5g technology. Last time around committee iphone 5 in 2012, they barely mentioned 4g. When they had that 4g improvement with some other models and 3g improvement, they really did not discuss it. Alreadyne 3g, it was all over the world. 5g is still in its infancy. But, they did talk the talk, they back it up, they really explained how they would be ready for 5g. Consumers to up to explain that is really the reality. Personally, i think it will be a while before we see the true effect. Emily we will see if these carriers can make good on their promises to improve the network. Technology, we5g are seeing a big Design Change. As you reported, it is the biggest Design Change in three years. New camera technology, new video technology. Talk to us about what is really in these phones that would make a consumer want to pick up for something new . Mark when you look at that price increase on the regular 12 models, one of the drivers is the new screen. This is the first time that they oled screens across the board. When they did the first one, that was one phone. Last year, they only had it on two phones. Those can cost two, 3, 4 times as much. That would be a reason to upgrade alone for most people. 50 faster processor is a big leap, specifically with that a 14 chip. And the camera improvements you are seeing across the board but specifically on the max, i think will be interesting to a lot of people. Emily you have been doing a lot of reporting on the supply chain and how apple has adapted. Nownow that the live events have been staggered. How are you expecting that to impact sales given that we are in the middle of a pandemic and there are a lot of people struggling, but we are also more connected and need our devices more than ever before. On some models, it is about a one month delay. The iphone 12 and 12 bro, one month. Iphone 12 12 many and promax come out in mid november, 30 days until today. That makes it a twomonth delay. We will see if interest in the regular 12 bro can make up for. Hat at least some emily of quest there is a new home pod mini smart speaker. Mark gurman, thank you so much for your reporting. Coming up, we will continue talking about apples product launch. Christina milian ac christina milanese and her take. This is bloomberg. More on apple. The tech giant unveiling its latest range of iphones and product line, which they want to kick off a new cycle of sales growth. I want to bring in carolina milanese. I am usually talking to you after these events but now having it virtually, given the time we are in, in the middle of a pandemic, obviously a recession, but a new range of iphones packed with technology. How big do you think the super cycle is going to be . Carolina if you look at everything that comes with the new devices, they have a new design, new technology, and a stronger camera, which is still one of the biggest selling points across the board. Economicre in a downturn. I also think for me consumers consumerink from a perspective, there is uncertainty across the board. Are reallye carriers hungry to get people on 5g. We think some of the bundles and the aggressive price during the event with verizon. Hard to call it but they have a lot of things that consumers are interested in. The question is, where is my money going . For apple, they have more products this year than in previous years as far as where they want consumers to spend money. Emily exactly, awaiting withtially for new macs that apple design chip. Four new iphones. Many, between the 11one sc and current iphone in size. How does this larger Family ImpactConsumer Choice . The largerou have portfolio with 5g but as you were discussing earlier, not everyone is ready for 5g from a consumer or market perspective. Sc, 11, and 10r in the lineup. I think that is what matters, giving the opportunity to consumers, getting the price point that is right for them. Knowing also that through the Software Upgrade they are not getting a compromise experience, if you like. Emily lets talk a little bit about the camera technology. Obviously, the camera or in this case cameras are one of the main reasons people buy an iphone at all. They enable you to take better pictures in lower light. Pros. Nable features for how big of a driver do you think that will be . Carolina it is always a big driver. Carolina it is always a big driver. This year, some of the features that are linked to both still camera and video are only delivered on the max, the bigger formfactor. It is interesting because not Everyone Wants the larger form factor. There returning to where iphone 6 plus was, where if you wanted the latest technology, you had to go for the biggest formfactor. I think apple is playing a little bit with pro features. How much are willing how much are people willing to give up a d slr experience for a phone . That is the balance, trying to find enough features for the there that makes my shot noty shot better, necessarily more complicated. Wheres that line that litters blurs, as a pro, a camera versus a phone. Emily apple has not taken huge market share in smart speakers but they could. There are new opportunities with sensing your iphone when it is close enough. Do you think this could be the product upgrade that it needs to take off . i think the price point is aggressive. 99 will give people a reason to check it out. If the quality of the sound compares with the original home pod, or close to it, it is definitely a great experience. I think that apple is quite interestingly pointing at the value of the connected home and your smartphone your smart home being in the iphone, and then the iphone connecting to other devices. Even as they talked about the sound around your television, that allowed you to play a the home pod mini but also air pod. It is fascinating, the different approach that apple has compared to amazon where you dont have a phone. Apple is putting all the strength that they have any product that they sell most, which is the iphone. It seems like a footnote but another big change is that apple will not be included headphones and power chargers in the box anymore. It is a pricey phone. As anok sold it environmental motivation for this. Thature it brings down faced cost of the phone as well. But what do you make of this . Carolina consumers are never happy when you take something them, or they dont get a discount. The reality is that a lot of people are upgrading from a previous iphone. The charger is something you already have, so that should not be a problem. , peoples the headset that prefer over the year headset, i really dont see a lot of people using the outofthebox headset. A perception more issue and not necessarily a real point of contention with consumers. Much to continue to follow and cover. We will be watching how those new iphones sell out of the gate. Thank you very much. Coming up, Supreme Court nominee Amy Coney Barrett faces senators tough questions this afternoon. The very latest, next. This is bloomberg. Again, you are asking me for a view on that case and Justice Ginsburg gave the most famous explanation, no hints, forecasts, or previews. Whether any question was provoked by the application of that precedent to a later case. Emily but, did Ruth Bader Ginsburg follow her own rule . Supreme Court NomineeAmy Coney Barrett earlier today, she opted not to weigh in on topics like abortion, the Affordable Care act, potential election challenges, and gun rights. Covering all things Supreme Court. Greg, what were the highlights today in terms of things she did and did not say . Greg she really resisted democratic attempts to cast her as someone who would vote to overturn the Affordable Care act or roe v. Wade. She said she had not made up her mind about issues that had not come before her. She refused to disqualify herself from president ial election cases that came before her. Generally, she has avoided any major slipups that might derail her nomination. What are we expecting tomorrow and the rest of the week . Have moreill questions tomorrow and more this evening. Including from democratic vice kamalaential nominee harris. They have not talked about her presence at the white house for what seems to be a superspreader fears event for the coronavirus. Event for theder coronavirus. Democrats are going to continue to try to press her, make some political points mostly about health care know when do not have the votes to stop her. Emily whoever fills this seat will have an impact on issues for potentially generations to come. One of those issues is technology. There are some techy cases coming up . What are potentially the most impactful cases that could pertain to the Tech Industry coming up . Greg the court just heard arguments last week in the googleoracle case. There are only eight justices. Google, oracle says in creating the android operating system, violated oracles copyright. If the eight justices are divided 44, they may reargue that case with her as the one that would cast the deciding vote. The longterm, she would be youngest justice on the court. That does not necessarily make her the most tech savvy justice but might give her a bit of an edge over older justices who are less used to the newer technologies. Emily she would be one of the youngest justices of all time. You can catch minute by minute coverage of the hearing by going on the bloomberg terminal. Coming up, facebook and twitter both making changes to curb misinformation ahead of the election. We will be talking to the founder of Common Sense Media. This is bloomberg. Emily this is bloomberg technology. Im emily chang. The role of social media has become a hotter, more controversial topic as the u. S. Nears a critical election weeks away. Platforms like twitter and facebook have been under fire over the spread of misinformation and blamed for undermining democracy. Joining us is Common Sense Media founder jim steyer who is out with a new book, which side of history, which explores technology. This features essays from tech ,oices like marc benioff tristan harris, and others. Good to have you with us. You have been raising the alarm about the responsibilities tech platforms have. I know this is a rhetorical question but at this point which side of history do you think these platforms be on . Will be on . Theyit is the question have to answer, because we are at an existential point in our society in terms of our democracy. We can see it in the 2020 election. Thee is misinformation in election. Also in terms of the impact on your kids and my kids and all of our lives. This is a very fundamental question that i think mark dorseys, timjack cooks and everyone has to answer, which side of history do they want to be on . How do they shape the next generation of young people, our kids and your kids, and our society . These are profound questions and that is with the book is about. Emily lets start with facebook. You read you write about tech platforms, holding them accountable. We have seen facebook crackdown on holocaust deniers and they banned qanon. Is it enough or too little too late . Jim too little, too late. Honestly, these guys participated in the hacking of the 2016 election by the russian government. Think about that. They permitted their platform to be used by a foreign adversary to hack our election. Also in 2018. When they are belatedly saying, we are going to ban holocaust deniers come are you kidding . They shouldve done this years ago. You raise an important question. What is the liability for Major Tech Companies in social media ,latforms for misinformation disinformation and falsehoods . They have to be held accountable. We have to redo section 230. This is a moment of great reckoning that will culminate in this election in a few weeks. Permitted it they is different than saying they failed to prevent it. Im sure that is what facebook would argue. But what kind of changes are required . Should Tech Companies be broken up . Do we need government regulation . Different Business Model . A subscription model . Jim all of the above. Clearly, we have major antitrust issues that will come to the fore. These have all been pushed below the radar a little, not that far, they are emerging, so we are going to clearly address issues in terms of facebook. We discussed this we would strongly urge that they be vestd to device do themselves of instagram. You will see liability issues for the content they are publishing on their platforms. We are on a channel now where we have great restrictions about what we are allowed to publish, like all cable news platforms. The Tech Industry has no regulation. We need regulation, thoughtful antitrust provisions and we need a basic public effort and movement essay to to say to Major Tech Companies, which side of history do you want to be on . Your kids will judge you and history is watching. Whether it is facebook, google, the other big companies, they will have to respond to these questions. In the election in 2020, all of these issues will be on the table. Emily you and common sense have been big drivers of the stop hate for profit campaign. You got hundreds of advertisers on board to boycott facebook in july. Many of those advertisers have come back. Im curious if you think that campaign will actually have longlasting implications. Are you still talking with advertisers . Do you think there are more boycotts to come . If they dont take a stand in that way, for an ongoing time, will facebook get the point . Jim great point, emily. The truth is, the belated efforts you mention from facebook about holocaust deniers, that is a result of stop hate for profit. We can congratulate ourselves for forcing them to do that. They should have done it years ago but they are doing it now because of stop hate for profit and the boycott. Do we think this will continue . Absolutely. I think people across the political spectrum are fed up with some of this. You even saw President Trump last week, excuse me, donald sectionme out and say 230 should be repealed. It was for Different Reasons than most people have called for the repeal or overhaul of section 230 but it reflected that there is a broad assessment among the public on all sides of the political aisle, we need a regulated environment. We need to treat Tech Companies as the publishers they are. The key will be a thoughtful, common sense regulatory structure. Business has to weigh in, the Tech Industry, and you mentioned marc benioff, the folks at microsoft or apple, they have been important in privacy regulations in california and around the country. We will need tech leaders to step up. We need them to say, this is what we believe in. We have had a freeforall wild west environment for the past decade or more. That is going to change. The question is, how do we regulate these companies . As i said, which side of history will they be on . The public is watching. So are our kids. Consequences, potential consequences are huge. We have an election at stake.