Biden. Last ditch support efforts for both candidates moving at breakneck speeds. And digital gold. Cryptocurrency on demand with rising prices for bitcoin. You can crypto a lot of things, but dont call it currency yet. Rising aftertocks resuscitated hopes for a spending package. The nasdaq had a modest game game. Abigail doolittle is in new york. Abigail another choppy day. We have not had one day this week when we have not had stocks up and down throughout the day. There has not been when they were that has been the case. We have seen a lot of intraday whipsaw. Investors are pretty nervous. Some uncertainty. The s p 500 is up after spending most of the day down. Up about 0. 3 . Two down Sectors Energy and tech. Not surprisingly, tech being weighed on by intel. The stock one of the only indexes on the date of fall. Day to fall. Data center sales missing down 10 year over year. The guidance tepid as well. At the end of the day, it was a choppy week. Investors dealing with lots of uncertainty. From a macro standpoint, one piece of the uncertainty rising yields. That has been pressuring stocks. First down week for many indexes in quite some time. Intel obviously, we saw shares dragged down. It was a down day for a lot of indexes. Is tech concerned . Abigail this week, it is a bit of a concern because we had the month of august, where you had many weeks we were up. We had that bullish month. September is the opposite. It is a concern that maybe we are getting into some sort of range. That will only happen if next week is also down. Lots of big earnings reports coming out in the coming week. Its really interesting, the split between some of those big names. Alphabet is when i have been following all week, higher after the landmark lawsuit. A bit of an overhang removed as investors deal with what they are dealing with. Facebook also having its best month or best week since the end of august, in sympathy perhaps with snap, optimism strong. On the other hand, apple and amazon also reporting this week. Amazon, as we have talked about a couple times, has started to trade poorly the first day of their tuesday prime event and into the earnings report. Sometimes, when you see a stock trade that way, from what should be a bullish event into the earnings report, it tells you someone somewhere knows something. Maybe there is going to be some sort of a hiccup there. Perhaps it is investors getting a little bit nervous. In any case, that diversion picture between those things really stands out. Overall, it was a down week. The faang index up. And the chip index down for the first time in six weeks. We have to see what next week brings. Reveille more choppy trading. The stocks index down. Stoxx index down. Emily they could be in for a ride next week, the big tech stocks. All of the Big Tech Companies reporting results. We will be all over that. Abigail doolittle, thank you as always. Have a wonderful weekend. Speaking of big tex season, earnings underway. Coming up next week, apple, facebook, amazon, alphabet, and twitter. Ivesng us to discuss, dan of wedbush securities. Always interested in your prediction ahead of a big week like this. What are you expecting . Dan it is a seminal week for tech stocks. In my opinion, fundamentally, i think you are going to see significant out performers. I view a rally going into yearend. Especially, you look at amazon and apple front and center. I think the trends we are seeing are being accelerated in the covid backdrop. Some people are saying it has disproportionately benefited tech stocks, 15 higher. So lets talk about the testimony first, because that is going to come earlier in the week. See capitol hill on issues surrounding section 230. You expecting much of an impact to the stock there . Dan i dont think it will necessarily impact the stock, but i do think it lays the ground for what we are going to see over the coming year on 230, and broader beltway versus big tech battles. I think 230 is really at the center of it on the social media side. Something to focus on is the tone and direction. But this is going to be a continued, protracted battle. If you think it maybe shows some tea leaves in terms of where this is heading, especially in the midst of what might be the most important tech earnings in the last six months. Lets talk about alphabet in particular on the back of big doj could be suing on antitrust concerns, the biggest in a century. Public concern is this for alphabet shareholders . Terms of the stock, investors view this as a contained risk, protracted over the coming years. I do believe a lot of it depends on if you start to see a blue wave, and what ultimately antitrust momentum looks like over the next year. I think it is alphabet and google right now, but it could be facebook and others right around the corner. As ank investors view it contained list. I do think as we get into the next 6, 12 months, it does start to become something the streets start to factor in from a risk profile, especially when it comes to alphabet. Emily speaking of risk, we are days away from the election. Some of these companies will report before the election. Do you see the administration, trump remaining in office, or a change in administration, meaning a big change for these companies . Or no . Dan i think lagarde list of who is sitting in 1600 pennsylvania avenue, we still think tech stocks are up 10 to 15 higher. I do believe on one hand a blue wave from an antitrust perspective could be viewed negative for big tech. On the other end, in terms of overall spending environments from consumer and stimulus, its something that could be a benefit. That is why to me, when it comes to tech, in some ways it was a safety blanket as far as faang during the storm. I think on the others, the economic rebound, could a lot of these tech names go higher . There is a scarcity of growth names. There is a lot of volatility. I think what we could see this week is it is really bold for technology. I think even when you look at apple going to what i believe is their strongest product cycle in the last decade, 5g. Emily lets talk about apple and amazon, heading into the Holiday Season. Its an unprecedented Holiday Season. Do you think we are going to see any surprises . Dan i think when it comes to amazon, potentially the 100 billion quarter, which is a key threshold, i think the big focus is going to be around the december quarter, in terms of what the potential looks like for them. Another thing is going to be the cloud. I look at this for microsoft as well. Cloud continues to be such a massive theme on the enterprise in terms of this shift. They are a core beneficiary, as well as azure. You look at enterprise and software as a broom at her to what we are seeing in terms of spending. Isn it comes to apple, there talk about early demand, iphone 12. This week, we believe units are 10 to 12 more than our expectation for weeks ago. Superk this speaks to a cycle for apple over the next six to nine months. To end onant facebook. The election, we have talked about it being facebooks biggest test perhaps ever. If it goes well, what does that mean for facebook . If it goes horribly and facebook ends up being partly to blame, what is the impact . It would be a major black eye for zuckerberg or facebook to have some other Silver Bullet come through on this election. To have the guard rails to try to make sure that does not happen. On the other end, if it goes smooth, i think it is important in terms of not just from apr perspective, but some of the heat they are getting within the beltway. This is really a fork in the road situation for facebook, going into the election. I think zuckerberg and everyone understands that. This is something where it is a time for them to shine, but it is also very important to make sure another black eye for them would be a very tough pill for investors to swallow. Emily all right, dan ives of wedbush. We will be following all of this next week and see if you are right. Thanks for joining us as always. Expensive the ceo of sify sent aen political email to his customers. Was it a good move . Emily anything less than a vote for joe biden is a vote against democracy. That is not a email from the biden campaign. It is from the ceo of expensify and went out today to 10 million customers, taking a highly politicized stand in a lastditch effort to sway votes in the upcoming election. Business and politics . The ceo of expensify, a Software Company known for travel expenses, david barrett, joins us now. They generally say dont is dont mix business and politics, so why take a stand so publicly, knowing that many of your customers probably dont agree . David i think actually most people do agree with the core message. Democracy is important. It is worth protecting. Voter suppression is a bad thing. I think the only disagreement is what to do about that. What i think the core of it is these are pretty straightforward statements that have pretty broad appeal. Few hourshas been a since you sent this out. What has been the reaction . Have you lost or gained any customers . David it is pretty early to say but i think it will be a mix of both. Going to say i believe in having clear values and standing up for those values. I think Going Forward if people realize that expensify has long been built on a platform of fairness, internal and external we dont just say it. We really believe it and will put our efforts behind it even when its controversial. Said, i understand there was pushback internally. You lost or gained any employees . Tell me about the conversations you have been having on the inside. David it can seem out of the blue, but this is not the first time we have taken a stance on a social issue. We launched a nonprofit earlier this year, and we have been reimbursing snap recipients for groceries but with their ebt cards. Bought with their ebt cards. We have been helping people to sort of weather the covid crisis for months now, helped thousands of families. We have already dipped our toes into trying to help in the real world. Likewise, the tragedy of george floyd, when blm exploded around the nation, our major office was involved. The heart of the blm office happened in her backyard, basically. We have been engaging behind the scenes with blm leaders and trying to figure out, how can we help . How can we elevate your voice . We have really been struck by the huge gap between how it is reported on the outside and what we see firsthand. We know the blm leaders in portland are incredibly against violence. When we came with this message, it was not like we never had experience dealing with complicated issues, or talking with customers about those issues. This is something near and dear to our hearts. We care about fairness. We care about democracy. We just feel that what is that saying . All people needs is for good people to stand aside. We just thought we should not stand aside. We need to talk about something that is important. Even if it is controversial, we should get the message out as much as we can. Emily but i understand there was some debate internally about whether or not this was a good idea. How did you navigate that . You are competing against giants like s. A. P. , and there is concern about putting your company at risk regardless of what you believe. David sure. Expensify is pretty diversified, people across the political spectrum, and we work hard to create an inclusive environment for everyone. But inclusive does not mean you only use the lowest common denominator. It does not mean you avoid or shy away from difficult conversations. That is just suppression of thought. We said, lets be inclusive of all of the ideas, even if some of them have disagreements. So we created a process internally. Expensify is a weird company and a number of ways. We do not have any internal reporting structure. No one reports to anyone else. Everyone is responsible to their own time and can decide how to spend it. If you are going to do something, you have to share what you are going to do. Room,ent into our slack the whats next room. In the whats next room, you post a problem you want to solve and how you want to solve it. I problem, democracy is unfolding before our very eyes and is going to devastate our business economy. We need to do what we can to to getge voting of biden trump out of office. Emily meantime, the election is one thing. Where we go over the next several years is another. Coinbase Ceo Brian Armstrong put out a memo saying the company would no longer take on political causes not directly tied to cryptocurrency. There are ceos lining up on either side of this debate. Are you concerned there is a growing divide in business between companies that care or say they care about social causes, and companies that dont . David a divide would imply that this is a competition. I think there are some companies willing to take a stand and some that are not. I think the idea that politics and business are not linked is kind of a fiction. Corporations are trying to get stuff done. I think the idea that a corporation, that a company cannot speak, is kind of nonsense. Either the company is comfortable with the status quo or they dont like the status quo and want to change it. I think companies are willing to stand up and speak the minds of their employees, speak the minds of the company, and say we want change as we care about this. Well youright, certainly took a stand today. The ceo of expensify, david barrett. Think you for joining us today and explaining your position. Coming up, while live in person rigeur have been de for art dealing, pandemic has sent auctions soaring. We are going to hear from artsy next. Emily as the pandemic has upended in person events, one of pariss biggest art week has gone online in an exclusive artsy, anp with online marketplace for fine art. Collectors can view the art fair using augmented reality on the from app, and by artwork over 200 galleries. Is now the time for the arts industry to really embrace it . Joining us is the chief revenue retail at artsy, in the transform series. Talk us about this le paris partnership. How does it compare to a normal event . Thanks for having me. In terms of the partnership, i will start with the two of us. Artsy is the leading online marketplace for buying and selling fine art. A newly formed art week in paris. As you noted, the Partnership Came about after the cancellation of the art world in general has been concerned that with the cancellation of fairs there is a potential void for gathering galleries and art businesses who rely on the international audience, foot traffic, and sales momentum a fair creates. So the french Gallery Association quickly responded after the cancellation with the formation of le paris. We at artsy immediately reached out to offer Online Support for this important moment. With our platform, we build a customized online experience surrounding the full programming of the art week in paris. We have content that ranges from interactive maps if you are fortunate enough to be able to make it in person, curated highlights in the store online. We have over 2300 artworks from over about 220 participating galleries. Of thisromoting all artwork to our nearly 2 million users. We are seeing we just marched this emily im curious, what kind of changes in demand have you seen since the pandemic . I wonder if this is an opportunity to reach more customers, though it is a nontraditional way. Dustyn absolutely. The pandemic has accelerated a trend that was already occurring in the art market, which is a shift toward online. Home is more important than ever. Art provides an important source of inspiration for people as they are working from home, spending more time at home. That has driven up demand for art and the desire to purchase that art online with these. In turn forced galleries to become digitally native virtually overnight. So massive acceleration of the trends slowly underway for years. What an Online Platform like artsy does emily do you think the shift to online selling and buying will live on postpandemic, in the new normal . Hasou think how we buy art fundamentally changed for good . Dustyn i do. Industries have made the shift online. My personal belief is it holds. It is an acceleration of a trend that was underway. People nowadays are stretched thin. They are busier than ever. Even if you have the budget to spend billions of dollars millions of dollars on art online, you dont necessarily have the time to travel around the world and go gallery to gallery in search of artworks that you love. And we have got younger generations of people that are buying cars online, buying homes online, buying diamonds online. They expect to be able to explore the world of art and purchase it online with ease. All right, well certainly fascinating to see how you and the industry have evolved. Andill continue to watch aris partnership as it plays out. Thank you so much for joining us. Coming up, from gaming to streaming, we get to the 2021 outlook for various tech and media sectors. What is best positioned out of the pandemic . That is next. [ 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. Ask about saving up to 1,500 on your installation. Virtual appointments now available. Emily this is bloomberg technology. Activates tech and media predictions are out, looking at the biggest trends through the new year from video streaming to gaming and add speed it takes a look at the media areas that have been hit hard by the pandemic and those that will stay on top. With us now is activate cofounder Michael Wolff about what to expect in 2021. Good to have you back on the show. Michael it is going to be an amazing year. Emily we are all online more. Im doing the show live from my basement. Much of this is a permanent shift in behavior . Michael a lot of it is. What has happened, people have gotten to be very comfortable with a lot of digital activity at home. You think about working from home, videoconferencing, telemedicine, exercise. We have seen most of these activities have doubled during this short period of time but theres a bunch of other stuff thats happened. Online grocery has advanced five years and five months. In five months. A lot of other activities. We have