A glitchy start. Microsofts Online Game Service is hit by an outage on the same day it introduces its newest xbox gaming console. We talked to the head of xbox this hour. U. S. Stocks dropping amid a selloff in big tech tuesday. Amazon among those caught up in it, falling as the ecommerce giant facing an antitrust complaint from the eu. I want to get to Abigail Doolittle in new york. Walk us through the factors dragging stocks down today. Abigail another mixed today. Another down day for tech and the nasdaq 100 in particular, having its worst two days in two months. You have other index is doing well such as the russell 2000 and other cyclically minded sectors. Nasdaq down for the second day in a row, the worst slide since september 8. Investors want out of this years stayathome trade. The russell 2000 gaining an alltime high as investors charging forward into the reopening trade. We have seen this playbook so many times this year, inout, inout. As for what was dragging on technology, you were talking about amazon. You and i have been talking about amazon for a month or so. Now down 10 . Amazon in a correction. A piece of it is the eu talk you were mentioning, plus the idea that this is the ultimate stayathome stock. If the economy is going to reopen, recover a little bit sooner than expected. We have hope around pfizers vaccine, even as the virus numbers are worsening right now. Investors want out of amazon, want out of microsoft. Nvidia and zoom, these stocks up so much on the year. Investors taking another look at it, a repricing of risk as inflation there is a specter of inflation on the screen. Selling big tech. We dont know if this is going to last. As for what is happening after the bell, lyft has reported that the stock is all over the map in the after hours. Right now up a bit. Their losses narrower than expected. Revenues beat. Revenues last year growing 60 . Now down down 20 , but still better than expected. They have not provided a fourthquarter outlook. Still lots of uncertainty, but that is good enough right now for the stock to be higher. Emily bloombergs Abigail Doolittle. Thank you so much for that roundup. I want to get a big picture look at what they tech will look like under a biden administration. Move weing to watch the have seen in tech stocks over the last few days. What is your overall view, given that biden has not detailed his thoughts on big tech antitrust and the Obama Administration had quite a cozy relationship with Silicon Valley back in the day. Dan overall, it is sort of a goldilocks scenario for tech stocks. When you look at a biden presidency and potentially red senate, antitrust will be relatively contained and no legislative changes. Idle think that is something biden i dont think that is something biden will necessarily push for as well. War,e u. S. China cold tech there will be a ratcheting down, a much softer tone that biden will take. Semi conductor stocks, you are seeing a rotation into chips. Bullish names like apple and cisco as well. Emily we are looking at video of apples newly released macs, just showed them off today, designed with fully apple designed chips. This is a huge transition for apple away from intel. Some of the new specs are pretty amazing. 18 to 20 hours of battery life for these new computers. What is your outlook on these new laptops . Dan this is a major step for apple. It is something 15 years in the making in terms of this vision. It is more control of their system, the golden cupertino ecosystem. When you see what they have done here on the mac side, i think it is a first step. There is more integration between software and hardware. It is going to be positive for magins. For margins. This takes a step back to the biggest product cycle apple has had in a decade. Obviously the iphone 12 leading that. Emily this is obviously not good for intel. Intel out with a statement, touting its own chips providing the best and most open experiences. We know apple has been working on this technology for more than a decade to get these chips and laptops ready for prime time. Talk to us about what this means given that now the entire family of apple products will be on the same architecture. Dan there is no way to sugarcoat it. It is a black eye for intel, especially with apple saying they will come out with a chip. Machine learning is significantly higher than what they had before. I think what you are seeing apple do is vertically have more control over its ecosystem. Which is a negative for names like intel, but this is all about the move to 5g. 5g, you will have a decade of innovation. Now apple is not just a customer, they are a chipmaker. I think that is significant they made this really monumental move today in terms of cutting the ribbon on m1. Emily what do you think this means for the Holiday Season . Obviously, we are all stuck at home, but we are also in the middle of a recession. There is still some uncertainty, but we have a president elect, whether or not President Trump wants to or does hand over the keys. What does apples holiday look like to you with the products they have unveiled . Dan from an investor an autonomoust is situation with a biden presidency. Air pods, 90 Million Units per year. It was 65 million a year ago. A massive uptick. That will be key for Holiday Season. I think the iphone mini and other versions of iphone 12 will be significant Holiday Gifts going into year end. When you look at apple and of course amazon, i believe this will be a rally where we will see anticipation of a very strong december quarter, even though you are seeing what i view as a shortterm rotation to value. Emily dan ives, thanks so much for sharing your view. It was good to have you. Talking more about politics now. On saturday, joe became joe biden became president elect of the United States. But, since President Trump has not conceded, nor has the General Services administration acknowledged a transition of power, things are getting murky in washington. Lets get the latest from our Bloomberg White house reporter. Secretary of state pompeo earlier today even joking about a second trump administration. At what do we need to be point concerned that President Trump is not going to hand over the keys . Former Vice President biden, now president elect biden, tried to give a calming message to the nation today when he spoke, saying President Trump will no longer be president on january 20 and that he is forging ahead with his transition. But democrats are concerned about some of the signals coming from President Trumps camp. Not only those comments from secretary of state pompeo, but this escalated legal effort ongoing. Now, attorney general bill barr has gotten involved. He did away with a Justice Department rule, saying they are not supposed to go ahead with voter irregularity investigations while the vote count is ongoing. Those restrictions no longer apply, so federal prosecutors do have permission to go ahead with those in addition to all the legal actions that the Trump Campaign is taking. Democrats, supporters of the former Vice President biden, are very alarmed. Emily President Trump still tweeting that he is going to win, that these legal challenges are going to prevail. Talk about the mechanics of this. There are organizations within there are organizations within the white house that need to start handing things over. Right now, that is not happening. That is right. You make a great point about how this transition is supposed to work. The General Services administration which oversees federal real estate is supposed to certify there is a president elect, and by doing so they open up a huge number of Office Buildings for the biden transition to move into. There have been a number of key federal agencies like the director of National Intelligence who say they will not share intelligence reports with the biden camp until that certification is made. A lot of these official actions you would typically see at this are not taking place because of point President Trumps refusal to concede the election. Emily certainly an evolving situation. Thank you so much for that repor t. Coming up, the u. S. And europe continue to get hit with devastating surges of covid19, with some places seeing record high numbers of cases. We will hear from the ceo of an upandcoming Health Care Provider about what they are doing to tackle the mounting covid challenge. That is next. This is bloomberg. Emily starting in late august, covid was essentially a rural problem. Now after months of relative respite, it is back in American Cities where dense populations spread the virus at alarming speed. Newark, new jersey and boston are all seeing a covid come back while the entire u. S. Added a record 143,000 cases yesterday. The resurgent virus continues its spread across europe. One Health Care Company looking to scale up its work in testing just raised 100 million in new funding. Joining us is its cofounder and ceo. Thank you for joining us. With this new money, you are planning to open 100 popup clinics across 20 different markets by the end of winter. You are going to communities that need it most. Where are those communities and what are they experiencing . Hi, emily. Thanks for having me. One in four counties in the United States is what they call a health care desert. Those places will certainly be priorities for our popup clinic locations. Carbonrom the popups, health is going through a massive growth phase right now. Seven clinic last year to now 30 clinics. By next year, we will have 150 locations across nine or 10 different markets in the country. Popups are part of our growth strategy, but you are seeing clinics in markets and our our plan is to reach 1500 locations by 2025. I dont think the Health Care Industry has ever seen the type of growth in location Access Points that we are going for. Emily in many ways, you are using technology to scale up health care. You were a Health Care Provider that was built to succeed in the pandemic. Talk about what kind of activity levels you are seeing with telehealth appointment bookings. Is that simply the way that health care is going . There is a significant increase in telehealth visits. We have seen tremendous growth in both sides. We now have i think seven times more patients than one year ago. The number of clinicians, the locations everything has really grown by roughly eight times in the last 12 months. Carbon, telemedicine is part of that. Ist we think will happen patients will expect Health Care Providers to meet them where they are, whether it is clinic visits, maybe a popup place for quick testing, maybe with device monitoring athome testing, we believe that patients dont want their health care to fragment. We call this concept omnichan nel care. We think providing health through multiple formats will be the dominant factor in the future. Emily you also offer various covid testing kits. You have a program called covid positive care for folks who have tested positive. How are you treating those patients and how much capacity do you have . Eren the covid positive program is the most recent program. As you know, there are 10 million cases who tested positive, but we still have not seen anybody build a solution for the people who are positive. We started on boarding the first couple hundred people in the first pilot. Testing has been an area that we actively participated in. We have done over 500,000 tests across every modality you can imagine. At home testing is an important part of that, rapid tests. We are really focusing our energy on responding to this pandemic in every way we can. Anyway, you can argue that we have taken the pandemic more seriously than the u. S. Government. Emily how concerned are you about continuing issues amidst the good news about the Pfizer Vaccine . Celebratesoon to given it will be many more months and you are still seeing a lot of sick people . Eren the Pfizer Vaccine is amazing news. The data looks very good. There is a lot to be optimistic about. Tot said, it is not easy manufacture, distribute, administer vaccines. It is a significant logistical undertaking. We were foreseeing that, especially in the last mile, health care Access Points would be a big part of that. We have never vaccinated hundreds of millions of people every year. Carbon health has been putting up these locations, popups, containers, so when the vaccine is ready for public use, we can distribute and administer it as fast as humanly possible. I imagine going into the holidays, there will be a lot of demand for tests as cases continue to surge going into winter. What are your biggest concerns over the next two months in terms of meeting that demand . Eren we have already seen 40 more demand in october compared to september. This was expected for us. We definitely expected an increase in cases around the flu season, which is starting. The issue of we expect another surge when schools reopen and another one when people go back to offices. Realistically this problem has not been resolved. At every step, there will be another surge. Hopefully, when enough people get administered, we can go back to our normal lives. Emily cofounder and ceo of carbon health, thank you for joining us. Coming up, big tech facing more global scrutiny with the eu and china going after some of the worlds most powerful companies. We dig into that next. This is bloomberg. Many retailers have to invest heavily to identify products of interest and bring them to consumers, taking risks when they invest in new products or when choosing a specific price level. Our concern is that amazon can avoid some of those risks by using the data that it has access to. Emily that was the European Commission evp. Amazon has become europes latest big tech target as regulators investigate the use of rivals data and whether amazon unfairly favor its own products. West coast reporter is with us. I am curious what you are finding in these new complaints being leveled by the eu. They say they are not worried about amazons size. So what are they worried about . Spencer that is what is different here, they are sharpening their concerns about amazon and saying, we are not so much concerned about your size, we are concerned about your business practices, certain things you are doing. These are specific things you are doing we are worried about. In this case, the clip you played was their highlighting their use of thirdparty merchant data. More than half the goods sold on amazon come from thirdparty merchants. The eu is saying, you could be taking advantage of this insight you get into their sales to create and develop your own products that then compete with these people, which would potentially stifle competition. Emily how does the eu investigation compare to the antitrust investigation amazon is facing in the United States . Spencer it seems that they started from the same place in terms of concerns for their size. The eu appears to be ahead of the u. S. In terms of sharpening and narrowing the focus of these specific practices. They have this one here on the thirdparty merchant data. Another is the notion of what you can see on the screen when you go to amazon. Even if amazon has hundreds of millions of products, what matters is what people really see. Is amazon misusing its ability to make things more visible and put them in front of you as opposed to other products that might be on the site. The eu is a little bit ahead. Whereas the u. S. Had a 450 page report highlighting concerns about amazon, apple, facebook, google. It covered a lot of stuff, so it is hard to see what the regulators in the u. S. Are zeroing in on. We are getting a clear picture of that in the eu. Emily how much are these investigations going to hurt amazon . Is this leading to a possible breakup or is that unlikely . Spencer a big question is if they have to tailor things. Amazon wants to have a uniform platform. They want the same rules everywhere. That makes their platform simpler to use and decreases their expense of operating it. Every time they have to have a different way of doing business in a different geographic region , that adds to the level of complexity to their system which is designed to be around automation and simplicity. Any difference in the rules of the game here, there, and everywhere makes things more complex for amazon and something they want to avoid. Soper, who covers amazon for us. Thank you for that update. Coming up, the new xbox consoles are out after a year of clearing unprecedented hurdles. With consumers flocking to games amid the pandemic, will xbox deliver on expectations . We will speak to the head of Microsofts Xbox next. This is bloomberg. Emily this is bloomberg technology. Im emily chang in san francisco. Microsoft is out with its much anticipated xbox series x and s on time. Not quite according to plan. The Microsoft Team and its Game Development partners have gone to extraordinary lengths to build their games remotely. Still microsoft has delayed halo infinite. There is not a single major exclusive this year. Also the Online Game Services experienced an outage this morning, preventing some customers from signing in to xbox live. Joining us now to discuss how the new products will fare, phil spencer, head of xbox. Great to have you back. If you willhe tease deliver on High Expectat