david: when you sold the company to microsoft, you went on the board of microsoft. let me ask you about that. microsoft was a technology company that came out of nowhere, became a dominant software company. many people thought it would go south as it was getting older and older, but transformed itself when satya nadella became ceo. were you shocked and surprised at how the company has become one of the most valuable companies in the world again? reid: no. for a number of reasons. 1a's, microsoft has always had an enormous amount of talent throughout the whole company. the technology depth at microsoft has actually created a whole range of products not just on the commercial side, but also microsoft research. so there is always this raw amount of talent. and then obviously having some , key franchises like office and windows, and other kinds of things, and being willing to be bold in the creation of xbox and the gaming franchise. now, that being said, i would say that the thing that satya brought back with vigor to the company was a focus on earning the ability to bu

you mentioned other companies, amazon, google, microsoft. amazon was selling their technology to law enforcement, which created issues. they paused that a few years ago. i think this is a way for facebook -- meta-, to put pressure on others in the industry, probably try to get ahead of potential regulation. we have seen lawmakers in the usa, we need laws, we need rules around how this technology works. this is facebook getting out of the game on the earlier side so that when there are these laws, when there are rules that come about, they are not necessarily reacting in the same ways their competitors will have to. emily: the company says they will delete one billion facial templates. how can we be sure that that information will actually be deleted? >> it's a great question and i tweeted about this story, and all the replies were essentially, ok, sure thing, facebook. it goes to show you how little faith there is that the company that will make a big public announcement like this will follow through. we will have to expect them to essential

microsoft unveils its version of virtual worlds for business. my exclusive conversation with ceo satya nadella about how microsoft is building its own path to the future. now that andy jaffe ascended the throne at amazon, adam's allete ski says he is getting started as ceo of amazon web services. where it is always day one. a sneak peek of my upcoming bloomberg studio 1.0 sit down later this hour. and, meta-platforms. yes, the company formally known as facebook will shutdown the use of facial recognition technology on the facebook network. this is the same tech that alerts users when photos they are in are uploaded, enabling them to tag themselves. does it signal a new stance for the newly named company on privacy? we will discuss. all that in a moment. first let's get a look at the markets. the relentless rally of stocks pushing major u.s. benchmarks to their all-time highs, with investors bracing for a key decision from the fed. our ed ludlow is joining us now with more. what role with -- will tech play today? ed: tech is the better performing

tesla, apple, amazon in the red, microsoft and others in the green. when that happens, you see the market play a tug-of-war. what didn't was cryptocurrencies, up 7.8%. that is where you saw the bit in the stock market. marathon digitals, microstrategy's outperforming. let me show you a chart about big tech because the $2 trillion club made some news. alphabet almost closing, hitting $2 trillion, then closing at $1.98 trillion, almost nearing apple and microsoft in the benchmark, something to watch in the days ahead maybe. maybe alphabet will close above but mark. let's take a look at tech subsectors. a flat day from the indexes but semiconductors and the golden dragon insect -- index, very tech heavy, those outperformed. let's get to the breaking news earnings stories after the bell. let's go to ed ludlow. >> robinhood down around 3%, disclosed security breach. 5 million customer emails accessed, two million customers full names accessed, no access to credit card numbers or account numbers or social security numbers but that is worrying for robinhood.

matt: he may not have guessed microsoft would be worth $2.5 trillion so soon. dave wilson there, our chief stocks editor. we are going to talk a little bit about brexit. jonathan: no, i am going to be done on that. i hate marking to market the wealth of these guys. by all means, you take the other side of that. the director of research of bloomberg intelligence. looking at things right now, this bill they have put out, reducing hospitalizations and debts and high list patients by -- high-risk patients, sam fazeli, the numbers look great. is it a game changer? sam: it can be, and thank for having me back on. it has been a while since i saw you. there are certain considerations here. let's not take away the fact that this was a great result. the issue is you have to be tested and then get treated within the first five days of being positive. the way pcr tests are today, the cost it has in some countries, that may be an issue, but it was also an issue for the merck drug. but still, even if it comes down to 60% or 50%, that is a great result. lisa: one of the reaso

if you go all the weight to the enterprise cloud like microsoft, we have been working with microsoft for more than one generation. it is about the application on the enterprise. you have access to training. you can do remote operations and many things like that. it will manifest itself in different ways. you are going to need a device that is going to connect you or superimpose images. that is what we do. i will give you a little glimpse of the future. today, we talk about can collaboration. -- about collaboration. zoom became a verb in many linkages. you can see a scenario not that far away, you could be wearing a glass. you can render a person in front of you. the glass consents from your face what your facial expressions are. just how we communicate, i can see an application for that. taylor: one of these days i will learn how to get on board with that. take us back to how you are talking about this diversification into some areas while maintaining the margins and the market share within the existing home base. the threat of competition, the threat of substitutes, the pricing powe

microsoft ignite conference kicks off today. the company will introduce more than 90 new services and updates, including microsoft's next step into the meta-verse. the ceo spoke exclusively to bloomberg's emily chang. >> whenever i think about the meta-verse, it sort of comes down to really bringing the real world people, places, and things to the digital world. for us, and fact, this is happening both in the consumer space and the commercial space. seven years ago is when we launched hollow lens -- launched hololens. this pandemic has made the commercial use cases much more mainstream, even though sometimes the consumer stuff feels like science fiction. i was able to go with the nhs hospital in the u.k. and do a virtual visit of the covid wards. i was able to go to the toyota manufacturing plant and to a remote site, and even the space station. so i think the ability to be able to have the malleability of digital really helped bring things together. emily: you are working with a number of partners, including facebook, which jus

the very latest on our conversations from the hsbc ceo and microsoft founder bill gates. a quick snapshot of the local markets. volatility in currencies. $65 trillion of tramiel and -- stimulus due to be delivered. volatility in the yen. dollar-yen trade. down ever so slightly from a four year low. the aussie dollar up .8%. the geopolitical narrative improving between the u.s. and china. wondering what australian-china conversation looks like. gas, oil, iron ore, and oil down by 1%. could china and u.s. really go for a joint strategic reserve draw? the special petroleum reserve was drawn down by 3.1 million barrels. there is a draw by stealth in oil, we are down by 1%. we spoke exclusively with the hsbc ceo, noah clean here at the new bloomberg economy forum on a range of issues, including china. he said the world cannot decouple from china, which is still the world's biggest manufacturing hub. >> the world's economy is recovering. it is recovering well. there are tensions in the supply chain. we should not be surprised by that. we went fast reverse, now we are going fast

just as i mentioned, microsoft, google and disney are taking space and more people are coming, people have to come back to the office, things are opening up. i think they are going to keep going up. it is becoming very expensive to be here, yes. you could get a bargain during the pandemic, that is gone. that has all disappeared. amanda: great to have you with us, good to check in. bess freedman, ceo of brown harris stevens. coming up, taking orders. nissan opens up reservations in the u.s. for the 2023 ev. we will talk about that move and if they continue headwinds that face the industry with the senior vp of marketing and sales live from the l.a. auto show next. ♪ >> we need think about inventory. right now, every cfo is looking at their supplies. you need more inventory. >> the underlying trend pre-pandemic and to accelerate his principal powers in the system, the european union, the u.s., china really want to nationalize supply chains, industrial policy. >> all the indications we have physical flow right through beyond the middle of next year. we are a nation away down in the pac

emily: microsoft and facebook have announced new workplace products in the meta-verse. what is your take on the meta-verse, and is there a play for airtable? howie: there are two extremes of how you interpret it. one is this virtual space where you put on this headset and go in and you are immersed in this 3d environment with an avatar, etc. there is something to that. i will not dismiss it. there is a lot of promise, but it is probably a long way off before the technology is good enough and there is an ecosystem where we are spending our days living in that reality. emily: you are saying the meta-verse is overhyped? howie: it is about creating a digital represents an asian -- representation of yourself. we are seeing that with other products, lighter weight avatars, other products where you're able to collaborate within this virtual space. the actual 3d vr aspects of the meta-verse is still a while off. emily: speaking of the path forward, airtable has become a bigger company since we last talked. what is the path forward to you? are you going public? are you open to a

we have seen microsoft. what fails and what succeeds? >> i think the first thing to keep in mind is what are these companies actually doing today? right now, there is no metaverse. facebook is running facebook and whatsapp and instagram, but they don't actually have a product that looks like the metaverse yet and probably will not for a number of years, so we should focus on what actually exists today and when they have actually built this metaverse, then we can take a look at it. emily: do you trust facebook -- now meta -- do you trust meta to do this? >> it depends what you mean. yes in the sense that i think they will probably build something, but i don't have a high opinion of their business model, which is all about getting people to use a free application or multiple free applications because when you are using the free application, you are essentially contributing labor to their product. you are building their product for free, and what you are selling is your eyeballs. they are selling your attention and your information to adver

microsoft put out more than 1600 notifications to i.t. companies in response to iranian cyberattacks in 2021 compared with just 48 last year. most of the targeted companies are based in india, several in israel, and the united arab emirates. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. amanda: i'm amanda lang. welcome to bloomberg markets. matt: i'm matt miller. we welcome both our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. one of the world's leading beauty companies, coty, outlined its long-term growth plans at its investor day. we will speak to the ceo from the floor of the new york stock exchange. retailers vow the holidays are safe from supply chain fears. company earnings are coming in better than expected and some even exceeding pre-pandemic levels. a blowout quarter for nvidia. we will dig deeper into the number as the chipmaker reache

not your big tech names, not apple or microsoft, but those new tech companies that are still growth names. a lot of the ev space still falls in that category. i want to hit some of the tech subsectors. tech underperformed, it really translated into semiconductors, chinese adrs which is tech savvy. the soul outperform her was cryptocurrency, kind of doing their own thing after perhaps an inflation hedge. let's get to the macro story. >> some of the device makers, laptop pc makers, hp, and dell. we are seeing strong demand for both companies from commercial customers, basically companies buying new infrastructure for their work, particularly in the case of hp come up almost 7% in after hours. there was weakness in the consumer side of the business. sales down 3%. hb seeing -- hp seeing supply shortages, and in the quarter they were able to get more components than they thought. the supply chain picture is not going away, not changing. that's interesting home go to retail. look at nordstrom, the report hit after the bell, along with gap. that is a completely different story. look at those st

with backing from microsoft and palantir, we were already the market leader in the u.s.. we intend to be the market leader globally. alix: real-time, are people moving around right now? richard: from less than a minute ago, 77 vehicles are moving around new york. we receive up to 450 data points every second, so we can see intersections, traffic light changes, so the consumers are in control, the drivers are in control with what they share with us, but we are helping the city be safer, reducing congestion in real time. one of our key partners is microsoft. we are helping them improve their mapping product. guy: in terms of what is going to happen next, this feels like it has been easy week -- has been ev week. we had the whole story about rivian, lucid, we also have seen the infrastructure bill going through. that is going to be huge for the united states, and is certainly going to turbocharge what is going to happen. what is the impact of this going to be on mobility in the united states, the acceleration of the ev story, and what does it mean for your business? richard:

. >> microsoft is making some big acquisitions. what do you make of these competitive moves? your competitors say they are on the right side of history. are they? >> i look at the fact that there are 3 billion people who have access to knowledge at their fingertips. i look at the opportunity we provide. i look at the skilled people are learning through youtube. i feel it everywhere when i going talk with people. providing access to people and knowledge would be on the right side of history as well. emily: eric schmidt told me that he feels the latest facebook revelations are disturbing. google also has access to massive amounts of our data. why should more than half the world's population trust google to do the right thing? sundar: we are trying to do more with less data. one of the biggest changes we made was making auto delete the default setting for new users. now users have the data constantly being deleted. we rely on trust for people. every day when people come to google, they place their trust in us and -- in vulnerable moments. be it a health issue that they are tryin

a food fight between microsoft and amazon. how much does this move google into a position other people have discounted them. trading on cme, shares up 5.5%. the more interesting activity is google, you are seeing shares up on the news because people are looking at the potential for the cloud to gain more dominance. tom: it is a start free thursday, but if google could invest -- lisa: i will not start that rumor. tom: is never a dull moment. never forget humility as the chairman mentioned. i was wrong on bank of england. it was fascinating. stay with us through the day. small caps up. we have a countdown clock to the open on tv. ♪ jonathan: from new york city for our audience worldwide, record high after record high. your equity market up six points , advancing .1%. the countdown to the open starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issue. chair powell threading the needle. >> power-on

lisa: i do think it is interesting there is such bifurcation between the likes of google and microsoft and, for example, amazon, which really lagged behind. there was a huge divergence within the tech giants. i do wonder how much this is actually generated by something real like the cloud, like true adoption in a transforming economy versus just a rates call. i am not clear on that. jonathan: what about the dispersion and some of the retail names? walmart has done nothing all year. amazon has done nothing all year. then you have home depot up 70% you to date. tom: people that are parsing this, you are always going to have winners and losers. the question is why. to me, it is the battle with amazon in the perception that some of these companies are doing better against amazon than others. jonathan: just quickly, your favorite hotel, the ned in london, they are opening an outpost in new york city next year, according to open with the new york times -- according to "the new york times." he's just obsessed with it. there you go. equity futures unchanged. from new york, this is bloomberg. â

here you can see apple here, microsoft out here. these are the biggest point boosters. sector wise, if we go into the terminal and to collect the imap, we are going to see lots of green, and not surprisingly, the green is from those sectors. technology, communication services, along with financials. if we take a look at what is happening relative to bonds and rates, the 10 year yield up. a dichotomy between the idea that you have yields higher, but helping tech and financials, supported by the fact that you have a selloff in haven gold, and you have the dollar versus the yen early climbing, so that haven yen is also selling off. alix: you also don't have lael brainard as the head of supervision, so that is doubly hoping sentiment. we want to get some more insight into how powell's renomination went down in the d.c. pillar world. greg valliere -- d.c. political world. greg valliere, agf investments strategist, joins us now. what went down in the administration as to how we got to a powell renomination and a brainard vice chair? greg: i think it was a compromise, that the

shery:kqív the microsoft ceo speaking exclusively with emily chang. nintendo reportedly plans to produce 20% fewer switch consoles than originally planned. according to the nikkei, nintendo has struggled to get enough semiconductors to make the new machines. the company had hoped to make about 30 million consoles as demand has been strong. netflix has become -- has begun its long-awaited jump into video games. the company says there will be no advertising or additional purchases required. we have more to come on "daybreak: asia." stay with us. this is bloomberg. total gym includes everything you need to get into the best shape of your life. for every body at any age. it works every muscle group, including your core, using your own body weight as resistance. customers love total gym because it's fun, fast and effective. nothing delivers full body results like total gym. and right now you can try it risk free and enjoy special savings too! get on demand workouts free, free shipping and more. call now! shery: we're getting the market singapore pmi number

. >> your partnering with companies like microsoft and deloitte to offer master class at work. how much new business do you expect because of this? >> that has been extremely fast-growing. we see this as companies try to find perks and training of their teams. they just want master class. we have signed deals with people like square, deloitte. for the next five years, that will be the main streamers for us. >> what has demand been like as we come out of covid? we have less time at home for personal enrichment. any concerns about a slowdown? >> i am not concerned. any concern about the want to grow is just increasing. we are about to go into the holidays. we are a gift that is not stuck in any port. it is not delayed. i am thrilled. i am excited for the end of the year. emily: what about demand ahead of the holidays? i know that master class has been a popular gifting option. >> we have a class for everyone. it is a great gift and also one that despite all the slowdowns, it is one that you want to use to buy a gift. emily: are you thinking about the meta-verse or virtual reality

same with microsoft's xbox. part of the issue is that sony is not able to capitalize on the fact that this is a new generation device that there is really strong demand for and you can't put machines in people's hands. the other thing, next year, 22.6 million sales. it needed to produce some devices this year in order to get a head start on that. the real threat might be the next fiscal year. shery: how are companies like nintendo faring? >> nintendo just disclosed earnings recently. it cut its own sales forecast for the year by a substantial amount. 1.5 million units. the valve, which has its pc service, its own portable game device, it said it would launch in december and has now pushed back to february citing supply chain issues. paul: what is a realistic timeline for when we can expect supply of consoles and other electronics to catch up with demand? >> it is shaping up like 2022 is going to be a repeat of 2021. do not expect anything all the way through next year and probably then we can look at things norm

emily: you are partnering with companies like microsoft and deloitte. how much do you expect as a result? >> that has been extremely fast growing. we have seen for the past year as companies try to find parks and training of their teams that they just want masterclass. we in the past year have signed deals with folks like square, deloitte, and for the next five years that will become a major stream for us. emily: what has demand been like as we come out of covid? we have less time at home for personal enrichment. any concern for a slowdown? >> i am not concerned. the demand for people to want to learn and grow is just increasing. also, we are about to go into the holidays. we are a gift that is not stuck in any port, it is not delayed. i am thrilled and excited for the end of the year. emily: what about demand ahead of the holidays? i know that masterclass has often been up off ash popular gifting option. >> it has always been. we have a class for everyone. it is a great gift and also one that despite the slowdowns and the supply chains, it is one that

microsoft will also take a stab at the idea. emily chang spoke exclusively with the ceo. >> it comes down to bringing the real world people places and things to the digital world. for us, this is by the way happening both in the consumer space and in the commercial space. seven years ago is when we launched hollow lens. we talked about the gaming applications and the enterprise applications. this pandemic if anything has made the commercial use cases much more mainstream even though sometimes the consumer stuff feels like science fiction. i was able to go with it to the nhs hospital in the u.k. and do a virtual visit of the covid wards. i was able to go to the toyota manufacturing plant and to a remote site and even the space station. the ability to be able to have the malleability of digital really helps ring links together. >> you are working with a number of partners including facebook that just unveiled the metaverse. what do you think of their approach? >> we love that there is so much innovation going in. whether it's from

taking things from apple and microsoft and the names that have done well, we continue to like those stocks. trees don't grow to the sky and the stocks have done quite well. you are in a less constructive environment securely for the high pe names. paul: you have taken some profits from some of those big names. where have you put it to work instead? >> we like paypal. mastercard. also the larger banks like jp morgan and citicorp that we think can do quite well. they have done a great job after the great financial crisis and covid of repairing their balance sheet, fixing cost structures and setting themselves up for strong growth. paul: in terms of the supply chain bottle nuts -- bottlenecks, when do you see these easing and is there a risk there will be a sudden supply glut? >> we think it's up six to 12 month scenario. we are seeing softening of the crisis on the west coast of the u.s.. real shipping is getting a bit better. also doing research this morning on chips particularly the chips needed for auto manufacturing. that's starting to get better. the glut is a potential risk, but we thi

they don't have to be apple or microsoft. buybacks can be less visible, less dominant come of them what we see from the tech giants. dave: that is true. it comes down to how much cash they have available. smaller companies can certainly go that route as well. tom: thanks so much. we will do more this week, always with a view to the charts and the stories they tell. the violence over the weekend in riots was asked ordinary. maria tadeo gives perspective from berlin. his germany close to being austria, or are there distinctions on the protests of this pandemic? maria: the thing this fascinating about german politics is they pay attention to what happens in austria. it does feed into the political debate in germany. in berlin, there's no i very active debate in terms of should we do what they are doing in austria, meaning a national lockdown and then a vaccination mandate. what i would say if there is some nuance in germany. the debate is moving towards should we be more forceful in terms of making the vaccine mandatory. the one

more from our conversation with hsbc's ceo noel quinn and microsoft founder bill gates. let's check in on the futures. european markets managed to post gains. the ftse ended in the red. futures in the u.s. currently posting currently up to two point 6%. the ftse 100 is lower. don't forget a sick resources will be in focus giving -- given iron ore is down between 2% and 3% again. it also has to do with car registrations, falling since october by almost 30%. you also have to bear in mind that citi joined the likes of bears that markets will be going higher. france and the cac is flat. i want to bring your attention to the technology story in asia. we planned a preview of alibaba, but chinese tech stocks are being hit with the likes of baidu and billy billy weighing. you did have a bit of upside for japanese equities on the back of some stimulus news. brent is in focus again on the back of reports that maybe the u.s. and china are continuing discussions about releases of reserves. euro-dollar stronger by .1% on the back of a softer dollar, and sterling is also gained .2%. l

manus: microsoft ceo speaking exclusively to emily chang on the future of big tech. it is literally one day we have talked about ad nauseam, but might be fed begin to taper? it will be $15 billion less bonds and mortgage-backed securities each month. there is a message in the bond market, which is don't go too far, too fast. retracing its dramatic moves from last week. the two year yield has slighted by the most since march 2020. the rba really reset the narrative of don't overreach any bond markets as they step back from yield curve control. what will jay powell deliver tonight from tapering and tightening to ensure lower shorting rates? ♪ >> good morning. welcome to bloomberg markets york. i am anna edwards. the cash trade is less than an hour away. fed tapering insight. all but certain to announce a reduction in bond purchase

i think microsoft's ceo mentioned, how do you value presence and human connection in a different way? i think being able to use blockchain and crypto to create interoperability and intrinsic right, as measured previously, is going to be important to digitize all of that in a way that is more accessible and democratized. emily: that interview happened here on bloomberg technology. thank you for stopping by this friday. always appreciate you joining us. coming up, clean alternatives to cars on the rise. e scooters and bikes, lime announced it has raised millions as it prepares to go public, what the ceo plans to do with that cash. this is bloomberg. ♪ emily: lime says it has raised $500 million as it prepares to go public. wayne ting talked about the company's goals including dealing with all those e-scooters cluttering the sidewalks. >> we are excited to announce we rate $500 million today to continue building a transportation platform that is shared, affordable, and carbon free. we are in over 200 cities, 30 plus countries. lime is the clover -- global leader in shared e-bikes and s

emily: facebook and microsoft are all in on the meta-verse? what is googles meta-verse strategy? sundar: it has always been obvious to me that computing will adapt to people more than people adapting to computers. just like you speak to people, you see and interact, computers will become more immersive, they will be there. i've always been excited about the future of immersive from -- the future of immersive computing. emily: is that the meta-verse? sundar: go away i think about it is involving -- evolving computing in an immersive way. there will be many experiences, some of which will be immersive, interactive virtual worlds. that is the meta-verse concept. this does not belong to any company. this is the evolution of internet. all of it will continue to evolve. emily: google just hit a $2 trillion market cap -- alphabet, i should say. where will the next trillion dollars come from. sundar: always your market cap valuation is an effect of the value you provide. i feel fortunate our mission is timeless. there is more need to organize information than ever before. i still feel se

win communications, consumer discretionary, but focusing on technology in particular, you see apple, microsoft, and nvidia dominating the s&p 500 information technology to the point where there are 51% of its value. if you look at the top three stocks in that index historically, you are looking at the 5th street year in which the percentage weight for those top three is higher. tom: david wilson, thank you so much. something we will follow through the day. futures negative for the vix. one of the great joys of bloomberg's julian lee. he is acutely able out of london to look at the global dynamics of supply, demand, and the release of an american ind -- an american, indian, and maybe global release of a strategic oil reserve. how global is this effort when i see $7.58 a gallon in london? julian: we are seeing a number of countries that look like they are going to join in to one degree or another. india has said it will release about 5 million barrels. we are expecting an announcement from japan, potentially south korea, may be china, and also the u.k., although our contribution might be relativ

microsoft unveils its version of virtual worlds for business. my exclusive conversation with ceo satya

would you consider partnering with an aws or a microsoft one day to use their cloud capabilities? david: we took this very seriously and you are exactly right, three long days. we are going to publish an analysis of what happened and share what we are doing to make sure this never happens again. we were surprised by the outpouring of our community. when we came back up, we didn't lose any of the people on the platform, which was gratifying. but it highlighted the responsibility we have within our community to be a 24/7 utility for them. we will share more about that in the future. we took it very seriously. emily: adoptsme is now the most popular game. you can raise per -- raise virtual pets. 64 million players every month. what are your favorite games? david: this is almost like asking me which is my favorite child. except, i would have millions of children. all of these are created by our community ranging from hobbyists starting out to large teams that can have 30-50 people. we are approaching the time when one of our teams is going to make $100 million a year. some of the most

you think amazon and apple has been the story or you think microsoft and others are the stalwarts? kailey: if you ask the broader equity market amazon and apple are not the story because this market looked right through that. earnings have been eating to the upside. more than 80% of companies are topping expectations to the tune of 9.6% above expectations. all of the supply-side issues, the supply chain issues that could have eaten into margins is not materializing. we are seeing margins expand. this earnings season has been better and we are coming up the best month for the s&p 500 back to november. lisa: the idea that margins continue to expand is amazing. coming up, we get more of a conversation with respect to the political landscape, especially ahead of the election in virginia tomorrow. the former governor of virginia will be speaking at noon new york time to preview the pivotal race that could give a sense of what we can expect in the midterm elections. we are poised for more gains. the two year yield is now a day new post march 2020 hi. from new york, this is bloomberg. ♪

microsoft, nvidia, tesla, alphabet. it makes them look richer. if you are going to see this fed continue the normalization process and rates move up ahead of that, that could be a real headwind for big tech. let's take a look at what rising rates to help. that is all about the banks. take a look at bank of america. up where than 2%. we were just talking with rachel morrison, energy and oil up in a big way. it is not all bad. it is a mixed picture will stop growth down in value up. alix: abigail doolittle joining us. real yields moving less negative. here's the next 24 hours. my thanksgiving starts at 3:01 today. if you're here with guy tomorrow , president biden will speak at 2:00 on his decision to root release -- to release oil reserves. plus you get an option. not a lot of pickup demand. after the sale, earnings from gap, dell, and nordstrom. i'm interested in gap after we had victoria's secret surprise to the upside. as well as macy's. guy: what are you doing tomorrow? are you shopping? we cannot talk about baking anymore. alix: we are done w

among the biggest holding sales of microsoft. beyond that, you have a lot of smaller companies. 120 stocks or so in this etf. you look at the numbers for october, a record and flow of $527 million. we had a report saying hedge funds are moving in that direction and you can understand it. this group has done relatively well with comparison to the s&p 500. latest earnings report have companies like cloud in cybersecurity, higher after earnings as well, certainly helping this etf. taylor: thank you as always. bloomberg dave wilson on etf friday. you continue to look at these equity markets. for the 63rd straight -- 63rd record high we have had this year on the s&p 500, dave wilson is nodding his head so we will go with 63. it is until people -- unbelievable. we will continue to do all of this next segment as well. stocks are rising on the jobs report. our next guest continues to climb the wall of worry. this is bloomberg. taylor: continuing to look at record highs across the board. 63 record highs this year alone for the s&p 500. le

the ceo of microsoft told me cyberattacks are the new pandemic. is that how you would describe it and how do we get everyday people to understand how big a threat this is? >> i think that is right. an epidemic in the united states. a pandemic around the globe. coming after more critical infrastructure. you take the case of this young woman who came in in 2019. she has her child. everyone was focused on the cyberattack. while stuff was going on, the doctors are texting each other back and forth. they are not able to communicate effectively. there were less highs on the heart monitor. a terrible incident. there are more direct ties if you think about what might happen if a water supply were affected or if the power went out or services were not available. as we are seeing more of this, we are realizing this is a concrete challenge. we have become accustomed to lots of cyber breaches. our data is lost. our identity is gone. people are somewhat jaded when it comes to cyberattacks or cyber hacks. these attacks are fundamentally different because they a

bill gates, the founder of microsoft, spoke with bloomberg editor-in-chief john micklethwait at the bloomberg new economy forum. they spoke about what is happening with covid and the strategies that are going to be required to deal with this next phase of the pandemic. >> the idea that economic activity will resume in full once you get to flu levels is very likely. you will have some hot spots were you still have to have nonpharmaceutical interventions or huge incentives for people to get protected. any country that is able to do what china did and stop it early before it exponentially aided -- it exponentiated up, that was a huge blessing they were able to do that. that means they have to drive their vaccination coverage up dramatically before they drop that wall that has allowed them to exclude infection from coming in. alix: that was bill gates speaking with bloomberg editor-in-chief john micklethwait. that was at the bloomberg new economy forum. let's go deeper into the virus now and the latest surge. sam fazeli joins us. something guy and i have talked about a lot has been record high eq

the ceo of microsoft told me that cyberattacks are the new pandemic. is that how you would describe it, and how do we get everyday people to understand how big a threat this is? jamil: satya is exactly right. there is a pandemic around the globe. we see these attacks spreading broadly than we have ever seen before and coming after critical infrastructure. take the case of this young woman who came in in 2019, comes into a hospital in alabama she has her child, everyone was focused on, the cyberattack a lot of stuff was going on. they are not able to communicate effectively and there were less eyes on the baby's heart monitor. nine months later, the baby passes away. terrible incident. you could tie it back to some of these incidents. there are even more direct ties if you think about what might happen if our water supply was affected or if power went out and services were not available. as we are seeing this we are realizing this is a concrete challenge for people. part of the problem, emily, we have become accustomed to lots of cyber reaches, our data

this is not apple or microsoft with minuscule percentage of debt. that is 36% some of debt. this goes back to corporate dynamism and corporate action that i thing is underestimated. jonathan: it has taken a long time for this company to adapt to the world around it. tom: i just looked at the weighted average cost of capital function. i just looked at return on invested capital, and it is amazing what culp has done out of 2018 and the crater there. the cards he was dealt were just extraordinary. this action you see, and as joel lovington told us yesterday, -- joel levington told us yesterday, who is next? jonathan: did we need an outsider to make it happen? tom: yes, this is a sensitive issue always. when you can get someone of culp's character and what he did at dan her years ago -- lisa: but how they got to this point was reducing debt dramatically. how could they reduce debt dramatically and actually finance themselves at a good cost because of the backdrop of how low rates were and how much demand there was forget. how much has that ultra easy credit market given the flux

earlier, we spoke to bill gates, the founder of microsoft, about covid, global health, and preparing for pandemics. and he says mid-2022 is when we might see the covid deaths drop back to flu level. >> the vaccines are very good news. the supply constraints will be largely solved as we get out in the middle of next year. so we will be limited by the logistics and the demand. in a lot of countries, it is not clear what the demand level will be. ironically, in a country like many in sub-saharan africa, where the epidemic has not been as visible, demand for the vaccine is challenging to generate that, but we will do the best we can on that. another thing that is really impressive is merck and pfizer have oral antivirals that the merck drug, we have been able to reformulate to get it to be less than eight dollars. so we will be able to have anyone who's age or medical condition makes them have significant risk, immediately begin her assumptive treatment as soon as they test positive. so between natural immunity, vaccine immunity, and these oral treatments that can scale up in ways the an

utilizing zoom and microsoft teams to resume business. i would also like to point out that the u.s. is letting in europeans just as they search across the continent. there is that sort of worried that perhaps you might catch covid and what could be the restrictions around that for you. rishaad: what are yields going to be like for these airlines? how are ticket prices going to look here? reporter: demand will be lower. yet virgin atlantic and continental rivals. there point capacity into those markets. it will be some downward pressure as airlines go after the same travelers. there come back to the point that the business specter -- sector of the market will not swing back as quickly as people might have thought. while there has been a demand for people to visit family and friends, the -- it will not make up for the lack of business travel. also the lack of general leisure travel. rishaad: thank you so much. ok, a fiscal boost for the u.s.. a huge one. let's get the first word news from vonnie quinn in new york. vonnie: president biden think he will soon sign off on the biggest infr