Photo by Michael Kovac/Getty Images for Vanity Fair

Bond Capital, a Silicon Valley VC firm whose portfolio companies include Slack and Uber, told its investors this morning via email that the coronavirus' high-speed spread and impact has similarities to the devastating San Francisco earthquake of 1906.

Why it matters: Bond's best-known partner, Mary Meeker, is a former bank analyst renowned for her annual Internet Trends Report, which many investors and entrepreneurs use as a touchstone for where tech is now and where it's going. Today's 28-page report to Bond's limited partners, obtained by Axios, shares some structural similarities.

Some takeaways:

  • "Covid-19 has upended our modern lives in ways we’re just starting to understand."
  • Prior epic viruses have permanently changed the world, but coronavirus may prove less impactful because of our information-sharing and scientific technologies.
  • Scientists and other domain experts are getting "more seats at the table."
  • Digital transformation is accelerating, due to so many people working from home. New work-life balances are also being struck.
  • This may become the "call to arms" to better marry technology with healthcare, in terms of everything from telehealth to rapid point-of-care diagnostics, to applying automation and AI to health care services.
  • "We are optimists and believe there is hope on the other side of despair.... We need government, business and entrepreneurial intervention at scale (deployed logically and effectively) to get to the other side."

Below is the full report, which is signed by the entire Bond Capital team:

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Jun 23, 2020 - Politics & Policy

Larry Kudlow: "I don't accept the view of systemic racism"

White House economic adviser Larry Kudlow doesn't believe there is systemic racism in the United States, citing the election of former President Barack Obama.

  • "I don't accept the view of systemic racism. I think there is racism in pockets of this country, but I do not believe it is systemic," Kudlow told Jonathan Swan in an interview for "Axios on HBO."
  • "You have as evidence of that view, our first black president, just a few years back, won two terms, and I regarded that with pride as an American."

How retail investors are beating the pros at their own game

Illustration: Sarah Grillo/Axios

Call it the Robinhood effect. In a tectonic shift that shows how the coronavirus pandemic has upended seemingly every part of our reality, millennials and Gen Z have started to abandon video games and sports betting in favor of a new craze: the stock market.

Why it matters: While many have wagged their fingers at what they see as overconfident and underprepared youngsters day trading on their smartphones, the stock market's new school — a collection of sports bettors, the newly unemployed, Reddit aficionados and eager young investors — is growing into a force on Wall Street.

End of broadband pledge could cut lifelines for families

Illustration: Annelise Capossela/Axios

Internet service providers' pledges to waive fees and forgive missed payments end on June 30, likely cutting off service for some families who can't pay their bills due to the economic impact of the pandemic.

Why it matters: Cutting off internet service for families and students will worsen the loss of knowledge and academic skills that students face over the summer, as well as sever lifelines for those who need broadband connections for work, summer school, searching for jobs and getting news.