Speaker 1: From Marhard where Innovation, money and power Collie in Silicon Valley, NBN.
Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 2: I'm Caroline Hyder a Bloomberg's World headquarters in New York, and.
Speaker 3: I'm Ed Ludlow in San Francisco. This is Bloomberg Technology.
Speaker 2: Coming up ed full earnings coverage ahead was rake down
Speaker 2: the results from Qualcom. From Etsy, we push her head
Speaker 2: to the all important Apple out after the bell.
Speaker 3: Plus we dive deep into the world of artificial intelligence
Speaker 3: and talk AI safety, as well as investing with Soundbenture's
Speaker 3: general partner Ashton Kutcher.
Speaker 2: Plus Ali Baba weighing a USIPO for its online commerce business.
Speaker 2: Could that be valued at thirty nine billion dollars? Will
Speaker 2: bring you the latest details this hour, but of course
Speaker 2: we've got so much to discuss, particularly with the world
Speaker 2: of executives coming up right now. And we welcome bron
Speaker 2: Chesky of Airbnb and I'm very peace to say Blue Megs,
Speaker 2: Emily Chang. Emily do take away the conversation.
Speaker 4: Hey there, Brian, thank you so much for joining us.
Speaker 4: Obviously you've got your huge summer release out now, lots
Speaker 4: of different new features and categories. The one I want
Speaker 4: to focus on is rooms, which, as I know, the
Speaker 4: headline here feels a little like Groundhog Day because rooms
Speaker 4: were where you started.
Speaker 5: What do you want?
Speaker 4: What's the real pain point you're trying to solve with
Speaker 4: these new features.
Speaker 6: Well, the primary pain point is that people, once again,
Speaker 6: just like when we started Airbnb in two thousand and eight,
Speaker 6: want an affordable way to travel, and the most one
Speaker 6: of the most affordable ways to travel is to stay
Speaker 6: in a room in someone's house. That's how airbanbe started.
Speaker 6: The average room on Airbnb is only sixty seven dollars
Speaker 6: a night, but we talked to a lot of people
Speaker 6: and a lot of people said they weren't comfortable staying
Speaker 6: in a room in someone's house. Who's the other person
Speaker 6: I'm going to be staying with. So that's why we
Speaker 6: created this new thing called the host Passport. The host
Speaker 6: Passport is basically this really robust profile We verify the
Speaker 6: identity of every host and get you can get to
Speaker 6: know the host before you book. We also have really
Speaker 6: cool privacy features, like we show if the bathroom is
Speaker 6: share a private, and if there's going to be a
Speaker 6: lock in the bedroom door, So this is I think
Speaker 6: what we're trying to do. Additionally, we think this is
Speaker 6: a really good way to experience a local culture. If
Speaker 6: you want to go to a new city for the
Speaker 6: first time, this is a great way because you get
Speaker 6: to step in the shoes as someone who lives there.
Speaker 4: You of course invented Airbnb in the middle of the
Speaker 4: last recession, and here we are on the verge of
Speaker 4: another one, which you know, obviously not good for consumers,
Speaker 4: potentially not good for travel. How much is the economic
Speaker 4: climate impacting.
Speaker 2: This new release.
Speaker 6: It's absolutely impacting what people care about. A year ago,
Speaker 6: what people cared about primarily was flexibility, and so we
Speaker 6: launch air and B categories which allow you to inspire
Speaker 6: you to be able to travel beyond any place you
Speaker 6: can think. Now, I think the equations now people really
Speaker 6: really are focused on affordability more than the even we're
Speaker 6: a year ago.
Speaker 5: That's our roots.
Speaker 6: I mean, our roots are started in affordable travel, being
Speaker 6: on the share space, So this is what we're really
Speaker 6: focused on. We're also just really trying to focus on
Speaker 6: providing a great service. So we've been really obsessed over
Speaker 6: the feedback we're getting from customers. We've been pouring over
Speaker 6: millions of pieces of feedback from customer service. We've been
Speaker 6: talking to guests and hosts, and based on that, we've
Speaker 6: made over fifty core improvements to the service based on
Speaker 6: feedback directly from our community. And so hopefully if people
Speaker 6: use earing the summer, they'll find it's more affordable and
Speaker 6: even better level service.
Speaker 4: You're seeing that with simpler, more affordable monthly stays, you've
Speaker 4: got priority customer service, you've got more transparent and upfront pricing.
Speaker 4: I know you're using AI and machine learning to make
Speaker 4: a lot of this work on the back end. How
Speaker 4: are you thinking about the AI hype cycle and is
Speaker 4: it going to be as big as everyone says it's
Speaker 4: going to be, and what that means for Airbnb.
Speaker 6: It's probably going to be a lot bigger than everyone
Speaker 6: and says it's going to be. In every few years,
Speaker 6: there's new AI hypes, there's new technology hype cycle. But
Speaker 6: the reason why is because there have been technologies that
Speaker 6: have changed the world and change how we all live,
Speaker 6: the Internet, the personal computer revolution, Mobile AI will certainly
Speaker 6: be as big as all of them, maybe bigger than
Speaker 6: all of them combined. And I think this is just
Speaker 6: the very beginning. It's going to play out over a
Speaker 6: long period of time. It's happening quickly. It's going to
Speaker 6: change I think how people travel, it's going to change
Speaker 6: how we learn, It's going to change how we get
Speaker 6: care for. It's going to change a lot of things
Speaker 6: in society. What we're trying to do right now is
Speaker 6: number One, we want to use the tools to make
Speaker 6: everyone to air and be more productive. I don't think
Speaker 6: this will replace people initially as much as will augment
Speaker 6: people and make them more productive. Two, I think it
Speaker 6: can help customer service. We have a very complated customer
Speaker 6: service problem. We have millions of people living together every
Speaker 6: night from different countries. This will help augment our agents
Speaker 6: provide better service faster. And finally, AI can be like
Speaker 6: the ultimate matchmaker. Imagine if your app being almost like
Speaker 6: the ultimate concierge and they can match you whatever you're
Speaker 6: looking for. These are the near term things. Beyond that,
Speaker 6: it's really up to everyone's imagination. What you could do,
Speaker 6: kind of like the computer forty years ago.
Speaker 2: Call just about matching your talent for this new AI
Speaker 2: door and you say you want to be at the vanguard.
Speaker 2: Have you got the right people within the business to
Speaker 2: be building it for you.
Speaker 6: I absolutely think so. I mean, of course we're still hiring.
Speaker 6: If people are really great at this area, we certainly
Speaker 6: want to talk to them, But we have one of
Speaker 6: the we have a great team. I mean, we have
Speaker 6: people that have been working in this area for quite
Speaker 6: a long period of time. And the other thing I
Speaker 6: just want to say is there's many different layers the
Speaker 6: stack of AI. You have Open Ai or Google that
Speaker 6: are working on the base models. And we're not going
Speaker 6: to be a research lab building base models. That's like
Speaker 6: building bridges infrastructure. We'll build the cars on the bridge,
Speaker 6: so to speak, the applications. So what we're going to
Speaker 6: be really good at, I hope is building personalized layers
Speaker 6: on top of AI. We can tune the models and
Speaker 6: ultimately I want airbe to feel like the kind of
Speaker 6: company that it knows you, it understands you, it learns
Speaker 6: about your preferences, and I think that's what we can
Speaker 6: use AI for.
Speaker 2: What's interesting, We've got one of early back is coming on.
Speaker 2: Who's all about AI today? Ashton Kutch Show.
Speaker 6: Oh yeah.
Speaker 2: Also, we're thinking about how it can lead to more productivity,
Speaker 2: more profitability. Go back to your announcements that you're making
Speaker 2: in this economic environment, we are thinking about how you
Speaker 2: can be more profitable. You're saying how you can be
Speaker 2: more affordable, reducing fees. Does that ultimately impact your bottom line?
Speaker 6: In the longer term, I think the AI is going
Speaker 6: to affect everything. AI is going to make people significantly
Speaker 6: more productive. AI is going to be able to also
Speaker 6: allow things to happen that you could never have done
Speaker 6: without that technology. Again, it's a little hard to know
Speaker 6: exactly what it's going to affect. I think it's going
Speaker 6: to reduce the cost of our service. I think it's
Speaker 6: going to make the product significantly more efficient. It's going
Speaker 6: to allow engineers to be at least thirty percent more productive,
Speaker 6: eventually twice as productive. So that is the equivalent of
Speaker 6: reduction at fists costs or a lot more throughput. So
Speaker 6: those are the near term things we'll have. But beyond that,
Speaker 6: I think we're just getting started. I think we're at
Speaker 6: the beginning of something that we're probably many years from now,
Speaker 6: going to look back in this period of time and
Speaker 6: remember alive at this period and being in a seminal
Speaker 6: moment in history. That's what I think we're going to
Speaker 6: think about this period in Ai.
Speaker 4: Brian, You've been hosting guests in your own home for
Speaker 4: the first time and act, yeah, so excited. I got
Speaker 4: to take a peek. You're going to see that on
Speaker 4: my new show. I don't want to give too much away,
Speaker 4: but there were some Cheskey's chips involved. What are you
Speaker 4: learning from, you know, your own experience hosting, and how
Speaker 4: you want to integrate that back into Airbnb. You know,
Speaker 4: given you know what you've been hearing from hosts and guests,
Speaker 4: whether it comes to fees or affordability or privacy.
Speaker 6: I mean, you know, I always feel like companies that
Speaker 6: create great products create them for themselves because then you
Speaker 6: have total empathy. You understand what the data means. And
Speaker 6: I wanted to be a host again now. I was
Speaker 6: one of the first hosts of my roommate fifteen years
Speaker 6: ago in Airbnb, and as I started hosting again, I
Speaker 6: have people my house with me. They stay in the
Speaker 6: guest room, I'm there with them, and it really helped
Speaker 6: me understand Number one, trust and safety is paramount. You know,
Speaker 6: now verify the identity of every guest booking around the
Speaker 6: world on Airbnb. But it also helped me understand that
Speaker 6: we need to make hosting easy, and as we make
Speaker 6: the product easier for hosts, it will become a better
Speaker 6: experience for guests. I'll give you one example. A lot
Speaker 6: of people have complained about fees on Airbnb and host
Speaker 6: charging cleaning fees.
Speaker 5: Well, as I started hosting.
Speaker 6: I noticed that it was kind of complicated to figure
Speaker 6: out how much to charge, and we weren't doing a
Speaker 6: great job coaching hosts about how to provide a great
Speaker 6: value to guest. And as you use the product, you
Speaker 6: start to see these things and posting this actually helped
Speaker 6: lead some of the innovations that we announced yesterday.
Speaker 2: Brad Chesky, we thank you of Airbnb and of course
Speaker 2: our own Emily Chang.
Speaker 3: Let's go to AI. Earlier this week at Milky and
Speaker 3: actor and entrepreneur Ashton Kutcher said that companies not investing
Speaker 3: in AI will go out of business. But does that
Speaker 3: mean that all Way I startups are equally good investments.
Speaker 3: Here's what Cosla Ventures found of in our Cosla told
Speaker 3: us yesterday.
Speaker 5: Have a listen.
Speaker 7: I would say there's many more bad AI startups than
Speaker 7: good startups, and it's very hard to differentiate if you're
Speaker 7: not experienced with AI, so I do think lots of
Speaker 7: bad investments will be made, but overall more money will
Speaker 7: be made than lost, even if ninety percent of the
Speaker 7: startups fail, which they.
Speaker 3: Will sound ventures Ashton Kutscher joins us now for more
Speaker 3: and on his firm recently closing a day I fund
Speaker 3: oversubscribed about two hundred and forty million dollars. It's interesting
Speaker 3: action because you're really focusing on foundational models. That's what
Speaker 3: jumped out at me from the announcement. That's where a
Speaker 3: lot of people are putting their activity. Why so focused there?
Speaker 5: So we have multiple vehicles.
Speaker 8: Our core vehicle will be focusing on the application layer,
Speaker 8: and that's where there's going to be an absolute boom
Speaker 8: of innovation from business models that are being unleashed that
Speaker 8: were never possible before.
Speaker 5: But our core.
Speaker 8: AI fund that we basically we saw in November when
Speaker 8: GPT was launched. We've been investing in AI for the
Speaker 8: last seven years, several companies that are narrow AI companies
Speaker 8: that are application based. But when we saw GBT be launched,
Speaker 8: we realized that this was an absolute breakthrough and these
Speaker 8: foundational models are going to be the underpinning of the
Speaker 8: next absolute transformation for technology. When we first started investing
Speaker 8: in two thousand and eight two thousand and nine, it
Speaker 8: was right around the mobile revolution, and companies that didn't
Speaker 8: didn't embrace that in a forward basis really struggled. But
Speaker 8: it also unleashed extraordinary new business models that never could
Speaker 8: have existed before. When you had a GPS in your pocket,
Speaker 8: when you had a camera in your pocket, when you
Speaker 8: had a radio in your pocket, when you had all
Speaker 8: of that capability in your pocket, unleashed these business models
Speaker 8: that were never possible before. And what's about to happen
Speaker 8: because of these large transform of models that have so
Speaker 8: such extraordinary output, We're going to see innovation of business
Speaker 8: models that were never capable before that are that are
Speaker 8: about to be launched. Yes, and and and and that's
Speaker 8: that that is just going to be an absolute And
Speaker 8: what I said at Milken was that if you were
Speaker 8: a commerce company ten years ago and you didn't embrace
Speaker 8: e commerce, you're probably not in business anymore.
Speaker 5: And I firmly.
Speaker 8: Believe that if you're a company today and you're not
Speaker 8: embracing the changes that are taking place with AI, you're
Speaker 8: going to be behind and you're going to have a
Speaker 8: hard time catching up Ashton.
Speaker 3: I'm really interested in how quickly you moved on this
Speaker 3: thematic fund as well. Who are the LPs and how
Speaker 3: quickly did it come together?
Speaker 2: Uh?
Speaker 8: We we pulled the fund together in about five weeks.
Speaker 5: Wow.
Speaker 8: And we have an extraordinary We have a base of
Speaker 8: LPs that have been with us for years on end.
Speaker 5: So we have about a billion dollars.
Speaker 8: Under management at Sound Ventures and have been working with
Speaker 8: some really extraordinary LPs over the years, and so we
Speaker 8: reached out to them and said, hey, this is happening now.
Speaker 8: These large transformer models a lot of them. You look
Speaker 8: at open Ai, you look at Anthropic, you look at Stability.
Speaker 8: They didn't they didn't start yesterday. They've been around for
Speaker 8: a while. They've been building this. You look at what
Speaker 8: Google has been doing with deep Mind and Barred and
Speaker 8: those those companies have been in development for a while.
Speaker 8: What we've just seen is an extraordinary breakthrough where you
Speaker 8: can take a massive corpus of data and be able
Speaker 8: to index through it and again create statistical, highly likely
Speaker 8: outputs that are beneficial to humans. And these utilities are
Speaker 8: really really valuable. It's it is going to exponentially change.
Speaker 8: I agree with everything that Brian saying before I came on.
Speaker 8: This is going to change business forever, and we need
Speaker 8: to embrace it because right now this AI can be
Speaker 8: used to improve humanity.
Speaker 5: I actually look at.
Speaker 8: It as an equity and an inclusion play, where you know,
Speaker 8: as we commoditize things like legal advice, in medical advice
Speaker 8: and education and personalize those things down to the individual consumer,
Speaker 8: all of a sudden, people that can't get a doctor
Speaker 8: on the phone, or can't get a lawyer on the phone,
Speaker 8: or can't get a pediatrician on the phone, they're going
Speaker 8: to have access to these services and access to these
Speaker 8: services at an affordable price. Yeah, and I think that's
Speaker 8: extraordinary for humanity and extraordinary for all of us.
Speaker 2: It augments you mentioned education there, and I think about
Speaker 2: your exited portfolio company, cheg, which lost about half of
Speaker 2: its market value over the course of the week because
Speaker 2: already chat GPT is upending its own business model. What
Speaker 2: are you doing with your current portfolio, Ashton, to see
Speaker 2: around this corner to ensure that they are augmented rather
Speaker 2: then completely disrupted.
Speaker 8: So that was the very first thing that we did
Speaker 8: before we even thought about putting a vehicle together to
Speaker 8: invest in these things. Is we reached out to every
Speaker 8: one of our portfolio companies and said, how are you
Speaker 8: embracing this technology?
Speaker 5: How are you implementing this technology?
Speaker 8: And I think, I think maybe from my perspective, the
Speaker 8: what happened with CHEG the other day is somewhat short sighted.
Speaker 8: CHEG is implementing GPT four into their product they announced
Speaker 8: check Mate, and and I think a lot of the
Speaker 8: value is going to fall to the incumbents. So if
Speaker 8: you have an extraordinary product, you have consumers and you're
Speaker 8: implementing this, I think there, I think value is going
Speaker 8: to fall to some of those incumbents, and as it should.
Speaker 8: And don't dismiss the fact that a lot of these
Speaker 8: companies have extraordinary data sets that are their own proprietary
Speaker 8: data sets, and they'll tune their own models on top
Speaker 8: of these large transformer models, which will will create unique
Speaker 8: value propositions for consumers.
Speaker 2: Actually, the word that keeps coming up Timing time again
Speaker 2: is hype cycle and being able to see wood for
Speaker 2: the trees, but also being able to understand that this
Speaker 2: isn't kind of like crypto, where yes, there's still ultimate value.
Speaker 2: We see it with the OG's at Bitcoin but we
Speaker 2: have seen in up ending in valuations of NFTs an
Speaker 2: area that you were playing heavily in. How do you
Speaker 2: worry about some of the similarities there and how do
Speaker 2: you ensure that the same mistakes aren't remade.
Speaker 8: Well, I think the biggest mistake that was made in
Speaker 8: crypto was is and still is, just the absolute lack
Speaker 8: of clear cut regulations so people know what the rules
Speaker 8: are that they should be playing by. I think that
Speaker 8: there were a lot of companies that were assuming that
Speaker 8: blockchain technology could be used for a lot of different
Speaker 8: things that it really shouldn't have been used for. Look,
Speaker 8: it's a public ledger database, so it's really that blockchain
Speaker 8: is super valuable for any of transaction between two parties
Speaker 8: that don't trust one another. So if two parties don't
Speaker 8: trust one another, they want to transact, they want to
Speaker 8: transact out in the open, so everybody could see what
Speaker 8: that transaction is and have a consistent, constant, historic ledger
Speaker 8: of those transactions. It's really valuable for that. I actually
Speaker 8: think for artists that want to have enduring art out
Speaker 8: in the market and be able to timestamp this new
Speaker 8: piece of art as hey, I made this at this
Speaker 8: date and everything else that comes after that is derivative
Speaker 8: of that's it's extraordinarily valuable to have a public ledger
Speaker 8: for that. I think some of the tokenization that was
Speaker 8: taking place was really short sighted and pretty manipulative. But
Speaker 8: the biggest problem was there was there's been no clear
Speaker 8: regulation and there's.
Speaker 2: No clear regulation for AI either. Is that needed?
Speaker 8: Yes, it is needed, And I think that the most
Speaker 8: promising thing because by the way, it's not just needed,
Speaker 8: it's needed badly. And I think that we've seen some
Speaker 8: extraordinarily intelligent people that have come out and it said
Speaker 8: it's needed and we need to really focus on this.
Speaker 8: I think the companies that are building this recognize that
Speaker 8: regulation is needed.
Speaker 5: And I think, and what.
Speaker 8: I'm seeing is really promising is the founders of these companies,
Speaker 8: the founders of Stability, the founders of Entropic, the founders
Speaker 8: of open Ai, Google and otherwise are really forward thinking
Speaker 8: about what regulation should be because I don't think anybody
Speaker 8: wants this to be an unfettered market. And I think
Speaker 8: there are data privacy implications. I think there are data
Speaker 8: there's what is the value of the data? I think
Speaker 8: there's misinformation issues. I work really heavily in eliminating child
Speaker 8: sexual abuse material from the Internet. I think that's an
Speaker 8: issue that needs to be considered. I think biases need
Speaker 8: to be considered. I think that the traceability of this
Speaker 8: data needs to be considered. All of these things need
Speaker 8: to be considered. The good news is is that the
Speaker 8: founders these companies and the people that are building this technology,
Speaker 8: they're cognizant of it, they're proactive about it. They're considering
Speaker 8: what needs to be done and what good regulation would
Speaker 8: look like, because it's really hard if you don't understand
Speaker 8: how this technology works to understand how to regulate it.
Speaker 5: And the truth, there's a lot.
Speaker 8: Of people that are fear mongering on general artificial intelligence,
Speaker 8: and we're not there. We do not have general artificial
Speaker 8: intelligence yet. It's closer, and we need to be really
Speaker 8: considering what the implications of that are. But the benefits
Speaker 8: to society for the utilization of this technology are going
Speaker 8: to be extraordinary. And what we don't want to do
Speaker 8: is have it regulated in a way that puts it
Speaker 8: inside of a box in box and doesn't allow us
Speaker 8: to continue to innovate, because this isn't just happening domestically.
Speaker 8: This is happening all around the world, and the push
Speaker 8: towards general order official intelligence is going to happen. If
Speaker 8: not here, it's going to happen in China, it's going
Speaker 8: to happen all over the world, and the implications of
Speaker 8: it are.
Speaker 5: Going to be massive.
Speaker 8: So we don't amstring ourselves in a way where we
Speaker 8: are now behind and we're underneath the rock of somebody
Speaker 8: else's general AI. And so it needs to be done
Speaker 8: in an intelligent, thoughtful, proactive way. And the good news
Speaker 8: is that the founders of these companies recognize that, realize that,
Speaker 8: and are being proactive about it.
Speaker 2: Ashton Koscher, thanks for being proactive on the subject with us,
Speaker 2: Sam Venture's co founder general partner. And we're going to
Speaker 2: stick so much more with what's happening in the private markets,
Speaker 2: also what's happening in the public market. It's Etsy earnings
Speaker 2: out last night, first calling on revenue beating analyst estimates.
Speaker 2: Joining us now ever Core II analyst Shwedder Kajuria she
Speaker 2: has an outperform rating on the Etsy stop with one
Speaker 2: hundred and twenty dollars price target. But ultimately we're just
Speaker 2: talking about how AI is going to OpenD everything, and
Speaker 2: if you weren't an e commerce player back in the
Speaker 2: day that managed to pivot. How are you seeing Etsy
Speaker 2: navigate these current macro conditions?
Speaker 9: A Hi, thanks for having me well in terms of
Speaker 9: the In terms of Etsy platform, I first of all,
Speaker 9: just lay the land. We do have an outperform rating,
Speaker 9: but we also had a tactical underperform rating into the
Speaker 9: print into the year, which we don't have right now.
Speaker 10: Because we remain near from cautious on et Sea.
Speaker 9: And the biggest reason really is that the macro environment
Speaker 9: is very unclear. There is a lot of volatility and
Speaker 9: there is a lot of choppy waters that creates cloudiness
Speaker 9: in terms of lack of visibility of.
Speaker 10: What's to come and so ETS.
Speaker 9: Actually the management team did comment on discretionary spend being pressured.
Speaker 9: There's a mix shift of spend away from goods into services,
Speaker 9: and the lower household income folks are actually watching their
Speaker 9: spend even more closely and so they're feeling the pressure.
Speaker 9: And some two of their biggest categories are moment living
Speaker 9: in crafts and those are seeing pricing pressures as people
Speaker 9: are shifting away from higher priced items to low price items.
Speaker 10: All this put together and you.
Speaker 9: See pressure on ETS stop line growth and we did
Speaker 9: see that. So in the first quarter they did beat
Speaker 9: all the estimates. But the guidance for the second quarter suggests.
Speaker 10: Fairly muted trends.
Speaker 9: And most importantly, it is unclear what the back half
Speaker 9: of this year will bring, especially if we head into
Speaker 9: a deeper recession. So near term I remain cautious, but
Speaker 9: long term I'm bullish.
Speaker 3: On the platform, Sweer, good morning to you. I mean,
Speaker 3: a lot of your cell side colleagues complemented ETS on
Speaker 3: its execution in that tough macro environment. They complemented ETS
Speaker 3: on how they communicated guidance. But the stocks down significantly.
Speaker 3: Why are they not being rewarded for that?
Speaker 10: Well, because the execution has been good. This is a
Speaker 10: stellar management team.
Speaker 9: They've done a fantastic job in terms of turning around
Speaker 9: at Sea over the past several years.
Speaker 4: Now.
Speaker 9: The challenge is that there's not a ton of clarity
Speaker 9: on the back half.
Speaker 10: If we just take what the guidance calls for in
Speaker 10: the second quarter, it is calling for a.
Speaker 9: Europear decline, meaningful decline at the low end of their guide,
Speaker 9: and then some some growth at the high end of
Speaker 9: their guide.
Speaker 10: And so what that tells us is that the back
Speaker 10: half we could potentially see low single digit growth rate
Speaker 10: in GMS grow and then what does that tell us
Speaker 10: about next year? And I think that's that's what's creating
Speaker 10: uncertainty among among investors.
Speaker 9: And then just one more point, there are definitely great
Speaker 9: things to call out, and that's what probably some of
Speaker 9: the other other folks were talking about. His new buyer
Speaker 9: growth came in strong, they reactivated a lot of new
Speaker 9: other buyers as well.
Speaker 10: Those were those were pretty strong metrics.
Speaker 9: But at the same time, habitual buyers, which down for
Speaker 9: about forty three percent of their GMS, came in lighter
Speaker 9: than we thought. And that's that's something not to miss
Speaker 9: as well.
Speaker 3: Schwideck, cojerior of Evical Things, Etsy, thank you so much. Now,
Speaker 3: coming out the Biden administration meeting with CEOs from the
Speaker 3: top AI names pressuring them to implement safeguards for the
Speaker 3: emerging technology, We're going to talk to Adam wensch Or,
Speaker 3: co founder CEO of Arthur about the tools necessary to
Speaker 3: navigate the risks in artificial intelligence. From San Francisco and
Speaker 3: from New York. This is Bloomberg.
Speaker 2: Welcome back to Bloomberg Technology. I'm Caroline hired in New.
Speaker 3: York and I'm ed Ludlow in San Francisco. Let's turn
Speaker 3: to Qualcom learnings, where the largest maker of smartphone process
Speaker 3: is offered a disappointing outlook on demand for mobile phones.
Speaker 3: Joining us here in San Francisco, Cunjan Sabani of Bloomberg Intelligence.
Speaker 3: I look at the forecast eight point one billion dollars
Speaker 3: to eight point nine billion dollars for the fiscal third
Speaker 3: What does that tell us about the recovery for qua
Speaker 3: COM's end markets?
Speaker 11: And my mentor al is used to tell me, the
Speaker 11: longer the party, the bigger the hangover. And that's what
Speaker 11: exactly is happening here. Smartphone makers are not drawing down
Speaker 11: in inventry as fast as the company expected, and it's
Speaker 11: driven by lack of visible signs of demand coming back.
Speaker 11: So you have this combination of high inventories and low
Speaker 11: demand that's causing really the pain.
Speaker 5: Longer the party, bigger the hangover. Remember that one.
Speaker 3: I guess that our expectations at the beginning of this
Speaker 3: year were the inventories would clear up in the second quarter.
Speaker 3: What do we now think is going to happen in
Speaker 3: the rest of the year for the smartphone market, but
Speaker 3: also Quowcomm in particular.
Speaker 11: So we expected the first half to be the bottom,
Speaker 11: which now looks to be kind of pushed out, and
Speaker 11: we don't think the recovery will come until the fourth quarter.
Speaker 11: There is no current trigger for the demand. The next
Speaker 11: trigger will be in September when Apple launches his flagship
Speaker 11: device and then going into December in the holiday season
Speaker 11: that generally spurs up demand. So until then, there is
Speaker 11: no clear trigger for demand to come back.
Speaker 3: The CFO mentioned their modem only customer, which is code
Speaker 3: for like Apple wink wink, and I think the idea
Speaker 3: is they've done a big order earlier in the year.
Speaker 3: Bloomberg Intelligence, you also spotted something about China. What are
Speaker 3: we learning about quowcom in China?
Speaker 11: So China is a big market for them. It's over
Speaker 11: fifty percent exposure for them. So like China had was
Speaker 11: the last to go in lockdowns, and that's where the
Speaker 11: demand has not come back yet. So when we look
Speaker 11: at China data, we were expecting that coming second quarter calendar,
Speaker 11: second quarter demand will start picking up, but we're not
Speaker 11: seeing the signals for it to come back. And again
Speaker 11: it's that we are no longer in the supply constraint environment,
Speaker 11: so smartphone manufacturers don't have the incentive to overorder ahead
Speaker 11: in anticipating demand ahead.
Speaker 3: Let's go back to Apple really quick that that commentary
Speaker 3: around modemon only ordering earlier. How did that impact the
Speaker 3: guide going forward?
Speaker 11: So typically they would start ordering up for the September launch,
Speaker 11: but because they had ordered over ordered ahead, they have
Speaker 11: enough inventory and they're trying to order in time looking
Speaker 11: at near term demand instead of overordering.
Speaker 3: Conjen Sabani new to the team here at Bloomberg Intelligence, Caroline.
Speaker 2: Great conversation, and let's well go back to artificial intelligence again,
Speaker 2: shall we, because look, it's important on Capital Health President
Speaker 2: Kamala Harris of course, well meet with leaders of major
Speaker 2: AI companies including Google, Microsoft, Open Ai to address the
Speaker 2: risks that can mitigate from their systems. QAI company Arthur
Speaker 2: launching its new service called Arthur Shield Look. It acts
Speaker 2: as a firewall to protect firms against the risks posed
Speaker 2: from large language models like chatchipt afur CEO Anam Winschel
Speaker 2: joins us now to discuss in the news day in,
Speaker 2: day out, is the opportunity around artificial intelligence, but the
Speaker 2: nerves around it too is Kamala Harris is currently discussing
Speaker 2: what worries are you seeing with your clients. You serve
Speaker 2: some of the biggest banks, you serve some of the
Speaker 2: key companies department defense. How is chat ChiPT becoming a
Speaker 2: risk for them?
Speaker 5: Absolutely?
Speaker 12: So, I think you know, the first thing is they
Speaker 12: see the opportunity. Right there's you know, studies that have
Speaker 12: shown that in certain job families they can get up
Speaker 12: to a fifty percent increase in productivity, which is just
Speaker 12: a game changer. But in the rush to kind of
Speaker 12: adopt it and take advantage of those those benefits, they
Speaker 12: run into a lot of walls. And those things include
Speaker 12: the fact that it makes things up with some people
Speaker 12: term hallution and nations, the fact that it can leak
Speaker 12: back sensitive data that it was trained on or that
Speaker 12: it was asked about. The fact that sometimes it can
Speaker 12: return toxic or responses that aren't value aligned with your organization.
Speaker 12: And so, you know, we're helping our customers solve these
Speaker 12: problems so that they can take advantage of this game
Speaker 12: changing technology.
Speaker 2: Describe how that happens, because there are rivals to open Aiyes,
Speaker 2: chat GPT looking at at least showing you where the
Speaker 2: information has come from. How do you ensure that when
Speaker 2: we get incorrect information or indeed we're worried about data leaks,
Speaker 2: we're flagged.
Speaker 12: Yeah, absolutely so, I mean these models fundamentally, they don't
Speaker 12: contain all the data they were trained on. They contain
Speaker 12: sort of some like really efficient summaries of it, right,
Speaker 12: and so they don't really know what's true and what's
Speaker 12: not true.
Speaker 5: What they know is what is.
Speaker 12: Probably could be likely to be true. And as they're
Speaker 12: making these determinations, there are certain flags and signals which
Speaker 12: you can key off of to Jenet to decide like
Speaker 12: what are the how confident are we that this model
Speaker 12: knows what it's talking about. And that's what our research
Speaker 12: team has developed is the way to to really kind
Speaker 12: of set threshold and block things that you know you
Speaker 12: really shouldn't be confident are correct. Because these are getting
Speaker 12: deployed into legal and medical contexts and you know, business
Speaker 12: people and uh, you know when you're when you're deploying
Speaker 12: them in this way and people are actioning off them,
Speaker 12: there's real consequences to having misinformation out there.
Speaker 2: How many of your clients just want to now add
Speaker 2: out bad of open ais chat GIPT within the four
Speaker 2: walls of their businesses or virtual four walls, because we
Speaker 2: just saw it was Samsung for example.
Speaker 12: Yeah, the majority of them absolutely there. You can't use
Speaker 12: the public open AI. They're starting to be able to
Speaker 12: stand it up with inside of Microsoft Azure Security Zone.
Speaker 12: But even that, there's there's a number of problems that
Speaker 12: come with that because ultimately, what these firms want to
Speaker 12: do is be able to take something like a chat GPT,
Speaker 12: but then train it on augment it with training it
Speaker 12: on their own data so that they can ask it
Speaker 12: questions that are you know, more informed by their their
Speaker 12: business knowledge, and that's one of the areas where you know,
Speaker 12: leaking that data back in the wrong context can be
Speaker 12: really harmful and really damaging.
Speaker 2: What ED seems to be in every part of our
Speaker 2: conversation is the pros and the cons here we just
Speaker 2: heard it from Ashton Kutsher. We're now talking about really
Speaker 2: cyber can be helped and hindered by.
Speaker 3: This, right, Yeah, Adam, I'm interesting for your take on this.
Speaker 3: So as at RSA conference last week and everyone's talking
Speaker 3: about generative AI balance between how useful it's going to
Speaker 3: be in making data secure and tracking attacks versus how
Speaker 3: dangerous it is in the hands of bad actors, author
Speaker 3: sits at the kind of the intersection of that.
Speaker 12: What's your view, Yeah, absolutely, I think Look, the risks
Speaker 12: around it are just beginning to be understood as it's
Speaker 12: rolled out in some of these large applications, and so
Speaker 12: I think we're sort of in the early days of
Speaker 12: really figuring out how to effectively operationalize lms and the
Speaker 12: benefits they bring. But even in the early days, we've
Speaker 12: seen lots of examples of all sorts of problems that,
Speaker 12: you know, just just make it prevent people from putting
Speaker 12: it into production without the appropriate safeguards.
Speaker 3: So Vice President Harris is welcoming all these great names
Speaker 3: across Open AI Microsoft today to have a conversation about
Speaker 3: artificial intelligence. When industry participants like you see something like that,
Speaker 3: what do you actually expect to come out of it?
Speaker 12: Yeah, Look, I think it's a it's a great first step,
Speaker 12: and there's a lot of value in convening that and
Speaker 12: certainly there's a really important role for the government to
Speaker 12: play in this, and so I'm glad the conversation is
Speaker 12: getting started. My hope is that they also, you know,
Speaker 12: solicit the opinions of not just the people making the technology,
Speaker 12: but those who.
Speaker 5: Are part of the process.
Speaker 12: Of actually deploying it in the world and making sure
Speaker 12: that it works properly and that it and that it
Speaker 12: you know, serves its purpose in a credible and unharmful way.
Speaker 3: All right, thanks to Adam Wench or Arthur co founder,
Speaker 3: and see.
Speaker 9: That.
Speaker 2: We keep talking about the macro, We keep talking about
Speaker 2: the banking fallout as it continues to be a crisis,
Speaker 2: how that's impacting startups general to AI apparently seems to
Speaker 2: be some sort of green shoot for the venture capitalists
Speaker 2: out there and in terms of the industry, but there's
Speaker 2: perhaps a broader area higher growth potential the female economy,
Speaker 2: from women's health, tech to e commerce and much more.
Speaker 2: That's the topic of Monique Woodard's white paper out today
Speaker 2: and it's called Finding Alpha the Trillion Dollar Female Economy.
Speaker 2: Kate Lynch's founding partner and managing director Money wood joins
Speaker 2: us right now and great to welcome you back. Many
Speaker 2: talk to us about sort of the focus you have,
Speaker 2: What problems do you want to solve for women that
Speaker 2: you think is so highly advantageous for investment too.
Speaker 13: Absolutely so, investors are always looking for these growth markets,
Speaker 13: and I think that women are an emerging consumer that's
Speaker 13: emerged for quite some time. Women are now now control
Speaker 13: eighty five percent of consumer spending, they control a significant
Speaker 13: amount of assets, and that number is expected to triple
Speaker 13: over the next decade. And that points to a few
Speaker 13: different things. It points to opportunities in consumer retail and
Speaker 13: e commerce, of course, but also things like women help,
Speaker 13: women's health, semtech, and the care economy. We have to
Speaker 13: figure out how both care and work get done as
Speaker 13: more women enter the workforce and start to move up
Speaker 13: the ladder.
Speaker 2: You name check some companies Maven Health of course, which
Speaker 2: has been proven, and Unicorn and Resilient in this headwind
Speaker 2: macro headwind kind of environment. You mentioned him in hers
Speaker 2: carot fertility. I'm interested, though, like why write this white paper?
Speaker 2: We talk a lot about well, the need to invest
Speaker 2: in women, the need for female investors, people who look
Speaker 2: like you managing the money, and yet ultimately things don't
Speaker 2: really change. What did you need to spell out here
Speaker 2: that was different?
Speaker 13: So the problem is twofold. You do have the problem
Speaker 13: of not enough investors investing in companies led by women
Speaker 13: founders and CEOs. But I also think there is an
Speaker 13: opportunity to show people that, look, there is a massive
Speaker 13: consumer market here that is being underinvested in, and we
Speaker 13: are under investing in companies and products that solve the
Speaker 13: problems and meet the needs of female consumers. And I
Speaker 13: think that is a really interesting opportunity to try to solve.
Speaker 13: People don't, especially investors, don't change their behavior based on
Speaker 13: things that are nice to do. They change their behavior
Speaker 13: based on the movement of capital markets and discovery of
Speaker 13: new growth markets.
Speaker 3: On that note, Manie, how actively have you discussed your
Speaker 3: thesis with your LPs, with other vench capital piers to
Speaker 3: try and make this into something more substantive in terms
Speaker 3: of deploying capital extremely active.
Speaker 13: It's the second layer of the cake ventures thesis, So
Speaker 13: cake ventures investing companies that touch areas of demographic change
Speaker 13: that are changing technology. The second layer of the cake
Speaker 13: is the increased spending power of women, and I have
Speaker 13: been very open about that with both my pis the
Speaker 13: companies that I invest in, and I think that's why
Speaker 13: founders want to work with me. They know that I
Speaker 13: understand that this is not just a niche. It is
Speaker 13: moving women are moving into you know, a majority position
Speaker 13: in a lot of in a lot of ways, and
Speaker 13: that presents a really compelling opportunity for both my investors
Speaker 13: in the fund and founders who are building businesses.
Speaker 3: Monique, how is the ongoing regional banks crisis impacting you
Speaker 3: your firm but also your portfolio companies?
Speaker 13: Yeah, it's it's you know, candidly, First Republic is my bank.
Speaker 13: I also have portfolio companies who banked with Silicon Valley Bank.
Speaker 13: But looking broadly at the challenges that we've seen with
Speaker 13: Silicon Valley Bank, First Republic and now potentially path West,
Speaker 13: you know, I think the public has has started to
Speaker 13: see these as very high dollar venture capital problems. When
Speaker 13: regional banks are are, you know, providers to small and
Speaker 13: medium sized businesses all over America and these are their customers.
Speaker 13: I think it's become a challenging position that startups and
Speaker 13: small businesses and venture capitalists are all in and I
Speaker 13: think that we need regional banks.
Speaker 10: We need We.
Speaker 13: Don't need more consolidation. But I am very excited that
Speaker 13: JP Morgan is now taking over the First Republic. But
Speaker 13: we do need those regional banks to exist. You also
Speaker 13: worry about carry on, Sorry, I also worry about you know,
Speaker 13: how it will affect underrepresented founders, women founders, women who
Speaker 13: lead venture capital funds and the like.
Speaker 2: Yeah, access equality basically, and the worry that we revert
Speaker 2: to pass behavior. I'm interested in how you're finding those
Speaker 2: portfolio companies that you have back that are led by minorities.
Speaker 2: Are they getting follow on checks or indeed are they
Speaker 2: having to trim more than most? Are they well savvy
Speaker 2: with cash in this current environment to be able to
Speaker 2: weather this macro headwindstorm.
Speaker 13: I find women led companies and companies led by underrepresented
Speaker 13: founders to be really resilient in times of crisis, and
Speaker 13: I think that we are in a time of crisis,
Speaker 13: and I think those companies are proving themselves to be
Speaker 13: incredibly resilient. Unfortunately, many of them never had the kind
Speaker 13: of access to capital that their peers did and so
Speaker 13: learn to do more with left and so I think
Speaker 13: that is created extremely strong companies that will weather the storm.
Speaker 13: But you know, they are still firmed out here like
Speaker 13: myself and like Cake Ventures, that are actively investing in
Speaker 13: women and founders entrepreneurs of all types.
Speaker 2: Mynie, what I could always talk longer for you. Thank you.
Speaker 2: Kate bench, A's founding partner and managing director, such a
Speaker 2: great conversation. Mean while coming up ed so much more
Speaker 2: to do with you from Weimo says it's ready to
Speaker 2: expand right giving riders in San Francisco and Phoenix area
Speaker 2: what options to get around town. We're going to talk
Speaker 2: a bit about dating too with a Waymochief Product.
Speaker 3: Officer ed, Yeah, that's saswap panigrah. We're going to talk
Speaker 3: about that. Keeping our eyes though right now in Ali
Speaker 3: barber Is, its international online shopping unit, is looking at
Speaker 3: a US initial public offering is it weighs its options
Speaker 3: to spur growth for that business, and that includes major
Speaker 3: e commerce brands LAZARDA and Ali Express, the firms in
Speaker 3: the early stages of consideration around the IPO size, which
Speaker 3: is yet to be determined.
Speaker 2: This is Bloomberg, the biggest US IPO since twenty twenty one,
Speaker 2: and shares are popping as they start trading. Health company
Speaker 2: ken View has begun its trading as a independent company
Speaker 2: from J and Jay and shares run the Rise tailan
Speaker 2: old band aid all the sexy stuff ed current up
Speaker 2: for grabs and it looks as though there's some interest
Speaker 2: in this particular stock after what has been kind of
Speaker 2: a drought in the overall world of initial public offerings.
Speaker 2: It was upsized.
Speaker 5: Yeah.
Speaker 3: Look, the shares opened at twenty five dollars fifty three
Speaker 3: cents to share. They're kind of floating around that level.
Speaker 3: Three point eight billion dollars raised from the IPO, biggest
Speaker 3: since twenty twenty one. As you say, care, remember this
Speaker 3: was Johnson and Johnson's consumer health business. They're essentially spinning
Speaker 3: it off. But this is one that we've been waiting
Speaker 3: for a little bit of activity in the IPO market.
Speaker 2: Yeah, gold Mas, Sachs, JP, Morgan Bank of America are
Speaker 2: leading this particular charge on the IPO front. I remember
Speaker 2: this is a company that still perhaps has some overhanging concerns,
Speaker 2: legal concerns. Ken You already has been sued over TALC
Speaker 2: injury claims. In caution, it might be subject to claims
Speaker 2: arising outside the US and Canada. But I got to
Speaker 2: say it, I unfortunately was dosing up my kid with
Speaker 2: taalanol last night. I was usering listery in this morning.
Speaker 2: These things are pretty pretty resilient in the face of
Speaker 2: economic headwinds.
Speaker 5: Yeah.
Speaker 3: Well, it will continue to monitor Chem shares throughout the
Speaker 3: hour as they begin trading here on Bloomberg Television now
Speaker 3: Alphabet's waymos as it plans to expand its self driving
Speaker 3: taxi service in its two main markets. Customers in the
Speaker 3: Greater Phoenix area of Scottsdale and other neighboring cities will
Speaker 3: be able to hail Rise from waymost driverless cars. Service
Speaker 3: will also offer trips in new neighborhoods here in San Francisco.
Speaker 3: Joining us now with the details is Saswat Panagrahi, Weaymo's
Speaker 3: chief product officer. Welcome to the program, Saswat. That's the expansion. Okay,
Speaker 3: so how do we now start measuring progress for WEIMO?
Speaker 5: Yeah, hey, Ed, great to be with you.
Speaker 14: Yeah, it's an exciting time.
Speaker 3: You know.
Speaker 14: We have been the first company to open up in
Speaker 14: the first right healing service to the public, now expanding
Speaker 14: it to the largest contiguous service area on the planet
Speaker 14: with av access, the first to serve airports and we're
Speaker 14: expanding that and in San Francisco, as you did, we're
Speaker 14: expanding that as well. So what you can expect from
Speaker 14: us is we cross ten thousand trips are fully outumum
Speaker 14: strips to riders and we were going to tenext that
Speaker 14: over the course of the next year, roughly by about
Speaker 14: next summer, so more cities, more occasions, more riders the
Speaker 14: same way MO Rider.
Speaker 3: Have you set a date or a target for full
Speaker 3: commercial deployment in any of these markets?
Speaker 14: Ed, I would say in Phoenix we are in a
Speaker 14: full commercial deployment. You just download the app and ride.
Speaker 14: There's no wait lists, there's no NDA, there's no approvals,
Speaker 14: you just download the app and ride. So to give
Speaker 14: you an idea, during Super Bowl, we work with the
Speaker 14: host committee to deal with all the riders and visitors
Speaker 14: to Super Bowl. So that's pretty massive scale already. And
Speaker 14: now that if you look at it, we're covering most
Speaker 14: of major metro Phoenix and anybody can download an app
Speaker 14: and rider, and we're seeing pretty healthy ridership as well
Speaker 14: as engagement as well as retention. So I would say
Speaker 14: it's pretty commercial in Phoenix already full commercial deployment.
Speaker 5: No sorry, SATISFI continue.
Speaker 8: Yeah.
Speaker 14: And in San Francisco we have done of thousands of
Speaker 14: riders in our waitlist. We're waiting for a paid permit
Speaker 14: to be able to begin charging them, but we're still
Speaker 14: offering almost the entirety of the city and today have
Speaker 14: opened up North Beach as well as fishermen's work some
Speaker 14: of the busiest locations of San Francisco to trust testers
Speaker 14: as well.
Speaker 3: There's a lot of discussion at the moment around ours
Speaker 3: fisheral intelligence. My first exposure to that field was talking
Speaker 3: about machine learning in the context of training the perception
Speaker 3: side and the compute side of self driving. So what
Speaker 3: are you doing in the field of AI. How are
Speaker 3: you ramping up? Are you using lllms to improve your
Speaker 3: existing technology?
Speaker 14: Yeah, Ed, I mean we have been focusing on machine
Speaker 14: learning for a very very long time and it's in
Speaker 14: every part of our stack. Everything from perception, like you
Speaker 14: mentioned on how we perceive the world, how we predict
Speaker 14: other people's behavior, being able to distinguish when a pedestrians
Speaker 14: is standing by a curb but not intending to cross
Speaker 14: versus crossing. Also in how we plan how we drive
Speaker 14: through in every part of it that are deep learned
Speaker 14: models all across our stack. We're also in simulation as
Speaker 14: well as in validation, for example simulating rain, fog and
Speaker 14: those things. There's a tremendous amount of machine learning and
Speaker 14: we're staying at the cutting edge of it with our
Speaker 14: research and have published some of it as well.
Speaker 3: All right, thank you, disessat panagra he Weimo's chief product office.
Speaker 3: We'll get both of us in a Weymo car very
Speaker 3: seeing Caroline.
Speaker 2: Excited for it. Meanwhile, while we always talk about cars
Speaker 2: with Apple, but then it seems to be quite on
Speaker 2: the horizon, let's talk about the here and the now.
Speaker 2: The earnings are out after the ball for a preview,
Speaker 2: let's go to mark Gum and then we're likely to
Speaker 2: see sales drop again.
Speaker 15: Yeah, there will be no Apple car announced today during
Speaker 15: earnings Like you said, in terms of Apple earnings today, yeah,
Speaker 15: we're likely looking at another five percent sales decline. Don't
Speaker 15: take my word for it. That's what Apple said would
Speaker 15: be the case when it provided its color on the
Speaker 15: current quarter during its last earnings call.
Speaker 9: Right.
Speaker 15: Traditionally they like to go a little bit under to
Speaker 15: show more of a beat. But it does seem likely
Speaker 15: based on everything that Wall Street is saying, combined with
Speaker 15: what Apple is saying, that we are likely in for
Speaker 15: revenue around ninety two billion, which would be a decline
Speaker 15: from around ninety seven point three billion reported in the
Speaker 15: year ago quarter. This will be the second quarter in
Speaker 15: a rower Apple's going to show an annual decline. So
Speaker 15: that's something that's obviously concerning. Last quarter around they had
Speaker 15: a bit of an explanation, right, the iPhone fourteen pro
Speaker 15: had major supply chain constraints. They were just not able
Speaker 15: to produce produce them because of the COVID zero policies
Speaker 15: at the time in China. Now I'm curious to see
Speaker 15: what they're going to say the reason for this decline
Speaker 15: is whether that's the economy. Maybe they're supply chain issues
Speaker 15: we don't know about. So we'll be interested to see
Speaker 15: how that goes later today.
Speaker 2: I'll wait to see you on the blog, Mark German,
Speaker 2: We thank you. Meanwhile, well we've got some action in
Speaker 2: the IPO market, don't we add finally the popping of Kenvy.
Speaker 1: Yeah.
Speaker 3: Look, we're still trading around that twenty five dollars fifty
Speaker 3: cents mark, but eagerly anticipates we finally got a big ipo,
Speaker 3: the biggest since twenty twenty one.
Speaker 2: That does it for this edition of Bloomberg Technology Ed.
Speaker 3: Yep, don't forget recap the podcast. Wherever you get yours.
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