1 00:00:01,520 --> 00:00:04,680 Speaker 1: From Marhart where Innovation, Money and Power. 2 00:00:04,400 --> 00:00:06,800 Speaker 2: Collie in Silicon Valley, NBN. 3 00:00:07,120 --> 00:00:11,160 Speaker 3: This is Bloomberg Technology with Caroline Hyde and Ed Ludlove. 4 00:00:24,680 --> 00:00:27,600 Speaker 4: I'm Caroline Heidel Bloomberg's world headquarters in New York, and 5 00:00:27,680 --> 00:00:29,280 Speaker 4: I Med Ludlow in San Francisco. 6 00:00:29,400 --> 00:00:31,600 Speaker 2: This is Bloomberg Technology. 7 00:00:31,160 --> 00:00:32,520 Speaker 5: Coming up the PC slump. 8 00:00:32,600 --> 00:00:35,040 Speaker 4: It continues HP fours by the most and at one 9 00:00:35,040 --> 00:00:38,240 Speaker 4: point three years, calling its profit outlook. We're going to 10 00:00:38,240 --> 00:00:42,239 Speaker 4: bring you the state of consumer Electronics, and. 11 00:00:42,240 --> 00:00:44,239 Speaker 2: As Apple sets a date for the launch of the 12 00:00:44,240 --> 00:00:49,600 Speaker 2: iPhone fifteen, Huawei unveils a sophisticated but mysterious new smartphone 13 00:00:49,640 --> 00:00:52,839 Speaker 2: that's captivated China's tech industry. Full coverage on both those 14 00:00:52,880 --> 00:00:54,000 Speaker 2: stories ahead, and. 15 00:00:53,920 --> 00:00:55,480 Speaker 4: We're going to be hearing, of course from the CEO 16 00:00:55,560 --> 00:00:58,840 Speaker 4: Grayscale sitting down also with the leaders of Ford, Prow 17 00:00:59,040 --> 00:01:03,080 Speaker 4: and Bosh talking a state of evs, of semiconductors and 18 00:01:03,160 --> 00:01:05,760 Speaker 4: so much more. The first limbag's Brodie Ford, who of 19 00:01:05,840 --> 00:01:08,680 Speaker 4: course been all eyes on HP and interesting on the 20 00:01:08,760 --> 00:01:10,920 Speaker 4: day that we also get HP that seems a little 21 00:01:10,920 --> 00:01:14,280 Speaker 4: bit more optimistic about business spending. But is this all 22 00:01:14,319 --> 00:01:16,080 Speaker 4: about more the corporate than the consumer? 23 00:01:16,120 --> 00:01:17,360 Speaker 5: When it comes to HP. 24 00:01:18,280 --> 00:01:21,000 Speaker 6: So it's been this PC apocalypse for a year now. 25 00:01:21,160 --> 00:01:23,240 Speaker 6: You know, it's been a long time of companies saying 26 00:01:23,920 --> 00:01:26,479 Speaker 6: it's bottoming out, people are gonna start buying computers again, 27 00:01:26,520 --> 00:01:28,200 Speaker 6: and it just keeps getting pushed back. And you have 28 00:01:28,280 --> 00:01:31,480 Speaker 6: this question about is the consumers the enterprise? For a while, 29 00:01:31,520 --> 00:01:35,160 Speaker 6: I think people have assumed, Okay, consumers aren't buying computers 30 00:01:35,200 --> 00:01:38,440 Speaker 6: as much, that's okay, but businesses still will. But what 31 00:01:38,520 --> 00:01:41,440 Speaker 6: was really concerning in last night's report was that enterprise 32 00:01:41,600 --> 00:01:44,319 Speaker 6: was continuing to get a little weaker. And the reasons 33 00:01:44,360 --> 00:01:46,959 Speaker 6: for that is the kind of macro fears that every 34 00:01:47,000 --> 00:01:49,200 Speaker 6: business feels, right aid, do we really want to spend 35 00:01:49,280 --> 00:01:50,160 Speaker 6: some money right now? 36 00:01:50,440 --> 00:01:51,920 Speaker 2: But also because of layoffs. 37 00:01:52,000 --> 00:01:54,640 Speaker 6: Right you hire somebody new, you buy them a laptop 38 00:01:54,800 --> 00:01:59,120 Speaker 6: very often, so you're less hiring people, you're less buying laptops. 39 00:02:00,040 --> 00:02:02,200 Speaker 2: And I think, Bradie, this thing about this story is 40 00:02:02,240 --> 00:02:06,920 Speaker 2: that HB basically said, like the PC demand picture is improving, 41 00:02:07,520 --> 00:02:10,320 Speaker 2: it's just not improving as much or as quickly as 42 00:02:10,360 --> 00:02:12,440 Speaker 2: we thought it was going to correct or that they 43 00:02:12,480 --> 00:02:15,919 Speaker 2: said there was going to. Then there's the print business, 44 00:02:16,000 --> 00:02:18,880 Speaker 2: which we never really talk about that actually was a 45 00:02:18,880 --> 00:02:21,440 Speaker 2: big disappointment, right, that's correct. 46 00:02:21,520 --> 00:02:25,279 Speaker 6: Yeah, the print business was hurt because I think, especially 47 00:02:25,440 --> 00:02:28,080 Speaker 6: because of the weaker yen, some of the Japanese makers 48 00:02:28,080 --> 00:02:30,760 Speaker 6: of printers were able to price better. And that's a 49 00:02:30,760 --> 00:02:34,240 Speaker 6: big part of this story across computer and printer is 50 00:02:34,280 --> 00:02:37,799 Speaker 6: that every single manufacturer is having this problem right now. 51 00:02:37,919 --> 00:02:40,080 Speaker 6: Most of them are sitting on a bunch of inventory 52 00:02:40,160 --> 00:02:42,800 Speaker 6: that it's you know, getting older every single day, and 53 00:02:42,880 --> 00:02:45,000 Speaker 6: so prices are really coming down. So I mean, if 54 00:02:45,040 --> 00:02:47,399 Speaker 6: you are looking to get a new laptop right now 55 00:02:47,400 --> 00:02:50,280 Speaker 6: going into the holiday season, the general thought is they 56 00:02:50,320 --> 00:02:52,680 Speaker 6: are going to be dumping a lot of material, a 57 00:02:52,680 --> 00:02:56,560 Speaker 6: lot of inventory for lower prices, and good for consumer, 58 00:02:56,840 --> 00:02:58,840 Speaker 6: not so good for a corporate earnings report. 59 00:02:59,120 --> 00:03:02,200 Speaker 4: Look at that print to pictures that we have not 60 00:03:02,280 --> 00:03:05,000 Speaker 4: using that nearly enough. Berdie, I like that you mentioned 61 00:03:05,040 --> 00:03:06,480 Speaker 4: the yen, and I like therefore that it sort of 62 00:03:06,480 --> 00:03:10,160 Speaker 4: takes us global. Yeah, because there is some weakness in China. 63 00:03:10,320 --> 00:03:13,880 Speaker 4: How global a picture is HP trying to paint us 64 00:03:13,919 --> 00:03:16,000 Speaker 4: here because we get very focused on the US, particularly 65 00:03:16,040 --> 00:03:17,519 Speaker 4: with the GDP data today. 66 00:03:17,880 --> 00:03:19,480 Speaker 6: Yeah, they said that's a big part of it is 67 00:03:19,760 --> 00:03:23,639 Speaker 6: weakness in China. It's economic weakness, but I didn't get 68 00:03:23,680 --> 00:03:27,079 Speaker 6: the sense that that was a really major factor. I 69 00:03:27,120 --> 00:03:29,919 Speaker 6: think that was part of the main constellation of factors. 70 00:03:30,280 --> 00:03:33,160 Speaker 6: I think the piece that was most concerning is that 71 00:03:33,240 --> 00:03:36,119 Speaker 6: businesses aren't buying new computers in the way that they expected. 72 00:03:36,160 --> 00:03:38,600 Speaker 6: I think earlier in the year it was that, hey, 73 00:03:38,680 --> 00:03:40,200 Speaker 6: as we get to the back half of the year, 74 00:03:40,320 --> 00:03:43,280 Speaker 6: the economic picture will improve. We got back to school sales, 75 00:03:43,280 --> 00:03:46,280 Speaker 6: we got Christmas, life will be good. And it just 76 00:03:46,320 --> 00:03:49,160 Speaker 6: hasn't quite panned out that way. And so, yeah, weakness 77 00:03:49,160 --> 00:03:51,800 Speaker 6: in China is part of it. You know, cheaper printers 78 00:03:51,800 --> 00:03:53,440 Speaker 6: in Japan because of the end is part of it. 79 00:03:53,520 --> 00:03:57,480 Speaker 6: But that US consumer story, that US business story is 80 00:03:57,520 --> 00:03:59,640 Speaker 6: pretty close to the heart of what is driving down 81 00:03:59,680 --> 00:04:00,000 Speaker 6: that stuff. 82 00:04:01,680 --> 00:04:04,920 Speaker 2: Bloombergs Brody Ford on the PC apocalypse. Thank you for 83 00:04:05,840 --> 00:04:08,360 Speaker 2: thank you. Bring it back. All right, Let's move from 84 00:04:08,400 --> 00:04:11,160 Speaker 2: PCs and turn to a slow down in the hedge 85 00:04:11,160 --> 00:04:14,480 Speaker 2: fund industry, specifically funds run by Tiger Cubs, the name 86 00:04:14,520 --> 00:04:18,160 Speaker 2: given to the proteges of Julian Robertson. Writing about this today, 87 00:04:18,200 --> 00:04:21,240 Speaker 2: Bloomberg's Hemma Palmer joins us from New York. You have 88 00:04:21,279 --> 00:04:24,240 Speaker 2: the PC apocalypse, and then we go to the cut 89 00:04:24,360 --> 00:04:27,000 Speaker 2: of cash flow to a trickle, which I loved in 90 00:04:27,040 --> 00:04:30,520 Speaker 2: your headline that the numbers are quite dramatic. What's happening here? 91 00:04:30,720 --> 00:04:32,680 Speaker 7: Yes, So these are some of the hedge fund industries 92 00:04:32,720 --> 00:04:36,720 Speaker 7: biggest names, most influential stock pickers. For years, investors were 93 00:04:36,760 --> 00:04:39,440 Speaker 7: clamoring to get into these hedge funds. We're talking about 94 00:04:39,440 --> 00:04:43,120 Speaker 7: the Tiger cubs. And what we're seeing now is, after 95 00:04:43,480 --> 00:04:45,839 Speaker 7: last year's a very difficult year in terms of performance 96 00:04:45,839 --> 00:04:49,840 Speaker 7: for so many of them, investors from the US appear 97 00:04:49,920 --> 00:04:53,400 Speaker 7: to be less likely and sort of sorrowing on investing 98 00:04:53,400 --> 00:04:56,320 Speaker 7: in these hedge funds. You're looking at a drop in 99 00:04:56,560 --> 00:05:00,559 Speaker 7: the number of dollars that have come into these funds 100 00:05:00,560 --> 00:05:03,360 Speaker 7: from US investors, a drop of like ninety nine percent, 101 00:05:03,480 --> 00:05:07,400 Speaker 7: ninety eight percent, eighty one percent. Pretty dramatic numbers, dramatic. 102 00:05:07,560 --> 00:05:09,839 Speaker 4: Just give us the context here any pushback that they 103 00:05:09,920 --> 00:05:13,120 Speaker 4: might have as saying, look, they were closed funds. We 104 00:05:13,120 --> 00:05:15,200 Speaker 4: were limiting the amount of cash that we're taking in. 105 00:05:15,240 --> 00:05:16,520 Speaker 4: But is that a reality. 106 00:05:17,120 --> 00:05:18,400 Speaker 5: So some of the funds were open. 107 00:05:18,440 --> 00:05:20,960 Speaker 7: If we look at D one, CO two Loan Pine, 108 00:05:21,279 --> 00:05:24,800 Speaker 7: two of the funds were closed, Viking and Tiger Global. 109 00:05:25,000 --> 00:05:27,160 Speaker 7: The thing is when it comes to a fund being closed, 110 00:05:27,800 --> 00:05:30,240 Speaker 7: we have seen a number of funds take in as 111 00:05:30,279 --> 00:05:32,040 Speaker 7: much as a billion dollars when they've been. 112 00:05:31,960 --> 00:05:32,960 Speaker 5: So called closed. 113 00:05:33,160 --> 00:05:37,479 Speaker 7: They could be replacing redemptions, They could be making exceptions 114 00:05:37,480 --> 00:05:41,400 Speaker 7: for influential investors or for big tickets. So a fund 115 00:05:41,440 --> 00:05:43,640 Speaker 7: may be closed, and even if they are and they 116 00:05:43,640 --> 00:05:47,160 Speaker 7: do see a sharp reduction in inflows, as one of 117 00:05:47,200 --> 00:05:49,800 Speaker 7: the people we quote in our story said, it may 118 00:05:49,839 --> 00:05:51,800 Speaker 7: be a sign that the wait list of investors has 119 00:05:51,880 --> 00:05:55,000 Speaker 7: dried up. That said, you know, Tiger Global did turn 120 00:05:55,120 --> 00:05:58,080 Speaker 7: down a couple investors who wanted to invest in their fund. 121 00:05:58,640 --> 00:06:01,560 Speaker 7: So we are you know, it is a comprehensive, sort 122 00:06:01,560 --> 00:06:04,520 Speaker 7: of holistic look that we're taking here. But a fact 123 00:06:04,520 --> 00:06:07,159 Speaker 7: that a fund is closed doesn't necessarily mean that money 124 00:06:07,320 --> 00:06:08,679 Speaker 7: still doesn't come into that vehicle. 125 00:06:09,520 --> 00:06:11,880 Speaker 2: Hemm? Are you and the team have been trawling through 126 00:06:11,920 --> 00:06:14,840 Speaker 2: the Form D filings now, Karen and I went through 127 00:06:14,880 --> 00:06:17,720 Speaker 2: all the thirteen f you're going through the Form D filings? 128 00:06:18,000 --> 00:06:19,680 Speaker 2: What are they and what did they kind of tell 129 00:06:19,680 --> 00:06:22,880 Speaker 2: you about the fund raising environment right now? 130 00:06:23,000 --> 00:06:25,520 Speaker 7: Yes? So the form ds are the filings that these 131 00:06:25,520 --> 00:06:28,359 Speaker 7: hedge funds have to have to do and it shows 132 00:06:28,920 --> 00:06:32,880 Speaker 7: how much these funds manage on an annual basis. And 133 00:06:33,240 --> 00:06:36,200 Speaker 7: what we're seeing right now broader in the hedge fund 134 00:06:36,520 --> 00:06:38,400 Speaker 7: fundraising environment is it's quite. 135 00:06:38,279 --> 00:06:40,600 Speaker 5: Difficult and it's been quite difficult for some time. 136 00:06:41,200 --> 00:06:44,280 Speaker 7: So you're seeing, you know, thirteen billion dollars in redemptions 137 00:06:44,320 --> 00:06:47,520 Speaker 7: from the hedge fund space in general, and so investors 138 00:06:47,520 --> 00:06:50,760 Speaker 7: are pulling back from the universe. You know, it's been 139 00:06:50,800 --> 00:06:54,360 Speaker 7: tricky with performance, it's been tricky with rising interest rates. 140 00:06:54,960 --> 00:06:56,880 Speaker 7: For new funds that are launching, it can be also 141 00:06:56,960 --> 00:06:59,520 Speaker 7: quite difficult to raise fund So this is existing in 142 00:06:59,560 --> 00:07:05,000 Speaker 7: all very difficult time to be raising new capital, given 143 00:07:05,080 --> 00:07:08,640 Speaker 7: that the steep decline that we're seeing and inflows does 144 00:07:08,680 --> 00:07:12,000 Speaker 7: seem to be even worse than just the environment itself. 145 00:07:12,120 --> 00:07:14,040 Speaker 4: And the reason this is so important to our view 146 00:07:14,040 --> 00:07:16,160 Speaker 4: as Hammer is because we'll just look at Tiger Global 147 00:07:16,240 --> 00:07:19,320 Speaker 4: Zone website focused on public and private companies in the 148 00:07:19,320 --> 00:07:22,960 Speaker 4: global Internet, in the software, in the financial technology industries. 149 00:07:23,120 --> 00:07:25,880 Speaker 4: This hits home particularly in this show. So we thank 150 00:07:25,920 --> 00:07:27,760 Speaker 4: you so much for all of that. When it comes 151 00:07:27,760 --> 00:07:30,280 Speaker 4: to these Tiger cubs have a Palmer, brilliant reporting me 152 00:07:30,360 --> 00:07:32,560 Speaker 4: while coming up, look, we're going to get another sense 153 00:07:32,680 --> 00:07:36,880 Speaker 4: check on this macroeconomy on how much companies want to spend, 154 00:07:36,920 --> 00:07:38,440 Speaker 4: particularly when it comes to the world of evs. 155 00:07:38,520 --> 00:07:40,720 Speaker 5: The CEO of four pro is going to be joining. 156 00:07:40,560 --> 00:07:43,720 Speaker 4: Us as a mveil new products to drive some strength 157 00:07:43,760 --> 00:07:45,480 Speaker 4: from the pun in this commercial unit. 158 00:07:45,560 --> 00:07:46,800 Speaker 5: Tech Cana is going to be joining us. 159 00:07:46,760 --> 00:07:49,640 Speaker 2: At Yeah, I've got some breaking news actually in the 160 00:07:49,680 --> 00:07:53,440 Speaker 2: last hour, this has moved very quickly. Bloomberg reported first 161 00:07:53,800 --> 00:07:56,440 Speaker 2: that the Cyber Administration of China was going to pick 162 00:07:56,520 --> 00:08:00,600 Speaker 2: Bydo is one of the first China tech companies authorized 163 00:08:00,640 --> 00:08:03,880 Speaker 2: to issue a generative AI tool to the public. That happened, 164 00:08:03,920 --> 00:08:06,280 Speaker 2: We reported that, and the shares the USA dr has 165 00:08:06,640 --> 00:08:10,080 Speaker 2: really jumped in the last few minutes. Baidu's posted a 166 00:08:10,120 --> 00:08:13,680 Speaker 2: blog saying it's actually already going to start rolling out 167 00:08:13,400 --> 00:08:17,560 Speaker 2: that generative AI tool to the public straight away. You know, 168 00:08:18,160 --> 00:08:20,440 Speaker 2: a bit of a spike there, but interesting and fast 169 00:08:20,440 --> 00:08:23,680 Speaker 2: moving developments out of China. This is Bloomberg. 170 00:08:33,160 --> 00:08:33,920 Speaker 5: Let's talk evs. 171 00:08:33,960 --> 00:08:36,120 Speaker 4: Let's talk full Probe because it's a commercial division of 172 00:08:36,160 --> 00:08:39,560 Speaker 4: Forward revealing new charging hardware for its array of in 173 00:08:39,600 --> 00:08:42,520 Speaker 4: turn solutions to help make it basically easier for you, 174 00:08:42,720 --> 00:08:46,040 Speaker 4: the commercial customer to transition your fleet to electric? How 175 00:08:46,080 --> 00:08:47,880 Speaker 4: is that going in this macro environment. I'm really pleased 176 00:08:47,880 --> 00:08:50,600 Speaker 4: to welcome for pro ceo Ted Cannis and Ted, wonderful 177 00:08:50,600 --> 00:08:51,720 Speaker 4: to have you in the studio and. 178 00:08:51,600 --> 00:08:53,839 Speaker 5: Just answer that. First we've got to go micro under 179 00:08:53,840 --> 00:08:56,160 Speaker 5: the detailing business. But the macro picture today, when GDP 180 00:08:56,240 --> 00:08:56,920 Speaker 5: isn't as strong. 181 00:08:56,760 --> 00:08:59,240 Speaker 4: As expected, when jobs perhaps are not growing, it quite 182 00:08:59,320 --> 00:09:04,319 Speaker 4: anticipated amount that we had seen. Are people wanting to update, electrify, 183 00:09:04,520 --> 00:09:05,760 Speaker 4: invest in their businesses. 184 00:09:06,640 --> 00:09:09,480 Speaker 3: Absolutely. What we're seeing, Caroline is what we said a 185 00:09:09,480 --> 00:09:12,320 Speaker 3: second quarter is there is still three years of pent 186 00:09:12,400 --> 00:09:16,720 Speaker 3: up demand for the vehicles internal combustion and battery electric 187 00:09:17,280 --> 00:09:20,320 Speaker 3: doing all that supply chain problems that we had, and 188 00:09:20,400 --> 00:09:23,439 Speaker 3: so we see customers for super duties and trans it's 189 00:09:23,480 --> 00:09:27,440 Speaker 3: both North America and Europe looking for vehicles. My biggest 190 00:09:27,520 --> 00:09:30,360 Speaker 3: challenge with most of my customers pay customers is can 191 00:09:30,440 --> 00:09:31,080 Speaker 3: I get more? 192 00:09:31,480 --> 00:09:32,079 Speaker 5: Oh? Interesting? 193 00:09:32,120 --> 00:09:35,000 Speaker 4: Okay, So you'll try to marry up the supply demand 194 00:09:35,000 --> 00:09:37,839 Speaker 4: equation at the moment I'm interested in into Ultimately, Therefore, 195 00:09:37,840 --> 00:09:39,880 Speaker 4: how you're sending us out apart? What is it that 196 00:09:40,080 --> 00:09:42,120 Speaker 4: makes them go yes for pro over anything else? 197 00:09:42,679 --> 00:09:45,360 Speaker 3: Well, so we have this amazing backbone of the business 198 00:09:45,440 --> 00:09:47,280 Speaker 3: that we have all these commercial work trucks that we 199 00:09:47,320 --> 00:09:49,840 Speaker 3: do for North American Europe. We're at number one in 200 00:09:49,840 --> 00:09:51,920 Speaker 3: Europe for eight years in a row. We have forty 201 00:09:51,920 --> 00:09:54,280 Speaker 3: percent of the commercial and government share for full sized 202 00:09:54,320 --> 00:09:55,040 Speaker 3: trucks and vans. 203 00:09:55,360 --> 00:09:56,400 Speaker 2: We're the big guy. 204 00:09:57,040 --> 00:09:59,640 Speaker 3: And what we're doing now is expanding in not just 205 00:09:59,720 --> 00:10:02,000 Speaker 3: vehicle in a connected. 206 00:10:01,520 --> 00:10:04,200 Speaker 2: World, it's vehicles, software. 207 00:10:03,840 --> 00:10:08,400 Speaker 3: Service, charging, financing, netting that all together so that we 208 00:10:08,559 --> 00:10:11,760 Speaker 3: have this amazing business, a one stop shop for our customers. 209 00:10:11,840 --> 00:10:15,240 Speaker 2: Just the easy button had said, it's good to catch up. 210 00:10:15,280 --> 00:10:19,040 Speaker 2: You know, I actually find the commercial business fascinating because 211 00:10:19,080 --> 00:10:22,760 Speaker 2: you're not just selling a vehicle that happens to be electric. 212 00:10:22,800 --> 00:10:25,880 Speaker 2: You're kind of packaging it up. You mentioned your footprint 213 00:10:25,880 --> 00:10:28,240 Speaker 2: in Europe. I just wondered if you had a better 214 00:10:28,360 --> 00:10:31,800 Speaker 2: sense now of why that EV adoption is slower here 215 00:10:31,840 --> 00:10:35,959 Speaker 2: in the US visa the Europe and indeed China well ed. 216 00:10:36,000 --> 00:10:38,319 Speaker 3: When you and I were first talking electric vehicles years ago, 217 00:10:38,440 --> 00:10:40,199 Speaker 3: and we're getting ready to hit the lightning and other 218 00:10:40,240 --> 00:10:42,520 Speaker 3: products that we weren't even had launch at the time. 219 00:10:43,080 --> 00:10:45,240 Speaker 3: You know, America was a bit further behind cost of 220 00:10:45,280 --> 00:10:47,600 Speaker 3: fuel in Europe was very high and there was already 221 00:10:47,640 --> 00:10:50,360 Speaker 3: a lot of pressure to look for other solutions. And 222 00:10:50,600 --> 00:10:52,960 Speaker 3: what we're seeing now and actually in both regions, is 223 00:10:53,080 --> 00:10:56,800 Speaker 3: it's just good business total cost of ownership, up time, 224 00:10:57,080 --> 00:11:00,440 Speaker 3: productivity solutions. They can save money on few they can 225 00:11:00,440 --> 00:11:03,840 Speaker 3: say money on repairs. It's a great solution for many 226 00:11:03,880 --> 00:11:06,920 Speaker 3: customers in both regions. And that's what we're seeing, and 227 00:11:07,000 --> 00:11:09,360 Speaker 3: that's why we upped a lot of our production demand 228 00:11:09,440 --> 00:11:12,080 Speaker 3: for lightning here in North America. And it's getting the 229 00:11:12,160 --> 00:11:14,480 Speaker 3: right tool for the job, whether that's a van or 230 00:11:14,480 --> 00:11:15,840 Speaker 3: a pickup truck to do the work. 231 00:11:17,520 --> 00:11:21,800 Speaker 2: Jim Farley, the Ford CEO, is talk it's about the consumer, 232 00:11:22,720 --> 00:11:25,360 Speaker 2: you know, sort of rejecting higher prices for evs. Do 233 00:11:25,440 --> 00:11:28,120 Speaker 2: you see that from your commercial and fleet customers as well? 234 00:11:28,280 --> 00:11:30,840 Speaker 2: On the pricing issue. 235 00:11:30,240 --> 00:11:32,920 Speaker 3: I'd say we will carefully managine the pricing as we 236 00:11:33,280 --> 00:11:35,760 Speaker 3: increase the supply of vehicles now that we're going to 237 00:11:35,840 --> 00:11:37,679 Speaker 3: the extra shifts that we put on and lightening and 238 00:11:37,679 --> 00:11:40,520 Speaker 3: have the battery capacity. So a lot of it is 239 00:11:40,640 --> 00:11:44,440 Speaker 3: just education. I think in the commercial space, the decision 240 00:11:44,480 --> 00:11:47,400 Speaker 3: process is longer. In a company, this is a big investment, 241 00:11:47,520 --> 00:11:50,360 Speaker 3: like in facilities, or equipment. They're used to making investments 242 00:11:50,640 --> 00:11:54,280 Speaker 3: with making the equations, getting Excel spreadsheet out, and that 243 00:11:54,400 --> 00:11:56,800 Speaker 3: learning process is taking longer, and then you would do 244 00:11:56,840 --> 00:12:01,720 Speaker 3: stack on applying for incentives utility infrastrution that's required. This 245 00:12:01,760 --> 00:12:05,160 Speaker 3: turns into a longer process than moves through the cycle, 246 00:12:05,200 --> 00:12:07,160 Speaker 3: and that's what we're helping a lot of our customers 247 00:12:07,160 --> 00:12:09,400 Speaker 3: and frankly our dealers as they work with so many 248 00:12:09,440 --> 00:12:10,120 Speaker 3: new customers. 249 00:12:10,960 --> 00:12:14,160 Speaker 2: You know, I've been out in some vineyards and wineries 250 00:12:14,240 --> 00:12:15,920 Speaker 2: very near to where I am now ted, and they 251 00:12:16,000 --> 00:12:18,400 Speaker 2: demonstrated to me not just that they run the F 252 00:12:18,440 --> 00:12:21,640 Speaker 2: one fifty lightning between point A and point B, but 253 00:12:21,920 --> 00:12:25,040 Speaker 2: they're using your data and software offering to kind of 254 00:12:25,120 --> 00:12:28,800 Speaker 2: optimize that route everything from like getting down to the 255 00:12:28,880 --> 00:12:33,400 Speaker 2: most efficient mile they can drive. Peter Stern's just joined Forward, 256 00:12:33,480 --> 00:12:36,199 Speaker 2: longtime Apple exec. I just wondered if you could tell 257 00:12:36,280 --> 00:12:39,240 Speaker 2: us why that move came and what kind of impact 258 00:12:39,240 --> 00:12:42,040 Speaker 2: he will have on improving that software offering. 259 00:12:42,800 --> 00:12:46,600 Speaker 3: I think this is corridor the whole Forward plus plan. 260 00:12:46,880 --> 00:12:49,960 Speaker 3: I think we're all talking about electrification on all the time, 261 00:12:50,040 --> 00:12:53,560 Speaker 3: but the real secret is the software defined vehicles and 262 00:12:53,600 --> 00:12:58,320 Speaker 3: connected vehicles, digital on physical services. That is the big change. 263 00:12:58,600 --> 00:13:01,400 Speaker 3: So when you have a vehicle that's signaling a repair 264 00:13:01,440 --> 00:13:03,560 Speaker 3: that needs to be made, you can pre order the 265 00:13:03,640 --> 00:13:06,920 Speaker 3: part schedule at the dealership. Link all that together. Like 266 00:13:06,960 --> 00:13:10,760 Speaker 3: you're seeing so many cases where software can brive more convenient, 267 00:13:11,120 --> 00:13:14,600 Speaker 3: more productive solutions for the customers. Peter is a specialist 268 00:13:14,600 --> 00:13:17,960 Speaker 3: in that space. He's been doing subscription services at large 269 00:13:18,040 --> 00:13:20,679 Speaker 3: volume at Apple with that kind of science that he's 270 00:13:20,720 --> 00:13:23,640 Speaker 3: seen of where and how to change the experience for 271 00:13:23,679 --> 00:13:26,600 Speaker 3: the customers in a very positive way. And he's going 272 00:13:26,640 --> 00:13:28,559 Speaker 3: to come lend us that experience, both on the pro 273 00:13:28,679 --> 00:13:31,600 Speaker 3: side but in our other software defined businesses, for example 274 00:13:31,679 --> 00:13:34,480 Speaker 3: Blue Cruise, where you can have hands free driving on 275 00:13:34,520 --> 00:13:37,520 Speaker 3: the highways in the blue crew zones, which also in 276 00:13:37,559 --> 00:13:40,160 Speaker 3: the future will be appealing to commercial customers. Imagine a 277 00:13:40,160 --> 00:13:43,120 Speaker 3: customer who can get his time back on the highway 278 00:13:43,160 --> 00:13:46,000 Speaker 3: time is just a huge value. Oreor in traffic coming 279 00:13:46,440 --> 00:13:48,760 Speaker 3: in the London on N twenty five, you're stuck in 280 00:13:48,800 --> 00:13:51,480 Speaker 3: those miles and miles of ques. It's a great thing 281 00:13:51,640 --> 00:13:53,280 Speaker 3: to not have to be hand in the hands on 282 00:13:53,280 --> 00:13:53,920 Speaker 3: the wheel, you could. 283 00:13:53,760 --> 00:13:54,280 Speaker 2: Do something else. 284 00:13:54,360 --> 00:13:56,000 Speaker 4: You know, a couple of people you're talking to, you 285 00:13:56,000 --> 00:13:58,280 Speaker 4: who understand the M twenty five trials and tribulations. 286 00:13:58,400 --> 00:13:59,880 Speaker 5: I'm interested in those. 287 00:14:00,040 --> 00:14:02,160 Speaker 4: You talked about the supply demand dynamic, the fact that 288 00:14:02,360 --> 00:14:05,280 Speaker 4: sort of may your headache is getting enough vehicles into 289 00:14:05,320 --> 00:14:06,800 Speaker 4: your client's hands. 290 00:14:07,120 --> 00:14:07,839 Speaker 5: How much more of a. 291 00:14:07,760 --> 00:14:10,280 Speaker 4: Headache is that when you're still trying to negotiate with workers, 292 00:14:10,400 --> 00:14:12,120 Speaker 4: particularly with the United Auto Workers. 293 00:14:12,120 --> 00:14:14,160 Speaker 5: I mean, how is that going to your bit of 294 00:14:14,160 --> 00:14:14,640 Speaker 5: the business. 295 00:14:15,280 --> 00:14:17,000 Speaker 3: Well, I think the main thing for us is, you know, 296 00:14:17,280 --> 00:14:19,680 Speaker 3: the workers are our team. We're all one team. And 297 00:14:19,920 --> 00:14:21,600 Speaker 3: you know, one of the things we're proud of is 298 00:14:21,640 --> 00:14:24,240 Speaker 3: we build more vehicles in America than anybody else. We 299 00:14:24,280 --> 00:14:26,880 Speaker 3: employ more hour league guys in than anybody else, we 300 00:14:26,960 --> 00:14:29,400 Speaker 3: export more than anybody else. So it's a team that's 301 00:14:29,440 --> 00:14:31,640 Speaker 3: doing these and we're happy to produce all these f 302 00:14:31,720 --> 00:14:34,520 Speaker 3: series of vans and pickups in the US. So when 303 00:14:34,520 --> 00:14:37,880 Speaker 3: we look at that, it's going to go through that process. Now, 304 00:14:38,560 --> 00:14:40,640 Speaker 3: this is a normal negotiation. I'm not in the heads 305 00:14:40,680 --> 00:14:42,600 Speaker 3: and throws, but I can say I was in Kansas 306 00:14:42,600 --> 00:14:45,000 Speaker 3: City this week visiting our team there because we'd just 307 00:14:45,000 --> 00:14:47,840 Speaker 3: gone to three shifts on trendsit earlier this year. Because 308 00:14:47,880 --> 00:14:49,320 Speaker 3: the demand is so strong. 309 00:14:50,760 --> 00:14:53,440 Speaker 2: For pro CEO Take Cannis. We always talk about evs 310 00:14:53,440 --> 00:14:56,160 Speaker 2: in the context of the consumer, and we don't talk 311 00:14:56,200 --> 00:14:59,600 Speaker 2: as much about these small and large businesses buying out fleets. 312 00:14:59,600 --> 00:15:01,320 Speaker 2: Thank you so much for your time. 313 00:15:10,040 --> 00:15:11,160 Speaker 5: Time now for work shifting. 314 00:15:11,200 --> 00:15:12,400 Speaker 4: Look, it's where we're going to have a look at 315 00:15:12,400 --> 00:15:14,720 Speaker 4: the changing landscape of the labor market amid all of 316 00:15:14,720 --> 00:15:17,600 Speaker 4: these vases and technology. And first up, after many layoffs 317 00:15:17,640 --> 00:15:22,040 Speaker 4: tech employers, they're now beefing up staff with specialisties in AI. 318 00:15:22,240 --> 00:15:22,880 Speaker 5: Of course, the. 319 00:15:22,840 --> 00:15:25,840 Speaker 4: Bay Area is now quickly becoming the epicenter one for you. 320 00:15:26,000 --> 00:15:28,640 Speaker 4: And meanwhile open ai is on track for one billion 321 00:15:28,680 --> 00:15:31,840 Speaker 4: dollars of annual revenue. The businesses adopting the technology behind 322 00:15:31,920 --> 00:15:35,520 Speaker 4: chatchpt and turning back to that court ruling canceling the 323 00:15:35,560 --> 00:15:38,760 Speaker 4: SEC's order to reject Grace say at Scale's spot Bitcoin 324 00:15:38,840 --> 00:15:39,680 Speaker 4: ETF application. 325 00:15:39,960 --> 00:15:43,360 Speaker 5: Gray Scale CEO Michael Sunshine joined Bloomberg TV earlier. Let's 326 00:15:43,400 --> 00:15:43,960 Speaker 5: taking listen. 327 00:15:45,320 --> 00:15:48,960 Speaker 1: We will have to see upon the final operational procedures 328 00:15:48,960 --> 00:15:51,920 Speaker 1: that come through that final mandate that the court will issue. 329 00:15:52,080 --> 00:15:53,800 Speaker 5: So you don't know, but you may. 330 00:15:54,000 --> 00:15:56,520 Speaker 1: We don't know what the final opinion will say until 331 00:15:56,520 --> 00:15:57,680 Speaker 1: we reach the end of that period. 332 00:15:57,800 --> 00:15:59,120 Speaker 2: Correct, is there. 333 00:15:59,120 --> 00:16:01,000 Speaker 8: I've been reading at us from me yesterday too, that 334 00:16:01,320 --> 00:16:03,160 Speaker 8: you know, you may have won this battle, but then 335 00:16:03,240 --> 00:16:04,960 Speaker 8: lose the war, and that there's a bunch of other 336 00:16:05,000 --> 00:16:06,680 Speaker 8: competitors now, so now you're not gonna be the only 337 00:16:06,760 --> 00:16:07,320 Speaker 8: horse in town. 338 00:16:07,640 --> 00:16:10,600 Speaker 1: Yes, So this is a topic we've talked about before, ladies. 339 00:16:10,760 --> 00:16:14,120 Speaker 1: It's really a world in which there are multiple Spot 340 00:16:14,160 --> 00:16:16,600 Speaker 1: products is a world that Greyscale has long been ready for. 341 00:16:16,680 --> 00:16:19,320 Speaker 1: There are multiple bitcoin futures products. We believe that there 342 00:16:19,320 --> 00:16:21,000 Speaker 1: will be a world in which there are multiple Spot 343 00:16:21,000 --> 00:16:24,920 Speaker 1: bitcoin products. That being said, we want investors to have choice, 344 00:16:25,160 --> 00:16:27,120 Speaker 1: and some of the things that we do think investors 345 00:16:27,120 --> 00:16:29,720 Speaker 1: will look to when they are making those allocation decisions 346 00:16:29,760 --> 00:16:32,200 Speaker 1: are the size of the fund, the liquidity of the fund, 347 00:16:32,280 --> 00:16:34,480 Speaker 1: the track record of the fund. Right, Let's not forget 348 00:16:34,480 --> 00:16:37,240 Speaker 1: that GBTC is the largest bitcoin fund in the world. 349 00:16:37,440 --> 00:16:40,400 Speaker 2: It's owned by millions and millions. 350 00:16:40,000 --> 00:16:43,360 Speaker 1: Of investors, it has three plus percent of the outstanding 351 00:16:43,360 --> 00:16:46,440 Speaker 1: bitcoin supply, and really now has almost a ten year 352 00:16:46,800 --> 00:16:50,120 Speaker 1: track record of operational success. Right, Whereas a lot of 353 00:16:50,120 --> 00:16:52,720 Speaker 1: the other products coming to market are really making use 354 00:16:52,760 --> 00:16:57,440 Speaker 1: of gbtc's operations, disclosures, reporting and GBTC is really paving 355 00:16:57,480 --> 00:16:59,200 Speaker 1: the way to broaden out that market. 356 00:16:59,280 --> 00:17:01,880 Speaker 7: There's another as of market question here, and it's not 357 00:17:01,960 --> 00:17:05,560 Speaker 7: just about the pace in time. It's about the structure. 358 00:17:05,119 --> 00:17:05,960 Speaker 5: And the fees. 359 00:17:06,200 --> 00:17:09,280 Speaker 7: Because if you look at Blackrock investcal Fidelity, these are 360 00:17:09,359 --> 00:17:12,639 Speaker 7: asset managers with a history of coming in low And 361 00:17:12,720 --> 00:17:14,440 Speaker 7: if you look at the fees that you have offered 362 00:17:14,520 --> 00:17:17,879 Speaker 7: and really has made a very profitable entity for a 363 00:17:17,920 --> 00:17:22,400 Speaker 7: digital currency group and gray Scale, how much lower exactly 364 00:17:22,840 --> 00:17:25,600 Speaker 7: can fees get for the grayscale product in the form 365 00:17:25,640 --> 00:17:26,360 Speaker 7: of an ETF. 366 00:17:26,720 --> 00:17:29,280 Speaker 1: Well, what I've committed to historically, and we'll say again 367 00:17:29,320 --> 00:17:32,120 Speaker 1: to you today, is we are committed to lowering fees 368 00:17:32,280 --> 00:17:35,720 Speaker 1: when GBTC converts to an ETF. We'll obviously have to 369 00:17:35,720 --> 00:17:37,879 Speaker 1: come back on and talk to you about what the 370 00:17:37,880 --> 00:17:39,840 Speaker 1: fees are when that conversion actually happens. 371 00:17:40,800 --> 00:17:44,600 Speaker 7: So the other strangeness here is the discount that the 372 00:17:44,680 --> 00:17:47,560 Speaker 7: GBTC is currently trading at. You had gone from twenty 373 00:17:47,640 --> 00:17:50,720 Speaker 7: four yesterday to fifteen below net asset value back to 374 00:17:50,760 --> 00:17:54,320 Speaker 7: twenty Can you answer to this market volatility here and 375 00:17:54,359 --> 00:17:57,280 Speaker 7: the uncertainty that investors are grappling with as you head 376 00:17:57,280 --> 00:17:58,200 Speaker 7: towards this process. 377 00:17:58,560 --> 00:18:00,960 Speaker 1: Well, there's a couple of things in that dynamic. So 378 00:18:01,119 --> 00:18:05,120 Speaker 1: number one, there certainly was increased trading volume yesterday in GBTC, 379 00:18:05,480 --> 00:18:08,600 Speaker 1: a lot of excitement and enthusiasm based on the victory 380 00:18:08,720 --> 00:18:12,800 Speaker 1: that GBTC shareholders had in the court yesterday. Now, as 381 00:18:12,840 --> 00:18:16,960 Speaker 1: we eventually approach an ETF, you'd expect that eventually there 382 00:18:17,000 --> 00:18:20,120 Speaker 1: will be an arbitrage mechanism through the ETF that will 383 00:18:20,119 --> 00:18:24,000 Speaker 1: allow for any premiums or discounts to be eliminated. That's 384 00:18:24,040 --> 00:18:27,760 Speaker 1: a really, really important function of why ETFs serve in 385 00:18:27,840 --> 00:18:30,160 Speaker 1: the capacity that they do, and it's really the core 386 00:18:30,200 --> 00:18:33,440 Speaker 1: of what we've been fighting for throughout this entire lawsuit. 387 00:18:35,600 --> 00:18:38,320 Speaker 2: Let's got some more bloombogtion, Ali bask here. That was 388 00:18:38,359 --> 00:18:40,680 Speaker 2: the interview that we wanted to get. You got it. 389 00:18:41,000 --> 00:18:42,239 Speaker 2: What else did you learn from it? 390 00:18:42,680 --> 00:18:44,040 Speaker 5: Some things are really important here. 391 00:18:44,040 --> 00:18:47,120 Speaker 7: If you look at the way GBTC, the Greyscale Bitcoin 392 00:18:47,160 --> 00:18:50,919 Speaker 7: Trust is trading. When I sat here with you yesterday, ed, 393 00:18:51,040 --> 00:18:53,600 Speaker 7: it was at a fifteen percent discount to net asset value. 394 00:18:53,920 --> 00:18:57,120 Speaker 7: That has gotten a little wider today to twenty one 395 00:18:57,160 --> 00:18:59,200 Speaker 7: percent as I sit here with you today. Why because 396 00:18:59,200 --> 00:19:01,919 Speaker 7: they're still on certain empty around the path forward to 397 00:19:01,960 --> 00:19:06,520 Speaker 7: an ETF for GBTC. More around that timeline, especially one 398 00:19:06,560 --> 00:19:08,719 Speaker 7: of those key concerns here, and you heard it from 399 00:19:08,760 --> 00:19:11,480 Speaker 7: Michael Sun and Shining himself. They don't know yet whether 400 00:19:11,520 --> 00:19:15,439 Speaker 7: they have to refile to convert to an ETF in 401 00:19:15,480 --> 00:19:17,679 Speaker 7: the wake of this process. And remember there is a 402 00:19:17,720 --> 00:19:20,480 Speaker 7: timeline here. We don't know whether the SEC will fight 403 00:19:20,520 --> 00:19:23,000 Speaker 7: the decision. And Michael Son and Shine himself said that 404 00:19:23,040 --> 00:19:25,480 Speaker 7: this is day one of a forty five day process 405 00:19:25,760 --> 00:19:29,720 Speaker 7: in which the SEC can request potentially an unbanked hearing. Now, 406 00:19:29,800 --> 00:19:33,840 Speaker 7: the ruling yesterday was three to zero, so this is 407 00:19:33,880 --> 00:19:36,880 Speaker 7: not quite likely per se. It would definitely be going 408 00:19:36,880 --> 00:19:40,600 Speaker 7: against what the court had said unanimously yesterday. However, it 409 00:19:40,640 --> 00:19:43,359 Speaker 7: could certainly happen, and it would hold things up even further. 410 00:19:44,240 --> 00:19:46,520 Speaker 4: These things that have a quick but Shanani mask is 411 00:19:46,520 --> 00:19:47,720 Speaker 4: always quick with the information. 412 00:19:47,800 --> 00:19:57,479 Speaker 5: We thank you so much. Welcome back to make tight 413 00:19:57,520 --> 00:19:57,880 Speaker 5: on a jam. 414 00:19:57,920 --> 00:20:00,880 Speaker 2: Countine hyjen Ne York and id Love in San Francisco. 415 00:20:01,000 --> 00:20:03,399 Speaker 2: One name that's out performing on the megacat side Apple 416 00:20:03,480 --> 00:20:06,200 Speaker 2: up one point eight percent. We know the story, Caro, 417 00:20:06,480 --> 00:20:08,400 Speaker 2: I know what I'm doing. In a couple of weeks, time. 418 00:20:08,680 --> 00:20:09,520 Speaker 2: This one's exciting. 419 00:20:09,640 --> 00:20:11,359 Speaker 4: Yeah, it's twenty four hours ago that you got that 420 00:20:11,440 --> 00:20:15,400 Speaker 4: invite for Wanderlust something travel and wonder what it means. 421 00:20:15,440 --> 00:20:18,080 Speaker 4: That's what Apple is calling its next event anyway, set 422 00:20:18,080 --> 00:20:20,439 Speaker 4: for September the twelfth, where the company will unveil the 423 00:20:20,480 --> 00:20:23,679 Speaker 4: iPhone fifteen line. We understand it's next generation smart Watchers. 424 00:20:23,720 --> 00:20:26,480 Speaker 4: Of course, all of that is according to our chief correspondent, 425 00:20:26,520 --> 00:20:29,440 Speaker 4: Mark German, who always knows the news ahead of time. 426 00:20:30,000 --> 00:20:33,200 Speaker 4: Mark Wanderlust, Just what exactly do you think they're hinting 427 00:20:33,240 --> 00:20:35,480 Speaker 4: at there if it's not the iPhone fifteens and the 428 00:20:35,520 --> 00:20:36,119 Speaker 4: smart Watchers. 429 00:20:36,960 --> 00:20:39,800 Speaker 9: Yeah, I mean, I don't necessarily think the name of 430 00:20:39,840 --> 00:20:42,760 Speaker 9: the event Wanderlust, is hinting at much. But if you 431 00:20:42,800 --> 00:20:46,480 Speaker 9: look at the Apple logo in the invitation, the colors 432 00:20:46,520 --> 00:20:49,960 Speaker 9: in there will be the colors of the next generation prophones. 433 00:20:50,000 --> 00:20:52,399 Speaker 9: There's going to be a navy blue, there will be 434 00:20:52,440 --> 00:20:55,280 Speaker 9: a new version of the space black. There's going to 435 00:20:55,320 --> 00:20:57,760 Speaker 9: be a new gray, which is closer to the look 436 00:20:57,800 --> 00:21:01,240 Speaker 9: of natural titanium, the material they're switching to for the 437 00:21:01,280 --> 00:21:05,040 Speaker 9: iPhone fifteen pro in Promax. And then there's also going 438 00:21:05,080 --> 00:21:09,240 Speaker 9: to be another new color silver, a new version of 439 00:21:09,280 --> 00:21:12,080 Speaker 9: silver and white, so those colors are hinted at in 440 00:21:12,119 --> 00:21:15,400 Speaker 9: the logo and then you see sort of a powdery substance, 441 00:21:15,440 --> 00:21:19,000 Speaker 9: a powdered metal substance, And I'll have more on that soon, 442 00:21:19,720 --> 00:21:22,800 Speaker 9: but definitely this is going to be around three products, 443 00:21:22,840 --> 00:21:26,439 Speaker 9: the iPhone, the Apple Watch, and the AirPods, so the 444 00:21:26,480 --> 00:21:29,200 Speaker 9: high end and low end iPhones, the Apple Watch Series 445 00:21:29,320 --> 00:21:33,440 Speaker 9: nine and second generation Apple Watch Ultra and updated AirPods 446 00:21:33,520 --> 00:21:35,920 Speaker 9: Pro with a new charging port USBC. 447 00:21:37,280 --> 00:21:39,879 Speaker 2: You know, Mark, the color is important. My smartphone of 448 00:21:39,960 --> 00:21:42,720 Speaker 2: choice is blue for Chelsea Football Club. But are we 449 00:21:42,800 --> 00:21:46,320 Speaker 2: actually going to get any hardware updates in the fifteen 450 00:21:46,800 --> 00:21:49,280 Speaker 2: relative to the fourteen? You know, you talk about this 451 00:21:49,320 --> 00:21:53,520 Speaker 2: a lot, and you're reporting that generation's generations. Sometimes they're 452 00:21:53,680 --> 00:21:55,000 Speaker 2: just very slight changes. 453 00:21:56,240 --> 00:21:59,240 Speaker 9: There's going to be major changes across all four models 454 00:21:59,640 --> 00:22:02,959 Speaker 9: this year. So the fourteen was a pretty small update 455 00:22:03,040 --> 00:22:06,119 Speaker 9: on the non pro side, the fifteen, the regular fifteen, 456 00:22:06,160 --> 00:22:09,000 Speaker 9: the Regular fifteen plus those are going to get a 457 00:22:09,000 --> 00:22:11,639 Speaker 9: forty eight megapixel back camera, the A sixteen chip, and 458 00:22:11,680 --> 00:22:14,680 Speaker 9: the Dynamic Island. So essentially the hardware upgrades in last 459 00:22:14,720 --> 00:22:18,040 Speaker 9: year's fourteen Pro, the fifteen Pro and Pro Max will 460 00:22:18,080 --> 00:22:21,240 Speaker 9: get that new titanium frame I mentioned the first three 461 00:22:21,320 --> 00:22:24,800 Speaker 9: nanimeter Apple process or the A seventeen chip, much thinner 462 00:22:24,840 --> 00:22:27,800 Speaker 9: bezels borders around the display, coming close to one point 463 00:22:27,800 --> 00:22:31,160 Speaker 9: five millimeters thinness borders around a display in any mass 464 00:22:31,200 --> 00:22:34,320 Speaker 9: produced smartphone. You're also on the biggest phone going to 465 00:22:34,320 --> 00:22:36,800 Speaker 9: get a new camera. It's called a periscope camera, that's 466 00:22:36,800 --> 00:22:39,280 Speaker 9: the technical term. It allows you to do much deeper 467 00:22:39,280 --> 00:22:41,639 Speaker 9: optical zoom. So right now you can zoom in at 468 00:22:41,720 --> 00:22:44,080 Speaker 9: a rate of three x. This will now double to 469 00:22:44,160 --> 00:22:47,240 Speaker 9: six x without needing to use digital zoom. So you'll 470 00:22:47,280 --> 00:22:50,360 Speaker 9: retain that clarity because it uses the actual hardware lens 471 00:22:50,440 --> 00:22:52,200 Speaker 9: for the zoom rather than software and. 472 00:22:52,200 --> 00:22:56,280 Speaker 4: The A The big change having its waymark with the charging. 473 00:22:56,640 --> 00:22:58,359 Speaker 9: Yes, that's exactly what I was going to say. The 474 00:22:58,720 --> 00:23:00,639 Speaker 9: big fuss, I think is going to be this USB 475 00:23:00,760 --> 00:23:03,440 Speaker 9: C port. This is going to be the second time 476 00:23:03,600 --> 00:23:05,119 Speaker 9: in the history of the iPhone that they've changed the 477 00:23:05,200 --> 00:23:07,960 Speaker 9: charging port. In twenty twelve, they move from the iPod 478 00:23:08,000 --> 00:23:11,760 Speaker 9: connector to the lightning connector. This time they're moving to USBC, 479 00:23:12,080 --> 00:23:14,960 Speaker 9: slightly larger than the connector they use today, still reversible, 480 00:23:15,280 --> 00:23:17,280 Speaker 9: but on the pro phones. It'll allow you to do 481 00:23:17,840 --> 00:23:20,239 Speaker 9: very fast data transfers over the cable, so if you're 482 00:23:20,280 --> 00:23:24,159 Speaker 9: taking high resolution video, you'll get those big transfer speeds there. 483 00:23:24,760 --> 00:23:27,600 Speaker 9: The downside is if you've been using lightning connectors to 484 00:23:27,680 --> 00:23:30,000 Speaker 9: charge your iPhone over the last decade, you're going to 485 00:23:30,040 --> 00:23:32,040 Speaker 9: need a new cable. The good news is the new 486 00:23:32,040 --> 00:23:34,720 Speaker 9: cable will come in the box. The bad news is 487 00:23:34,840 --> 00:23:36,840 Speaker 9: that you may need to buy a new charging adapter, 488 00:23:37,000 --> 00:23:39,520 Speaker 9: the brick that goes into the wall. Because you're moving 489 00:23:39,560 --> 00:23:44,840 Speaker 9: from USBA right or USB B two as others call it, 490 00:23:44,880 --> 00:23:47,879 Speaker 9: to USBC. It's a different sized connector, and so some 491 00:23:47,920 --> 00:23:49,480 Speaker 9: people may need to make that change. 492 00:23:50,400 --> 00:23:53,400 Speaker 2: All right, Apple up one point nine percent September twelfth, 493 00:23:53,720 --> 00:23:56,600 Speaker 2: the dates watch our thanks to Bloomberg's Mark German. Okay, 494 00:23:56,720 --> 00:24:00,560 Speaker 2: Apple isn't the only company breathing new life into the 495 00:24:00,600 --> 00:24:06,440 Speaker 2: smartphone market. Huawei has unveiled a slim bezeled Mate sixty pro, 496 00:24:07,040 --> 00:24:10,760 Speaker 2: sparking hopes that China tech firms are able to overcome 497 00:24:10,920 --> 00:24:14,680 Speaker 2: US sanctions and curbs, giving life to that domestic smartphone market. 498 00:24:14,720 --> 00:24:17,760 Speaker 2: Bloombozi and King is with me on set about what 499 00:24:17,960 --> 00:24:21,520 Speaker 2: was a strange surprise overnight I'm going to say two things. 500 00:24:21,840 --> 00:24:24,240 Speaker 2: I hand it over to you. The details of this 501 00:24:24,280 --> 00:24:28,000 Speaker 2: phone were not registered with the Chinese regulator, which is unusual. 502 00:24:28,840 --> 00:24:31,840 Speaker 2: But what happened was loads of local media, ATHLETs and 503 00:24:31,920 --> 00:24:35,080 Speaker 2: fans in China did tear downs. They tore the thing apart, 504 00:24:35,440 --> 00:24:38,399 Speaker 2: and that takes us to the processor, which they say 505 00:24:39,200 --> 00:24:43,160 Speaker 2: was etched with five nanometer nodes over to you. Why 506 00:24:43,240 --> 00:24:44,480 Speaker 2: is that surprising? 507 00:24:44,720 --> 00:24:48,040 Speaker 10: Yeah, I mean we need to understand, Dana. You emphasiety correctly. 508 00:24:48,160 --> 00:24:51,600 Speaker 10: This is speculation at this point. Yes, Well, the bottom 509 00:24:51,600 --> 00:24:55,480 Speaker 10: line is if they have that kind of technology in 510 00:24:55,520 --> 00:24:59,680 Speaker 10: their semi conductors, then it's almost impossible to have done 511 00:24:59,720 --> 00:25:06,000 Speaker 10: that without circumventing direct US trade restrictions on supplying that 512 00:25:06,400 --> 00:25:10,200 Speaker 10: company with technology. Something is going on here if all 513 00:25:10,240 --> 00:25:13,800 Speaker 10: of these speculation is correct, and you know, I'm sure 514 00:25:13,800 --> 00:25:15,840 Speaker 10: the US government is taking a long look at that 515 00:25:17,160 --> 00:25:20,280 Speaker 10: coincidence that they announced this when Gina Ramando, the Secretary 516 00:25:20,280 --> 00:25:22,080 Speaker 10: of Commerces visiting China. 517 00:25:22,600 --> 00:25:23,560 Speaker 2: You'd be the judge. 518 00:25:24,000 --> 00:25:26,720 Speaker 4: I mean, it's interesting because they almost well it was 519 00:25:26,720 --> 00:25:30,040 Speaker 4: a very subtle announcement and it's mainly taken off on 520 00:25:30,119 --> 00:25:32,960 Speaker 4: Wabo and people trying to piece together the pieces here, 521 00:25:33,000 --> 00:25:37,120 Speaker 4: and really we understood, potentially thought that some stockpiling could 522 00:25:37,119 --> 00:25:40,639 Speaker 4: have gone on prior to this, right with TSMC chips. 523 00:25:41,000 --> 00:25:41,960 Speaker 5: Could it be that. 524 00:25:42,280 --> 00:25:44,159 Speaker 4: Or is it more in line with a story that 525 00:25:44,200 --> 00:25:46,240 Speaker 4: you brought us last week that there are these sort 526 00:25:46,240 --> 00:25:50,399 Speaker 4: of shadow supply chains, shadow chip manufacturing going on across 527 00:25:50,480 --> 00:25:51,880 Speaker 4: China at the moment by Huawei. 528 00:25:53,200 --> 00:25:53,360 Speaker 7: Yeah. 529 00:25:53,400 --> 00:25:56,520 Speaker 10: I mean again, there's a lot of speculation, there are 530 00:25:56,560 --> 00:25:59,439 Speaker 10: a lot of moving parts going on, and you know 531 00:25:59,480 --> 00:26:01,919 Speaker 10: a lot of that based upon our reporting and our 532 00:26:02,040 --> 00:26:05,840 Speaker 10: understanding of what is going on. The bottom line is 533 00:26:05,880 --> 00:26:09,919 Speaker 10: Huawei is not a major smartphone maker anymore, not even close. 534 00:26:10,000 --> 00:26:12,439 Speaker 10: Remember they got rid of their smartphone division because of 535 00:26:12,440 --> 00:26:15,160 Speaker 10: the weight of sanctions. So really what's going on here 536 00:26:15,200 --> 00:26:18,679 Speaker 10: is kind of a symbolic or a concentrated effort to 537 00:26:18,800 --> 00:26:22,000 Speaker 10: get technology to show that China, hey, we're not out 538 00:26:22,040 --> 00:26:23,840 Speaker 10: of this yet. You're not hurting us as much as 539 00:26:23,840 --> 00:26:26,560 Speaker 10: you think. Maybe we've got a future down our own past. 540 00:26:26,800 --> 00:26:31,680 Speaker 10: That's how it's being interpreted. Who's doing it, how they're 541 00:26:31,720 --> 00:26:34,760 Speaker 10: doing it. That's something that everybody is chasing, including us, 542 00:26:34,880 --> 00:26:37,800 Speaker 10: right now, and that could have major implications for the 543 00:26:37,880 --> 00:26:39,400 Speaker 10: relationship between the two countries. 544 00:26:39,880 --> 00:26:43,080 Speaker 2: So The basics of it are that Huawei has been 545 00:26:43,080 --> 00:26:46,760 Speaker 2: on the entity's list since twenty nineteen Trump era, and 546 00:26:46,840 --> 00:26:50,159 Speaker 2: the reason US government did that was accusations that Huawei 547 00:26:50,240 --> 00:26:54,439 Speaker 2: was helping the Chinese military with technology. But what was 548 00:26:54,480 --> 00:26:57,719 Speaker 2: notable ever night is lots of Chinese suppliers saw their 549 00:26:57,720 --> 00:27:03,159 Speaker 2: stocks jump. What did you make of that? Is the 550 00:27:03,280 --> 00:27:05,239 Speaker 2: is the inference with drawing and again Bloomberg's not being 551 00:27:05,240 --> 00:27:07,600 Speaker 2: able to verify many of these local media reports. But 552 00:27:07,720 --> 00:27:10,440 Speaker 2: is it that actually China could stand on its own 553 00:27:10,480 --> 00:27:13,040 Speaker 2: two feet in five G for example, which is not 554 00:27:13,119 --> 00:27:13,560 Speaker 2: yet done. 555 00:27:13,720 --> 00:27:16,480 Speaker 10: Yeah, I mean that's been the concern all along, that 556 00:27:16,520 --> 00:27:19,479 Speaker 10: by basically pushing them into a corner, they would go 557 00:27:19,520 --> 00:27:22,960 Speaker 10: in their own direction, develop their own native technologies, and 558 00:27:23,080 --> 00:27:26,160 Speaker 10: be no longer dependent upon the West and no longer 559 00:27:26,200 --> 00:27:28,159 Speaker 10: need to really interact with the West because they have 560 00:27:28,200 --> 00:27:30,639 Speaker 10: such a huge of their own market. And you know, 561 00:27:30,720 --> 00:27:34,040 Speaker 10: this development, even though it's relatively small, and even though 562 00:27:34,040 --> 00:27:36,719 Speaker 10: it's probably only a relatively small number of devices. You've 563 00:27:36,720 --> 00:27:40,160 Speaker 10: got to remember as well, from a technology perspective, anybody, 564 00:27:40,200 --> 00:27:43,680 Speaker 10: well not anybody, but you can make a few chips right, 565 00:27:44,240 --> 00:27:48,720 Speaker 10: very high quality, very low you know, nodes in terms 566 00:27:48,720 --> 00:27:52,440 Speaker 10: of manufacturing mass producing them is an entirely different thing. 567 00:27:52,840 --> 00:27:55,920 Speaker 10: But the military doesn't need hundreds of millions of these things. 568 00:27:55,920 --> 00:27:59,879 Speaker 10: So all kinds of alarm bells ringing around this inky. 569 00:28:00,240 --> 00:28:02,800 Speaker 4: Just such in depth reporting, thank you so much, as 570 00:28:02,800 --> 00:28:04,960 Speaker 4: we peel back the onion of really what's happening over 571 00:28:05,000 --> 00:28:07,280 Speaker 4: there with Huawei. Meanwhile, look, we're just going to go 572 00:28:07,320 --> 00:28:08,919 Speaker 4: outside the world of tech for a moment. 573 00:28:09,200 --> 00:28:09,560 Speaker 5: We want to. 574 00:28:09,600 --> 00:28:12,240 Speaker 4: Quickly check in on some stocks that are really moving. 575 00:28:12,640 --> 00:28:13,600 Speaker 5: Marijuana stocks. 576 00:28:13,680 --> 00:28:15,680 Speaker 4: They're surging after the US Department of Health and Human 577 00:28:15,720 --> 00:28:18,000 Speaker 4: Services has actually sent a letter to the Drug Informance 578 00:28:18,040 --> 00:28:21,200 Speaker 4: Agency urging them to loosen rules when it. 579 00:28:21,160 --> 00:28:22,000 Speaker 5: Comes to cannabis. 580 00:28:22,040 --> 00:28:24,359 Speaker 4: A lot of these stocks are actually getting stoped on volatility. 581 00:28:24,400 --> 00:28:27,000 Speaker 4: We're up eighteen percent, let's call it on tire. We're 582 00:28:27,000 --> 00:28:29,159 Speaker 4: seeing some of the ets that are in lockstep really 583 00:28:29,200 --> 00:28:31,600 Speaker 4: powering on highre So this is a focus of course. 584 00:28:31,640 --> 00:28:35,080 Speaker 4: Last October, Biden rolled out some initiatives focused on marijuana, 585 00:28:35,119 --> 00:28:39,240 Speaker 4: including the pardoning all prior federal offenses for simple possessions. 586 00:28:39,240 --> 00:28:41,520 Speaker 4: So this looks like we could be taking another step 587 00:28:41,560 --> 00:28:44,560 Speaker 4: in that direction. Meanwhile, coming up, look, Bosh is in 588 00:28:44,600 --> 00:28:47,680 Speaker 4: the process of acquiring TSI Semiconductors. 589 00:28:47,760 --> 00:28:48,520 Speaker 5: I'm very pleased to. 590 00:28:48,480 --> 00:28:50,920 Speaker 4: Say we're going to be joined by Busha's CEO Sefn 591 00:28:51,000 --> 00:28:54,600 Speaker 4: Harten to discuss the company's plans right there and in California. 592 00:28:55,640 --> 00:28:57,760 Speaker 2: Yeah, and speaking of chips, I'm also taking a quick 593 00:28:57,760 --> 00:28:59,840 Speaker 2: look at shares of Nvidia, and the market's slow down 594 00:29:00,200 --> 00:29:03,720 Speaker 2: just has not stopped analysts from ratcheting up their share 595 00:29:03,720 --> 00:29:07,360 Speaker 2: price targets. Rosenblack Securities has a target of eleven hundred 596 00:29:07,400 --> 00:29:10,280 Speaker 2: dollars a share, which if Nvidia hit, that would give 597 00:29:10,320 --> 00:29:12,640 Speaker 2: the company a market value of more than two point 598 00:29:12,720 --> 00:29:16,480 Speaker 2: seven trillion dollars. By the way Apple's two point nine 599 00:29:16,560 --> 00:29:20,760 Speaker 2: trillion valuation, they would become trillion ish rivals. Well, talk 600 00:29:20,800 --> 00:29:33,400 Speaker 2: about more chip stuff. Next, this is Blombo Technology, all right. 601 00:29:33,440 --> 00:29:36,840 Speaker 2: Global giant Bosch will close the acquisition of US chip 602 00:29:36,880 --> 00:29:40,520 Speaker 2: maker TSI Semiconductors in the next week. The world's biggest 603 00:29:40,560 --> 00:29:43,320 Speaker 2: auto part supplier plans to invest more than one point 604 00:29:43,320 --> 00:29:47,240 Speaker 2: five billion dollars in its California foundry, expanding the German 605 00:29:47,240 --> 00:29:49,800 Speaker 2: company's global bed on chips. To like to say that 606 00:29:49,840 --> 00:29:54,040 Speaker 2: the chairman of Bosch's board, CEO Stefan Hartong, joins me 607 00:29:54,120 --> 00:29:57,000 Speaker 2: here on set in San Francisco, so the deal will close. 608 00:29:57,360 --> 00:29:59,440 Speaker 2: This is something you and I have discussed in the past. 609 00:29:59,680 --> 00:30:03,000 Speaker 2: The the question is how quickly you operationalize it and 610 00:30:03,080 --> 00:30:05,560 Speaker 2: get that silicon carbe into your supply chain. 611 00:30:06,160 --> 00:30:09,120 Speaker 8: Yeah, that's obviously a story of a bit more work. 612 00:30:09,200 --> 00:30:12,320 Speaker 8: Because we have got a great asset here with a 613 00:30:12,360 --> 00:30:15,000 Speaker 8: great base and also about two hundred and fifty specialists. 614 00:30:15,040 --> 00:30:17,360 Speaker 8: This is the most important thing to it. But there's 615 00:30:17,400 --> 00:30:19,400 Speaker 8: a lot of construction to happen. We have to upgrade 616 00:30:19,400 --> 00:30:21,200 Speaker 8: the site. We have to bring new machines, we have 617 00:30:21,200 --> 00:30:23,880 Speaker 8: to bring equipment, and then the process chain which we 618 00:30:23,920 --> 00:30:26,120 Speaker 8: have developed has to be in place here. So we 619 00:30:26,240 --> 00:30:28,600 Speaker 8: take some years, but we will get it speeded up 620 00:30:28,640 --> 00:30:30,080 Speaker 8: as much as we can, so I would say in 621 00:30:30,080 --> 00:30:31,560 Speaker 8: two or three years we will see results. 622 00:30:31,600 --> 00:30:34,640 Speaker 2: We learned from the pandemic era it's very tricky to 623 00:30:34,760 --> 00:30:37,560 Speaker 2: plan capacity on the foundry side, and lots of people 624 00:30:37,600 --> 00:30:41,720 Speaker 2: got it wrong. You already have two fabs in Europe, 625 00:30:41,800 --> 00:30:45,400 Speaker 2: you add this third in California. Will you continue buying 626 00:30:45,480 --> 00:30:49,680 Speaker 2: up these smaller fab operations based on your capacity forecast? 627 00:30:50,200 --> 00:30:52,440 Speaker 8: Well, right now with this set, we're working on so 628 00:30:52,600 --> 00:30:56,200 Speaker 8: extending off app andresen and also extending our app and routling, 629 00:30:56,280 --> 00:30:59,200 Speaker 8: and plus the partnership we have just joined with TSMC 630 00:30:59,240 --> 00:31:01,960 Speaker 8: on the fab and germ they built, plus the fat 631 00:31:02,040 --> 00:31:04,080 Speaker 8: we have now here with TSI in the States, which 632 00:31:04,120 --> 00:31:06,520 Speaker 8: is great. That's a good portfolio, and let's say, a 633 00:31:06,520 --> 00:31:08,960 Speaker 8: whole bunch of workload for us, which I think will 634 00:31:08,960 --> 00:31:11,240 Speaker 8: first have to pull through. So don't expect too many 635 00:31:11,240 --> 00:31:14,040 Speaker 8: further steps where we go ahead, but this work will 636 00:31:14,080 --> 00:31:15,360 Speaker 8: be very busy for. 637 00:31:15,400 --> 00:31:16,400 Speaker 2: Us in the next years. 638 00:31:16,840 --> 00:31:22,160 Speaker 4: Silicon carbide Stephan, Now, what is the ultimate end total 639 00:31:22,200 --> 00:31:24,760 Speaker 4: addressable market as you see it right now? Because there 640 00:31:24,760 --> 00:31:27,680 Speaker 4: were some reports that maybe tests trying to downshift the. 641 00:31:27,640 --> 00:31:30,600 Speaker 5: Amount that uses within it well lower priced vehicles. 642 00:31:30,680 --> 00:31:32,200 Speaker 4: Is that a concern in any way or do you 643 00:31:32,200 --> 00:31:34,760 Speaker 4: think just the ultimate market is still there and huge. 644 00:31:35,520 --> 00:31:35,640 Speaker 11: Now? 645 00:31:35,760 --> 00:31:38,800 Speaker 8: Silicon carbon has great benefits for the vehicles, right You 646 00:31:38,840 --> 00:31:41,800 Speaker 8: can better charge the vehicle, reduce the losses in charging 647 00:31:41,840 --> 00:31:45,920 Speaker 8: by fifty percent. You can extend the length of run 648 00:31:45,920 --> 00:31:48,520 Speaker 8: of the vehicle by six percent so you can run 649 00:31:48,520 --> 00:31:51,920 Speaker 8: the vehicle longer, reduce the battery size. So especially also 650 00:31:52,000 --> 00:31:56,000 Speaker 8: for let's say more price sensitive vehicles, this is also 651 00:31:56,040 --> 00:31:58,800 Speaker 8: a great technology. The question right now obviously is it's 652 00:31:58,800 --> 00:32:01,920 Speaker 8: not deployed massively in all vehicles because just the capacity 653 00:32:01,920 --> 00:32:04,000 Speaker 8: on the world is not there, and it's ramped up 654 00:32:04,040 --> 00:32:06,480 Speaker 8: a massive speed by multiple players. So I think it 655 00:32:06,520 --> 00:32:11,280 Speaker 8: will have a massive impact on the electrification, but the electrification. 656 00:32:10,720 --> 00:32:12,560 Speaker 2: Itself also is ramping up. 657 00:32:12,440 --> 00:32:14,920 Speaker 8: So I would still see it as a as a 658 00:32:14,960 --> 00:32:18,239 Speaker 8: great ingredient for all electrified actilications, not only cars, by 659 00:32:18,280 --> 00:32:18,760 Speaker 8: the way. 660 00:32:18,920 --> 00:32:21,360 Speaker 4: And interestingly of course not just cars, but all the 661 00:32:21,360 --> 00:32:23,600 Speaker 4: other products in which this is going to be useful. 662 00:32:23,720 --> 00:32:26,160 Speaker 4: What about the ultimate consumer demand as you see it? 663 00:32:26,200 --> 00:32:28,880 Speaker 4: We just had of course food pro on and Ted 664 00:32:29,040 --> 00:32:32,440 Speaker 4: really talking us through how he still sees really demand 665 00:32:32,640 --> 00:32:33,520 Speaker 4: not paying a problem. 666 00:32:33,520 --> 00:32:35,040 Speaker 5: It's more supply side at the moment. 667 00:32:35,160 --> 00:32:37,560 Speaker 4: Do you feel even with the us GDP dating we 668 00:32:37,600 --> 00:32:40,320 Speaker 4: get today, you still confident in and demand for the 669 00:32:40,400 --> 00:32:42,640 Speaker 4: sorts of products right now now. 670 00:32:42,520 --> 00:32:44,200 Speaker 8: For a product like secret Car, but it and also 671 00:32:44,280 --> 00:32:47,160 Speaker 8: for electrification of vehicles in total, we have to get 672 00:32:47,200 --> 00:32:49,520 Speaker 8: a bit longer. You the current situation where we have 673 00:32:49,600 --> 00:32:52,600 Speaker 8: also risk in the demand side, are absolutely clear that 674 00:32:52,640 --> 00:32:55,600 Speaker 8: it's globally and we still see inflation, which is it 675 00:32:55,640 --> 00:32:57,680 Speaker 8: has been reported in Germany at six point one percent 676 00:32:57,720 --> 00:33:00,360 Speaker 8: for example, as a contrast to also the US. So 677 00:33:00,400 --> 00:33:03,080 Speaker 8: the fight against inflation will go on and that will 678 00:33:03,120 --> 00:33:06,320 Speaker 8: also soften demand in many products. But for the long run, 679 00:33:06,520 --> 00:33:09,320 Speaker 8: and we talk here three to five years, demand especially 680 00:33:09,360 --> 00:33:12,719 Speaker 8: for electrified vehicles, will grow massively and there's more a 681 00:33:12,760 --> 00:33:15,360 Speaker 8: problem to have the supply ready for that demand in 682 00:33:15,400 --> 00:33:15,880 Speaker 8: the future. 683 00:33:16,360 --> 00:33:20,280 Speaker 2: You know, doctor Hart and Bosch is a truly global company. 684 00:33:20,320 --> 00:33:23,959 Speaker 2: Thank you for mentioning the European economic data as well 685 00:33:24,000 --> 00:33:27,800 Speaker 2: as the US. But China really interests both Caroline and I. 686 00:33:27,960 --> 00:33:31,280 Speaker 2: It's a daily discussion. You grew revenues there three percent 687 00:33:31,320 --> 00:33:34,520 Speaker 2: in twenty twenty two. What does twenty twenty three look 688 00:33:34,600 --> 00:33:37,560 Speaker 2: like based on your experience of doing business in the 689 00:33:37,640 --> 00:33:38,480 Speaker 2: Chinese economy. 690 00:33:38,760 --> 00:33:41,840 Speaker 8: Well, the Chinese economy is much softer in the recovery 691 00:33:41,880 --> 00:33:44,440 Speaker 8: as we expected it. We all see that. Plus we 692 00:33:44,480 --> 00:33:47,440 Speaker 8: also see that the Chinese currency is much softer than 693 00:33:47,440 --> 00:33:50,320 Speaker 8: we all anticipated it. That's the fact that obviously against 694 00:33:50,360 --> 00:33:52,760 Speaker 8: the global growth and as obviously also thinks that even 695 00:33:52,760 --> 00:33:55,240 Speaker 8: if China will report something out the GDP growth of 696 00:33:55,280 --> 00:33:59,640 Speaker 8: about five percent, that's still areas for the global economy 697 00:33:59,680 --> 00:34:02,000 Speaker 8: growth in China contributing a third of the growth. That 698 00:34:02,160 --> 00:34:03,760 Speaker 8: was kind of the story on the beginning of the 699 00:34:03,840 --> 00:34:06,640 Speaker 8: year that may not be happening this year, but still 700 00:34:07,120 --> 00:34:09,000 Speaker 8: Bosh sticks to its targets. We want to grow at 701 00:34:09,040 --> 00:34:11,319 Speaker 8: six to nine percent this year, and we go for 702 00:34:11,400 --> 00:34:15,120 Speaker 8: it on the global platforms, obviously before currency effects, because 703 00:34:15,120 --> 00:34:17,279 Speaker 8: we don't know yet what the current effects we play out, 704 00:34:17,280 --> 00:34:19,719 Speaker 8: and with the soft Chinese one, there is obviously work 705 00:34:19,760 --> 00:34:21,080 Speaker 8: on the currency side. 706 00:34:21,400 --> 00:34:25,200 Speaker 4: Can you just go into the geopolitical side as well, so, 707 00:34:25,360 --> 00:34:27,600 Speaker 4: farm because that must be a fascinating thing for you 708 00:34:27,640 --> 00:34:30,400 Speaker 4: to have to navigate not just the effects risk, but ultimately 709 00:34:30,760 --> 00:34:34,600 Speaker 4: supply chain risk. How are you navigating the headwinds when 710 00:34:34,640 --> 00:34:36,920 Speaker 4: we see Gina Ramondo over in China at the moment, 711 00:34:36,960 --> 00:34:41,280 Speaker 4: But still the Huawei issue that we just reported on, well. 712 00:34:41,120 --> 00:34:44,280 Speaker 8: The supply chain risk we had, especially on semiconductor obviously 713 00:34:44,360 --> 00:34:47,360 Speaker 8: much less and also some other supply chain risks are 714 00:34:47,440 --> 00:34:50,480 Speaker 8: much fewer of those currently because of the soft demand 715 00:34:50,520 --> 00:34:52,120 Speaker 8: in China and though if you are export we have 716 00:34:52,239 --> 00:34:54,960 Speaker 8: in China, that means a lot of materials are much 717 00:34:55,160 --> 00:34:59,680 Speaker 8: easier available for the global supply, which is leading to 718 00:35:00,040 --> 00:35:03,240 Speaker 8: the better fulfillment of current demand. But still we shouldn't 719 00:35:03,239 --> 00:35:05,680 Speaker 8: feel too safe about all of this, right, because if 720 00:35:05,719 --> 00:35:09,120 Speaker 8: demand picks up, if China comes back with a bit 721 00:35:09,400 --> 00:35:11,799 Speaker 8: speedier pace, right, and also the demand in the US 722 00:35:11,880 --> 00:35:14,560 Speaker 8: goes back up in a higher pace, plus the European 723 00:35:14,600 --> 00:35:18,040 Speaker 8: demand which is very low at the current size, then 724 00:35:18,080 --> 00:35:21,040 Speaker 8: we could also see against supply chain issues. So we're 725 00:35:21,040 --> 00:35:23,760 Speaker 8: always on the watch and we are working with our 726 00:35:23,760 --> 00:35:26,840 Speaker 8: factories and our sourcings and our partner heavily on getting 727 00:35:26,880 --> 00:35:30,440 Speaker 8: these supply questions into shape for the next wave of demand. 728 00:35:31,280 --> 00:35:34,320 Speaker 4: Absolutely fascinating birds eye perspective, not only in the consumer 729 00:35:34,520 --> 00:35:38,320 Speaker 4: but of course more broadly on geopolitics and global economies. 730 00:35:38,560 --> 00:35:40,399 Speaker 5: Bosh CEO Stephan Harten. 731 00:35:48,920 --> 00:35:54,440 Speaker 12: Music event Yes Again Investment event Welcome to invest Best, 732 00:35:54,680 --> 00:35:58,400 Speaker 12: where twenty thousand people gathered in Atlanta, Georgia to boost 733 00:35:58,400 --> 00:36:01,439 Speaker 12: their financial literacy and have a good time, all thanks 734 00:36:01,480 --> 00:36:03,600 Speaker 12: to the platform and your leisure. 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So what 739 00:36:17,000 --> 00:36:19,279 Speaker 12: are some of the biggest money mistakes that a lot 740 00:36:19,320 --> 00:36:21,960 Speaker 12: of these millionaires and billionaires are they've been making. 741 00:36:22,800 --> 00:36:26,400 Speaker 11: My biggest money mistake was waiting until I was fifty 742 00:36:26,440 --> 00:36:27,120 Speaker 11: seven years. 743 00:36:26,960 --> 00:36:28,360 Speaker 5: Old to start my business. 744 00:36:28,440 --> 00:36:32,080 Speaker 11: It was a seat investor in Peloton, and I put 745 00:36:32,120 --> 00:36:34,960 Speaker 11: three hundred thousand dollars in and at what point it 746 00:36:35,040 --> 00:36:38,560 Speaker 11: was worth seven million at a billion dollar evaluation And 747 00:36:39,000 --> 00:36:40,839 Speaker 11: to all my friends were on the board and they're like, dude, 748 00:36:40,920 --> 00:36:43,960 Speaker 11: it's now scaling, don't sell. But I had never had 749 00:36:44,000 --> 00:36:47,160 Speaker 11: a venture win, and so I was just so ready 750 00:36:47,160 --> 00:36:50,680 Speaker 11: to bring the bell and I took profits. Still a 751 00:36:50,719 --> 00:36:54,080 Speaker 11: great investment, and that seven million would have been worth 752 00:36:54,480 --> 00:37:00,399 Speaker 11: threw one hundred million at the high the more. 753 00:37:06,360 --> 00:37:08,560 Speaker 4: And he might be blocking out some of his mistakes, 754 00:37:08,560 --> 00:37:10,560 Speaker 4: but where he puts his money out real estate. 755 00:37:10,800 --> 00:37:11,680 Speaker 5: He likes his land. 756 00:37:11,719 --> 00:37:14,719 Speaker 4: But also remember he's got an e commerce platform particularly 757 00:37:14,719 --> 00:37:18,560 Speaker 4: focused on black creators, on black companies, So he's focusing 758 00:37:18,560 --> 00:37:21,920 Speaker 4: on the tech angle there of really his future and wealth. 759 00:37:22,000 --> 00:37:24,920 Speaker 4: But also speaking about some of the best advice that 760 00:37:24,960 --> 00:37:27,279 Speaker 4: they're giving at the moment, might novelgrats. 761 00:37:26,760 --> 00:37:28,600 Speaker 5: Are saying have a stop loss. 762 00:37:28,320 --> 00:37:31,560 Speaker 4: Like basically, no matter how convinced you are of particular technology, 763 00:37:31,680 --> 00:37:34,040 Speaker 4: there I say, crypto, make sure that you have some 764 00:37:34,160 --> 00:37:37,080 Speaker 4: sort of way of ensuring you don't well lose. 765 00:37:36,880 --> 00:37:37,879 Speaker 5: Too much money in that. 766 00:37:38,520 --> 00:37:40,680 Speaker 2: You know, it was so interesting to hear that that 767 00:37:40,760 --> 00:37:43,759 Speaker 2: Peloton story form novograts that you should we should get 768 00:37:43,800 --> 00:37:45,239 Speaker 2: that out there more. But what was interesting to me 769 00:37:45,320 --> 00:37:47,440 Speaker 2: Kara a new city for you? What was it like 770 00:37:47,560 --> 00:37:50,040 Speaker 2: being there in that particular city. One we don't talk 771 00:37:50,040 --> 00:37:50,960 Speaker 2: about as much. 772 00:37:50,800 --> 00:37:52,359 Speaker 5: And actually we should talk about it more. 773 00:37:52,360 --> 00:37:55,680 Speaker 4: The amount of content creation because remember Amazon studios are 774 00:37:55,719 --> 00:37:58,560 Speaker 4: over in Atlanta. There are some enormous companies that are 775 00:37:58,600 --> 00:38:01,560 Speaker 4: investing in technology I think is based there. Becaucacola is 776 00:38:01,560 --> 00:38:03,600 Speaker 4: over there, but really this is an Atlanta. 777 00:38:03,760 --> 00:38:04,239 Speaker 5: I have to say. 778 00:38:04,239 --> 00:38:07,200 Speaker 4: Everyone was so well dressed, like it was the funnest 779 00:38:07,200 --> 00:38:10,600 Speaker 4: conference of EMBMENTU. But as a city, beautiful, hot, but 780 00:38:10,719 --> 00:38:12,640 Speaker 4: everyone is so on point when it comes to how 781 00:38:12,680 --> 00:38:15,160 Speaker 4: they're approaching life and delivering themselves. 782 00:38:15,200 --> 00:38:17,960 Speaker 2: Yes, all right, check carry's piece out on Reels, on 783 00:38:18,000 --> 00:38:21,799 Speaker 2: TikTok and of course on X as well. Okay, rethinking 784 00:38:21,880 --> 00:38:25,280 Speaker 2: things in what venture capitalists do, but it's not always 785 00:38:25,280 --> 00:38:28,799 Speaker 2: easy to do that within existing cities. So today we 786 00:38:28,840 --> 00:38:31,640 Speaker 2: take a look at the trend of vcs wanting to 787 00:38:31,640 --> 00:38:36,600 Speaker 2: build the ultimate tech dream, better cities Bloomberg Cerah McBride 788 00:38:36,600 --> 00:38:38,919 Speaker 2: here with the Tech Daily news letter. This was really 789 00:38:38,920 --> 00:38:42,680 Speaker 2: interesting one because San Francisco often thinks of itself in 790 00:38:42,719 --> 00:38:46,120 Speaker 2: that way. Right we are tech, We have built this 791 00:38:46,160 --> 00:38:47,640 Speaker 2: cit the other way, and we have a load of problems. 792 00:38:47,920 --> 00:38:50,120 Speaker 2: Just give us the overview of your Tech Daily. 793 00:38:50,239 --> 00:38:53,480 Speaker 13: Every couple of years, somebody in tech decides they can 794 00:38:53,520 --> 00:38:56,400 Speaker 13: build a better city. They give it a go, and 795 00:38:56,440 --> 00:38:59,480 Speaker 13: then it just kind of fizzles out. And then somebody 796 00:38:59,480 --> 00:39:03,560 Speaker 13: else comes along, seemingly unaware of all the previous efforts. 797 00:39:03,640 --> 00:39:04,560 Speaker 5: And tries it again. 798 00:39:05,360 --> 00:39:08,400 Speaker 13: And this seems to be what's happening right now with 799 00:39:08,480 --> 00:39:12,440 Speaker 13: these efforts in Solano County, just northeast of San Francisco, 800 00:39:12,560 --> 00:39:15,880 Speaker 13: to build a better city, Sarah. Many names that we 801 00:39:16,000 --> 00:39:21,239 Speaker 13: know that are behind big, big VC, names like Mike Moritz, 802 00:39:21,280 --> 00:39:25,479 Speaker 13: who is one of the vcs from Sequoia Capital Mark 803 00:39:25,560 --> 00:39:30,960 Speaker 13: and Jason Lorraine Powell Jobs who has Emerson Collective. So 804 00:39:31,600 --> 00:39:34,440 Speaker 13: smart people who've accomplished a lot and have a ton 805 00:39:34,680 --> 00:39:38,040 Speaker 13: of money. So if anybody can do it, they can, 806 00:39:38,520 --> 00:39:41,120 Speaker 13: But many, many people just like them have thought the 807 00:39:41,160 --> 00:39:44,480 Speaker 13: same thing previously and unfortunately failed. 808 00:39:45,120 --> 00:39:47,560 Speaker 4: Wilson Keynes even gets a shout out in your story. 809 00:39:47,560 --> 00:39:51,040 Speaker 4: Absolutely love that bit, Sarah McBride. We thank you well. 810 00:39:51,080 --> 00:39:52,760 Speaker 4: That is for this dedition of bloom back technology. 811 00:39:52,800 --> 00:39:56,240 Speaker 2: And yeah, please recap on the podcast. We're on iHeart, 812 00:39:56,239 --> 00:39:59,000 Speaker 2: we're on Spotify, and we're on our Bloomberg platforms. From 813 00:39:59,000 --> 00:40:01,399 Speaker 2: over here in San Francis, going out on the East Coast, 814 00:40:01,480 --> 00:40:03,600 Speaker 2: New York. This is Bloomberg Technology.