WEBVTT - Musk Thinks Tesla Robot Could Eclipse Car Business 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanivik. We're here every day bringing 0:00:07.320 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.680 plus technology, politics, economics, all partnising the power of Business 0:00:13.680 --> 0:00:17.160 Week reporters and editors, not to mention our journalists and 0:00:17.160 --> 0:00:19.640 analyst in more than one and twenty countries. You can 0:00:19.640 --> 0:00:23.239 download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot com. 0:00:23.400 --> 0:00:25.200 You can also listen to our radio show at two 0:00:25.200 --> 0:00:27.880 pm Eastern Time on Bloomberg Radio, or watch us on 0:00:27.920 --> 0:00:31.680 YouTube search Bloomberg Global News. Alright, so a bunch of 0:00:31.720 --> 0:00:34.720 things going on. Fiser's covin I team, PILL receiving backing 0:00:34.760 --> 0:00:38.800 from the European Unions Drug Regulator UM offering a tool 0:00:38.800 --> 0:00:41.360 to manage coronavirus infections at home. Really eas the burden 0:00:41.360 --> 0:00:44.280 in hospitals. We're seeing that go on. Tim, here's something 0:00:44.280 --> 0:00:46.519 else that's really interesting, Denmark saying the virus is no 0:00:46.600 --> 0:00:49.200 longer a threat to society. God, that's really good. Germany 0:00:49.240 --> 0:00:51.360 they still saw another surgeon cases. I think they're thinking 0:00:51.400 --> 0:00:55.000 the peak happens into February. It's all about people learning 0:00:55.040 --> 0:00:57.440 to live with it. Yeah, exactly, and but tracking it 0:00:57.560 --> 0:00:59.000 so that we know what we need to do and 0:00:59.400 --> 0:01:01.400 when we need to kind of step up some of 0:01:01.440 --> 0:01:03.640 measure some of the measures against it. Hey back with 0:01:03.720 --> 0:01:07.560 us again is Rupa Rupalli LeMay. She is Director of 0:01:07.560 --> 0:01:11.440 Behavioral and Implementation Science at the International Vaccine Access Center. 0:01:11.480 --> 0:01:14.840 She's also the Associate director for Behavioral Research at the 0:01:14.840 --> 0:01:17.880 Institute for Vaccine Safety. It's all at Johns Hopkins Bloomberg 0:01:17.920 --> 0:01:20.440 School of Public Health, supported by Michael R. Bloomberg, Founder, 0:01:20.480 --> 0:01:24.120 Bloomberg LP, and Bloomberg Philanthropies. Rupolli on the phone in 0:01:24.200 --> 0:01:27.200 Falls Church, Virginia. Hey, nice to have you here. How 0:01:27.240 --> 0:01:30.280 are you. I'm good, Thanks so much for having me. Well, 0:01:30.319 --> 0:01:33.000 it's good to have you back with us. I'm exhausted 0:01:33.000 --> 0:01:36.240 by COVID. I'm sure you guys are do I do. 0:01:36.640 --> 0:01:38.480 I love that we though have more tools and we 0:01:38.480 --> 0:01:40.560 can figure out how to read the data and what 0:01:40.600 --> 0:01:43.200 it means and how to maybe you know, impact the 0:01:43.280 --> 0:01:45.560 data by wearing masks or social distancing and so on 0:01:45.600 --> 0:01:48.120 and so forth. What's front and center for you right now? Roupoli? 0:01:48.880 --> 0:01:51.640 I think what's really been key here is, as you know, 0:01:51.720 --> 0:01:54.680 There's been a lot of chatter because of omicron and 0:01:54.680 --> 0:01:57.600 what's happening. And I know that we're plateauing in many parts, 0:01:57.680 --> 0:01:59.800 especially here in the Northeast, but in other parts of 0:01:59.840 --> 0:02:02.120 the tree we have not plateaued. But I think the 0:02:02.200 --> 0:02:04.080 key here is really not to let up. And I 0:02:04.120 --> 0:02:06.160 think that is my concern is that in many school 0:02:06.160 --> 0:02:09.240 districts they are lifting mass mandates for example, we're thinking 0:02:09.240 --> 0:02:12.000 about other loosening, I would say, of different types of 0:02:12.080 --> 0:02:14.520 multilayer strategies, and that's not really what we should be 0:02:14.520 --> 0:02:17.000 doing right now. Um, And so that's a little bit 0:02:17.000 --> 0:02:18.760 of concern for me. When do you think we can 0:02:18.800 --> 0:02:21.000 start doing that? If? If not now? When you know 0:02:21.080 --> 0:02:25.120 it seems to be the really highly contagious variant is 0:02:25.240 --> 0:02:27.040 on its way down in many parts of the country. 0:02:27.320 --> 0:02:29.200 What's a realistic time frame for us to think about 0:02:29.200 --> 0:02:32.160 this stuff. I think a more realistic time frame is that, 0:02:32.200 --> 0:02:33.960 you know, I think if we can even wait for 0:02:34.000 --> 0:02:36.839 another month or so, this will also coincide as we'll 0:02:36.840 --> 0:02:40.000 start to get a little bit warmer, which naturally allows 0:02:40.040 --> 0:02:42.640 for more people to be outdoors. We see drops in 0:02:42.680 --> 0:02:44.959 respiratory diseases in general, not just st our school B 0:02:45.000 --> 0:02:47.960 two but like RSB and flu activity for example. So 0:02:48.080 --> 0:02:50.760 I think that if people can hold on for another 0:02:50.840 --> 0:02:52.880 month or so and continue to wear their masks, I 0:02:52.880 --> 0:02:54.839 think that that will help a lot in the long term. 0:02:55.080 --> 0:02:57.280 What we've seen in the past is that as soon 0:02:57.280 --> 0:02:59.160 as we start to see cases go down, we start 0:02:59.200 --> 0:03:01.320 to loosen restricttions, and then we go right back into 0:03:01.360 --> 0:03:04.480 another surge. Right, So I'm really hoping that, you know, 0:03:04.600 --> 0:03:06.960 people are tired of living this way, and I get it, 0:03:07.120 --> 0:03:09.480 but I think that if we can minimize really morbidity 0:03:09.520 --> 0:03:12.320 and mortality related to respiratory diseases in general, then that 0:03:12.360 --> 0:03:14.120 would be the way to go. Well, is this just 0:03:14.120 --> 0:03:15.440 going to be a case of like a year from now, 0:03:15.480 --> 0:03:17.880 we'll see another spike, could be a new variant or whatever, 0:03:17.919 --> 0:03:20.080 and we'll like throw onto masks again, but go go 0:03:20.200 --> 0:03:23.400 that our merry way. Like I'm curiously, do you have 0:03:23.440 --> 0:03:26.519 any eye on the trajectory here? Yeah? No, one's a 0:03:26.560 --> 0:03:29.120 really great question. And there was one estimate that came 0:03:29.120 --> 0:03:32.560 out just like last week that essentially indicated that perhaps 0:03:32.560 --> 0:03:35.480 two percent of Americans have now been infected with COVID 0:03:35.520 --> 0:03:39.360 at least. I assume that numbers under reported right, then 0:03:39.480 --> 0:03:42.040 we have a proportion of the population that has been vascinated. 0:03:42.160 --> 0:03:45.040 So with those two numbers kind of combined together, I 0:03:45.040 --> 0:03:46.840 think we're getting to the point where there's not going 0:03:46.880 --> 0:03:50.360 to be as many susceptible individuals to severe disease. And 0:03:50.400 --> 0:03:52.280 that's what I think we can live with, right And 0:03:52.360 --> 0:03:54.920 so I I really don't know. I know there will 0:03:54.960 --> 0:03:57.480 be a new variant simply because we have not vascinated 0:03:57.480 --> 0:03:59.200 the world yet. Right in other parts of the world, 0:03:59.280 --> 0:04:01.800 less than five percent of populations are vaccinated, and so 0:04:02.120 --> 0:04:04.080 we will continue to deal with this. I think the 0:04:04.160 --> 0:04:06.960 bigger question is when does it become less severe for 0:04:07.000 --> 0:04:09.680 individuals here in the United States, And when do people 0:04:09.720 --> 0:04:12.400 really become more comfortable, I would say, and that will 0:04:12.440 --> 0:04:14.320 also go hand in hand when there will be a 0:04:14.400 --> 0:04:16.920 vaccine for kiddos under the age of five, because, as 0:04:16.920 --> 0:04:19.760 you know, parents have just really struggled how to protect 0:04:19.760 --> 0:04:22.400 their children. Right him is one of those parents waiting. 0:04:23.920 --> 0:04:25.799 So I have two children under the age of twelve, 0:04:25.839 --> 0:04:27.640 and I can't tell you we were just waiting and 0:04:27.680 --> 0:04:29.919 waiting for the eu A right for that age rage. 0:04:30.320 --> 0:04:33.440 So it's I think it'll be a game changer. But again, 0:04:33.520 --> 0:04:35.520 I think it's just something that a lot of people 0:04:35.560 --> 0:04:37.800 are struggling trying to figure out what they're comfortable with 0:04:37.800 --> 0:04:41.080 with regards to risk, right, and Hey, what's the data 0:04:41.120 --> 0:04:43.560 that you need to see for you to say, Okay, 0:04:43.600 --> 0:04:48.840 now we have left the pandemic stage. It's gone endemic. Yes, Um, 0:04:48.920 --> 0:04:50.840 So part of it will have to do with just 0:04:51.160 --> 0:04:53.840 the amount of transmission happening at the community level, right, 0:04:53.880 --> 0:04:56.000 we want to see it drop to a specific level. 0:04:56.440 --> 0:04:58.800 Once it drops under that level and we start to see, 0:04:58.839 --> 0:05:02.560 hopefully with at UM, subsequently we will start to see 0:05:02.600 --> 0:05:05.880 a decrease in hospitalizations as well, right, and any sort 0:05:05.880 --> 0:05:08.560 of severe COVID, that's when I think we will start 0:05:08.600 --> 0:05:10.440 to feel a little bit more comfortable. And as I said, 0:05:10.480 --> 0:05:12.720 with the warmer months coming up, this is really a 0:05:12.800 --> 0:05:14.360 nice time. I don't know if you all remember last 0:05:14.360 --> 0:05:17.200 summer was actually like really nice for most people. A 0:05:17.240 --> 0:05:20.039 lot of people in excavated. We kind of felt like 0:05:20.120 --> 0:05:22.440 we were going back, right, we were returning a little 0:05:22.440 --> 0:05:25.680 bit mac But yeah, I mean I'm hoping that this 0:05:25.720 --> 0:05:27.360 we were in a very different space than we were 0:05:27.440 --> 0:05:29.679 last year. Right, we have we have way more tools. 0:05:29.800 --> 0:05:32.400 I think it's just being able to follow the evidence 0:05:32.440 --> 0:05:35.039 which we have seen that obviously this is a politicized issue. 0:05:35.360 --> 0:05:37.320 Another problem you gotta ask. You just got about a 0:05:37.320 --> 0:05:39.160 minute or under a minute left. We've got a Bloomberg 0:05:39.160 --> 0:05:43.520 opinion piece that's out there about mr Anti micobial resistance 0:05:43.560 --> 0:05:46.320 or infections that don't respond to drugs. Our headline on 0:05:46.360 --> 0:05:49.000 the story this opinion piece the world's next big health emergency. 0:05:49.080 --> 0:05:52.280 It's here. It's about resistance to a lot of drugs. 0:05:52.320 --> 0:05:55.000 Do you guys talk about that? We talked about it 0:05:55.040 --> 0:05:58.040 all the time, Okay? Um, And this will really has 0:05:58.120 --> 0:06:00.800 to do with this issue of sort of over prescribing 0:06:01.000 --> 0:06:03.960 of antibiotics, right, which has led to this In addition 0:06:04.000 --> 0:06:05.760 to that, but then as you know, virus has changed 0:06:05.760 --> 0:06:08.080 in the utade and then in addition to that, we're 0:06:08.080 --> 0:06:10.600 starting to see essentially more pathogens than we did even 0:06:10.640 --> 0:06:13.480 twenty years ago. Right, So, I think the environments has 0:06:13.520 --> 0:06:17.520 changed with regards to just, um, how many essentially pathogens 0:06:17.520 --> 0:06:20.200 are floating around, but also just the over use, unfortunately 0:06:20.240 --> 0:06:22.159 of antibiotics. And I do think it's going to be 0:06:22.200 --> 0:06:24.880 a huge challenge coming up here as our next major 0:06:24.920 --> 0:06:27.880 global health challenge to I'm not ready to I'm not 0:06:27.920 --> 0:06:30.080 ready for the next major global health challenge. I'm still 0:06:30.080 --> 0:06:34.720 dealing with the current major Happy Thursday. Everybody, Um, we 0:06:34.880 --> 0:06:37.599 probably we really appreciate it and love of the insight 0:06:37.680 --> 0:06:41.200 you give us, even when it's a bummer Rupoli LeMay. 0:06:41.440 --> 0:06:44.920 She's director of Behavioral and Implantmentation Science at the International 0:06:45.040 --> 0:06:48.000 Vaccine Access Center that's over at Johns Hopkins Bloomberg School 0:06:48.000 --> 0:06:50.160 of Public Health. You know it. It's supported by Michael 0:06:50.200 --> 0:06:55.560 lar Bloomberg founder, Bloomberg LP and Bloomberg Philanthropies could claim 0:06:55.600 --> 0:07:00.160 ten million lives annually by Mr Happy Friday, I mean 0:07:00.240 --> 0:07:03.880 happy you wish it was Friday and then ah under 0:07:03.880 --> 0:07:09.000 the covers. You're listening to Bloomberg Radio. This is Bloomberg 0:07:09.000 --> 0:07:12.680 Business Week with Carol Messer and Bloomberg Quick Takes Tim 0:07:12.720 --> 0:07:16.640 Stinovic on Bloomberg Radio. So check your pantry or your 0:07:16.640 --> 0:07:18.680 spy Strawer, you know you have a bunch of McCormick 0:07:18.720 --> 0:07:21.600 spices there. But did you know about the company's big 0:07:21.600 --> 0:07:23.720 move into the hot sauce space. We know because we 0:07:23.720 --> 0:07:25.320 actually read a great Yeah. I didn't know until I 0:07:25.320 --> 0:07:27.240 read this story today. It's a fantastic one. It's by 0:07:27.280 --> 0:07:31.440 Austin Carr, technology reporter for Bloomberg News. Joel Weber, editor 0:07:31.480 --> 0:07:34.680 at Bloomberg business Week, joins us now along with Austin Carr. 0:07:34.680 --> 0:07:37.239 Austin's on the phone from Boston, Joel on the access 0:07:37.240 --> 0:07:41.360 line from Brooklyn, Joel Austin, Um, Joel, how much how 0:07:41.440 --> 0:07:44.640 much hot sauce went into the production of this piece? 0:07:45.400 --> 0:07:49.559 Oh man, Uh, I'm gonna I'm gonna guess Gallan's although 0:07:49.560 --> 0:07:51.760 I don't I can't give you a real number. You're 0:07:51.800 --> 0:07:54.280 not joking, by the way, because this is not because 0:07:54.280 --> 0:07:57.560 there are a lot of Photo Photo company's Austin story. 0:07:58.320 --> 0:08:02.040 Is this fountain that we made? Uh In the photographer 0:08:02.080 --> 0:08:04.400 pumped a bunch of hot sauce through it. It was 0:08:04.640 --> 0:08:08.080 kind of a disastrous experiment. Um, And I wouldn't recommend 0:08:08.080 --> 0:08:10.960 that anybody ever feel a fountain full of hot sauce 0:08:11.960 --> 0:08:14.520 unless you really want to make a gigantic mess that 0:08:14.680 --> 0:08:18.680 leaves permanent stains. But the story that Austin did to 0:08:18.760 --> 0:08:22.360 a company that photo was a legendary one. Um. You 0:08:22.480 --> 0:08:25.280 definitely know McCormick because they make all the spices, the 0:08:25.320 --> 0:08:27.400 red Cat spices that are probably in your spice road 0:08:27.520 --> 0:08:31.280 right now. But as Austin found out, they found growth 0:08:31.480 --> 0:08:35.800 in another area, right Austin, where'd they go? Well, they've 0:08:35.880 --> 0:08:39.800 gone deep into beyond seasonings, into the sauce game, specifically 0:08:39.800 --> 0:08:43.160 with Hot sauce Um. You probably know McCormick as as 0:08:43.240 --> 0:08:46.320 Joel said, from their Red Cap seasonings, paprika, cinnamon and 0:08:46.360 --> 0:08:49.719 so forth. But they also owned Frenches, Mustard, Stubbs, Barbecue 0:08:49.720 --> 0:08:53.160 Sauce Old. But they and then more recently they've really 0:08:53.200 --> 0:08:56.720 been diving deep into the five billion dollar worldwide hot 0:08:56.720 --> 0:08:59.480 sale hot sauce market with the purchase of Frank's Red 0:08:59.559 --> 0:09:02.760 Haunt and Cholula Hot sauce Um. And it's this booming 0:09:02.760 --> 0:09:05.440 market and the story is about how they're sort of 0:09:05.480 --> 0:09:08.719 going after the taking on Tabasco and some of the 0:09:08.760 --> 0:09:11.720 biggest names in hot sauce UH, to sort of transform 0:09:11.800 --> 0:09:14.640 from this you know, old world spice maker into a 0:09:14.679 --> 0:09:17.720 sauce giant. And is it working, I mean in terms 0:09:17.760 --> 0:09:21.160 of getting notoriety, getting shelf space, juicing the bottom and 0:09:21.240 --> 0:09:25.120 top lines. It's they just reported earnings this morning, which 0:09:25.120 --> 0:09:29.000 for record uh they beat the street uh for and 0:09:29.320 --> 0:09:31.280 for their year end earnings. And you know, while the 0:09:31.320 --> 0:09:33.920 market's been been roughed. They they're actually near an all 0:09:33.960 --> 0:09:37.640 time high right now at seven percent, nearly seven percent today. UM. 0:09:37.720 --> 0:09:41.520 So they were actually soaring throughout the pandemic partly because 0:09:41.520 --> 0:09:44.280 people were running to stock their their kitchens, their pantries, 0:09:44.520 --> 0:09:47.720 not just with all types of seasonings and spices, but 0:09:47.800 --> 0:09:50.360 with sauces because you have so many grub hub deliveries 0:09:50.400 --> 0:09:52.559 home cooked meals, and people are looking to spice these 0:09:52.640 --> 0:09:55.040 hub and that's why we've seen the global hot sauce 0:09:55.080 --> 0:09:59.400 market grow about fifty since UM and in the US, 0:09:59.559 --> 0:10:01.520 the specif sically it's actually on par right now with 0:10:01.640 --> 0:10:04.360 ketchup sales. Wow. I mean we use so much more 0:10:04.400 --> 0:10:06.920 hot sauce in my house Cholula. By the way, can 0:10:06.960 --> 0:10:09.240 I just say that earlier we did a taping with 0:10:09.320 --> 0:10:11.679 Joel for a weekend show about this story, and I 0:10:11.760 --> 0:10:15.640 just lost, like Joel and Tim playing off on there. 0:10:15.679 --> 0:10:17.480 I don't know if the tape was rolling when we 0:10:17.520 --> 0:10:20.520 when we just started talking about hot sauce. Um, it 0:10:20.559 --> 0:10:22.679 was after them, it was after the conversation. Yeah. But 0:10:22.720 --> 0:10:24.280 I mean, just to fill you guys in, Joel and 0:10:24.320 --> 0:10:26.959 I kind of grew up with tapatio, which isn't is 0:10:27.000 --> 0:10:29.880 a competitor to Cholula, which you you dive into in 0:10:29.880 --> 0:10:32.000 the story a little bit. Austin, get some commentary from 0:10:32.320 --> 0:10:35.160 one of the family owners that company. Hey, um, how 0:10:35.200 --> 0:10:39.680 important is is Hot Sauce to McCormick's future. And I 0:10:39.679 --> 0:10:41.400 want to I want to try to understand, like how 0:10:41.440 --> 0:10:43.840 the company changed and adapted during the pandemic, because there's 0:10:43.840 --> 0:10:45.640 some great detail in your piece about that, the great 0:10:45.640 --> 0:10:48.880 tumoric shortage of and then and then how does it 0:10:48.880 --> 0:10:51.200 transition from being known as a spice company or perhaps 0:10:51.200 --> 0:10:54.880 one that is more focused on on these condiments. Yeah, 0:10:54.880 --> 0:10:56.720 so let me start on the first first side of 0:10:56.760 --> 0:10:59.760 things with the pandemic. Um. You know, this was a 0:11:00.000 --> 0:11:02.960 puny that at the same time as their their sales 0:11:03.000 --> 0:11:05.760 were rocketing, they were having trouble with as was every 0:11:05.800 --> 0:11:09.960 sort of physical good company with keeping up with with manufacturing, um, 0:11:10.080 --> 0:11:13.760 with with freight, um with a sort of shipments and 0:11:14.040 --> 0:11:17.000 retail and restaurants business. Um. And how they overcome that 0:11:17.120 --> 0:11:19.640 is is just by being as adaptable as possible. I 0:11:19.679 --> 0:11:23.120 mean they when you noted the tumeric shortage, uh, you know, 0:11:23.160 --> 0:11:26.240 people were rushing out to buy everything from from powder 0:11:26.320 --> 0:11:28.559 to America, which which has become a big health food. 0:11:28.960 --> 0:11:31.640 UM to the stuff that is actually used to America, 0:11:31.640 --> 0:11:34.280 is used in French is yellow mustard. That's what gives it. 0:11:34.280 --> 0:11:37.280 It's it's yellow color um, which is sort of radio 0:11:37.320 --> 0:11:39.599 active and UM. And so they were actually you know, 0:11:39.679 --> 0:11:43.280 juggling various sources. UM. They actually chartered a plane with 0:11:43.320 --> 0:11:46.280 an emergency payload full of tumeric for French is that 0:11:46.320 --> 0:11:48.240 actually arrived at the wrong airport. They had to have 0:11:48.320 --> 0:11:51.160 sent trucks overnight to get it to the Frenches factory 0:11:51.600 --> 0:11:54.000 uh in Missouri on time for a production run. We 0:11:54.040 --> 0:11:56.040 almost the US actually almost ran out of mustard during 0:11:56.080 --> 0:11:59.280 that time frame. So so thank god we survived that. UM. 0:11:59.320 --> 0:12:01.200 But since then they've really been pivoting. And I'd say 0:12:01.240 --> 0:12:02.880 just on the earnings called today the big the big 0:12:02.880 --> 0:12:06.720 word is cholula chilula chaluo because it continues to really boom. 0:12:06.760 --> 0:12:08.400 I mean, it moved up from the number three Hut 0:12:08.480 --> 0:12:10.840 Sauce to the number two. They have the number one 0:12:10.920 --> 0:12:13.240 hot Sauce and Frank's in between the two. Together in 0:12:13.280 --> 0:12:14.920 the US they own about a third of the market 0:12:15.000 --> 0:12:19.440 just in the last couple of years. I've laughed quietly 0:12:19.480 --> 0:12:22.120 to myself about fifteen times since I last spoke in 0:12:22.160 --> 0:12:27.880 this conversation. What what's next between them and world dominant 0:12:27.920 --> 0:12:31.959 condiment dominance Austin. You know, I think it really comes 0:12:32.000 --> 0:12:34.880 down to making sure they let the brands and products 0:12:34.880 --> 0:12:37.719 speak from themselves. You know. You know, I think some 0:12:37.760 --> 0:12:40.000 people thought, oh, when they bought these companies like Frank's 0:12:40.000 --> 0:12:43.520 Red Hut Chu Lula, would they replaced that those bottles 0:12:43.520 --> 0:12:46.400 with their traditional red cap seasoning. And what they've done 0:12:46.480 --> 0:12:49.280 is actually just let these products sell themselves on the shelves. 0:12:49.320 --> 0:12:51.920 You might not realize it, but but as as we said, 0:12:51.960 --> 0:12:54.800 you know, they own all this this arsenal of sauces, 0:12:54.840 --> 0:12:56.840 and they're going up against Kraft Hinds, which you may 0:12:56.880 --> 0:12:59.960 not realize also owns Great Poupon a one Miracle Whip 0:13:00.200 --> 0:13:03.160 Whist sauce from Leon Purren's and you know Lever with 0:13:03.160 --> 0:13:06.000 with Hellman's and Sir Kensington's and all these big sauce 0:13:06.040 --> 0:13:09.120 companies are trying to have this arsenal, this sort of 0:13:09.120 --> 0:13:11.559 alliance of different sauces to sort of corner the market. 0:13:11.559 --> 0:13:13.640 Every time you go to to Walmart or Whole Foods, 0:13:13.640 --> 0:13:15.120 and and you know, so every time you go out 0:13:15.120 --> 0:13:17.559 to buy something just to recognize that you're all you're 0:13:17.559 --> 0:13:19.560 not just choosing a flavor, but you're you're sort of 0:13:19.640 --> 0:13:21.880 choosing an allegiance to one of the big sauce brands. 0:13:23.240 --> 0:13:27.040 You've got Big Hot Sauce, Big Sauce. Uh, there's also 0:13:27.160 --> 0:13:29.880 Big Mayo, Big catch Up. Who's the biggest of them all? 0:13:31.080 --> 0:13:34.240 Mayonne is surprisingly worldwide, is the biggest um you know. 0:13:34.280 --> 0:13:36.920 I've gone into the story thinking catch Up would would 0:13:36.960 --> 0:13:39.920 would beat them by leaps and bounds, But actually, uh, 0:13:40.040 --> 0:13:43.000 Mayo is about eleven billion dollar market. Uh, catch Ups 0:13:43.040 --> 0:13:46.520 about seven billion worldwide, Hut Sauce about five, and then 0:13:46.600 --> 0:13:48.720 Mustard is actually in the last place among that set 0:13:48.760 --> 0:13:51.600 with about two billion dollars. But but Big Mayo remains 0:13:51.640 --> 0:13:53.199 the biggest player out there. And I think that's just 0:13:53.240 --> 0:13:55.800 because so many, so much stuff mixes that I love 0:13:55.840 --> 0:14:00.000 to mix Cholula and Mayo. It's it's an excellent combination. Uh. 0:14:00.200 --> 0:14:02.760 I really appreciate how much research you probably put in 0:14:02.800 --> 0:14:07.520 on yourself on your own time. So I gotta ask 0:14:07.920 --> 0:14:10.560 Austin to close this out. Would you rather have a 0:14:10.559 --> 0:14:13.040 Hot Sauce Mountain or the Dakar machine that I know 0:14:13.120 --> 0:14:16.079 you have from your last recording, I would say, put 0:14:16.120 --> 0:14:18.200 your hands together, Joel, I I want to both. I 0:14:18.200 --> 0:14:22.320 want a spicy Uh. Okay, all right, there we go. Alright, 0:14:22.400 --> 0:14:25.320 good stuff, Austin, Austin, great stuff. This was such a 0:14:25.320 --> 0:14:28.160 great piece. It really was a lot of fun. Austin 0:14:28.240 --> 0:14:30.680 car He's technology reporter at Bloomberg News on the phone 0:14:30.680 --> 0:14:33.360 from Boston. Catch his story. It's in the new issue 0:14:33.400 --> 0:14:36.200 Bloomber business Week magazine. It's on newsstands on the Bloombergin 0:14:36.240 --> 0:14:39.000 at Bloomberg dot com. Uh slash business Week in our 0:14:39.040 --> 0:14:41.200 thanks to Joe Weber, editor Bloomberg business Week on the 0:14:41.240 --> 0:14:44.400 access line from Brooklyn. Catch more on the whole issue 0:14:44.400 --> 0:14:46.120 of Bloomber business Week that's coming up in our weekend 0:14:46.160 --> 0:14:48.720 show you and catch at eight am Saturday on Bloomberg Radio. 0:14:48.760 --> 0:14:51.240 Also pick up this issue of Bloomberg Business Week. Uh. 0:14:51.400 --> 0:14:55.560 The photo of the fondue fountain full of what appears 0:14:55.560 --> 0:14:58.080 to be some mixture of concoction of Frank's red hot 0:14:58.720 --> 0:15:01.360 based on of the sposity that I can see, is 0:15:01.400 --> 0:15:04.440 absolutely worth it alone. And Austin's stories just fantastic. Coming 0:15:04.440 --> 0:15:12.040 to a wedding near you. Just do this, alright, You're 0:15:12.080 --> 0:15:16.080 listening to Bloomberg Business Week with Carol Messer and Bloomberg 0:15:16.120 --> 0:15:20.160 Quick Takes Tim Stinovic on Bloomberg Radio. He definitely on 0:15:20.200 --> 0:15:24.480 our radar today is Tesla. We've seen the stock under 0:15:24.480 --> 0:15:26.200 pressure once again. Let me just pull it up on 0:15:26.240 --> 0:15:29.720 the Bloomberg and it's down about almost eleven percent here. 0:15:29.920 --> 0:15:32.000 This is after the company pushed back introductions of new 0:15:32.040 --> 0:15:35.920 models to next year. A lot going on. Meanwhile, we 0:15:35.960 --> 0:15:38.160 do have Elon Musk laying out what he says maybe 0:15:38.160 --> 0:15:41.280 the most important product that the company is working on, 0:15:41.400 --> 0:15:43.480 and it's probably not what you're thinking. So let's get 0:15:43.480 --> 0:15:46.000 to it with Bloomberg News Technology reporter Dana Hall. She 0:15:46.200 --> 0:15:49.320 is on the phone in San Francisco. Hey Dana, nice 0:15:49.360 --> 0:15:52.080 to have you here with Tim and myself. Um, what's 0:15:52.160 --> 0:15:57.400 up with Ellen? So? Elon Musk was on the shareholder 0:15:57.520 --> 0:16:00.400 call yesterday and he had promised that he would give 0:16:00.440 --> 0:16:05.160 this updated product roadmap, so investors, customers, analysts, journalists, we 0:16:05.240 --> 0:16:09.520 were all expecting to hear cyber truck, semi truck, roadster, 0:16:09.840 --> 0:16:13.320 the future car, and in a nutshell, he basically said 0:16:13.360 --> 0:16:15.960 they're not making any of those vehicles this year, and 0:16:16.000 --> 0:16:18.160 that the most important products that they're working on is 0:16:18.160 --> 0:16:21.160 a humanoid robot that he unveiled um a couple of 0:16:21.200 --> 0:16:24.640 months ago, um, which is fine, but I mean I 0:16:24.640 --> 0:16:28.200 think you're seeing the stock really kind of sell off 0:16:28.240 --> 0:16:30.760 today as a reasult. I mean it's down almost eleven UM. 0:16:31.280 --> 0:16:33.680 I mean, I think the concern is that, you know, 0:16:34.080 --> 0:16:37.000 TESSELA makes cars. People want to hear about the cars 0:16:37.000 --> 0:16:40.840 that are coming. Big competitors like Ford and Rivian are 0:16:40.840 --> 0:16:42.520 out with their trucks, and the cyber truck is the 0:16:42.520 --> 0:16:44.240 next vehicle in the in the Tessel lineup, so we 0:16:44.240 --> 0:16:46.360 were hoping to hear a little bit more. I think, 0:16:46.640 --> 0:16:48.040 like I think a lot of investors were hoping to 0:16:48.040 --> 0:16:49.760 hear more about the cyber truck. But basically it's off 0:16:49.760 --> 0:16:52.800 the table. So you know, I think you're just having 0:16:52.800 --> 0:16:55.160 a bit of a reckoning today. Was that the white 0:16:55.200 --> 0:16:58.200 person the person in the like white right, It wasn't 0:16:58.200 --> 0:17:00.240 even a road, It was like a person dress like 0:17:00.240 --> 0:17:06.280 a robot dancing on stage. Remembered it correctly, Yeah, yeah, okay, 0:17:06.359 --> 0:17:08.719 more on cars and just those you're watching on YouTube 0:17:08.760 --> 0:17:10.920 right now are so they can see as a person 0:17:10.920 --> 0:17:14.560 that in like a white Leodard definitely not a robot, Dana, 0:17:15.160 --> 0:17:17.440 What is the point of this humanoid robot in terms 0:17:17.440 --> 0:17:18.960 of what it can do and what it can do 0:17:19.000 --> 0:17:22.040 for Testla's business. If this is the most important product 0:17:22.040 --> 0:17:25.359 in development, what is it? Well, it musk. I mean, basically, 0:17:25.359 --> 0:17:27.160 it's gonna it's gonna come for your job. I mean 0:17:27.280 --> 0:17:30.840 Tesla's factory, particularly the one here in Fremont, employees over 0:17:30.880 --> 0:17:33.119 ten thousand people, and a lot of people have jobs 0:17:33.119 --> 0:17:36.600 like material handler, whether they're literally like moving parts from 0:17:36.640 --> 0:17:38.159 one side of the factory to the other. I mean, 0:17:38.200 --> 0:17:41.760 it's still a very human, labor intensive job. And I 0:17:41.800 --> 0:17:43.560 think what he said on the calling yesterday was that, 0:17:43.640 --> 0:17:46.480 you know, the first place that they'll use this robot 0:17:46.680 --> 0:17:50.240 is in Tesla's facility, so you could see these you 0:17:50.240 --> 0:17:54.920 know robots, you know, moving packages, delivering things across the factory, 0:17:54.960 --> 0:17:57.879 moving parts, um. And that all sounds very fine and 0:17:58.000 --> 0:18:02.040 very futuristic, but you know, a big part of Tesla's 0:18:02.119 --> 0:18:04.119 growth has always been premised on this idea that they 0:18:04.119 --> 0:18:06.280 were going to compete in every segment of the vehicle 0:18:06.320 --> 0:18:09.560 market market. Now, what they're basically saying is, well, there's 0:18:09.560 --> 0:18:12.159 no point in making the cybertruck because we're still building 0:18:12.160 --> 0:18:14.280 with all the supply chain issues and we have all 0:18:14.280 --> 0:18:16.080 these parts problems. So we're just going to focus on 0:18:16.119 --> 0:18:18.040 the Model three and the Model Y and this robot 0:18:18.680 --> 0:18:20.200 and you know, we're going to continue to work on 0:18:20.240 --> 0:18:23.000 these vehicles, but they're not coming out anytime soon. And so, 0:18:23.520 --> 0:18:25.879 you know, I think that's just worris. I mean, the 0:18:25.920 --> 0:18:29.440 cyber truck was first unveiled over two years ago, and uh, 0:18:29.480 --> 0:18:31.320 you know, I think people were thinking that they'd at 0:18:31.359 --> 0:18:33.359 least see a couple of them maybe by the end 0:18:33.359 --> 0:18:35.919 of this year. Well as don is this you know, 0:18:35.960 --> 0:18:38.520 Ellen being Elan, and he does it really well in 0:18:38.640 --> 0:18:40.840 terms of you know, if you've got questions over here, 0:18:40.840 --> 0:18:42.320 don't worry about it for now. But here's the other, 0:18:42.720 --> 0:18:44.119 you know, shiny new thing that I want you to 0:18:44.160 --> 0:18:45.879 focus on. And this is gonna be the real growth 0:18:45.920 --> 0:18:48.320 engine going forward. Like is that what we're doing or 0:18:48.400 --> 0:18:51.000 is this just een? Like? Yeah, I mean, I don't know. 0:18:51.240 --> 0:18:53.439 There's a point where he talked about the Tesla card 0:18:53.640 --> 0:18:56.159 we all didn't believe him, and look where we are today. 0:18:56.200 --> 0:18:58.879 So I guess I don't know how you understand this company, 0:18:58.920 --> 0:19:02.240 you understand how are we supposed to think about this robot. 0:19:02.280 --> 0:19:05.480 Is this a real thing? Well? I think that. I 0:19:05.520 --> 0:19:09.159 think that what Musk does does he he he brings 0:19:09.240 --> 0:19:12.800 up products. I mean he introduces products before they really exist, 0:19:12.920 --> 0:19:15.840 and he's done this over and over again with you know, 0:19:15.960 --> 0:19:18.680