WEBVTT - Dell Hikes Estimates on Strong AI Demand 0:00:02.520 --> 0:00:10.520 Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg business 0:00:10.520 --> 0:00:14.680 Weekdaily reporting from the magazine that helps global leaders stay 0:00:14.720 --> 0:00:18.799 ahead with insight on the people, companies, and trends shaping 0:00:18.800 --> 0:00:23.760 today's complex economy. Plus global business, finance and tech news 0:00:23.800 --> 0:00:27.760 as it happens. The Bloomberg Business Week Daily Podcast with 0:00:27.920 --> 0:00:31.760 Carol Masser and Tim Stenebeck on Bloomberg Radio. 0:00:32.360 --> 0:00:35.199 Dell shares rising as much as six percent earlier in 0:00:35.200 --> 0:00:37.840 the session, They've come back a bit three point three 0:00:37.960 --> 0:00:41.520 percent to the upside. Right now. The company roughly doubling 0:00:41.560 --> 0:00:43.519 its growth estimates for sales and profit for the next 0:00:43.520 --> 0:00:46.280 two years. It said demand for AI products will extend 0:00:46.920 --> 0:00:50.640 those higher projections at least through the twenty thirty fiscal year. 0:00:50.680 --> 0:00:55.000 We've got a special treat in the Bloomberg Interactive Broker's studio. Wujinhoe. 0:00:55.360 --> 0:00:57.920 He's Bloomberg Intelligence Senior Hardware and Network anat. 0:00:57.960 --> 0:01:00.639 Say, he's usually at a box, usually is, but he's 0:01:00.640 --> 0:01:02.560 at least in our box in our studio. 0:01:02.880 --> 0:01:05.400 Yeah, it's really good to have him here in the studio. 0:01:05.480 --> 0:01:09.800 Usually out in Princeton, New Jersey, where Bloomberg Intelligence headquarters is. Okay, 0:01:09.800 --> 0:01:13.240 I'm putting Carol on the spot here anywhere you're gonna go, 0:01:13.920 --> 0:01:17.319 Carol's Carol's not convinced Dell as an AI company. Should 0:01:17.319 --> 0:01:19.839 we think of Dell as an AI company? 0:01:20.040 --> 0:01:20.240 No? 0:01:21.120 --> 0:01:24.039 Right, boom, Carol, I'm a good company, all right, so 0:01:24.640 --> 0:01:25.440 laid out for us. 0:01:25.520 --> 0:01:29.520 So so look, they're they're involved in AI servers. 0:01:29.880 --> 0:01:32.160 At the end of the day, they are a box 0:01:32.200 --> 0:01:34.640 maker that takes un video chips and put it assembles 0:01:34.640 --> 0:01:35.679 everything together in the box. 0:01:35.760 --> 0:01:37.400 This is the whole on premise thing, right, this is 0:01:37.440 --> 0:01:41.440 the help It's a built out from yeah, neo clouds 0:01:41.800 --> 0:01:45.240 like the core Weeds and the n scales and Thebeuss 0:01:45.319 --> 0:01:45.839 in the world. 0:01:45.920 --> 0:01:48.440 Right, we got those companies and then also the sovereign 0:01:48.480 --> 0:01:52.960 AI sovereign AI companies and just just to break down 0:01:53.560 --> 0:01:56.200 their guidance, right, they guide it to seven to nine percent, 0:01:56.760 --> 0:01:59.920 up from three to four percent that the last analyst day. 0:02:00.840 --> 0:02:03.360 What's really driving that is twenty to twenty five percent 0:02:03.480 --> 0:02:06.680 growth in AI servers right now. This is phenomenal growth 0:02:07.160 --> 0:02:11.040 considering how much it's grown over the past couple of years. Right, 0:02:11.240 --> 0:02:12.720 And what it tells me is, like, I know, there's 0:02:12.760 --> 0:02:15.520 a lot of bubble concerns on AI servers. It shows 0:02:15.520 --> 0:02:20.680 the durability of a server revenue. To put it in context, 0:02:20.960 --> 0:02:25.400 their revenue guidance, the AI server guidance implies from twenty 0:02:25.480 --> 0:02:28.280 billion in fiscal twenty twenty six to about forty five 0:02:28.320 --> 0:02:29.400 billion in twenty thirty. 0:02:29.520 --> 0:02:32.240 That's amazing, it's these are phenomenal numbers. 0:02:32.440 --> 0:02:36.120 That's off the chart. But why is that not a 0:02:36.120 --> 0:02:39.000 sign of bubble. Well, this is a bubble. 0:02:39.639 --> 0:02:41.200 So there was a couple of things. 0:02:41.200 --> 0:02:43.400 I'm actually here from the analyst date, which is why 0:02:43.440 --> 0:02:46.200 i'm which is why I'm in New York. And what 0:02:46.240 --> 0:02:49.639 they're telling me is that, look, they're very early on 0:02:49.680 --> 0:02:52.080 that s curve, so the demand cycle is still fairly 0:02:52.240 --> 0:02:53.160 fairly early. 0:02:53.280 --> 0:02:53.520 Right. 0:02:55.160 --> 0:02:59.200 They're not really involved in the hyperscale cloud guys, but 0:02:59.280 --> 0:03:04.600 they are c new data centers cropping up every every day, 0:03:04.760 --> 0:03:08.120 every week, every month, and they have good visibility into 0:03:08.160 --> 0:03:10.160 sales at least for the next couple of years on 0:03:10.360 --> 0:03:13.959 what the order flow is. Right now, think of Michael Dell, Right, 0:03:14.160 --> 0:03:19.239 he's involved in every AI deal that's possibly out there, right, 0:03:19.480 --> 0:03:21.680 so he's going to be exposed to every type of 0:03:21.680 --> 0:03:26.080 as every deal globally x China of course, right, So do. 0:03:26.160 --> 0:03:29.880 You mean he's he's involved in every AI deal his 0:03:29.919 --> 0:03:31.520 equipment you say, his equipment. 0:03:31.600 --> 0:03:35.000 Well, well, he's probably one of the best sales people 0:03:35.040 --> 0:03:37.680 that's out there for from an IT hardware standpoint. Right, 0:03:38.120 --> 0:03:40.040 Let's let's look at some of the involvement that he's 0:03:40.040 --> 0:03:44.240 been in recently. If we think about the TikTok deal 0:03:44.640 --> 0:03:50.600 that was announced, right, he's involved there. He has global 0:03:50.640 --> 0:03:53.080 footprint in terms of what type of deals there are. 0:03:53.280 --> 0:03:57.800 He's probably he's probably involved in some of that open 0:03:57.840 --> 0:04:02.040 AI sales as well. Right, So he's got some you know, 0:04:02.160 --> 0:04:05.800 some breadth and and and good exposure to what deals 0:04:05.800 --> 0:04:08.120 are coming in. So he is going to the company 0:04:08.120 --> 0:04:11.000 itself is going to be involved in all of those deals. 0:04:11.080 --> 0:04:14.080 Biggest competitor Lenovo HP Who is it? 0:04:14.760 --> 0:04:16.160 You know, we bring it up all the time. It's 0:04:16.160 --> 0:04:17.960 it's biggest competitor right now? Is super Micro? 0:04:18.880 --> 0:04:21.880 Oh god, remember we kind of stopped talking about them. 0:04:22.080 --> 0:04:24.240 Yeah, how is the biggest competitor? 0:04:24.279 --> 0:04:26.520 Well, if we, if we, if we, if we look 0:04:26.560 --> 0:04:30.560 about look at super Micro right now from an OEM standpoint, 0:04:31.360 --> 0:04:34.279 they're doing they're on pace too, about thirty three billion 0:04:34.320 --> 0:04:37.839 dollars in total revenue. I would say about seventy percent 0:04:37.880 --> 0:04:40.960 of those sales are going to be AI server related 0:04:42.120 --> 0:04:45.440 and that's going to be comparable to tell right, and 0:04:45.720 --> 0:04:49.159 they're going to gonnect connect. Now, the one company, the 0:04:49.240 --> 0:04:51.799 one group of company, or the white white box vendors 0:04:51.960 --> 0:04:54.400 think about the fox cons of the world, the Quantitas 0:04:54.400 --> 0:04:57.280 of the world, and they kind of dispelled them as 0:04:57.440 --> 0:05:01.120 as a competitive threat to some degree because they can 0:05:01.240 --> 0:05:05.440 make custom servers number one and also help with the 0:05:05.440 --> 0:05:06.279 time to market. 0:05:06.600 --> 0:05:06.800 Right. 0:05:07.120 --> 0:05:10.120 Uh, these uh, these neo clouds as well as the sobigs, 0:05:10.240 --> 0:05:13.520 they actually want their AI servers now, right, and the 0:05:13.600 --> 0:05:16.040 sooner the better, and if and if they can get 0:05:16.040 --> 0:05:19.360 the GPU supply which is part of the components and delivery, 0:05:20.600 --> 0:05:23.080 they'll they'll be able to win those seals. 0:05:24.480 --> 0:05:24.600 Right. 0:05:25.440 --> 0:05:28.120 I'm waiting for you to be convinced that it's an 0:05:28.120 --> 0:05:30.440 AI company though Wujin says, you're right, it's not an 0:05:30.440 --> 0:05:31.880 AI company not yet. 0:05:32.200 --> 0:05:35.440 Well does it does it? Or well, it's a box maker. 0:05:35.480 --> 0:05:37.960 It's a box maker, right, but it's at the intersection 0:05:38.000 --> 0:05:40.560 of all this technology that that is correct. It's it's 0:05:40.600 --> 0:05:44.240 a box provider for these companies help support every is 0:05:44.279 --> 0:05:44.839 every deal. 0:05:45.520 --> 0:05:49.239 Well, so so when when I when I think about 0:05:50.440 --> 0:05:54.159 their their deal activity in general, right. I I'm from 0:05:54.160 --> 0:05:58.240 a profitability standpoint, AI servers only generated about five percent 0:05:58.800 --> 0:06:03.280 for doubt operation Dell an almost industry wide, right, So 0:06:03.400 --> 0:06:08.119 from a profit standpoint, it's almost comparable to a PC 0:06:08.360 --> 0:06:13.640 selling a PC. Right, So what's really driving profitability is 0:06:13.720 --> 0:06:17.760 gross profit dollars and operating profit dollars. To really drive 0:06:17.839 --> 0:06:21.599 up that EPs growth, I would call it an AI company. 0:06:21.960 --> 0:06:24.560 If we think about the gross margin profiles of someone 0:06:24.600 --> 0:06:28.440 like an Nvideo or Broadcom or the chip makers. They're 0:06:28.480 --> 0:06:32.560 actually selling the picks and shovels, right, Dell is only selling. 0:06:32.360 --> 0:06:36.640 The cart Okay, good to know. So is it the 0:06:36.839 --> 0:06:38.760 move up in the share price justified? You think? 0:06:39.279 --> 0:06:40.080 Yeah? 0:06:40.839 --> 0:06:44.640 For a couple of things. AI server revenues are higher 0:06:44.680 --> 0:06:48.800 than expected. More importantly, the EPs growth of fifteen percent 0:06:49.040 --> 0:06:51.880 much higher than expected. So if they're able to execute 0:06:51.880 --> 0:06:55.039 on their margin profile, on their margin targets as well 0:06:55.080 --> 0:06:56.920 as a cash flow targets, there are going to be 0:06:56.920 --> 0:06:58.160 a lot of satisfying investors. 0:06:58.200 --> 0:06:58.400 Wow. 0:06:58.480 --> 0:06:59.240 Interesting to see. 0:06:59.240 --> 0:07:02.920 I mean, the company reports November twenty fifth, after markets. 0:07:02.920 --> 0:07:04.400 We have a little bit of time stucks up about 0:07:04.400 --> 0:07:05.479 thirty one percent years. 0:07:05.839 --> 0:07:08.760 We're from three Q Guidance, So that helps. 0:07:08.640 --> 0:07:12.000 Right, exactly, exactly, always helps when you're here, and to 0:07:12.000 --> 0:07:13.040 have you in studio, My. 0:07:13.000 --> 0:07:13.960 God, what a gift. 0:07:14.120 --> 0:07:15.240 Nos on mine? 0:07:15.320 --> 0:07:18.320 No, no, oh, good stuff. 0:07:18.520 --> 0:07:21.400 Next time you're in the city, tell us, tell us 0:07:22.120 --> 0:07:23.800 and you'll take us to dinner. 0:07:25.120 --> 0:07:27.400 We'll do that. I'll bring some more tea. Does that 0:07:27.440 --> 0:07:27.960 sound good? 0:07:28.240 --> 0:07:30.520 I know you guys want the tea, so you always 0:07:30.560 --> 0:07:32.840 want the te too, All right, love it? 0:07:33.080 --> 0:07:33.720 Going to leave it there. 0:07:33.760 --> 0:07:36.680 We didn't thank you so much, really appreciate it. 0:07:36.720 --> 0:07:37.480 Well before you leave. 0:07:37.560 --> 0:07:39.960 Since we just have you, I mean, we have been 0:07:39.960 --> 0:07:43.240 spending so much time this week looking at the AI 0:07:43.360 --> 0:07:44.720 spend and I really feel like it's been over the 0:07:44.800 --> 0:07:47.360 last few weeks when we continue to see all these deals. 0:07:47.440 --> 0:07:50.960 Are is it wise to be asking is it a bubble? 0:07:51.040 --> 0:07:52.200 Or when you do your. 0:07:52.160 --> 0:07:54.920 Channel checks does this all seem legit in terms of 0:07:54.960 --> 0:07:57.400 the spend. And Ernie's is going to show us whether 0:07:57.440 --> 0:07:58.080 the spend is. 0:07:58.000 --> 0:08:00.000 Paying off for some of the companies that are spending time. 0:08:00.080 --> 0:08:02.720 But what's the smart I don't know you talking to 0:08:02.760 --> 0:08:04.160 the executives in these worlds? 0:08:04.280 --> 0:08:06.200 Yeah so so so when I look at it right 0:08:06.280 --> 0:08:10.240 now from I think there's a disconnect in terms of 0:08:10.320 --> 0:08:14.680 the revenues generated from AI to the AI build out. 0:08:14.760 --> 0:08:14.960 Right. 0:08:16.120 --> 0:08:21.160 I know that the recent news flow has been you know, look, 0:08:21.360 --> 0:08:24.240 the AI uptake hasn't been as strongest as we had hope. 0:08:24.240 --> 0:08:25.960 But if we if we recall back a couple of 0:08:26.040 --> 0:08:29.560 weeks right ago, when open ai talked about the token generation, 0:08:29.640 --> 0:08:33.720 the token is consumed for these AI models, and I 0:08:33.800 --> 0:08:36.800 believe they had like some ridiculous summer of like one 0:08:36.840 --> 0:08:39.480 hundred ten billion or one hundred million dollars in revenue. 0:08:39.880 --> 0:08:42.079 I mean, we're starting to see consumer AI really starting 0:08:42.080 --> 0:08:44.800 to ramp up, right, So essentially what they're doing is 0:08:44.800 --> 0:08:49.760 they're building before they really start seeing that revenue slot 0:08:49.760 --> 0:08:50.760 machine happened. 0:08:50.679 --> 0:08:52.880 All right, Good to know, like it gets like all 0:08:52.880 --> 0:08:55.160 the stuff we've been talking about this week. Wu Jinho, 0:08:55.280 --> 0:08:57.960 thank you again, so appreciate it, Senior hardware Networking analyst 0:08:58.000 --> 0:08:59.000 at Bloomberg Intelligence. 0:08:59.080 --> 0:09:01.840 Right here in our interactive broker studio. 0:09:01.920 --> 0:09:02.680 Stay with us. 0:09:02.720 --> 0:09:05.680 More from Bloomberg Business Week Daily coming up after this. 0:09:09.720 --> 0:09:13.600 You're listening to the Bloomberg Business Week Daily Podcast. Catch 0:09:13.640 --> 0:09:16.880 us live weekday afternoons from two to five eastering Listen 0:09:16.920 --> 0:09:20.480 on Apple Karplay and Android Auto with the Bloomberg Business app, 0:09:20.640 --> 0:09:22.920 or watch us live on YouTube. 0:09:23.760 --> 0:09:26.920 As Tim mentioned just before, Charlie McKinsey expects women to 0:09:26.920 --> 0:09:30.080 control thirty four trillion dollars, or roughly thirty eight percent 0:09:30.120 --> 0:09:33.280 of investable assets by twenty thirty. That's close to double 0:09:33.360 --> 0:09:36.600 last year's total. We have definitely seen the figure grow 0:09:36.679 --> 0:09:39.360 over the last decade. Let's get to our weekly discussion 0:09:39.480 --> 0:09:42.120 on Women, Money and Power, where we explore the economic 0:09:42.120 --> 0:09:45.079 implications of these changes and how to navigate them. 0:09:45.080 --> 0:09:47.560 There's so much going on. Great to have back with us. 0:09:47.559 --> 0:09:50.480 Aaron Harklessmore, she's vice president managing director of Investments for 0:09:50.559 --> 0:09:52.679 Pivotal Ventures, right here in studio. 0:09:52.760 --> 0:09:54.000 Welcome, It's so good to see you. 0:09:54.040 --> 0:09:54.560 How are you. 0:09:54.640 --> 0:09:57.040 I'm doing great, Carol, Tim, thanks for having me on today. 0:09:57.200 --> 0:09:57.560 Thank you. 0:09:57.720 --> 0:09:57.960 Well. 0:09:58.080 --> 0:09:59.199 You know, this is a big issue. 0:09:59.200 --> 0:10:01.600 We've been talking about it for years, about the amount 0:10:01.720 --> 0:10:04.320 of money that's either shifting into the hands of women, 0:10:04.920 --> 0:10:08.280 what it means, what the differences are. I am curious 0:10:08.520 --> 0:10:11.720 and maybe not everybody's aware of all the work that 0:10:11.720 --> 0:10:14.079 you guys are doing. You have this very specific mission 0:10:14.480 --> 0:10:17.400 at Pivotal remind everybody what you're up to, and I 0:10:17.440 --> 0:10:19.959 am curious about what it means on a day to 0:10:20.040 --> 0:10:23.200 day best basis what you're looking forward to, invest in 0:10:23.280 --> 0:10:24.440 relationships and so on. 0:10:24.559 --> 0:10:26.160 Yes again, well thank you for having me. 0:10:26.440 --> 0:10:30.080 Pivotal is an organization founded by Melinda French Gates in 0:10:30.160 --> 0:10:31.000 twenty fifteen. 0:10:31.800 --> 0:10:34.240 We are focused on advancing. 0:10:33.800 --> 0:10:37.960 Social progress and specifically when Melinda set up Pivotal, she 0:10:38.080 --> 0:10:41.000 realized that there would we would need multiple levers and 0:10:41.040 --> 0:10:45.640 tools to do that, including philanthropy and investment capital to 0:10:45.800 --> 0:10:48.920 get more power in the hands of more people, particularly women, 0:10:49.440 --> 0:10:52.920 So we invest in women led funds. We also invest 0:10:52.960 --> 0:10:56.480 in companies that are innovating in areas and themes like 0:10:56.520 --> 0:10:59.720 women's health and caregiving where women carry a lot of 0:10:59.720 --> 0:11:04.240 bird and there's great opportunity to drive innovation, and we 0:11:04.280 --> 0:11:06.960 think make a lot of money investing behind those themes 0:11:07.000 --> 0:11:10.120 as well. So that was the real impetus to found 0:11:10.160 --> 0:11:12.680 Pivotal for Melenda. She wanted women to be in a 0:11:12.720 --> 0:11:17.960 position to make decisions, control resources and capital, and influence 0:11:18.000 --> 0:11:21.400 the decisions that are happening in our workplaces and our communities, 0:11:21.400 --> 0:11:23.440 in our schools, and in our homes. And that's what 0:11:23.840 --> 0:11:26.080 we're setting out to do with our investments every day. 0:11:26.320 --> 0:11:29.520 So when you identify those investments, when you identify where 0:11:29.520 --> 0:11:32.040 you want that money to go, what are the things 0:11:32.040 --> 0:11:35.880 that actually advance power and influence for women? In your view, it's. 0:11:35.720 --> 0:11:38.240 Having women in positions to make decisions. 0:11:38.400 --> 0:11:42.000 So as we invest in funds that again are predominantly 0:11:42.040 --> 0:11:45.679 women owned and led firms, they're investing across a spectrum 0:11:45.760 --> 0:11:52.520 of sectors, everything from AI enterprise, digital health, financial technology, fintech, 0:11:52.920 --> 0:11:55.480 the care economy, which I'm it's one of my favorite topics. 0:11:55.520 --> 0:11:57.240 I'm happy to talk a lot more about that too. 0:11:57.800 --> 0:12:00.480 But that's what women's power is for us. It's women 0:12:00.520 --> 0:12:03.439 again in a position to make these decisions. And it's 0:12:03.440 --> 0:12:06.240 also true for our direct investing as well. You know, 0:12:06.280 --> 0:12:08.560 many of the companies that we backed have female leaders 0:12:08.600 --> 0:12:11.080 and some do not. But we're just trying to find 0:12:11.400 --> 0:12:14.480 founders and innovators that are really solving problems for everyday 0:12:14.520 --> 0:12:15.880 Americans and everyday women. 0:12:16.040 --> 0:12:17.720 You know, I love that, and we want to get 0:12:17.720 --> 0:12:19.240 into some of the specifics in terms of where you 0:12:19.280 --> 0:12:21.720 guys are investing. But this idea of getting money in 0:12:21.760 --> 0:12:24.040 the hands of women, you know, how many times do 0:12:24.080 --> 0:12:26.400 we sit around this table and it doesn't matter what 0:12:26.520 --> 0:12:27.600 group we're talking about. 0:12:27.679 --> 0:12:28.559 Money talks. 0:12:28.800 --> 0:12:32.120 Yes, it gives you a seat at the table, whatever 0:12:32.200 --> 0:12:35.600 table that may be. And it's just fascinating that here 0:12:35.600 --> 0:12:38.240 we are still in twenty twenty five and it's still 0:12:38.240 --> 0:12:41.199 a struggle. But this idea that you guys are specifically 0:12:41.240 --> 0:12:45.200 targeting women and making sure that they are having the 0:12:45.280 --> 0:12:46.600 money they need to. 0:12:46.600 --> 0:12:49.360 Kind of grow their power, that's really important. 0:12:49.400 --> 0:12:52.280 It is, it's incredibly important, Carol, And you know the 0:12:52.400 --> 0:12:53.840 numbers have improved. 0:12:53.960 --> 0:12:55.840 About a decade ago, about. 0:12:55.679 --> 0:12:59.480 Nine percent of decision makers partners at US venture capital 0:12:59.520 --> 0:13:02.480 firms were women. That number has grown to about eighteen percent. 0:13:02.640 --> 0:13:05.000 So we've made meaningful progress in the last ten years, 0:13:05.000 --> 0:13:07.199 but we have a long way to go. And as 0:13:07.240 --> 0:13:09.760 you both share it in the opening, you know that 0:13:09.880 --> 0:13:12.760 thirty plus trillion dollars of assets that are held by 0:13:12.760 --> 0:13:15.040 baby boomers that are going to most of that transferring 0:13:15.040 --> 0:13:17.560 now to women. Women are going to want different things 0:13:17.880 --> 0:13:20.960 with their money. They want different advisors, they want products 0:13:20.960 --> 0:13:23.120 that meet their needs and solve some of the issues 0:13:23.120 --> 0:13:25.720 and problems that they're facing. And so we see again 0:13:25.760 --> 0:13:28.760 a huge opportunity if we can change the face of 0:13:28.800 --> 0:13:31.640 who is making the decisions that brings real power and 0:13:31.679 --> 0:13:32.400 real change. 0:13:32.600 --> 0:13:35.040 Can we talk about caregiving for a minute. It's an 0:13:35.040 --> 0:13:36.840 area of your focus, It's an area of focus at 0:13:36.840 --> 0:13:39.320 Pivotal Ventures. It's something that Carol and I think a 0:13:39.320 --> 0:13:43.080 lot about, but involved in it. Yes, how do you 0:13:43.120 --> 0:13:46.120 make this work structurally in an economy like ours? 0:13:46.679 --> 0:13:48.760 We have to start with the care infrastructure. 0:13:49.000 --> 0:13:52.440 We've supported research at Pivotal Ventures that sizes the care 0:13:52.520 --> 0:13:56.520 economy at six hundred and forty eight billion dollars. I'm 0:13:56.520 --> 0:13:58.360 going to pause and let that sink in every time 0:13:58.360 --> 0:13:59.120 I see. 0:13:58.920 --> 0:14:01.880 So that's for people offspring, but also for people's parents 0:14:01.960 --> 0:14:03.839 and other loved ones they might be taking. 0:14:03.559 --> 0:14:06.000 Care exactly Tim, It's the full spectrum. I describe it 0:14:06.040 --> 0:14:08.800 as end of life, back to beginning of life, childcare, 0:14:08.880 --> 0:14:12.680 elder care. We think of women's health solutions, solutions to 0:14:12.679 --> 0:14:14.400 help you optimize your. 0:14:14.240 --> 0:14:16.800 Home life better, to care an age in place. 0:14:17.320 --> 0:14:19.040 All of that is a part of that six hundred 0:14:19.080 --> 0:14:23.800 and forty eight billion dollar market, and we've ignored caregiving 0:14:23.840 --> 0:14:26.200 for too long. It's the most important work. 0:14:26.240 --> 0:14:27.240 As you said, we all do. 0:14:27.480 --> 0:14:30.600 Everyone's a caregiver at some point in their lives, and 0:14:30.880 --> 0:14:34.560 as we thought about sectors or themes where women specifically 0:14:34.640 --> 0:14:35.760 carry a big burden. 0:14:35.960 --> 0:14:37.520 Caregiving is one of them. 0:14:37.560 --> 0:14:40.240 And we want to fund the innovators and the founders 0:14:40.280 --> 0:14:43.640 that are building companies to address these solutions and again 0:14:43.720 --> 0:14:46.240 just make that loving work that we do easier. 0:14:46.880 --> 0:14:47.720 Yeah, because you don't. 0:14:47.800 --> 0:14:50.920 I mean, the gaps that are out there is tremendous, 0:14:50.960 --> 0:14:52.960 and if you have money, it's a lot easier. If 0:14:53.000 --> 0:14:55.720 you don't, it's really really a struggle. One thing I 0:14:55.760 --> 0:14:57.920 want to get to and I think about how you 0:14:57.960 --> 0:15:01.600 guys are going about this. Last month, Aspen Institute launched 0:15:01.600 --> 0:15:05.880 the Workplace Innovative Innovation excuse me, Workplace Innovation Now Challenge, 0:15:05.920 --> 0:15:10.160 Win Challenge. You guys are involved in it a sixty 0:15:10.200 --> 0:15:11.600 million dollars grant competition. 0:15:12.200 --> 0:15:13.640 What's the goal here, what's the mission? 0:15:13.800 --> 0:15:16.320 The goal is to find better solutions for women in 0:15:16.320 --> 0:15:18.880 the workplace. We are thrilled to partner with the Aspen 0:15:18.920 --> 0:15:22.840 Institute and this initiative and looking at ways that we 0:15:22.880 --> 0:15:27.720 can improve the workplace environment for women around AI, around culture, 0:15:27.760 --> 0:15:30.520 around narrative. So there'll be more coming out in the 0:15:30.520 --> 0:15:34.440 weeks and months ahead. I encourage you know, social entrepreneurs, philanthropists, 0:15:34.520 --> 0:15:37.840 to take note and support that work alongside us because 0:15:37.840 --> 0:15:41.000 we need better solutions for women in all facets of 0:15:41.000 --> 0:15:41.520 our lives. 0:15:41.720 --> 0:15:43.840 We've made progress, but we could do better, we could 0:15:43.840 --> 0:15:48.560 do more. It's just you know, this is I feel 0:15:48.600 --> 0:15:50.200 like we have talked about. 0:15:49.960 --> 0:15:52.880 Women in money for a long time, women in power 0:15:52.880 --> 0:15:54.920 in a long time, and like you say, we've made progress, 0:15:54.960 --> 0:15:58.200 but you know, if you could change one thing, we've 0:15:58.240 --> 0:16:02.960 just got about thirty seconds that really improve women money power, 0:16:03.040 --> 0:16:04.480 like the whole thing, what would it be. 0:16:05.160 --> 0:16:08.160 I think it's knowing what you own and asking questions, 0:16:08.960 --> 0:16:11.520 not being satisfied with the status quo. I think that's 0:16:11.560 --> 0:16:14.520 probably the biggest thing. One thing that we try to 0:16:14.520 --> 0:16:18.000 do with our investment process and that our founder, Melinda 0:16:18.000 --> 0:16:20.840 Frigates has empowered us to do, is to build a 0:16:20.880 --> 0:16:24.960 diligence process, a sourcing process that's more inclusive, that tries 0:16:25.040 --> 0:16:28.000 to build and find new patterns of success as investors. 0:16:28.040 --> 0:16:30.040 And I think that's one thing that I would encourage 0:16:30.360 --> 0:16:32.280 all of us, whether it's with your personal your four 0:16:32.280 --> 0:16:35.360 to one K or if your or other institutional investors 0:16:35.400 --> 0:16:36.000 to take that. 0:16:36.000 --> 0:16:36.640 Tact as well. 0:16:36.720 --> 0:16:37.920 I like that ask questions. 0:16:38.160 --> 0:16:41.200 Aaron Harkless Moore, VP and Managing Director of Investments for 0:16:41.240 --> 0:16:42.160 Pivotal Adventures. 0:16:42.800 --> 0:16:45.600 Stay with us more from Bloomberg Business Week Daily coming 0:16:45.680 --> 0:16:46.560 up after this. 0:16:50.760 --> 0:16:54.600 You're listening to the Bloomberg Business Week Daily podcast. Catch 0:16:54.680 --> 0:16:57.360 us live weekday afternoons from two to five these during 0:16:57.360 --> 0:17:01.480 that listen on Applecarplay and Android Otto the Bloomberg Business app, 0:17:01.680 --> 0:17:04.520 or watch us live on YouTube. 0:17:04.800 --> 0:17:07.639 It is Bloomberg BusinessWeek Daily. We love checking in with mayors. 0:17:07.640 --> 0:17:09.600 They're the ones on the ground in cities and towns 0:17:09.600 --> 0:17:11.439 across the country. They're the ones who are making the 0:17:11.440 --> 0:17:14.400 decisions that affect the lives of people in their communities, 0:17:14.960 --> 0:17:17.600 and they hear from people in their communities when they're 0:17:17.640 --> 0:17:20.280 just walking down the street. Mayor Brandon Scott of Baltimore 0:17:20.520 --> 0:17:22.000 is one of those mayors, and he joins us now 0:17:22.000 --> 0:17:24.919 in the Bloomberg Interactive Brokers Studio. We should note that 0:17:25.000 --> 0:17:27.800 the city has received money from Bloomberg Philanthropies. It is 0:17:27.840 --> 0:17:30.720 the philanthropic arm of Bloomberg Elipy, the parent company of 0:17:31.000 --> 0:17:35.840 Bloomberg Radio. Mayor, welcome to the program. Re elected in 0:17:35.880 --> 0:17:38.320 twenty twenty four, You've been mayor since twenty twenty. I 0:17:38.400 --> 0:17:40.760 want to start with the government shutdown because you are 0:17:40.800 --> 0:17:43.399 pretty close to Washington, DC. You've got some folks in 0:17:44.200 --> 0:17:48.320 your community who certainly work there and obviously benefit from 0:17:48.960 --> 0:17:51.960 people working in the government. The President making comments earlier 0:17:52.000 --> 0:17:54.080 today that we can expect layoff details in four to 0:17:54.200 --> 0:17:57.920 five days. How's the shutdown affecting your constituents right now. 0:17:57.800 --> 0:18:01.040 Well, there's a lot of my constitionis on on ease 0:18:01.359 --> 0:18:04.960 right when you're thinking about over twelve thousand Baltimoreans work 0:18:05.240 --> 0:18:08.600 for the federal government, either directly or on contract, and 0:18:08.640 --> 0:18:11.120 then when you think about what that's going to mean 0:18:11.200 --> 0:18:13.720 for them and their families, they're just not at ease 0:18:13.840 --> 0:18:14.160 right now. 0:18:14.440 --> 0:18:16.360 And folks want to go to work. They want their 0:18:16.400 --> 0:18:17.320 government to be working. 0:18:17.440 --> 0:18:20.040 And of course then all of ratherdents who depend on 0:18:20.400 --> 0:18:22.520 programming and things that are just going to be out 0:18:22.560 --> 0:18:25.120 there that may not be having a direct impact as 0:18:25.119 --> 0:18:27.959 if yet father shut down, but as it continues and 0:18:28.000 --> 0:18:30.040 goes on, it would be what do. 0:18:29.960 --> 0:18:32.679 You consider what do you consider your biggest problem in 0:18:32.760 --> 0:18:33.560 running the city? 0:18:33.840 --> 0:18:37.439 I mean Baltimore. You know we report about it a lot. 0:18:38.200 --> 0:18:40.720 It is the fourth most dangerous according to US News 0:18:40.720 --> 0:18:43.280 and World Report this summer, ranking Baltimore the fourth most 0:18:43.359 --> 0:18:46.680 dangerous city in the country, behind Memphis, Oakland, and Saint 0:18:46.760 --> 0:18:49.040 Louis based on FBI data. 0:18:49.520 --> 0:18:52.480 They look at property crime, they look at murders per capita. 0:18:52.520 --> 0:18:54.720 But what do you, as mayor. I'm sure there's a 0:18:54.720 --> 0:18:56.800 lot that's on your plate. What's top of mind? 0:18:56.920 --> 0:18:58.919 Well, listen, violence is always top of MI us, the 0:18:58.920 --> 0:19:01.280 reason why I got into off and we understand. 0:19:00.960 --> 0:19:02.600 That we have a long way to go. But I 0:19:02.640 --> 0:19:03.560 know you guys know. 0:19:03.520 --> 0:19:05.760 Here Bloomberg Radio the many years that we were number 0:19:05.760 --> 0:19:07.840