1 00:00:02,240 --> 00:00:05,560 Speaker 1: From the heart of where innovation, money and power collive 2 00:00:06,360 --> 00:00:10,879 Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with 3 00:00:10,960 --> 00:00:28,520 Speaker 1: Emily Chang. Welcome to a special edition of Bloomberg Technology. 4 00:00:28,560 --> 00:00:31,320 Speaker 1: I'm Emily Chang, and we are live from the City 5 00:00:31,360 --> 00:00:35,479 Speaker 1: Club in San Francisco, where the Bloomberg Technology Summit is happening. 6 00:00:35,560 --> 00:00:39,000 Speaker 1: Coming up over the next hour, a wide ranging, exclusive 7 00:00:39,040 --> 00:00:44,040 Speaker 1: conversation with Amazon CEO Andy Jassy. His thoughts about the economy, unions, 8 00:00:44,159 --> 00:00:47,559 Speaker 1: and regulation, plus how his relationship with Jeff Bezos has 9 00:00:47,560 --> 00:00:52,160 Speaker 1: evolved since he got the top job, and is Uber 10 00:00:52,479 --> 00:00:55,960 Speaker 1: recession resistant to Eodara Kasra Sha he seems to think, 11 00:00:56,000 --> 00:00:58,440 Speaker 1: so what he's planning to do to keep it that 12 00:00:58,480 --> 00:01:03,080 Speaker 1: way if the economy gets any worse and our invests 13 00:01:03,160 --> 00:01:06,800 Speaker 1: Cathy Wood defending her flagship et S week performance, why 14 00:01:06,880 --> 00:01:10,600 Speaker 1: she says investors to just trust him now. I did 15 00:01:10,600 --> 00:01:13,600 Speaker 1: sit down for an exclusive and wide ranging interview with 16 00:01:13,720 --> 00:01:16,600 Speaker 1: Amazon CEO Andy Jase. We spoke about everything from the 17 00:01:16,640 --> 00:01:19,360 Speaker 1: economy to unions to the role of Jeff Bezos at 18 00:01:19,360 --> 00:01:22,800 Speaker 1: the company today. But first I asked about Dave Clark, 19 00:01:22,840 --> 00:01:25,360 Speaker 1: who spent more than two decades climbing the ranks at 20 00:01:25,400 --> 00:01:29,559 Speaker 1: Amazon to become its consumer chief. He resigned abruptly last 21 00:01:29,560 --> 00:01:32,400 Speaker 1: week and just announced he's joining the logistics software startup 22 00:01:32,600 --> 00:01:36,000 Speaker 1: flex Port. Here's what Jesse had to say about his departure. 23 00:01:38,600 --> 00:01:42,800 Speaker 1: Different people want to do different jobs with different responsibilities 24 00:01:42,800 --> 00:01:46,440 Speaker 1: at different times, and it's incredibly personal. And I think 25 00:01:46,520 --> 00:01:48,520 Speaker 1: Dave wanted a different gig at this point, and I 26 00:01:48,560 --> 00:01:51,440 Speaker 1: don't begrudge him at all. I mean, Dave saided so 27 00:01:51,560 --> 00:01:54,960 Speaker 1: much to Amazon or the last twenty three years, and 28 00:01:55,280 --> 00:01:57,280 Speaker 1: particularly over the last two and a half years, which 29 00:01:57,280 --> 00:01:59,720 Speaker 1: have been among the most crazy in the history of Amazon. 30 00:02:00,440 --> 00:02:03,080 Speaker 1: And I think that if you want to build a 31 00:02:03,120 --> 00:02:06,520 Speaker 1: business that lasts a hundred plus years and that lasts 32 00:02:06,520 --> 00:02:08,520 Speaker 1: all of us, you have to get used to these 33 00:02:08,520 --> 00:02:10,640 Speaker 1: sort of transitions and make sure that you're you know, 34 00:02:10,680 --> 00:02:12,799 Speaker 1: you're doing the right succession planning and you've got the 35 00:02:12,919 --> 00:02:16,480 Speaker 1: right talent to to keep building the business. And you know, 36 00:02:16,520 --> 00:02:18,720 Speaker 1: we've done that historically and I expect we'll do it again. 37 00:02:19,200 --> 00:02:21,960 Speaker 1: Um Elon Musk just came out saying he has a 38 00:02:22,000 --> 00:02:25,200 Speaker 1: super bad feeling about the economy, Tesla laying off ten 39 00:02:25,200 --> 00:02:28,600 Speaker 1: percent of his staff. Jamie Diamond says he's preparing for 40 00:02:28,639 --> 00:02:32,280 Speaker 1: an economic hurricane. The World Bank just slashed its forecast 41 00:02:32,600 --> 00:02:37,240 Speaker 1: for global growth. How do you feel about the economic climate. Well, 42 00:02:37,240 --> 00:02:42,200 Speaker 1: I wasn't planning on giving any guidance today, please, but 43 00:02:42,760 --> 00:02:51,160 Speaker 1: super bad or super super bad? I think, Uh, there's 44 00:02:51,200 --> 00:02:54,680 Speaker 1: some things that it relates to Amazon that are useful 45 00:02:54,760 --> 00:02:58,760 Speaker 1: to remember, you know. I think the first pieces, remember 46 00:02:58,760 --> 00:03:03,440 Speaker 1: the scent of the of the worldwide retail market, segment 47 00:03:03,520 --> 00:03:07,640 Speaker 1: share is offline. And if you believe that that equation 48 00:03:07,720 --> 00:03:09,440 Speaker 1: is going to flip at some point, which we do, 49 00:03:09,520 --> 00:03:11,480 Speaker 1: I think it will who will flip over a long 50 00:03:11,520 --> 00:03:15,280 Speaker 1: period of time. But if you believe that the companies 51 00:03:15,320 --> 00:03:18,079 Speaker 1: that have great customer experiences like we do, I think 52 00:03:18,080 --> 00:03:19,960 Speaker 1: are gonna are gonna do all right. And you know, 53 00:03:19,960 --> 00:03:22,920 Speaker 1: and that and great customer experiences mean you have really 54 00:03:22,960 --> 00:03:27,520 Speaker 1: broad selection, low prices, and very fast delivery that's reliable 55 00:03:27,520 --> 00:03:30,280 Speaker 1: to customers. You know. I also think that if you 56 00:03:30,560 --> 00:03:33,440 Speaker 1: look at different down turns um you know, should we 57 00:03:33,520 --> 00:03:35,120 Speaker 1: have one at some point and we've been through a 58 00:03:35,120 --> 00:03:37,120 Speaker 1: few obviously in the twenty five years that I've been 59 00:03:37,120 --> 00:03:41,440 Speaker 1: at Amazon. Customers change their habits, you know, they tend 60 00:03:41,440 --> 00:03:43,960 Speaker 1: to be pickier about what they buy and when they 61 00:03:44,000 --> 00:03:46,680 Speaker 1: buy and who they buy from, and they often pick 62 00:03:47,320 --> 00:03:50,040 Speaker 1: the partners and the companies that they trust, you know, 63 00:03:50,040 --> 00:03:52,480 Speaker 1: and they have great customer experiences like the dimensions I 64 00:03:52,520 --> 00:03:55,800 Speaker 1: mentioned earlier. UM And so you know, I also think 65 00:03:55,840 --> 00:03:59,360 Speaker 1: there's you know, those two reasons, those two factors give 66 00:03:59,440 --> 00:04:01,600 Speaker 1: me some optism that even if we have a downturn, 67 00:04:01,680 --> 00:04:04,400 Speaker 1: that we have the potential to still grow. I would 68 00:04:04,440 --> 00:04:08,480 Speaker 1: say that regardless though, we have so many things that 69 00:04:08,560 --> 00:04:10,560 Speaker 1: we believe we can do better for customers. We have 70 00:04:10,560 --> 00:04:13,760 Speaker 1: a roadmap that's you know, probably three to five years long, 71 00:04:13,800 --> 00:04:15,440 Speaker 1: and we're going to continue to invent. We're going to 72 00:04:15,520 --> 00:04:18,039 Speaker 1: continue to be insurgent, and we have a lot of 73 00:04:18,040 --> 00:04:19,560 Speaker 1: work to do to get to where we think we 74 00:04:19,640 --> 00:04:22,920 Speaker 1: ultimately can get for customers. Everyone's very curious about Jeff's 75 00:04:23,000 --> 00:04:26,839 Speaker 1: role these days. What kind of executive chair he really is. 76 00:04:27,000 --> 00:04:29,800 Speaker 1: He said when he left that he'd focus his attention 77 00:04:29,839 --> 00:04:32,760 Speaker 1: and energies on initiatives that he really cares about as 78 00:04:32,880 --> 00:04:34,760 Speaker 1: at Amazon. But from the outside, it looks like he's 79 00:04:34,760 --> 00:04:38,440 Speaker 1: really focusing on philanthropy, he's focusing on space. What kind 80 00:04:38,440 --> 00:04:41,520 Speaker 1: of an executive chairman is he? Well, he you know, 81 00:04:41,680 --> 00:04:45,120 Speaker 1: Jeff is always going to be involved and um he 82 00:04:45,160 --> 00:04:48,359 Speaker 1: has you know, I'm I feel very lucky to have 83 00:04:48,360 --> 00:04:51,200 Speaker 1: been in Amazon for twenty five years. I feel very 84 00:04:51,279 --> 00:04:54,039 Speaker 1: lucky to have worked directly for Jeff for twenty of them. 85 00:04:54,120 --> 00:04:57,080 Speaker 1: And we have a really close relationship and have for 86 00:04:57,120 --> 00:04:58,960 Speaker 1: a long time, and I think we share a lot 87 00:04:59,000 --> 00:05:03,080 Speaker 1: of the same value is about customers and um, how 88 00:05:03,120 --> 00:05:06,279 Speaker 1: important is to optimize for customers and how high standards 89 00:05:06,360 --> 00:05:09,080 Speaker 1: they need to be. Um, you know, given how easy 90 00:05:09,080 --> 00:05:11,600 Speaker 1: it is for people to switch, and the importance of 91 00:05:11,640 --> 00:05:14,560 Speaker 1: invention and speed, and so I know, I just feel 92 00:05:14,640 --> 00:05:16,360 Speaker 1: very lucky to have had the chance to work so 93 00:05:16,400 --> 00:05:18,839 Speaker 1: closely with him. We still talk all the time. It's 94 00:05:18,880 --> 00:05:21,000 Speaker 1: it's very useful for me to be able to seek 95 00:05:21,000 --> 00:05:23,560 Speaker 1: his counsel. He did the job for so long and 96 00:05:23,560 --> 00:05:26,800 Speaker 1: and he's always made himself available. So is your relation 97 00:05:26,839 --> 00:05:29,719 Speaker 1: I mean, he was your only boss for twenty five years, right, 98 00:05:29,880 --> 00:05:34,200 Speaker 1: is your relationship fundamentally different than it was when you 99 00:05:34,240 --> 00:05:36,640 Speaker 1: were the head of of course, you know, every every 100 00:05:36,680 --> 00:05:40,360 Speaker 1: single job you have, the relationships different. You know. Remember 101 00:05:40,720 --> 00:05:43,000 Speaker 1: the first couple of years I worked for Jeff, I 102 00:05:43,040 --> 00:05:45,120 Speaker 1: worked is what we call his shadow then, which really 103 00:05:45,120 --> 00:05:47,840 Speaker 1: like a chief of staff. And that was different than 104 00:05:47,880 --> 00:05:50,920 Speaker 1: when I was starting AWS, which was different from when 105 00:05:50,920 --> 00:05:52,880 Speaker 1: we got AWS going, and it was, you know, a 106 00:05:52,920 --> 00:05:55,240 Speaker 1: business that was starting to do well. And and it's 107 00:05:55,279 --> 00:05:57,760 Speaker 1: different when I'm in the CEO role. But you know, 108 00:05:57,800 --> 00:05:59,719 Speaker 1: the constant has always been that we have a great 109 00:05:59,720 --> 00:06:02,560 Speaker 1: relate ship, and we collaborate really well, and I think 110 00:06:02,560 --> 00:06:06,279 Speaker 1: that we listen to one another. And um again, for 111 00:06:06,400 --> 00:06:08,680 Speaker 1: me to have the ability to bounce different things off 112 00:06:08,760 --> 00:06:10,720 Speaker 1: from and seek his council is very valuable. And he's 113 00:06:10,720 --> 00:06:14,640 Speaker 1: still focused on Amazon. He still has focused on Amazon. Yea. Um. 114 00:06:14,680 --> 00:06:18,320 Speaker 1: Amazon is poised to become the biggest private sector employer 115 00:06:18,960 --> 00:06:22,640 Speaker 1: in the world, second only right now Walmart is in 116 00:06:22,640 --> 00:06:27,520 Speaker 1: that spot, but Amazon will probably soon surpass it. First 117 00:06:27,600 --> 00:06:30,160 Speaker 1: vote to unionize at an Amazon warehouse, I know you've 118 00:06:30,160 --> 00:06:32,919 Speaker 1: been spending a lot of time at warehouses. When you 119 00:06:32,960 --> 00:06:35,240 Speaker 1: look at someone like Chris Small's who I think some 120 00:06:35,279 --> 00:06:37,840 Speaker 1: people look at as this modern day hero who got 121 00:06:37,839 --> 00:06:41,120 Speaker 1: fired pulled off this union vote, what's your message to 122 00:06:41,200 --> 00:06:44,000 Speaker 1: someone like him, Your message to the folks who think 123 00:06:44,200 --> 00:06:47,080 Speaker 1: maybe we should join a union. Well, I know, I 124 00:06:47,160 --> 00:06:49,800 Speaker 1: think that the first thing to be clear about is 125 00:06:49,800 --> 00:06:52,640 Speaker 1: that employees get to make that choice whether they want 126 00:06:52,640 --> 00:06:54,320 Speaker 1: to have a union or not. They always have had 127 00:06:54,360 --> 00:06:56,760 Speaker 1: that choice and it continues to be their choice. And 128 00:06:57,440 --> 00:06:59,400 Speaker 1: you know, we happen to think they're better off without 129 00:06:59,440 --> 00:07:03,159 Speaker 1: a union or a number of reasons, including the fact 130 00:07:03,200 --> 00:07:06,640 Speaker 1: that you know, it's it's much harder when you have 131 00:07:06,720 --> 00:07:09,440 Speaker 1: a union to have a direct relationship with your manager 132 00:07:10,000 --> 00:07:12,120 Speaker 1: and to get things done quickly. So if you see 133 00:07:12,160 --> 00:07:14,040 Speaker 1: something on the line that you think could be better 134 00:07:14,120 --> 00:07:17,120 Speaker 1: for your your team or you or you or customers, 135 00:07:17,960 --> 00:07:19,800 Speaker 1: you can't just go to your manager and say let's 136 00:07:19,880 --> 00:07:22,840 Speaker 1: change this. You know, there's a whole process in bureaucracy 137 00:07:22,880 --> 00:07:24,400 Speaker 1: that you have to go through to be able to 138 00:07:24,440 --> 00:07:26,680 Speaker 1: do that. You know, and and we get you know, 139 00:07:26,680 --> 00:07:29,440 Speaker 1: when there's a union, we're going to get the feedback 140 00:07:29,560 --> 00:07:33,120 Speaker 1: filtered by what the union decides is worth bringing up. 141 00:07:33,120 --> 00:07:36,400 Speaker 1: And we'd much rather hear from every employee whatever is 142 00:07:36,440 --> 00:07:38,800 Speaker 1: on their mind. And so, you know, I think if 143 00:07:38,840 --> 00:07:41,200 Speaker 1: you want to continue to have the structure that we've 144 00:07:41,200 --> 00:07:44,040 Speaker 1: had for all this time, you have to have really 145 00:07:44,080 --> 00:07:46,520 Speaker 1: competitive benefits. And then I think if you look at 146 00:07:46,560 --> 00:07:50,240 Speaker 1: Amazon's they're very unusual in this space. We champion the 147 00:07:50,280 --> 00:07:55,240 Speaker 1: fifteen dollar minimum wage, several years ago. The starting salaries 148 00:07:55,280 --> 00:07:57,840 Speaker 1: now over eighteen dollars an hour, which you know is 149 00:07:58,440 --> 00:08:01,520 Speaker 1: more than double the federal minimum wage. You get full 150 00:08:02,000 --> 00:08:05,160 Speaker 1: health insurance in four oh one k and twenty weeks 151 00:08:05,200 --> 00:08:07,760 Speaker 1: up to twenty weeks of parental leave. And if you 152 00:08:07,760 --> 00:08:09,840 Speaker 1: want to get a college education, you haven't had one. 153 00:08:09,840 --> 00:08:12,280 Speaker 1: We have a career choice program that's our fulfillment Center 154 00:08:12,760 --> 00:08:15,160 Speaker 1: associates to be able to do so. That is a 155 00:08:15,360 --> 00:08:18,560 Speaker 1: very unusual and compelling set of benefits, and those were 156 00:08:18,600 --> 00:08:22,080 Speaker 1: all accomplished without a union. So, you know, I think 157 00:08:22,120 --> 00:08:24,360 Speaker 1: that we realized that we you know, we have to 158 00:08:24,400 --> 00:08:28,440 Speaker 1: continue to work on the relationship with our our employees, 159 00:08:28,440 --> 00:08:31,080 Speaker 1: and we need to continue to provide the right benefits, 160 00:08:31,080 --> 00:08:33,720 Speaker 1: and you know, we need to continue to work on safety, 161 00:08:33,760 --> 00:08:38,559 Speaker 1: and that's our intention. My exclusive interview there with Amazon 162 00:08:38,600 --> 00:08:41,120 Speaker 1: CEO Andy Jasse, you can catch the full interview at 163 00:08:41,120 --> 00:08:43,319 Speaker 1: Bloomberg dot com. We're gonna have much more from the 164 00:08:43,360 --> 00:08:48,120 Speaker 1: Bloomberg Tech Summit coming up. Jet fuel price hikes, flight cancelations, 165 00:08:48,160 --> 00:08:50,840 Speaker 1: what does it all mean for summer travel? Will exped 166 00:08:51,040 --> 00:08:55,400 Speaker 1: CEO Peter Kern has traveled here. He will join me next. 167 00:08:55,720 --> 00:09:10,040 Speaker 1: This is Bloomberg welcome, Welcome back to the Bloomberg Technology 168 00:09:10,080 --> 00:09:13,360 Speaker 1: Summit in San Francisco, where we are live from the 169 00:09:13,360 --> 00:09:16,760 Speaker 1: City Club. Summer is here, But well all of your 170 00:09:16,800 --> 00:09:18,960 Speaker 1: travel plans come off without a hitch. I'm joined out 171 00:09:18,960 --> 00:09:21,360 Speaker 1: by Expedia CEO Peter Kerrent, who can help us answer 172 00:09:21,400 --> 00:09:24,080 Speaker 1: that question. Thank you for flying on down here to 173 00:09:24,200 --> 00:09:27,439 Speaker 1: join us today from Seattle. So, look, there were a 174 00:09:27,440 --> 00:09:31,360 Speaker 1: ton of flight cancelations over Memorial Day weekend, jet fuel prices, 175 00:09:31,559 --> 00:09:36,000 Speaker 1: pilot shortages, hotels struggling to get enough staff. How is 176 00:09:36,040 --> 00:09:38,080 Speaker 1: all of this going to affect our summer travel plans 177 00:09:38,080 --> 00:09:41,400 Speaker 1: because we've been dying to travel. Yeah, well, clearly everyone's 178 00:09:41,440 --> 00:09:44,319 Speaker 1: going to travel somehow. I think there will be disruptions. 179 00:09:44,320 --> 00:09:47,080 Speaker 1: I mean, we're seeing in Europe, we're seeing in the US. Obviously, 180 00:09:47,120 --> 00:09:49,880 Speaker 1: the shortages of staff create a problem, and we'd love 181 00:09:49,880 --> 00:09:51,640 Speaker 1: to see more planes in the air. We'd love to 182 00:09:51,679 --> 00:09:55,400 Speaker 1: see hotels open to full capacity. But in the meantime, 183 00:09:55,440 --> 00:09:57,960 Speaker 1: I think people are finding options wherever they go, sometimes 184 00:09:58,000 --> 00:10:02,320 Speaker 1: vacation rentals, sometimes hotels. Uh, they're finding flights domestically if 185 00:10:02,320 --> 00:10:04,839 Speaker 1: they can't find them internationally, and uh, you know, and 186 00:10:05,200 --> 00:10:07,400 Speaker 1: we're seeing just about everything filling up. So I think 187 00:10:07,440 --> 00:10:10,240 Speaker 1: it's going to be a busy time either way. But 188 00:10:10,320 --> 00:10:13,120 Speaker 1: there will always be issues when you're traveling. Well, Delta 189 00:10:13,200 --> 00:10:17,680 Speaker 1: just cut capacity for example, for the foreseeable future. How 190 00:10:17,679 --> 00:10:20,120 Speaker 1: long does this go on for? Yeah, I don't know. 191 00:10:20,160 --> 00:10:22,000 Speaker 1: I mean, with the talk that we see on your 192 00:10:22,000 --> 00:10:25,199 Speaker 1: shows and all the shows about the you know, potential recession, 193 00:10:25,440 --> 00:10:27,640 Speaker 1: the inflation issues, what the Fed is doing, I think 194 00:10:28,160 --> 00:10:30,719 Speaker 1: it's obviously going to make some companies be more conservative 195 00:10:30,760 --> 00:10:33,200 Speaker 1: about letting the rope out and getting more aggressive. You know, 196 00:10:33,240 --> 00:10:37,160 Speaker 1: we were expecting increases in capacity in late summer for 197 00:10:37,200 --> 00:10:40,640 Speaker 1: international travel. We'll see what happens there. So you know, 198 00:10:40,679 --> 00:10:44,160 Speaker 1: we're hopeful. We we'd like to see the airlines expand 199 00:10:44,200 --> 00:10:47,120 Speaker 1: we'd like to see hotels again open to capacity. But 200 00:10:47,600 --> 00:10:49,480 Speaker 1: you know, I think a lot of CEOs I talked 201 00:10:49,480 --> 00:10:51,760 Speaker 1: to will probably watch and wait, and we'll tend on 202 00:10:51,800 --> 00:10:55,560 Speaker 1: the careful side, which will continue to constrain supply keep 203 00:10:55,600 --> 00:10:58,240 Speaker 1: prices up, which is not great for the consumer. But 204 00:10:58,360 --> 00:11:01,120 Speaker 1: you've all seen the prices up um and that looks 205 00:11:01,120 --> 00:11:03,000 Speaker 1: like it's going to sustain itself for a while. So 206 00:11:03,080 --> 00:11:05,880 Speaker 1: if Elon Musk has a super bad feeling about the economy. 207 00:11:06,160 --> 00:11:09,000 Speaker 1: What is Peter Kerrent think, Well, I'm no elon Musk 208 00:11:09,160 --> 00:11:12,040 Speaker 1: but uh and I definitely don't tweet about anything. But 209 00:11:12,640 --> 00:11:14,640 Speaker 1: I would say, you know, from what we can see 210 00:11:14,679 --> 00:11:18,640 Speaker 1: of the of the US market and the Western markets 211 00:11:18,679 --> 00:11:20,760 Speaker 1: where you know, there's still markets where people can't travel 212 00:11:20,760 --> 00:11:23,760 Speaker 1: in a pack and that's still going on, but there's 213 00:11:24,320 --> 00:11:27,360 Speaker 1: tons of pent up demand. We've seen people wanting to 214 00:11:27,440 --> 00:11:30,200 Speaker 1: rebound and overspend into travel. They were buying lots of 215 00:11:30,240 --> 00:11:32,600 Speaker 1: stuff you had Andy on today, you know, they were 216 00:11:32,640 --> 00:11:35,959 Speaker 1: buying a lot of stuff through COVID. They underspent travel 217 00:11:36,440 --> 00:11:38,400 Speaker 1: and they saved a lot of money and we're seeing 218 00:11:38,400 --> 00:11:41,959 Speaker 1: that rebound and that savings probably come into spending on travel. 219 00:11:42,280 --> 00:11:45,800 Speaker 1: So that looks pretty robust for us when that runs 220 00:11:45,840 --> 00:11:47,920 Speaker 1: out of gas and what you know, the how the 221 00:11:47,960 --> 00:11:51,240 Speaker 1: economy lands, who knows. But as we say at our 222 00:11:51,240 --> 00:11:53,640 Speaker 1: company that you know, we're in a multi trillion dollar market, 223 00:11:53,960 --> 00:11:56,319 Speaker 1: we're tiny fraction of it, still as big as we are, 224 00:11:56,360 --> 00:11:58,240 Speaker 1: so we got plenty of room to continue to grow 225 00:11:58,280 --> 00:12:00,400 Speaker 1: regardless of the company. You and I last spoke around 226 00:12:00,440 --> 00:12:02,560 Speaker 1: earnings about a month ago, and you said, well, maybe 227 00:12:02,720 --> 00:12:05,880 Speaker 1: we'll see some rerouting from Paris to San Diego. How 228 00:12:06,000 --> 00:12:09,040 Speaker 1: much of that is happening, You know, we haven't seen it. Again. 229 00:12:09,400 --> 00:12:12,200 Speaker 1: You go to Paris, all the luxury hotails are completely 230 00:12:12,240 --> 00:12:15,160 Speaker 1: sold out for the summer um. So we're not seeing 231 00:12:15,200 --> 00:12:17,719 Speaker 1: a lot of rewriting down. Again, I think people have 232 00:12:17,840 --> 00:12:20,760 Speaker 1: been planning for this big summer and they're you know, 233 00:12:20,800 --> 00:12:23,599 Speaker 1: they're all booked way ahead and everything's booked up. I 234 00:12:23,720 --> 00:12:26,880 Speaker 1: think as that rolls off, we don't know, but we're 235 00:12:26,920 --> 00:12:29,560 Speaker 1: not seeing a lot of rewriting down to people looking 236 00:12:29,600 --> 00:12:32,839 Speaker 1: for cheaper alternative. But could this potentially be delayed to 237 00:12:32,920 --> 00:12:37,480 Speaker 1: the fall or holiday travel? And yeah, again no signs yet. 238 00:12:37,559 --> 00:12:40,280 Speaker 1: There's no like magic date out in November where everything 239 00:12:40,320 --> 00:12:42,760 Speaker 1: falls off a cliff. We're not seeing it in terms 240 00:12:42,840 --> 00:12:46,040 Speaker 1: of booking ahead. But you know, we're not making any 241 00:12:46,080 --> 00:12:48,760 Speaker 1: predictions either. Obviously there's a lot of noise in the market. 242 00:12:48,840 --> 00:12:52,079 Speaker 1: There's gas prices and home prices, and we're mindful of that. 243 00:12:52,280 --> 00:12:55,040 Speaker 1: But again that's where I think we'll see maybe adjustments 244 00:12:55,360 --> 00:12:58,040 Speaker 1: to the demand and perhaps a d R start to 245 00:12:58,400 --> 00:13:01,160 Speaker 1: come down, you know, prices on air and and uh 246 00:13:01,240 --> 00:13:05,040 Speaker 1: and hotels, etcetera. But um, so far, there's no sign 247 00:13:05,080 --> 00:13:07,719 Speaker 1: of easing on price, and there's no real sign that 248 00:13:07,800 --> 00:13:10,920 Speaker 1: demand is shrinking. Well, speaking of pricing, you just added 249 00:13:10,960 --> 00:13:14,120 Speaker 1: some new technology that enables customers to track prices to 250 00:13:14,200 --> 00:13:15,920 Speaker 1: figure out when the best time is to fly. This 251 00:13:16,080 --> 00:13:19,079 Speaker 1: is something that Google has been offering for a while. Hopper, 252 00:13:19,200 --> 00:13:21,559 Speaker 1: you can get it there as well. You know, why, 253 00:13:21,640 --> 00:13:24,120 Speaker 1: why should folks choose expedient? And in some cases, are 254 00:13:24,160 --> 00:13:27,319 Speaker 1: you even discouraging people from from buying now if they no? No, 255 00:13:27,480 --> 00:13:29,520 Speaker 1: what we're really trying to do is give people confidence. 256 00:13:29,559 --> 00:13:31,960 Speaker 1: One of the biggest issues that consumers face when picking 257 00:13:32,000 --> 00:13:34,200 Speaker 1: airline tickets is fear that they're picking the wrong thing 258 00:13:34,320 --> 00:13:35,760 Speaker 1: at the wrong time. They're going to buy it too 259 00:13:35,800 --> 00:13:37,640 Speaker 1: early and pay too much, or too late and pay 260 00:13:37,679 --> 00:13:40,160 Speaker 1: too much. So we're trying to give them predictions. So 261 00:13:40,240 --> 00:13:41,760 Speaker 1: because we have a lot of data, so we can 262 00:13:41,920 --> 00:13:44,080 Speaker 1: show you what might happen to the price, and we're 263 00:13:44,120 --> 00:13:46,000 Speaker 1: trying to give you tracking so if you if you're 264 00:13:46,040 --> 00:13:48,360 Speaker 1: not ready to purchase, you don't feel like, oh my god, 265 00:13:48,400 --> 00:13:49,920 Speaker 1: I have to make a decision. You can wait and 266 00:13:50,000 --> 00:13:51,840 Speaker 1: track it and when you feel like it's the right time, 267 00:13:51,880 --> 00:13:54,120 Speaker 1: you can do it. So what we're doing is really 268 00:13:54,200 --> 00:13:57,360 Speaker 1: more than just tracking a single fight and a single price. 269 00:13:57,440 --> 00:14:00,320 Speaker 1: We're tracking a whole route system across all their lines 270 00:14:00,360 --> 00:14:02,480 Speaker 1: and saying, Okay, if you want to NonStop from San 271 00:14:02,520 --> 00:14:04,679 Speaker 1: Francisco to New York and you check the price and 272 00:14:04,720 --> 00:14:06,839 Speaker 1: you're not ready to buy, you can watch it and 273 00:14:07,000 --> 00:14:09,000 Speaker 1: maybe in a week it moves down or up you'll 274 00:14:09,040 --> 00:14:11,480 Speaker 1: make a choice. So airlines see it as an opportunity 275 00:14:11,520 --> 00:14:14,600 Speaker 1: for us to give customers confidence to book, and that's 276 00:14:14,640 --> 00:14:16,000 Speaker 1: what they want. So what does this all mean for 277 00:14:16,120 --> 00:14:19,080 Speaker 1: Expedia's business? Obviously we've talked about the share price. Um, 278 00:14:19,280 --> 00:14:22,480 Speaker 1: there's it's not just Expedia. What the shares are down. 279 00:14:23,080 --> 00:14:25,560 Speaker 1: And you've got this uncertainty around the travel season coming 280 00:14:25,640 --> 00:14:30,000 Speaker 1: up ahead, you know what's your Yeah, we don't think 281 00:14:30,000 --> 00:14:31,680 Speaker 1: about it in short term. We think about in the 282 00:14:31,720 --> 00:14:33,400 Speaker 1: long term, and we're not spending a lot of time, 283 00:14:33,440 --> 00:14:35,960 Speaker 1: and we're obviously thinking about a potential recession, but we're 284 00:14:36,000 --> 00:14:38,600 Speaker 1: not we're not planning for it or or valuing our 285 00:14:38,640 --> 00:14:41,200 Speaker 1: business that way. We're doing the work to really upgrade 286 00:14:41,240 --> 00:14:43,520 Speaker 1: the technology. We've talked about it a lot. We've changed, 287 00:14:43,560 --> 00:14:47,400 Speaker 1: we're changing the whole stack. We're really innovating around customer experience, 288 00:14:47,520 --> 00:14:50,359 Speaker 1: like flight tracking and other tools to shop more confidently, 289 00:14:50,840 --> 00:14:53,960 Speaker 1: discover better products, find the right fit and match for you, 290 00:14:54,360 --> 00:14:56,120 Speaker 1: which we don't think has really been in the travel 291 00:14:56,240 --> 00:14:59,800 Speaker 1: sector for decades. So we're focused on that work and 292 00:15:00,040 --> 00:15:03,000 Speaker 1: you think that's gonna unleash a ton of business for 293 00:15:03,560 --> 00:15:06,200 Speaker 1: our supply partners, and focused on how that will help 294 00:15:06,200 --> 00:15:07,760 Speaker 1: our B two B business. So there's a lot of 295 00:15:07,800 --> 00:15:09,840 Speaker 1: opportunity and a lot to work on, and we're not 296 00:15:09,920 --> 00:15:11,800 Speaker 1: worried about the rest. What are your summer travel plans? 297 00:15:11,800 --> 00:15:13,800 Speaker 1: Any plans to live on v r b O Verbo 298 00:15:13,960 --> 00:15:17,640 Speaker 1: excuse me? Planning to send big part of July working 299 00:15:17,680 --> 00:15:20,040 Speaker 1: in London with our teams there and staying in the Verbo. 300 00:15:20,160 --> 00:15:22,960 Speaker 1: So that's that's my summer so far. All right, Well, 301 00:15:23,080 --> 00:15:25,320 Speaker 1: thank you for making the trip. Take a trip. I've 302 00:15:25,560 --> 00:15:29,640 Speaker 1: got some plans which I will not share television Peter Current, 303 00:15:29,760 --> 00:15:32,480 Speaker 1: CEO of Expedia, thank you. Good to have you here 304 00:15:32,520 --> 00:15:43,400 Speaker 1: in person. Welcome back to Bloomberg Technology Live from our 305 00:15:43,440 --> 00:15:47,200 Speaker 1: big tech summit in San Francisco. In the world of 306 00:15:47,480 --> 00:15:50,880 Speaker 1: E t F, there are few as influential as Kathy 307 00:15:50,920 --> 00:15:54,000 Speaker 1: would However, our investment management is suffering a steeper drop 308 00:15:54,080 --> 00:15:56,440 Speaker 1: in assets than almost any other u s E t 309 00:15:56,640 --> 00:15:58,280 Speaker 1: F this year, and of course Tesla a big one 310 00:15:58,320 --> 00:16:00,680 Speaker 1: of their bets. She spoke exchools we with our very 311 00:16:00,720 --> 00:16:08,080 Speaker 1: own ad Ludlow about why if you look at our performance, 312 00:16:08,120 --> 00:16:11,760 Speaker 1: our flagships performance from the low and COVID to the 313 00:16:12,040 --> 00:16:17,880 Speaker 1: peak in February twenty one, that was increase Innovation solves problems. 314 00:16:18,200 --> 00:16:20,960 Speaker 1: We had a lot of problems through the coronavirus. Innovation 315 00:16:21,040 --> 00:16:26,200 Speaker 1: solves problems. We were rewarded accordingly since then peak to trough. 316 00:16:26,280 --> 00:16:28,880 Speaker 1: When we hit our trough, thank goodness, we're pasted it down. 317 00:16:30,520 --> 00:16:34,480 Speaker 1: Why inflation and interest rates? So there is this and 318 00:16:34,600 --> 00:16:39,600 Speaker 1: it's really interesting to be here um Walmart territory because 319 00:16:39,760 --> 00:16:41,680 Speaker 1: I think we're learning a lot from the retailers now 320 00:16:41,800 --> 00:16:44,640 Speaker 1: and we're talking about what we learned about infet yes 321 00:16:45,000 --> 00:16:50,280 Speaker 1: uh so uh. The fear of rising interest rates uh 322 00:16:50,400 --> 00:16:54,760 Speaker 1: and inflation out of control has grouped the market and 323 00:16:54,880 --> 00:16:57,360 Speaker 1: of course, and that's the equity market. If you look 324 00:16:57,400 --> 00:17:00,240 Speaker 1: at the fixed income market, it does not agree with this. 325 00:17:00,880 --> 00:17:03,400 Speaker 1: The three year, I mean the ten year treasury bond. 326 00:17:03,480 --> 00:17:07,600 Speaker 1: Deald is three that that instrument should be one of 327 00:17:07,680 --> 00:17:12,400 Speaker 1: the most responsive to inflation fears. Right, so three which 328 00:17:12,480 --> 00:17:15,440 Speaker 1: suggests GDP growth three to four percent during the next 329 00:17:15,520 --> 00:17:18,800 Speaker 1: ten years. So it's not being corroborated by the fixed 330 00:17:18,840 --> 00:17:22,320 Speaker 1: income markets. And I don't think, I don't think that 331 00:17:22,480 --> 00:17:26,240 Speaker 1: we are in a period where we can't extricate ourselves 332 00:17:26,320 --> 00:17:29,800 Speaker 1: from this. In fact, the inventory stories are a very 333 00:17:29,880 --> 00:17:34,200 Speaker 1: good example of why, of why inflation has become a problem. 334 00:17:34,640 --> 00:17:37,720 Speaker 1: You know, the scrambling to bring more and more inventory 335 00:17:37,800 --> 00:17:42,000 Speaker 1: to satisfy demand, stay at home demand went into overdrive. 336 00:17:42,280 --> 00:17:46,159 Speaker 1: And I believe the narrative in the last year inflation 337 00:17:47,119 --> 00:17:51,080 Speaker 1: gave purchasing managers this idea that, Okay, what's the worst 338 00:17:51,200 --> 00:17:54,920 Speaker 1: that could happen if I build inventories. The worst that 339 00:17:55,040 --> 00:17:58,880 Speaker 1: could happen is that I'm able to deliver inventory profits 340 00:17:59,080 --> 00:18:01,960 Speaker 1: sell at a higher ice. Well, that's not going to happen. 341 00:18:02,280 --> 00:18:04,640 Speaker 1: That's not going to happen when we see I've never 342 00:18:04,720 --> 00:18:09,600 Speaker 1: seen inventory um surges like this in my career, and 343 00:18:09,680 --> 00:18:14,160 Speaker 1: I've been around for a long time. So UH at Walmart, 344 00:18:15,880 --> 00:18:23,760 Speaker 1: at at Target, uh at at coal, so very broad based. 345 00:18:24,480 --> 00:18:25,960 Speaker 1: Uh And so I think we're going to see a 346 00:18:26,000 --> 00:18:28,560 Speaker 1: lot of discounting and this and what's beginning to happen 347 00:18:28,640 --> 00:18:31,320 Speaker 1: now just at the margin, and we're seeing it because 348 00:18:31,400 --> 00:18:35,639 Speaker 1: our strategy is now starting to outperform the rest of 349 00:18:35,760 --> 00:18:38,520 Speaker 1: the market. I've never been in a market where the 350 00:18:38,640 --> 00:18:42,200 Speaker 1: market has gone to new highs and we are hitting loads. 351 00:18:42,600 --> 00:18:45,399 Speaker 1: I've never been in a market so there's been and 352 00:18:45,520 --> 00:18:47,840 Speaker 1: it hasn't been supported by the fixed income market. So 353 00:18:48,000 --> 00:18:52,719 Speaker 1: we'll see what happened. Kathy Wood there with our at 354 00:18:52,800 --> 00:18:56,480 Speaker 1: Ludlow's CEO of Park Investment Management at the UP Summit 355 00:18:57,359 --> 00:19:08,440 Speaker 1: in Bentonville, Arkansas. Welcome back to a special edition of 356 00:19:08,440 --> 00:19:11,280 Speaker 1: Bloomberg Technology. I'm emily changing at the City Club of 357 00:19:11,600 --> 00:19:14,760 Speaker 1: San Francisco for our Bloomberg Technology Smit, where You've had 358 00:19:14,760 --> 00:19:18,240 Speaker 1: a host of special guests, including Uber CEO dar Causmashat, 359 00:19:18,240 --> 00:19:21,880 Speaker 1: who spoke exclusively to my colleague Bradstone about the current 360 00:19:21,960 --> 00:19:25,280 Speaker 1: economic climate and how it could impact Uber's business. Take 361 00:19:25,320 --> 00:19:30,440 Speaker 1: a listen. We don't see any signal of a recession 362 00:19:30,520 --> 00:19:34,320 Speaker 1: coming now. What's different about us than most companies out 363 00:19:34,359 --> 00:19:37,320 Speaker 1: there is that, just as you saw during the pandemic, 364 00:19:37,600 --> 00:19:42,639 Speaker 1: a shift from spend on services to spend on retail, 365 00:19:43,320 --> 00:19:46,720 Speaker 1: that shift is now going back to services and we 366 00:19:46,840 --> 00:19:50,360 Speaker 1: are the definition of a service right moving around travels back, 367 00:19:50,440 --> 00:19:53,760 Speaker 1: et cetera. So I do think that our service is 368 00:19:53,880 --> 00:19:57,760 Speaker 1: benefiting from the shift back. Certainly the reopening helps our 369 00:19:57,800 --> 00:20:02,359 Speaker 1: mobility business or mobility businesses growing at very very high rates, 370 00:20:02,760 --> 00:20:05,960 Speaker 1: highly profitable. The delivery business, delivery of everything at home, 371 00:20:06,480 --> 00:20:10,720 Speaker 1: continues to be strong. Uh So at this point we 372 00:20:10,760 --> 00:20:15,160 Speaker 1: don't see any signal whatsoever. We have gone through recessions 373 00:20:15,320 --> 00:20:18,760 Speaker 1: in South America, Mexico and Brazil in the past, and 374 00:20:18,840 --> 00:20:21,080 Speaker 1: what you see doing those recessions is that as a 375 00:20:21,200 --> 00:20:24,639 Speaker 1: labor pool eases up, and certainly we don't see signs 376 00:20:24,680 --> 00:20:28,640 Speaker 1: of that yet here or in in Europe. Uh. More 377 00:20:28,760 --> 00:20:31,720 Speaker 1: drivers come onto the platform. Uh And as more drivers 378 00:20:31,800 --> 00:20:34,440 Speaker 1: come onto the platform, the platform continues to grow, service 379 00:20:34,520 --> 00:20:38,800 Speaker 1: levels get better. So I think versus many other companies, 380 00:20:39,520 --> 00:20:43,640 Speaker 1: we don't have large large asset base. Our cost base 381 00:20:43,800 --> 00:20:50,040 Speaker 1: essentially adjusts. In stronger economy, cost base increases as earners 382 00:20:50,160 --> 00:20:53,400 Speaker 1: and drivers earned much more money, and weaker economies, as 383 00:20:53,440 --> 00:20:56,960 Speaker 1: you get more drivers into the marketplace, their earnings adjust 384 00:20:57,040 --> 00:21:01,080 Speaker 1: as well. So I think we are relatively were session resistant. 385 00:21:01,280 --> 00:21:04,520 Speaker 1: If it happens, I certainly hope it doesn't happen right now. 386 00:21:04,600 --> 00:21:07,919 Speaker 1: The signal on the street is things are really strong 387 00:21:08,359 --> 00:21:11,160 Speaker 1: and the spend on services continues to be quite robot Okay, 388 00:21:11,280 --> 00:21:14,040 Speaker 1: you said you'll treat hiring as a privilege and be 389 00:21:14,119 --> 00:21:17,680 Speaker 1: delivered up about the pace, but you didn't mention potential layoffs. 390 00:21:17,760 --> 00:21:20,119 Speaker 1: And I wonder because other companies and some of your 391 00:21:20,119 --> 00:21:23,360 Speaker 1: competitors are having to consider it. How you feel about 392 00:21:23,400 --> 00:21:27,320 Speaker 1: layoffs at uber um, we don't think they're necessary at all. Right. 393 00:21:27,440 --> 00:21:31,280 Speaker 1: The perspective at uber is that in Q one, for example, 394 00:21:31,400 --> 00:21:33,240 Speaker 1: if you look at our girl spokings, they're up thirty 395 00:21:33,359 --> 00:21:36,639 Speaker 1: nine percent on a constant currency basis. Uh. We are 396 00:21:36,800 --> 00:21:40,840 Speaker 1: one of those companies. While our delivery business benefited from 397 00:21:40,880 --> 00:21:45,520 Speaker 1: the pandemic, our mobility business is absolutely benefiting from the reopening. 398 00:21:46,359 --> 00:21:49,080 Speaker 1: We talked about guidance of twenty eight and a half 399 00:21:49,119 --> 00:21:51,440 Speaker 1: to twenty nine and a half billion and growth bookings 400 00:21:51,520 --> 00:21:56,040 Speaker 1: in the next quarter, profitability increasing two forty million to 401 00:21:56,080 --> 00:21:59,399 Speaker 1: two hundred seventy million. So the business is growing at 402 00:21:59,440 --> 00:22:03,879 Speaker 1: a healthy hace. However, with an uncertain environment out there, 403 00:22:04,400 --> 00:22:06,760 Speaker 1: we should be more cautious. You know, there's much more 404 00:22:06,840 --> 00:22:09,840 Speaker 1: uncertainty as you look forward six to twelve months. Uh. 405 00:22:09,960 --> 00:22:13,480 Speaker 1: And my message to our employee basis, We're going to 406 00:22:13,560 --> 00:22:16,200 Speaker 1: be careful. We feel really good about the business and 407 00:22:16,240 --> 00:22:19,000 Speaker 1: the trends, but let's not get carried away. And the 408 00:22:19,200 --> 00:22:23,280 Speaker 1: environment is one that demands caution, and I do think 409 00:22:23,320 --> 00:22:26,520 Speaker 1: that in a tougher environment, the scale players right, we're 410 00:22:26,600 --> 00:22:29,280 Speaker 1: the largest player on a global basis. We're the only 411 00:22:29,320 --> 00:22:32,240 Speaker 1: player that has the portfolio of go Get. We have 412 00:22:32,480 --> 00:22:37,119 Speaker 1: a platform advantage in terms of our riders turning into eaters, 413 00:22:37,520 --> 00:22:40,879 Speaker 1: our couriers turning into drivers, etcetera. We have structural advantages 414 00:22:40,960 --> 00:22:45,639 Speaker 1: over the smaller players. You can catch the full interview 415 00:22:45,720 --> 00:22:48,240 Speaker 1: with Dura kauser shot. He's e of uber at Bloomberg 416 00:22:48,600 --> 00:22:52,879 Speaker 1: dot com. Now turning to the gaming world and the 417 00:22:52,960 --> 00:22:55,960 Speaker 1: so called metaverse and a Twitter poll conducted at our summit, 418 00:22:56,040 --> 00:22:58,840 Speaker 1: we asked what will the metaverse have the most drastic 419 00:22:58,960 --> 00:23:03,119 Speaker 1: impact on? The overwhelming majority said gaming Joining me now 420 00:23:03,240 --> 00:23:06,879 Speaker 1: and hand. She's the CEO and chairwoman of Super League Gaming. 421 00:23:07,040 --> 00:23:09,120 Speaker 1: Good to see you here in person, Thank you for coming. Nice. 422 00:23:09,400 --> 00:23:11,600 Speaker 1: So using something interesting on stage, which is that you 423 00:23:11,720 --> 00:23:15,000 Speaker 1: don't like to use the term metaverse. Why is that 424 00:23:15,320 --> 00:23:17,680 Speaker 1: there's a little backlash right now because a lot of 425 00:23:17,720 --> 00:23:20,840 Speaker 1: people are wondering about this bigger metaverse play that we're 426 00:23:20,840 --> 00:23:23,720 Speaker 1: really probably five to ten years away from. But metaverse 427 00:23:23,840 --> 00:23:26,520 Speaker 1: games are open world platform games as we call them, 428 00:23:26,560 --> 00:23:28,800 Speaker 1: have been around for over a decade. Games like Minecraft 429 00:23:29,280 --> 00:23:30,920 Speaker 1: games where they give you a set of tools and 430 00:23:31,000 --> 00:23:33,480 Speaker 1: you make the game yourself and you invite friends in 431 00:23:33,640 --> 00:23:36,920 Speaker 1: and so it has creation, collaboration, and most of all, 432 00:23:37,000 --> 00:23:40,000 Speaker 1: it's social. It's really a digital cul de sac. And 433 00:23:40,119 --> 00:23:42,720 Speaker 1: so we focus a lot on how we bring brands 434 00:23:42,800 --> 00:23:46,520 Speaker 1: into metaverse experiences to reach those gen zum players. And 435 00:23:46,600 --> 00:23:48,960 Speaker 1: I do think the good news is is gaming is 436 00:23:49,160 --> 00:23:51,640 Speaker 1: than the trojan horse for the greater metaverse because it's 437 00:23:51,640 --> 00:23:54,400 Speaker 1: existed for some time and it's a very successful platform, 438 00:23:54,800 --> 00:23:56,880 Speaker 1: but you don't see it until five to ten years out. 439 00:23:57,040 --> 00:23:59,320 Speaker 1: I think the big meta is a ways off. It's 440 00:23:59,359 --> 00:24:03,080 Speaker 1: kind of like the Internet right, new wild terrain. And 441 00:24:03,240 --> 00:24:06,560 Speaker 1: the difference about the metaverse though, for gaming is that 442 00:24:06,720 --> 00:24:10,080 Speaker 1: it's so social, it's so community based, um. And so 443 00:24:10,280 --> 00:24:12,639 Speaker 1: what's exciting in some ways is the Internet failed us 444 00:24:12,720 --> 00:24:16,159 Speaker 1: in many ways, right, especially the ad model for the Internet. UM. 445 00:24:16,200 --> 00:24:19,399 Speaker 1: It became a nuisance, it became disruptive, It didn't fully 446 00:24:19,480 --> 00:24:23,399 Speaker 1: deliver because it interrupted the user's experience and what we 447 00:24:23,520 --> 00:24:25,760 Speaker 1: focus on a super league is ways to bring brands 448 00:24:25,760 --> 00:24:29,080 Speaker 1: in that's really engaging and immersive and allows brands to 449 00:24:29,160 --> 00:24:31,480 Speaker 1: reach this very elusive audience, but meet them right where 450 00:24:31,520 --> 00:24:34,680 Speaker 1: they are in games and enhance those experiences for them. 451 00:24:34,760 --> 00:24:37,400 Speaker 1: The big meta. I like that, and I start using 452 00:24:37,640 --> 00:24:40,280 Speaker 1: the big meta. Okay, so in the big meta, how 453 00:24:40,840 --> 00:24:43,679 Speaker 1: how much is our real world self separate from our 454 00:24:43,720 --> 00:24:45,879 Speaker 1: digital self? Like, are we going to lose track of 455 00:24:45,960 --> 00:24:48,359 Speaker 1: where we are who we are? It's a really good question. 456 00:24:48,400 --> 00:24:50,480 Speaker 1: I mean, on one hand, you can always worry about 457 00:24:50,600 --> 00:24:53,880 Speaker 1: some of the security concerns and the blurring of those lines. 458 00:24:53,920 --> 00:24:56,040 Speaker 1: But when I think about the younger generation and we 459 00:24:56,160 --> 00:24:58,280 Speaker 1: talked to them, and we talked to their parents, I 460 00:24:58,359 --> 00:25:01,520 Speaker 1: actually feel that there's more po positives and negatives. First 461 00:25:01,560 --> 00:25:03,640 Speaker 1: of all, gen Z does not see a difference between 462 00:25:03,640 --> 00:25:06,240 Speaker 1: their digital and physical life. It's just their life. And 463 00:25:06,359 --> 00:25:09,439 Speaker 1: they do want their their digital selves and their physical 464 00:25:09,480 --> 00:25:13,040 Speaker 1: selves to align to the same values and interest And 465 00:25:13,280 --> 00:25:14,600 Speaker 1: you know, this is the way I look at it. 466 00:25:14,640 --> 00:25:16,880 Speaker 1: I talked about a little bit earlier in the summit. Today. 467 00:25:17,400 --> 00:25:20,000 Speaker 1: You know, a five year old picks their Minecraft I 468 00:25:20,119 --> 00:25:23,320 Speaker 1: D and the world hasn't yet boxed them in or 469 00:25:23,400 --> 00:25:25,520 Speaker 1: made any decisions about who they're going to be one day, 470 00:25:25,640 --> 00:25:29,280 Speaker 1: So their aspirational self comes through, and maybe that means 471 00:25:29,359 --> 00:25:32,280 Speaker 1: that they feel more limitless in their physical life as well. 472 00:25:32,400 --> 00:25:36,200 Speaker 1: So I think there's just as many positives to establishing 473 00:25:36,280 --> 00:25:39,480 Speaker 1: your digital self. Um, instead of it being an act 474 00:25:40,280 --> 00:25:42,760 Speaker 1: as as older generations might do, it's more of a 475 00:25:42,880 --> 00:25:45,840 Speaker 1: genuine interest in what they want to be. Now. Cheryl Sandberg, 476 00:25:46,040 --> 00:25:50,000 Speaker 1: longtime CEO of Meta, just resigned this week and she's 477 00:25:50,080 --> 00:25:52,520 Speaker 1: leaving in the fall, and you know she would have 478 00:25:52,600 --> 00:25:56,399 Speaker 1: had to evolve this very long standing business bottel for 479 00:25:57,119 --> 00:26:00,840 Speaker 1: the metaverse? Is advertising the business model of the future 480 00:26:00,840 --> 00:26:04,600 Speaker 1: in the metaverse? And will it really translate? Well, you know, 481 00:26:04,680 --> 00:26:07,600 Speaker 1: I think it's just as much the digital to physical crossover. 482 00:26:07,880 --> 00:26:10,600 Speaker 1: Right Like when you were interviewing you know, Andy Chassis 483 00:26:10,640 --> 00:26:14,480 Speaker 1: earlier today and he talked about of retail still happening physically. 484 00:26:15,080 --> 00:26:18,679 Speaker 1: Imagine if a brand can get to a young person 485 00:26:18,840 --> 00:26:21,840 Speaker 1: in the metaverse, engage with them either because they're an 486 00:26:21,880 --> 00:26:25,080 Speaker 1: existing customer or because they're a new customer, and then 487 00:26:25,119 --> 00:26:27,680 Speaker 1: the ways you can create crossover. So I think it's 488 00:26:27,760 --> 00:26:30,680 Speaker 1: actually more than anything an acquisition and retention channel. So 489 00:26:30,720 --> 00:26:33,160 Speaker 1: are you saying maybe I would make fewer bad online 490 00:26:33,200 --> 00:26:36,160 Speaker 1: purchases because in the metaverse, maybe I get to try 491 00:26:36,280 --> 00:26:39,600 Speaker 1: stuff on. Certainly, there will certainly be a game for 492 00:26:39,720 --> 00:26:41,639 Speaker 1: that where you can try on all of your fashion 493 00:26:41,680 --> 00:26:44,560 Speaker 1: and have your friends react right and get real time feedback. 494 00:26:44,680 --> 00:26:46,879 Speaker 1: But you know, think about things like if you have 495 00:26:46,960 --> 00:26:50,600 Speaker 1: a gaming avatar, and right now you buy for that avatar, 496 00:26:50,720 --> 00:26:54,200 Speaker 1: say a pair of Nike shoes or a Gucci cape, 497 00:26:54,359 --> 00:26:57,120 Speaker 1: your propensity now to want to bring that brand into 498 00:26:57,160 --> 00:26:59,840 Speaker 1: your physical life is much higher. And so it's actually 499 00:26:59,880 --> 00:27:02,480 Speaker 1: a very affordable, accessible way for brands to get to 500 00:27:02,600 --> 00:27:05,160 Speaker 1: know a new batch of cons. What company or kinds 501 00:27:05,200 --> 00:27:08,280 Speaker 1: of companies are going to own the metaverse? Oh gosh. 502 00:27:08,440 --> 00:27:10,760 Speaker 1: I mean, it'll be very interesting to see in the 503 00:27:10,880 --> 00:27:14,359 Speaker 1: role of crypto throughout all of it, and blockchain as well. Um, 504 00:27:14,440 --> 00:27:16,200 Speaker 1: I think right now it's going to continue to be 505 00:27:16,320 --> 00:27:18,920 Speaker 1: gaming lead, and so look for those big players like 506 00:27:19,160 --> 00:27:23,080 Speaker 1: the Microsoft Tones, Minecraft, Roadblocks, Epic who is now opening 507 00:27:23,200 --> 00:27:26,200 Speaker 1: up their Unreal engine as well inside Fortnite. Look for 508 00:27:26,320 --> 00:27:28,800 Speaker 1: gaming to continue to lead. And I think what I'm 509 00:27:28,840 --> 00:27:31,520 Speaker 1: excited about is the next place where gaming will lead. 510 00:27:31,600 --> 00:27:33,919 Speaker 1: And I think that's around education and being a new 511 00:27:34,080 --> 00:27:36,800 Speaker 1: entry point for kids to learn about STEM. All right 512 00:27:36,960 --> 00:27:39,520 Speaker 1: and hand Super League Gaming CEO. Good to see you here, 513 00:27:39,880 --> 00:27:43,280 Speaker 1: any person. Thanks for stopping by. Thank you. Okay, coming up, 514 00:27:43,440 --> 00:27:47,760 Speaker 1: rethinking the pivot to crypto. What coin bases hiring freeze 515 00:27:47,960 --> 00:27:51,920 Speaker 1: means for workers that flock to digital assets? That is next. 516 00:27:52,200 --> 00:28:09,320 Speaker 1: This is Bloomberg. Welcome back to Bloomber Technology Live from 517 00:28:09,359 --> 00:28:13,679 Speaker 1: our flagship technology summit. As crypto, we're talking krypto now 518 00:28:13,760 --> 00:28:17,080 Speaker 1: became more of a hot commodity. Workers rushed to careers 519 00:28:17,119 --> 00:28:20,159 Speaker 1: in digital assets. But with coin based announcing a hiring 520 00:28:20,280 --> 00:28:24,480 Speaker 1: freeze and crypto markets boiling, some young employees are rethinking 521 00:28:24,560 --> 00:28:27,560 Speaker 1: that pivot. Joining us now, Michelle By, a partner at 522 00:28:27,600 --> 00:28:30,240 Speaker 1: Sequoia Capital. Michelle, get to see you here in person, Yes, 523 00:28:30,320 --> 00:28:32,120 Speaker 1: thank you for having me. Okay, So let's talk about 524 00:28:32,119 --> 00:28:35,680 Speaker 1: what's happening in crypto coin bases hiring phrase. It certainly 525 00:28:35,720 --> 00:28:40,960 Speaker 1: doesn't look good what's happening in the industry right now? Yes, 526 00:28:41,120 --> 00:28:43,960 Speaker 1: So the thing to remember at crypto is there always 527 00:28:44,040 --> 00:28:47,200 Speaker 1: ups and downs. Is a very volatile sector, especially before 528 00:28:47,240 --> 00:28:50,520 Speaker 1: we get a better regulatory framework in place. But Sequoia 529 00:28:50,560 --> 00:28:52,920 Speaker 1: has been investing for fifty years in a lot of 530 00:28:52,960 --> 00:28:56,160 Speaker 1: market cycles and is no stranger to the cycles in crypto. 531 00:28:56,720 --> 00:28:59,000 Speaker 1: So the thing to remember is, you know, founders in 532 00:28:59,040 --> 00:29:02,480 Speaker 1: the space expect ups and downs, and every company is different. 533 00:29:02,520 --> 00:29:04,920 Speaker 1: So I work very closely with f t X. Sequoia 534 00:29:04,960 --> 00:29:07,160 Speaker 1: is a proud partner there, and they're not doing a 535 00:29:07,280 --> 00:29:10,440 Speaker 1: hiring freeze. They are well capitalized and ready to take 536 00:29:10,440 --> 00:29:13,360 Speaker 1: advantage of this period. So there's a huge range in 537 00:29:13,400 --> 00:29:16,680 Speaker 1: the way companies are reacting to the downturn and asset prices, 538 00:29:16,800 --> 00:29:19,720 Speaker 1: and long term we are still very optimistic that the 539 00:29:19,800 --> 00:29:22,560 Speaker 1: best companies will actually extend their advantage and come out 540 00:29:22,560 --> 00:29:24,200 Speaker 1: even stronger. So would you say that in the case 541 00:29:24,240 --> 00:29:26,600 Speaker 1: of coin based then there was a mistake in execution. 542 00:29:27,320 --> 00:29:29,960 Speaker 1: They grew too fast. You know the big public company 543 00:29:30,000 --> 00:29:33,480 Speaker 1: now yeah, I think less big than it was. Yes, 544 00:29:33,880 --> 00:29:36,520 Speaker 1: many public company CEOs, you know Sequoia works and company 545 00:29:36,600 --> 00:29:39,440 Speaker 1: is seed through public. So many public company CEOs have 546 00:29:39,520 --> 00:29:42,200 Speaker 1: had to deal with their stock price changing and a 547 00:29:42,320 --> 00:29:45,920 Speaker 1: market that valued growth pivoting to one that valued profitabilities. 548 00:29:46,040 --> 00:29:48,880 Speaker 1: So this is a change many people are going through. 549 00:29:49,120 --> 00:29:51,480 Speaker 1: I think the important thing to remember those that cryptos 550 00:29:51,600 --> 00:29:53,440 Speaker 1: very diverse and so there are a lot of companies 551 00:29:53,680 --> 00:29:56,760 Speaker 1: very well positioned who are not struggling to make quite 552 00:29:56,760 --> 00:29:59,280 Speaker 1: an impact in the future. So and obviously Sequoia has 553 00:29:59,280 --> 00:30:02,680 Speaker 1: a huge portfol Leo and you've got workers moving between 554 00:30:02,720 --> 00:30:07,160 Speaker 1: companies all the time. Do you see employees rethinking, oh, 555 00:30:07,280 --> 00:30:09,200 Speaker 1: should I go to a crypto company or maybe I 556 00:30:09,200 --> 00:30:12,200 Speaker 1: should stay at Apple or Google for a little while longer. Yeah, 557 00:30:12,280 --> 00:30:16,000 Speaker 1: we see actually quite a valuable market in the talent 558 00:30:16,040 --> 00:30:19,000 Speaker 1: market for startups. So we think one positive of this 559 00:30:19,120 --> 00:30:21,640 Speaker 1: period for the startups that play their cards right is 560 00:30:21,720 --> 00:30:24,240 Speaker 1: that they'll actually be able to hire talent they probably 561 00:30:24,280 --> 00:30:27,240 Speaker 1: wouldn't have been able to before. And so in many ways, 562 00:30:27,280 --> 00:30:30,080 Speaker 1: this loosening in the talent market could be very beneficial 563 00:30:30,240 --> 00:30:34,360 Speaker 1: for those leading companies to you know, stack their staff 564 00:30:34,440 --> 00:30:37,360 Speaker 1: and their teams with top talent from these companies. So 565 00:30:37,440 --> 00:30:40,160 Speaker 1: we're pretty optimistic actually that those companies will be able 566 00:30:40,200 --> 00:30:43,520 Speaker 1: to succeed, even if there's some near term shift happening. 567 00:30:43,640 --> 00:30:46,000 Speaker 1: So if Sequoia could send that R I P. Good 568 00:30:46,080 --> 00:30:48,960 Speaker 1: Times memo now like at this moment, what would the 569 00:30:49,000 --> 00:30:53,280 Speaker 1: headline be. I think we gathered our founders earlier this 570 00:30:53,480 --> 00:30:55,920 Speaker 1: year to talk about how to deal with this downturn 571 00:30:56,040 --> 00:30:57,920 Speaker 1: and how to plan for it, and the key message 572 00:30:57,960 --> 00:31:01,520 Speaker 1: was adapting to indoor. So what we've learned through so 573 00:31:01,600 --> 00:31:04,920 Speaker 1: many cycles is that you know, focusing on R and 574 00:31:05,040 --> 00:31:07,520 Speaker 1: D and extending your product advantage is one of the 575 00:31:07,600 --> 00:31:09,680 Speaker 1: most important things you can do during this time. And 576 00:31:09,760 --> 00:31:13,040 Speaker 1: so really capitalizing on this to put yourself ahead of 577 00:31:13,080 --> 00:31:17,080 Speaker 1: your competitors while also potentially trimming in other areas depending 578 00:31:17,160 --> 00:31:19,440 Speaker 1: on how you've been running your business, are the most 579 00:31:19,520 --> 00:31:21,680 Speaker 1: important thing. And so we think the best companies can 580 00:31:21,720 --> 00:31:23,840 Speaker 1: come out stronger, but they have to survive long enough 581 00:31:23,840 --> 00:31:26,040 Speaker 1: to have that chance. So where is Sequoia placing its 582 00:31:26,080 --> 00:31:29,880 Speaker 1: crypto beets now? Where do you see the most opportunities 583 00:31:29,920 --> 00:31:32,960 Speaker 1: for growth? Very similar areas, So our conviction is very 584 00:31:33,040 --> 00:31:35,960 Speaker 1: unrattled by this, you know, honestly, it's just really the 585 00:31:36,040 --> 00:31:39,640 Speaker 1: same on a tenure horizon. We're hoping that crypto can 586 00:31:39,720 --> 00:31:42,440 Speaker 1: grow from the millions of users into the billions, and 587 00:31:42,520 --> 00:31:45,120 Speaker 1: for that to happen, we're investing in a broad number 588 00:31:45,120 --> 00:31:49,200 Speaker 1: of areas, from infrastructure to financial applications to internet applications 589 00:31:49,240 --> 00:31:52,520 Speaker 1: that are based on blockchains, and so we're very excited, 590 00:31:52,640 --> 00:31:55,520 Speaker 1: especially about the infrastructure and developer tools that we're seeing 591 00:31:55,640 --> 00:31:59,160 Speaker 1: that will help more companies be able to build more resilient, safe, 592 00:31:59,240 --> 00:32:01,960 Speaker 1: and more secure applications. All right, so does it matter 593 00:32:02,000 --> 00:32:05,160 Speaker 1: if bitcoin gets back to sixty in your view or 594 00:32:05,560 --> 00:32:07,960 Speaker 1: you know, doesn't The price doesn't matter long term. We're 595 00:32:08,000 --> 00:32:10,280 Speaker 1: not investing for the prices of the assets. We're investing 596 00:32:10,320 --> 00:32:12,800 Speaker 1: behind the founders and the companies. So FT Experiences that 597 00:32:12,840 --> 00:32:15,360 Speaker 1: we work with is a great example. They're building an 598 00:32:15,400 --> 00:32:18,959 Speaker 1: exchange that we think could be a really amazing product 599 00:32:19,040 --> 00:32:22,560 Speaker 1: for cryptodrivatives markets. And so whether the price goes up 600 00:32:22,640 --> 00:32:25,280 Speaker 1: or down, people are still trading. And that's a founder, 601 00:32:25,480 --> 00:32:27,040 Speaker 1: you know, it's a perfect example of what we look 602 00:32:27,080 --> 00:32:30,400 Speaker 1: for with an incredible founder, a great market opportunity, and 603 00:32:30,520 --> 00:32:32,960 Speaker 1: so the price doesn't matter as much. It's really the 604 00:32:33,000 --> 00:32:35,560 Speaker 1: long term business that we're excited about. Okay, Michelle buy 605 00:32:35,600 --> 00:32:37,760 Speaker 1: a partner at Sequoia. Great to have you. Thank you 606 00:32:38,120 --> 00:32:40,160 Speaker 1: for sharing your view of the future things so much. 607 00:32:48,360 --> 00:32:52,239 Speaker 1: Weymo is clearly a leader in the autonomous space. Uh. 608 00:32:52,360 --> 00:32:55,360 Speaker 1: And this is actually a pretty deep partnership with Weymo 609 00:32:56,480 --> 00:32:59,280 Speaker 1: where we now have we're going to have access to 610 00:32:59,480 --> 00:33:04,120 Speaker 1: Billy of miles driven as it relates to their autonomous driver. 611 00:33:07,040 --> 00:33:10,360 Speaker 1: Uber CEO dar Kaswa Shy. They're speaking at the Bloomberg 612 00:33:10,560 --> 00:33:14,360 Speaker 1: Tech Summit about a new partnership with Weymo, and of 613 00:33:14,440 --> 00:33:18,080 Speaker 1: course remember these two companies were bitter rivals. So how 614 00:33:18,160 --> 00:33:20,360 Speaker 1: did it happen? I'm joined out by Weymo coat CEO 615 00:33:20,480 --> 00:33:22,360 Speaker 1: to Key Drama Kondo t teacher. Great to have you 616 00:33:22,480 --> 00:33:24,920 Speaker 1: with us. I know you just ran from the stage, 617 00:33:25,040 --> 00:33:27,240 Speaker 1: so thanks for Let's talk about how the partnership is 618 00:33:27,240 --> 00:33:30,000 Speaker 1: gonna work. Yes, you know in the future, does this 619 00:33:30,160 --> 00:33:34,640 Speaker 1: mean Weymo trucks on Uber's network. Yes, so we Wemo 620 00:33:34,760 --> 00:33:38,680 Speaker 1: will partner with carriers and shippers and they will have 621 00:33:39,120 --> 00:33:41,840 Speaker 1: trucks with the Wemo driver on them, our fit generation 622 00:33:41,960 --> 00:33:44,840 Speaker 1: drivers what we're using right now on Timelore trucks, and 623 00:33:44,920 --> 00:33:47,960 Speaker 1: then those trucks, shippers and carriers will have the opportunity 624 00:33:48,000 --> 00:33:51,560 Speaker 1: to opt in to the Uber Freight network and you know, 625 00:33:52,160 --> 00:33:54,520 Speaker 1: paying the vision for us. These are trucks that are 626 00:33:54,640 --> 00:33:57,800 Speaker 1: taking anything you can imagine criss crossing the country of 627 00:33:57,840 --> 00:34:01,360 Speaker 1: the world, exactly long haul trucking, So massive long haul 628 00:34:01,400 --> 00:34:06,160 Speaker 1: truck across say Tucson, Arizona to Houston or Dallas, to Houston, 629 00:34:06,640 --> 00:34:09,880 Speaker 1: major major shipment of goods across the country. And the 630 00:34:09,920 --> 00:34:13,279 Speaker 1: reason this is so important is we've reserved the capacity 631 00:34:13,520 --> 00:34:17,120 Speaker 1: for billions of miles on this network because we believe 632 00:34:17,360 --> 00:34:20,800 Speaker 1: as two companies that we can improve the efficiency of 633 00:34:20,880 --> 00:34:27,000 Speaker 1: how goods move. So Uber and Weymo long ago rivals 634 00:34:27,040 --> 00:34:29,279 Speaker 1: that date all the way back to Travis Kline, the 635 00:34:29,360 --> 00:34:32,400 Speaker 1: co founder of Uber and Anthony Lewandowski, co founder of 636 00:34:32,440 --> 00:34:35,839 Speaker 1: Google Car, Like, how did you get past a really 637 00:34:36,000 --> 00:34:39,400 Speaker 1: long and drawn out lawsuit? You know, I'm really happy 638 00:34:39,480 --> 00:34:41,520 Speaker 1: to say that the way mo Via team and the 639 00:34:41,640 --> 00:34:45,160 Speaker 1: Uber Freight team have focused on what we actually are 640 00:34:45,239 --> 00:34:48,800 Speaker 1: here for right which is improving road safety, improving this 641 00:34:48,920 --> 00:34:52,480 Speaker 1: long haul trucking and logistics opportunity. And Dar and I 642 00:34:52,800 --> 00:34:55,480 Speaker 1: have from the beginning had a really good sort of 643 00:34:55,600 --> 00:34:59,359 Speaker 1: upfront direct relationship, which I appreciate. So let's talk about 644 00:34:59,400 --> 00:35:01,440 Speaker 1: how far AMO has come. Because I rode in the 645 00:35:01,520 --> 00:35:06,759 Speaker 1: Google Car in and just a couple of days ago, 646 00:35:06,880 --> 00:35:10,640 Speaker 1: my colleague Tom Giles rode in the Weymo of today. 647 00:35:10,920 --> 00:35:14,800 Speaker 1: How much has that experience changed in eleven years? This 648 00:35:14,920 --> 00:35:20,920 Speaker 1: was this is yeah, that's today, Yeah, this is today. 649 00:35:21,160 --> 00:35:24,480 Speaker 1: So today we have the fifth generation Wemo driver, which 650 00:35:24,560 --> 00:35:26,520 Speaker 1: is what you say on the all Electric I pace. 651 00:35:26,800 --> 00:35:30,439 Speaker 1: Here in San Francisco, we have employees who are taking 652 00:35:30,640 --> 00:35:33,640 Speaker 1: right only which means no human behind the wheel rides, 653 00:35:33,760 --> 00:35:37,160 Speaker 1: and we have members of the San Francisco community taking 654 00:35:38,440 --> 00:35:41,960 Speaker 1: also taking rides as trusted testers. In addition, we've announced 655 00:35:42,000 --> 00:35:44,399 Speaker 1: that we are expanding to downtown Phoenix, where the same 656 00:35:44,520 --> 00:35:47,399 Speaker 1: vehicles there and our employees are taking rides. And we've 657 00:35:47,520 --> 00:35:51,520 Speaker 1: also started having employees take rides to and from the 658 00:35:51,640 --> 00:35:54,680 Speaker 1: Phoenix Airport, which is really exciting because it's the first 659 00:35:54,760 --> 00:35:58,359 Speaker 1: time that any autonomous vehicle company is figuring out how 660 00:35:58,440 --> 00:36:02,600 Speaker 1: to navigate UH and airport. So and I, well, I 661 00:36:02,719 --> 00:36:04,759 Speaker 1: ask you this every time we talk, but I guess 662 00:36:04,800 --> 00:36:06,839 Speaker 1: the real question is when can I in a major 663 00:36:06,960 --> 00:36:11,399 Speaker 1: city open an app and hail a way. So right 664 00:36:11,440 --> 00:36:15,759 Speaker 1: now you can in the Phoenix metro area, right, and 665 00:36:15,800 --> 00:36:18,000 Speaker 1: you're devalace in testing in San Francisco, But when does 666 00:36:18,080 --> 00:36:22,960 Speaker 1: this become more available available? So I think you know, 667 00:36:23,040 --> 00:36:25,040 Speaker 1: what we really focused on is what does it take 668 00:36:25,480 --> 00:36:27,520 Speaker 1: to go from one city to now three g o 669 00:36:27,680 --> 00:36:31,799 Speaker 1: s one platform to now across multiple platforms. And that's 670 00:36:31,840 --> 00:36:34,879 Speaker 1: what we've been able to do. One of the things 671 00:36:34,960 --> 00:36:37,480 Speaker 1: we've learned in doing that is it's operating a service 672 00:36:38,040 --> 00:36:40,319 Speaker 1: that's actually the learning curve, right, You've got to learn 673 00:36:40,400 --> 00:36:42,880 Speaker 1: how to not just make sure the technology works and 674 00:36:43,000 --> 00:36:45,560 Speaker 1: is see, but how do you delight the writers? What 675 00:36:45,640 --> 00:36:47,719 Speaker 1: does that experience look like? And so one of the 676 00:36:48,160 --> 00:36:51,080 Speaker 1: areas that we've found wonderfully delightful is when people are 677 00:36:51,160 --> 00:36:53,920 Speaker 1: using right hailing and there's no driver in the car, 678 00:36:54,160 --> 00:36:56,719 Speaker 1: no human driver in the car, the window driver only, 679 00:36:57,200 --> 00:37:01,080 Speaker 1: they immediately start casting their music. Right. Those kinds of 680 00:37:01,200 --> 00:37:03,480 Speaker 1: features are what allow people to come back and feel 681 00:37:03,520 --> 00:37:05,799 Speaker 1: like this is their third space. So the question you're 682 00:37:05,840 --> 00:37:08,000 Speaker 1: asking is what's your roadmap? And I'm not telling you that, 683 00:37:08,120 --> 00:37:10,319 Speaker 1: But what I am telling you is we're spending time 684 00:37:10,760 --> 00:37:15,359 Speaker 1: learning a lot. And in Phoenix, Phoenix metro area, our 685 00:37:15,400 --> 00:37:18,279 Speaker 1: service has been up and going almost two years now, 686 00:37:18,400 --> 00:37:20,600 Speaker 1: twenty four hours a day, seven days a week, and 687 00:37:20,760 --> 00:37:23,520 Speaker 1: those writers continue to make a value part of their 688 00:37:23,680 --> 00:37:26,239 Speaker 1: So what's going to differentiate a way mow from a 689 00:37:26,280 --> 00:37:29,080 Speaker 1: self driving test left from a zooks from You know, 690 00:37:29,160 --> 00:37:31,759 Speaker 1: there are a bunch of different companies Aurora now working 691 00:37:31,800 --> 00:37:35,960 Speaker 1: on self driving technology. Yeah, I think you'll have to 692 00:37:36,040 --> 00:37:39,040 Speaker 1: see what those companies are really focused on that really 693 00:37:39,120 --> 00:37:42,200 Speaker 1: important first step, which is getting to removing the driver. 694 00:37:43,080 --> 00:37:45,279 Speaker 1: As we all remove the driver, and we've done that 695 00:37:45,360 --> 00:37:47,480 Speaker 1: now a couple of years ago, then you figure out 696 00:37:47,520 --> 00:37:50,040 Speaker 1: what your value proposition differentiation is going to be. I 697 00:37:50,160 --> 00:37:51,560 Speaker 1: have no idea what there is it's going to be. 698 00:37:51,840 --> 00:37:54,400 Speaker 1: I just know who ares? How about regulators? How much 699 00:37:54,440 --> 00:37:57,640 Speaker 1: progress do you really think you're making on getting regulators 700 00:37:57,680 --> 00:38:01,279 Speaker 1: comfortable with the safety of this. So the safety is 701 00:38:01,320 --> 00:38:03,600 Speaker 1: really the focus of the federal government, and so right 702 00:38:03,640 --> 00:38:06,880 Speaker 1: now it's largely a permissive framework where companies have the 703 00:38:06,960 --> 00:38:10,480 Speaker 1: opportunity to submit safety report. Um there hasn't been a 704 00:38:10,560 --> 00:38:13,480 Speaker 1: lot of detailed movement at the federal level. Of the 705 00:38:13,560 --> 00:38:16,120 Speaker 1: state level, there has been and we you know, our 706 00:38:16,200 --> 00:38:19,040 Speaker 1: teams work with all levels of government at the state level, 707 00:38:19,080 --> 00:38:22,560 Speaker 1: as we're even seeing here in California, the states, both 708 00:38:22,880 --> 00:38:26,439 Speaker 1: legislators and regulators are trying to figure out how best 709 00:38:26,480 --> 00:38:29,560 Speaker 1: to advance this technology while doing so safely. How often 710 00:38:29,600 --> 00:38:32,200 Speaker 1: do you get to ride? I love to ride. So 711 00:38:32,320 --> 00:38:34,879 Speaker 1: when I go to Phoenix, every time any family member 712 00:38:34,920 --> 00:38:36,600 Speaker 1: says they're going to be there, any friend, I try 713 00:38:36,680 --> 00:38:38,560 Speaker 1: to go and take a ride. And then of course 714 00:38:38,640 --> 00:38:40,560 Speaker 1: now that it's right here in San Francisco, I do 715 00:38:40,760 --> 00:38:42,680 Speaker 1: rides on Are you like taking notes and sending them 716 00:38:42,680 --> 00:38:46,560 Speaker 1: back to the course of course? Yes, alright, alright, alright, 717 00:38:46,680 --> 00:38:51,520 Speaker 1: So so let's say five years where five years in 718 00:38:51,600 --> 00:38:56,520 Speaker 1: a lot of cities? How many okay, and a lot 719 00:38:56,560 --> 00:38:59,120 Speaker 1: of cities. And also, you know we have right yelling. 720 00:38:59,280 --> 00:39:01,239 Speaker 1: We also have the say trucks, so our trucks will 721 00:39:01,239 --> 00:39:04,520 Speaker 1: be on roads moving goods safely. Um. And then we 722 00:39:04,600 --> 00:39:07,160 Speaker 1: have local delivery and so you know, your meals or 723 00:39:07,160 --> 00:39:10,200 Speaker 1: groceries or hopefully coming to your house. And is this 724 00:39:10,320 --> 00:39:13,279 Speaker 1: going to go global? I mean definitely we're focused on 725 00:39:13,480 --> 00:39:18,919 Speaker 1: is there a market that is more exciting than another? Internationally? 726 00:39:19,719 --> 00:39:23,759 Speaker 1: There are a lot of really exciting har right, because 727 00:39:23,760 --> 00:39:25,920 Speaker 1: the question is how does this skip? Right? Yeah, I 728 00:39:25,960 --> 00:39:28,000 Speaker 1: think that's right, and we're really we're in the early 729 00:39:28,120 --> 00:39:31,080 Speaker 1: days of focusing on that right now. Scale, you know, 730 00:39:31,320 --> 00:39:35,960 Speaker 1: and operating across three geos and two platforms is the 731 00:39:36,000 --> 00:39:38,480 Speaker 1: beginning of learning what you have to do all the 732 00:39:38,600 --> 00:39:40,279 Speaker 1: rails that have to be laid in order to do that. 733 00:39:40,920 --> 00:39:44,600 Speaker 1: Two Kedramkana, co CEO of Wemo, Great to have you here. 734 00:39:44,719 --> 00:39:48,200 Speaker 1: Thank you said, I need my ride. It's been eleven years. 735 00:39:48,280 --> 00:39:50,800 Speaker 1: I'm coming to you for that, okay, and that doesn't 736 00:39:50,800 --> 00:39:53,479 Speaker 1: for a special addition of Bloomberg Technology. At the City 737 00:39:53,520 --> 00:39:58,280 Speaker 1: Club in San Francisco, We've had some fascinating conversations, amazing guests, 738 00:39:58,320 --> 00:40:02,800 Speaker 1: Amazon CEO Anti Jase Wars, Dara Kasrashahi, Michael Meeboch, the 739 00:40:02,840 --> 00:40:05,040 Speaker 1: CEO of master Card. You can catch all of that 740 00:40:05,680 --> 00:40:08,040 Speaker 1: at Bloomberg dot com. And we've got a great show 741 00:40:08,120 --> 00:40:10,960 Speaker 1: lined up for you tomorrow. Arianna Hoffington will be with 742 00:40:11,200 --> 00:40:13,560 Speaker 1: us and George Kurtz. This is Bloomberg