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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along

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Speaker 2: with Paul Sweeney. Join us each day for insight from

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Speaker 2: or anywhere else you listen, and always I'm Bloomberg Radio,

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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App.

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Speaker 3: Lindsay Pigs are with us.

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Speaker 2: That chief economists at Stiefel is well, the world changed

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Speaker 2: on Friday. It was something, Lindsay, to sit on the

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Speaker 2: lawn at Jackson Hole and realize this was a speech.

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Speaker 2: Was this the Powell speech of his career?

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Speaker 1: Well, it certainly did signal that Chair Powell is on

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Speaker 1: the same page with the market. That quote, the time

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Speaker 1: has come to adjust policy, although he did say that

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Speaker 1: the direction of travel is still uncertain, and he left

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Speaker 1: the door open in terms of the timing and the

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Speaker 1: pace of rate cuts, suggesting that the Fed is still

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Speaker 1: data dependent, but he wanted to make sure that investors

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Speaker 1: and market participants were very clear that the FED is

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Speaker 1: on board the time has come for rate cuts lindsay.

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Speaker 2: The last paragraph I thought was allegiic. I was looking

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Speaker 2: for him to try to define FED independence.

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Speaker 3: Quote.

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Speaker 2: We will be open to criticism and new ideas while

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Speaker 2: preserving the strength of our framework. The limits of our

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Speaker 2: knowledge so clearly evident during the pandemic, demand humility like

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Speaker 2: we get from Lindsay pigs at Stiefel, and a questioning

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Speaker 2: spirit focused on learning lessons from the past, etc.

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Speaker 3: Etc.

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Speaker 2: I thought, you will burner imitation, lindsay, what are the

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Speaker 2: lessons from the past the chairman Powell learned well.

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Speaker 1: I think this was a big may koopa in the

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Speaker 1: sense that, look, they were holding on to crisis level

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Speaker 1: accommodation well beyond what was appropriate. They continued to wear

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Speaker 1: the transitory T shirt for much longer than was necessary,

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Speaker 1: and they realized now that that was a policy mistake,

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Speaker 1: that that was an error coming into this cycle, and

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Speaker 1: they allowed in many ways price pressures to become more

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Speaker 1: ingrained than they otherwise would have had they taken their

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Speaker 1: foot off of the gas sooner and So I think

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Speaker 1: that's a recognition of the FED contributing to the inflationary

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Speaker 1: problems that we continue to see today, and their willingness

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Speaker 1: to say we're going to do our best to try

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Speaker 1: to not make a second policy error on the back end.

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Speaker 4: So, lindsay, from your perspective, is the FED now pivoting

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Speaker 4: to easing from a position of strength ied economies, okay?

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Speaker 5: Or a position a weakness?

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Speaker 6: Did you?

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Speaker 5: And maybe they're too late here question.

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Speaker 3: Money question No.

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Speaker 1: I think right now, the economy is still in very

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Speaker 1: solid conditions, and Chairman Powell all but said so within

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Speaker 1: the details of that speech, suggesting that price stability has

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Speaker 1: yet been achieved. He's increasingly confident, but prices are still high,

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Speaker 1: and at the same time, the labor market, while beginning

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Speaker 1: to show signs of cooling, is still overall solid. So

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Speaker 1: I think, right now, when we look at the consumer,

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Speaker 1: when we look at the momentum in the underlying economy

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Speaker 1: picking up from Q one to Q two, not to

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Speaker 1: mention again, against the backdrop of still elevated inflation, the

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Speaker 1: FED still has a good amount of leeway to continue

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Speaker 1: to move at a very slow tempered pace, keep us

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Speaker 1: in a relatively firm period a restrictive period of policy. Remember,

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Speaker 1: even after the FED cuts rates for the first time,

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Speaker 1: the FED is in no rush back to neutral, let

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Speaker 1: alone below neutral. So even after they initiate that first

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Speaker 1: round reduction, it's likely that the FED disappoints the markets

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Speaker 1: expectations for a quick reversal to neutral and then back

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Speaker 1: to an accommodative stance. That's kind of the economy is

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Speaker 1: still on.

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Speaker 4: I'm sorry, Yeah, that's kind of where I wanted to go, lindsay,

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Speaker 4: because it's been a while since we've all been in

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Speaker 4: a rate cutting cycle.

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Speaker 5: How should we expect this to go?

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Speaker 4: Should it be twenty five basis points every meeting, every

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Speaker 4: other meeting, front load fifty?

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Speaker 5: How do you think they're going to proceed?

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Speaker 1: Well, I think fifty is off the table, and in fact,

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Speaker 1: I never thought fifty was on the table. I think

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Speaker 1: even during the July press conference, chair Pole pushed pretty

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Speaker 1: aggressively against the notion of fifty basis points, saying that's

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Speaker 1: not even something we're considering at this point. So I

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Speaker 1: do think twenty five basis points in terms of each

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Speaker 1: move is the baseline. The timing, however, I think, is

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Speaker 1: going to be again extended beyond the market's expectation. The

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Speaker 1: market is looking for every meeting. I think the FED

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Speaker 1: goes at most once a quarter. Again, there's no rush

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Speaker 1: for the FED to remove policy affirming. At this point,

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Speaker 1: the FED is simply responding to an economy that's normalizing,

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Speaker 1: not an economy that's weakening.

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Speaker 2: And full disclosure, folks, Jackson Hole has changed. It's now

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Speaker 2: a bunch of academics. She's great. It's a wonderful group

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Speaker 2: of people. But I liked it when people like Lindsay

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Speaker 2: Pigs were there, Jan Hatzias and others.

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Speaker 3: I like Diane Swamp was there, Paul as well, doctor Piggs.

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Speaker 2: I heard this Steifel argument from Adam Posen and also

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Speaker 2: a guy named Philip Lane with a modest job for

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Speaker 2: Laguard at.

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Speaker 3: The ECB, and that they said, okay.

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Speaker 2: Disinflation in order. But that was the Lindsay Piggs A

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Speaker 2: bible is the butt coming down? How do we monitor

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Speaker 2: inflation to discover that we're not disinflating like the soft

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Speaker 2: landing crew?

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Speaker 3: Hope?

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Speaker 1: Well, I think it's going to remain a data dependent focus.

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Speaker 1: Paul identified this inflationary issue as a global phenomenon. He

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Speaker 1: talked about a rapid rise in the demand for good supply,

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Speaker 1: supply chain strained, tight labor markets, a sharp hike in

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Speaker 1: commodity priceis what's interesting about that list is a number

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Speaker 1: of those factors are outside of the Fed's purview. And

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Speaker 1: so if we did see international tensions geo political issues

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Speaker 1: lead to a reversal in some of the improvement that

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Speaker 1: we've seen, that could quickly undermine a good portion of

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Speaker 1: this disinflation without the FED having any control over that reversal.

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Speaker 1: And so again, I think this is a very complicated

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Speaker 1: pathway for inflation. Yes, we've seen a lot of improvement,

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Speaker 1: but the FED must remain vigilant in maintaining focus on

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Speaker 1: that disinflationary trend because it's still very bumpy and uneven.

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Speaker 2: Lindsey, thank you so much. Lindsey's Stifel this morning. Here

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Speaker 2: on the Paul speech, it's ramifications for our honor to

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Speaker 2: go to Israel, and Ethan Branner, our Israel bureau chief,

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Speaker 2: barely describes his knowledge, his effort, his reporting over decades

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Speaker 2: in the greater levant. Ethan, let me just get to

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Speaker 2: us one oh one, what is the distinction between Hesbolah

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Speaker 2: and Hamas?

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Speaker 7: Oh? Well, good morning, Tom. I mean there was an

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Speaker 7: enormous distinction. Hisbela is a Shiite Lebanese group on the

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Speaker 7: northern border and the southern part of Lebanon, and it's

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Speaker 7: the controlling force in Lebanon politically and militarily right now.

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Speaker 7: And Hamas is a Sunni Palestinian group based essentially in

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Speaker 7: Gaza south of Israel.

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Speaker 2: Is Israel from a military standpoint, do they approach this

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Speaker 2: like a war like military like divisions in platoons or

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Speaker 2: is it a different approach to the border with Hesbolah?

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Speaker 7: So I would say that they It's been a difficult

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Speaker 7: transition for the Israeli military. It faced states Syria, Lebanon,

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Speaker 7: Egypt and so forth in the past, and in facing

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Speaker 7: these militias, I think it's finding it more difficult to

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Speaker 7: know how to handle it. I mean, it has an

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Speaker 7: enormous technological advantage, obviously, but it turns out a lot

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Speaker 7: of the low tech stuff that and Hamas have done

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Speaker 7: using drones that you can buy at the Best Buy

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Speaker 7: and building tunnels, have really caused quite a lot of

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Speaker 7: problems for the country. So I think that it's a mix.

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Speaker 7: I mean, the truth is that Hamas force and the Hisbela.

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Speaker 7: Also militia force are set up in divisions and in brigades,

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Speaker 7: but there it's really a much more of an asymmetrical

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Speaker 7: warfare problem for the country.

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Speaker 4: So, Ethan, how challenging is it for the Israeli defense

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Speaker 4: forces to have what now appears to be a two

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Speaker 4: front active war.

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Speaker 7: He Oh, it's very challenging, Pauland it's more than two fronts, right.

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Speaker 7: You have Hispala the north, you have a Master the south,

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Speaker 7: you have the Huties further to the south, and you

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Speaker 7: have militias in Iraq and Syria. All of these things,

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Speaker 7: of course are funded and sponsored by Iran way to

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Speaker 7: its east, and so it's got a it likes to

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Speaker 7: think of it, or it not so much likes to

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Speaker 7: but it tends to think of it as a seven

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Speaker 7: front war because there's also concerned about the West Bank

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Speaker 7: and some Israeli Arabs who may not be thrilled about

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Speaker 7: the place. So it's it's a very very complex situation

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Speaker 7: for the country.

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Speaker 4: Was it surprising, Ethan that the Israelis chose to bomb Elebanon,

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Speaker 4: I guess preemptively to thwart potential attack.

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Speaker 7: I mean, you know, these things are surprising to you.

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Speaker 7: And me because we're not sitting in those intelligence rooms.

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Speaker 7: But what they said that they had very precise intelligence

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Speaker 7: that you know, we've known for several weeks that since

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Speaker 7: the late July killing of a militia leader in Beirut,

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Speaker 7: that Isbela was going to respond, and at the beginning

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Speaker 7: of this last week there was a clear sense that

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Speaker 7: it was coming.

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Speaker 6: Up this week and there was a lot of.

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Speaker 7: Chatter about it, and then it became clear that Israel

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Speaker 7: had very precise intelligence that there were all of these

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Speaker 7: launchers were headed toward mostly northern Israel, but they included

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Speaker 7: a plan to hit le Loot, which is where the

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Speaker 7: intelligence community sits, just outside of Tel Aviv, and they

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Speaker 7: decided that they couldn't allow that to happen.

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Speaker 3: Ethan, you're such a pro on this.

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Speaker 2: When I look at Israeli media, all the different Israeli

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Speaker 2: posts and all the rest of it, my head spins.

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Speaker 2: I can't keep track of who represents who, who's on

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Speaker 2: the team, et cetera.

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Speaker 3: Does mister Netanyahu.

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Speaker 2: Have the support of elites in Tel Aviv and Jerusalem?

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Speaker 2: Does he have the support of the newspapers.

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Speaker 6: No, he does not. In many ways, D'tagna.

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Speaker 7: It's best to think of Nitanahu the way you might

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Speaker 7: think of Donald Trump. Okay, that is to say, with

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Speaker 7: a fair amount of popular support and utter rejection by

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Speaker 7: the cultural, economic, and military elites of the country.

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Speaker 6: But you know, the people account for a lot.

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Speaker 7: And he has also done pretty well in terms of

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Speaker 7: his numbers and his polling in the last four or

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Speaker 7: five months. He's back up. He's not totally up, but

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Speaker 7: he is a steady with whoever might compete against him.

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Speaker 7: And it wouldn't shock me if he were to call

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Speaker 7: an election in a few months and win.

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Speaker 3: That's right where I wanted to go.

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Speaker 2: I mean, now he calls an election, and do you

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Speaker 2: look at him, you know, within a democracy of parliamentary structure,

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Speaker 2: do you look at mister Netanyahoo is basically with an

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Speaker 2: extended term, an extended view, and extended vision.

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Speaker 7: Yes, I think it's very likely. I mean, look, I

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Speaker 7: don't know if he'll win, but he has a decent

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Speaker 7: shot at it. It's a similar question about Donald Trump

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Speaker 7: right now, right, it's close, but he could and he

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Speaker 7: certainly has climbed back up. Because the longer with the

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Speaker 7: further way you are from October seventh, the less people

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Speaker 7: blame him and remember it as a failure of his

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Speaker 7: part or his government, and the more his militant strength grows,

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Speaker 7: and people really aren't, you know, especially after October seventh,

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Speaker 7: Israelis don't have a sense of how to handle the

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Speaker 7: situation except by being tough. I mean, there's plenty to

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Speaker 7: say about that question, but that is the growing sentiment here.

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Speaker 5: Ethan. You're based in Tel Aviv.

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Speaker 4: I'm cossaying to understand what it's like in Tel Aviv

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Speaker 4: these days. I mean, if I were to walk the

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Speaker 4: streets of Tel Aviv on a Saturday evening, what would

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Speaker 4: I find in the restaurants, the cafes, just on the street.

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Speaker 7: You'd find it very hard to get a table ball.

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Speaker 7: I can tell you that it is very, very crowded.

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Speaker 7: It is still fairly wealthy place, lots and lots of

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Speaker 7: young people. I happen to live in the southern part,

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Speaker 7: in the kind of cool area. I'm not so cool,

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Speaker 7: but they've let me in and it is really really crowded.

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Speaker 7: So you wouldn't you could? You know, as far as

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Speaker 7: you know, you'd be in Barcelona that kind of a criminal.

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Speaker 7: There's no sense of menas on the streets of Tel

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Speaker 7: Aviv right now.

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Speaker 2: Ethan, Thank you, Ethan Bronner. Day after day there's leadership

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Speaker 2: in the Levant. Israeli Barret, chief of Bloomberg News, acclaimed

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Speaker 2: for his work over the last number of decades.

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Speaker 8: There are things back before digital that you would carry

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Speaker 8: around to be cool, very important.

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Speaker 2: You'd carry around what was called the Maroon Book from DLJ. Donison,

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Speaker 2: Lufkin Jen read it was her beautiful fixed income essay.

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Speaker 2: They had some young Turk named John writing. They would

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Speaker 2: write for it. I think bear Stearns had something. But

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Speaker 2: the mother of all status symbols was to carry.

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Speaker 3: Around the Black Books. Yes of Sanford Bernstein.

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Speaker 2: There were any number of iconic names there good morning

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Speaker 2: Brad hints. But one of them was a guy named

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Speaker 2: Peer Faragu. Not that familiar, I think to Americans, but

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Speaker 2: Peer Farragu was an absolute required read on global technology.

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Speaker 2: We're thrilled he could join us right now on in video.

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Speaker 2: But i'm tech in general. Is in Vidia pier alone

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Speaker 2: or can we take signals from Nvidia across your larger technology.

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Speaker 9: Space, Adam, That's a great, great question. Well, Nvidia is

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Speaker 9: definitely not alone. A lot of people supply in Vidia,

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Speaker 9: and even more people depend on Nvidia for what they're doing.

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Speaker 9: But Nvidia has this particularity of being almost last to

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Speaker 9: speak in earning season, so we know a lot of

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Speaker 9: what's going on in the upstream of Nvidia, in the

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Speaker 9: downstream of FA Vida before the report, So you don't

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Speaker 9: have that much read across coming from them, and it's

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Speaker 9: it's just because they speak last. So what we've heard

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Speaker 9: so far is that the clients or Nvidia are increasing

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Speaker 9: their capex very significantly. It's good for Nvidia, and then

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Speaker 9: the supply chain of Nvida is accelerating the pace at

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Speaker 9: which they make more capacity available for Nvidia, which means

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Speaker 9: that we are still based on all what we see

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Speaker 9: in a world in which there are people want buy

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Speaker 9: more GPUs than the number of GPUs that can be

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Speaker 9: actually manufactured.

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Speaker 4: Pierre, do we know yet, when we look across the

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Speaker 4: tech stack and we see the capital spending numbers which

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Speaker 4: are just extraordinary, how much of that is incremental for

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Speaker 4: AI versus maybe shifting it from other parts of the

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Speaker 4: capex budget, Whether it's it or something else.

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Speaker 3: It's a great question.

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Speaker 9: Well, it's usually the one of the most tricky, trickiest

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Speaker 9: questions you can ask, and you have a technology transition.

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Speaker 9: But here the answer is actually relatively easy. Spending on

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Speaker 9: AI chips might you know, reach like one hundred and

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Speaker 9: fifty billions in twenty twenty five next year. And compared

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Speaker 9: to that, the market for CPUs, you know, like which

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Speaker 9: is really like the leading ship of the what I

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Speaker 9: would call like the traditional infrastructure, you know, the legacy

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Speaker 9: infrastructure is only in the twenties. It's like, it's less

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Speaker 9: than thirty billions. So the market for AI infrastructure is

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Speaker 9: so large that you can't talk about a shift or

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Speaker 9: anything else. So that's one first way to look at it.

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Speaker 9: And the second way to look at it is we

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Speaker 9: haven't seen more than a slightly sluggish, slightly sluggish market

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Speaker 9: outside of AI. And when you ask Microsoft, Google and others,

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Speaker 9: why are you not spending so much on CPUs and

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Speaker 9: others and traditional servers all they never tell you what

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Speaker 9: it's because we're done with these technologies. They're telling you

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Speaker 9: it's just that we don't have time. We're so focused

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Speaker 9: on the eye that we don't have time. We'll have

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Speaker 9: to catch up at some point a.

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Speaker 3: Periodic conversation with you.

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Speaker 2: We've got to look at your brilliant call and Apple

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Speaker 2: with a neutral. There are forty one buys, seventeen neutrals

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Speaker 2: holds and Apple right now, what would it take for

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Speaker 2: Apple to do to get pure fair good, to go

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Speaker 2: long Apple, to go buy Apple.

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Speaker 9: Well, you would need to create you know, in some ways,

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Speaker 9: way more controversy than what you have on the stock today.

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Speaker 9: You know, Apple is a very easy story. It's a

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Speaker 9: very very high quality franchise, but is the highest quality

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Speaker 9: consumer franchise.

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Speaker 3: In the world.

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Speaker 9: They're still on top of their game, and they're very

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Speaker 9: good at defending their position, mostly as you know, a

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Speaker 9: provider of the actual hardware like the handset, and also

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Speaker 9: building out from the one billion user base, you know,

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Speaker 9: steadily growing and very stable recurring revenue stream for services,

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Speaker 9: and you know we're going through multiple revolutions like streaming

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Speaker 9: content and then the voice voice interaction. Now we're going

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Speaker 9: into artificial integence. And Apple is doing a very good

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Speaker 9: job at adapting to all these things. But the only

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Speaker 9: power of Apple is very very mature. So you know,

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Speaker 9: the controversy is it going to grow five percent or

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Speaker 9: seven percent next year?

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Speaker 3: And so it's very difficult.

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Speaker 9: You have a strong conviction on the stock as long

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Speaker 9: as you don't have more more of a controversy. So

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Speaker 9: you know, the simpleeancer would be for people to start

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Speaker 9: worry about something for Apple would not worry about, and

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Speaker 9: then probably I would become a buyer.

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Speaker 4: Peer, Is there a reasonable I guess there's a call

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Speaker 4: out there that maybe Apple has missed at least temporarily

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Speaker 4: the AI evolution.

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Speaker 5: Is that a fair statement?

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Speaker 9: Well, from a technological standpoint, I would say, you know,

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Speaker 9: Apple Intelligence. The way the way Apple is articulating AI

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Speaker 9: for their devices, I think is very sound and very good,

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Speaker 9: and it's it's the right way to do it. But

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Speaker 9: our view here is that Apple has to host AI

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Speaker 9: and let AI mature and let AI you know, winning

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Speaker 9: news cases emerge and and so it's it's going to

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Speaker 9: be very nondestructive to UH to Apple. The business model

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Speaker 9: of Apple is not going to change as we go

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Speaker 9: through through AI, even if Apple is probably going to

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Speaker 9: a major player in the adoption of AI very quickly.

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Speaker 2: Here, Peer, you've got a humongous call and Microsoft was

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Speaker 2: made some time ago. Do you reiterate a five seventy

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Speaker 2: target and Microsoft?

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Speaker 3: Is that accurate? Yeah?

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Speaker 9: I think Microsoft is in a very good in a

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Speaker 9: very good place investors that have been worried about Microsoft

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Speaker 9: spending so much money on Kapex. So the freaka shlow

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Speaker 9: is coming down and terms you know my history with TSMC,

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Speaker 9: but I know a lot and you knows my history

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Speaker 9: with Tesla. I like a lot good businesses that are

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Speaker 9: spending a lot of money on infrastructure on PPS because

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Speaker 9: if you make if you have a good business, you

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Speaker 9: make a good return on an asset. And when you

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Speaker 9: invest a lot, that means good returns are coming through.

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Speaker 9: And so that's really the way I'm looking at Microsoft today.

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Speaker 9: I'm thinking the busiest case of a for them is

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Speaker 9: very straightforward. It's like it's very to say AI as

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Speaker 9: an adult. So they are getting to make money out

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Speaker 9: of all the investments are doing today. This is very

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Speaker 9: very bootish.

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Speaker 2: Never enough time, peer fergu thank you so much on Nvidia,

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Speaker 2: an Apple, on Microsoft, you deal. You look at the

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Speaker 2: front pages the John Tucker our mister Tucker.

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Speaker 10: All right, let's take a deeper dive. Bloomberg Quick Take

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Speaker 10: has a deeper dive in the story that we've reporting

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Speaker 10: all morning long. As we learned of the arrasta the

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Speaker 10: CEO in Europe, comes the question of how did the

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Speaker 10: messaging app Telegram become a focus of extremist activity online.

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Speaker 10: The service was started back in twenty thirteen and it

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Speaker 10: is actually one of the most downloaded apps worldwide. It

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Speaker 10: also polices content with what you could call a pretty

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Speaker 10: light touch. It's used by hundreds of millions of people

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Speaker 10: across the world as a straightforward, everyday communication tool. Users

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Speaker 10: can also post stories, create discussion groups, or establish what

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Speaker 10: are known as channels, and a channel can end up

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Speaker 10: drawing millions of subscribers. And a Telegram was used to

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Speaker 10: foment and coordinate those anti immigrant riots in the UK

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Speaker 10: last month, well earlier this month, I should say law

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Speaker 10: enforcement agencies. They do actually have more leverage to persuade

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Speaker 10: Facebook and Meta to help them identify users engaged in

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Speaker 10: illegal activities, as it's a publicly listed company and it's

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Speaker 10: headquartered in the US. This has proven to be largely

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Speaker 10: powerless when it comes to Telegram, which is based in Dubai.

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Speaker 2: It's gonna it was fermenting overnight with a huge Russian response,

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Speaker 2: and the French seem pretty entrenchous on it.

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Speaker 3: It's just this is the way it is. What else

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Speaker 3: is it next?

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Speaker 6: All right?

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Speaker 10: This from the New York Times Apple rethinking its movie strategy.

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Speaker 10: When Apple won a bidding war in twenty twenty one

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Speaker 10: for the rights to make the action comedy Wolfs with

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Speaker 10: George Clooney and Brad Pitt, it did so in partant

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Speaker 10: because it promised the stars they put the movie into

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Speaker 10: a large number of theaters. But this month, just six

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Speaker 10: weeks before the film was set to show up in

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Speaker 10: thousands of theaters across the country, Apple announced a significant

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Speaker 10: change in plans. Wolves will now be shown on a

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Speaker 10: limited number of movie screens for one week before becoming

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Speaker 10: available on the company streaming service.

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Speaker 2: Let's stop here, this is really important, Paul. I looked

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Speaker 2: at a pie chart this week in a market share

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Speaker 2: Who's kidna? Who these people? This is a fantasy of

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Speaker 2: Variety Magazine's done a great treach one. This is a

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Speaker 2: fantasy of micro's share. The fact is paramount Apple. All

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Speaker 2: the rest have micro Share.

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Speaker 3: It's delusional.

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Speaker 5: Yeah, I mean it's interesting.

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Speaker 4: I mean and in this particular story, Tom, I mean,

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Speaker 4: you get two heavyweights, George Kleen, Brad Pitt, You make

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Speaker 4: a deal with these people. I can't imagine what that

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Speaker 4: meeting was like to say, oh, guys, we're going.

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Speaker 10: Back not too happy, and they should follow my advice.

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Speaker 10: Brad read the fine print exactly.

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Speaker 4: I mean it was Apple can do obviously whatever Apple wants.

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Speaker 4: But boy, if you're George pleading Brad Pitt, I mean,

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Speaker 4: you have to be right.

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Speaker 5: You want that.

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Speaker 4: You you came up in the world where you had

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Speaker 4: the broad theatrical release, you know, in.

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Speaker 3: Honor of the courage of what they did in World

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Speaker 3: War Two. We watched the World War.

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Speaker 2: Two Flyers thing on Apple. Spielberg did it with Tom Hanks.

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Speaker 3: It was great, but it's it's it's dead. It's dead garbage,

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Speaker 3: you know, It's it's like it got next to nobody

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Speaker 3: watched it.

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Speaker 2: I mean, I just I've never seen an industry where

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Speaker 2: nobody cares if anybody's watching.

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Speaker 4: And uh, there's another movie out on one of these

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Speaker 4: streaming services that it would if it back in the day,

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Speaker 4: would have been out in the theaters, huge promotion, huge budget,

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Speaker 4: hundreds of millions of dollars spent on every talk show.

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Speaker 4: It comes out with just a but I guess if

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Speaker 4: I'm not dam they wrote me my ten million dollar check.

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Speaker 5: I spent through, you know, three months on a thing.

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Speaker 5: I guess that's it's.

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Speaker 10: The new reality.

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Speaker 3: Yes, just do you have one more, sir?

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00:25:11,400 --> 00:25:13,760
Speaker 10: Well, let's take this one. I love this one from

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00:25:13,760 --> 00:25:19,600
Speaker 10: the Financial Times. Ikea is taking on eBay. Ikea starting

443
00:25:19,600 --> 00:25:22,959
Speaker 10: a peer to peer marketplace for consumers to sell secondhand

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00:25:23,000 --> 00:25:27,000
Speaker 10: furniture to each other. This is Ikea pre Owned, will

445
00:25:27,000 --> 00:25:29,480
Speaker 10: be tested in Madrid and Oslo until the end of

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00:25:29,520 --> 00:25:31,679
Speaker 10: the year, with the aim of rolling out the buying

447
00:25:31,680 --> 00:25:35,320
Speaker 10: and selling platform globally. The new marketplace part of a

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00:25:35,400 --> 00:25:37,840
Speaker 10: transformation of Ikea.

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00:25:37,960 --> 00:25:41,200
Speaker 3: This is the couch pizza.

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00:25:41,320 --> 00:25:45,840
Speaker 10: The couch with the Swedish people stains. He gets some

451
00:25:46,160 --> 00:25:48,240
Speaker 10: other fool to buy it from you.

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Speaker 4: So all right, But who's ever put together an Ikea

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Speaker 4: piece of furniture.

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Speaker 5: I have not done that, but I know that's Oh.

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Speaker 10: I have so many Allen ranches left over from that total.

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Speaker 2: I have a collection of al retch I have a

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Speaker 2: full disclosure, folks, I've never been in an iq.

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00:26:06,280 --> 00:26:09,920
Speaker 4: No, sir, no, no surprise us.

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Speaker 3: John Tucker, thank you for the news there.

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Speaker 3: Terminal, and the Bloomberg Business app.