WEBVTT - Amazon, Meta, Apple Earnings and the Vision Pro 0:00:01.480 --> 0:00:02.200 From Marhart. 0:00:02.360 --> 0:00:06.760 We're Innovation, Money and Power Collne in Silicon Valley, NBN. 0:00:07.120 --> 0:00:11.160 This is Bloomberg Technology with Caroline Hyde and Ed Love Love. 0:00:25.200 --> 0:00:27.639 I'm Caroline Hyde at Bloomberg's World headquarters in New. 0:00:27.600 --> 0:00:30.520 York, and I'm Ed Lovelow in San Francisco. This is 0:00:30.560 --> 0:00:31.600 Bloomberg Technology. 0:00:31.680 --> 0:00:35.000 Coming up, Amazon, Meta, Apple all out with their latest earnings. 0:00:35.000 --> 0:00:37.440 We'll dig into the latest results from Big Tech. 0:00:37.960 --> 0:00:41.320 Plus Vision pro hits stores. We'll take a closer look 0:00:41.440 --> 0:00:43.960 at Apple's latest bet on the future. 0:00:44.080 --> 0:00:47.680 And an exclusive interview with the Nvidia CEO where he 0:00:47.760 --> 0:00:51.400 sees the biggest benefit from the AI boom. But first, 0:00:51.760 --> 0:00:54.600 let's get straight to some of these big moves. When 0:00:54.640 --> 0:00:56.960 it comes to tech ed and we are record highs. 0:00:56.960 --> 0:00:59.000 When it comes to Meta, extraordinary. 0:00:59.160 --> 0:01:02.840 Yeah, record high Meta. There's like a comparing contrast here. Apple. 0:01:03.080 --> 0:01:05.640 I kind of think it's the story we expected. They 0:01:05.680 --> 0:01:09.080 did grow overall in the quarter, gone just just and 0:01:09.120 --> 0:01:12.800 they avoided five straight quarters of sales decline. But the 0:01:12.840 --> 0:01:15.880 stock is down significantly back to where it traded in November. 0:01:15.959 --> 0:01:19.640 Why Greater China sales and Greater China missing by like 0:01:19.760 --> 0:01:22.959 three billion dollars. But the narrative on the call. Yeah, 0:01:23.000 --> 0:01:25.199 we are four of the top six handsets in urban 0:01:25.280 --> 0:01:28.639 China in congruous messaging. We'll dig deep into the gross 0:01:28.640 --> 0:01:31.200 story for this stock, and then there is meta, right 0:01:31.280 --> 0:01:35.319 meta to me, is the story today? Probably we're on 0:01:35.360 --> 0:01:37.520 track for the biggest jump since February of last year. 0:01:37.640 --> 0:01:40.760 The stock is touching fresh record highs. Is this an 0:01:40.800 --> 0:01:44.600 AI story or is this a cyclical rebound in ads? 0:01:44.840 --> 0:01:49.640 Either way, one year ago we lamented the spending cash 0:01:49.680 --> 0:01:53.640 burn from Facebook reality labs on the metaverse, But one 0:01:53.720 --> 0:01:56.560 year ago we also said, Okay, your efficiency is here. 0:01:56.840 --> 0:01:59.560 This is good. They're back to hiring, and he's thrown 0:01:59.600 --> 0:02:02.920 in an additional fifty billion dollar buyback and a divvy 0:02:03.200 --> 0:02:04.680 and it's a wonder what it can do for the 0:02:04.680 --> 0:02:05.480 stock character. 0:02:05.840 --> 0:02:07.360 Funnily enough, investors like it. 0:02:07.880 --> 0:02:10.120 And let's dig into the meta earnings and really what 0:02:10.120 --> 0:02:12.640 it says about cost discipline. Jusmin Enburg is with us 0:02:12.639 --> 0:02:15.280 some piece of say principle analyst insider intelligence, where you 0:02:15.400 --> 0:02:18.320 lead the coverage to social media the creator economy. And 0:02:18.400 --> 0:02:20.320 before we get into some of the juiciness for the 0:02:20.320 --> 0:02:22.240 investor base, what do you make of the out and 0:02:22.280 --> 0:02:25.160 out numbers? Of revenue growth at this particular moment. 0:02:26.480 --> 0:02:29.480 Yeah, well, it's clear that Meta's year of efficiency has 0:02:29.520 --> 0:02:32.440 really paid off. Many of the measures that it took 0:02:32.560 --> 0:02:36.880 last year helped it reduce its cost, it reduced its headcount, 0:02:37.000 --> 0:02:40.200 and even with this leaner team and operations, it was 0:02:40.240 --> 0:02:44.840 really able to exceed expectations really across the board, and 0:02:44.919 --> 0:02:47.600 importantly of course, in its core line of business, which 0:02:47.680 --> 0:02:51.760 is advertising. And to me, this is really a testament 0:02:51.840 --> 0:02:56.040 to Meta's execution power. If you look across the social landscape, 0:02:56.040 --> 0:02:59.560 it isn't the coolest or the most exciting social player 0:02:59.600 --> 0:03:02.760 out there, but it is the most sophisticated and it 0:03:02.840 --> 0:03:06.000 knows how to drive business and advertisers really like that. 0:03:06.360 --> 0:03:09.760 Yeah, they were investing in the underlying advertising technology to 0:03:09.760 --> 0:03:12.040 better serve their clients. But what do you make of 0:03:12.120 --> 0:03:15.359 also the talk generative AI. The larmer has become basically 0:03:15.760 --> 0:03:19.760 the giveaway when you go to AI events. So much 0:03:19.800 --> 0:03:22.239 of that is a course based on their large language model, 0:03:22.280 --> 0:03:24.760 But what does it do in terms of future revenues? Jasmine? 0:03:25.960 --> 0:03:28.720 Look, Meta wants to be an AI heavy hitter, and 0:03:28.760 --> 0:03:31.120 it is working hard and investing in AI to be 0:03:31.160 --> 0:03:31.880 able to do that. 0:03:32.040 --> 0:03:34.760 On the earnings call. Just in the prepared remarks, you. 0:03:34.720 --> 0:03:38.640 Heard executives mention the word AI about fifty times, which 0:03:38.680 --> 0:03:41.480 really shows how much they're trying to emphasize their work 0:03:41.520 --> 0:03:43.520 there as well as how much they truly. 0:03:43.280 --> 0:03:44.120 Are working there. 0:03:44.560 --> 0:03:47.600 And It's AI investments have already proved to have a 0:03:47.640 --> 0:03:50.160 positive impact on its ad business. 0:03:50.200 --> 0:03:53.960 They talked a lot about its automated. 0:03:53.440 --> 0:03:57.400 Tools and AI driven ad formats really driving performance. And 0:03:57.800 --> 0:04:00.880 at the end of the day, advertisers they want efficiency 0:04:01.000 --> 0:04:05.200 and they want effectiveness, and those investments have really paid 0:04:05.240 --> 0:04:08.200 off there and that bodes well for its broader ambitions 0:04:08.240 --> 0:04:10.320 in AI as well. 0:04:10.360 --> 0:04:13.440 I think what we're understanding Jasmine is the relationship between 0:04:13.480 --> 0:04:17.720 the ad business ANAI now right, and so Bloomberg writes 0:04:17.760 --> 0:04:21.120 in the blog, Meta is still the king of digital advertising, 0:04:21.400 --> 0:04:23.760 but what they point out is that the boost is 0:04:23.800 --> 0:04:28.919 coming from China based companies on spending in its association 0:04:29.480 --> 0:04:34.359 with AI generated content. Do you understand that relationship and 0:04:34.400 --> 0:04:38.360 how AI is basically growing interest in its ad. 0:04:38.160 --> 0:04:42.920 Base absolutely, I mean AI of course is growing interest 0:04:42.960 --> 0:04:45.920 in its ad base and generative AI in terms of 0:04:46.000 --> 0:04:49.400 the creative tools that Meta is also rolling out for advertisers, 0:04:49.400 --> 0:04:52.280 will do a lot to prove that. I mean, the 0:04:52.360 --> 0:04:56.920 China based advertisers is a potential risk factor, though I 0:04:57.040 --> 0:05:00.599 wouldn't say it's necessarily the biggest one, because they have 0:05:00.720 --> 0:05:03.800 been buoying spending as well throughout twenty twenty three. 0:05:05.720 --> 0:05:08.000 Later in the program, we're going to go very deep 0:05:08.040 --> 0:05:11.160 on Apple's vision pro and it makes you think about 0:05:11.160 --> 0:05:14.240 the metaquest three. You know, it is hard to keep 0:05:14.320 --> 0:05:16.960 up with meta We were a social media company and 0:05:16.960 --> 0:05:19.080 then we were a metaverse company, but it was expensive, 0:05:19.120 --> 0:05:21.480 so we stopped. And now we're in an AI company. 0:05:21.960 --> 0:05:24.960 Did you get any sense of like where the hardware 0:05:25.080 --> 0:05:27.840 fits into all of this and if the metaverse dream 0:05:27.920 --> 0:05:28.600 is still alive? 0:05:30.040 --> 0:05:32.360 Well, the metaverse dream is very much still alive. 0:05:32.440 --> 0:05:34.960 They didn't talk about it as much on the earnings 0:05:34.960 --> 0:05:37.720 call yesterday. Again, the focus was really on AI, and 0:05:38.040 --> 0:05:40.919 for me, the big challenge now is for Meta to 0:05:41.440 --> 0:05:44.000 be able to prove that those two big bets, one 0:05:44.080 --> 0:05:47.840 being AI and the other being the metaverse, really are complementary. 0:05:48.120 --> 0:05:50.640 It started to lay some of the foundation for that 0:05:50.760 --> 0:05:53.600 thinking about the ray Bank smart glasses, and you know, 0:05:53.880 --> 0:05:57.720 it talked about good sales for its metaquest in the 0:05:57.800 --> 0:06:01.800 last quarter, so there are some signs of progress there 0:06:02.000 --> 0:06:05.040 still for me, you know, the meta versus is somewhat 0:06:05.080 --> 0:06:09.600 of an ill defined concept, and it's something that you know, 0:06:09.920 --> 0:06:15.120 Meta is going to have to continue to prove as 0:06:15.240 --> 0:06:19.599 it continues to form this vision. It also has to 0:06:19.760 --> 0:06:22.080 store that it can keep up the momentum in its 0:06:22.120 --> 0:06:26.080 advertising business, or investors won't be as willing to overlook 0:06:26.120 --> 0:06:29.600 those losses that continue to mount in reality labs. 0:06:29.839 --> 0:06:33.560 Interestingly, maybe Apple's vision pro serves as some boost to 0:06:33.680 --> 0:06:36.760 sales to Meta going forward as they help with outlining 0:06:36.800 --> 0:06:39.559 the vision. Jasmine, I'm interested though you said that China, 0:06:39.600 --> 0:06:42.280 for example, isn't the biggest risk for you. What is 0:06:42.720 --> 0:06:44.240 the biggest risk? Is it regulation? 0:06:45.880 --> 0:06:46.920 It's certainly one of them. 0:06:46.960 --> 0:06:49.880 I mean, just this week as well, CEO Mark Zuckerberg 0:06:50.000 --> 0:06:53.880 testified in front of Congress about protecting children online. That 0:06:54.000 --> 0:06:57.640 was a really heated conversation and it's clearly going to be. 0:06:57.600 --> 0:06:59.560 One of their biggest challenges this year. 0:07:00.200 --> 0:07:03.960 Teen popularity has become, you know, somewhat of a liability, 0:07:03.960 --> 0:07:06.839 at least in the eyes of lawmakers, but young people 0:07:06.880 --> 0:07:11.679 also represent Facebook and Instagram's largest or one of their largest, 0:07:11.720 --> 0:07:13.280 really opportunities for growth. 0:07:13.280 --> 0:07:16.160 And it's going to have to walk a really fine line. 0:07:15.960 --> 0:07:18.960 In terms of protecting their safety on these platforms and 0:07:19.120 --> 0:07:21.800 generating revenue. There's also, of course a lot of other 0:07:21.880 --> 0:07:25.720 regulated regulation that Meta has to think about, both here 0:07:25.760 --> 0:07:27.440 in the US and in the EU. 0:07:27.600 --> 0:07:29.640 And then there's the digital ad market. 0:07:29.720 --> 0:07:29.920 You know. 0:07:30.040 --> 0:07:34.560 I think Meta was able to allay some concerns already 0:07:34.680 --> 0:07:38.320 in the earnings call yesterday, but it is susceptible to 0:07:38.640 --> 0:07:44.200 fluctuations in the economy that really can impact advertiser demand. 0:07:45.400 --> 0:07:48.480 Jasmine Mberg, principal analysts over in Insider Intelligence, with the 0:07:48.520 --> 0:07:50.960 Meta story, thank you very much. Let's get to the 0:07:51.000 --> 0:07:54.160 Apple story and Apple earnings with Dani's, senior analysts of 0:07:54.200 --> 0:07:57.480 equity research at web Bush Securities, Danish real quick. The 0:07:57.560 --> 0:08:00.720 stock is pairing its decline were now six tenths of 0:08:00.800 --> 0:08:04.720 a percent. We had been down significantly more. What is 0:08:04.760 --> 0:08:08.120 the story? A return to growth overall or China is 0:08:08.120 --> 0:08:09.920 a problem. 0:08:10.080 --> 0:08:13.760 Yeah, I mean the streets reading through this is iPhone 0:08:13.840 --> 0:08:19.320 growths coming back next quarter is essentially massively conservative guidance. 0:08:20.040 --> 0:08:22.640 And now you have AI coming into the Apple store, 0:08:23.080 --> 0:08:27.400 so Jo nor One's selling Apple heading into that narrative, 0:08:28.360 --> 0:08:30.920 and in my opinion, this is the start of the 0:08:30.960 --> 0:08:32.760 renaissance of growth or. 0:08:32.800 --> 0:08:37.920 Apple conservative guidance. So I mean go back, like what 0:08:38.000 --> 0:08:40.760 we hang on are the words of Luca Maistreet. Basically 0:08:40.840 --> 0:08:43.640 he said that that December quarter would be essentially flat. 0:08:43.920 --> 0:08:47.480 We ended up with slight growth overall and weakness in China. 0:08:48.320 --> 0:08:52.320 You know, we're not talking about like a big rebound here, Dan, 0:08:52.360 --> 0:08:56.520 We're talking about them staying out of five consecutive quarters 0:08:56.520 --> 0:09:00.720 of growth declines. If there is growth, where does it 0:09:00.760 --> 0:09:01.520 come from. 0:09:02.880 --> 0:09:05.880 What our view is you don't need to have hypergrowth 0:09:05.880 --> 0:09:09.040 and iPhones row to mid single digit iPhone growth is 0:09:09.080 --> 0:09:12.280 really what you need. Services is the key to evaluation 0:09:12.480 --> 0:09:15.760 one point five to one point six trillion. And then 0:09:15.800 --> 0:09:18.240 look at their active in Starblands when they just need 0:09:18.240 --> 0:09:22.040 the update two point two billion. So you now have 0:09:22.360 --> 0:09:25.840 that that golden and stall base and now you're selling 0:09:25.880 --> 0:09:29.120 AI and so that that's a narrative that in my 0:09:29.559 --> 0:09:32.040 investors are just going to continue to sit here and 0:09:32.080 --> 0:09:33.000 buy up the depths. 0:09:33.360 --> 0:09:38.440 So when you're looking at the overall strength of new products, Dan, 0:09:38.760 --> 0:09:41.480 there has been so much hand ringing about the iPhone fifteen, 0:09:42.200 --> 0:09:44.120 then today we're going to talk about it. 0:09:44.160 --> 0:09:44.439 A lot. 0:09:44.480 --> 0:09:47.040 In a moment the Vision Pro goes on sale. How 0:09:47.120 --> 0:09:48.600 much is that in any way going to be a 0:09:48.640 --> 0:09:52.160 catalyst for liking Apple's tech because it was under pressure 0:09:52.160 --> 0:09:54.080 when we started to think about, well, the fact that 0:09:54.120 --> 0:09:57.640 the overall watch was pulled and we questioned ultimately the 0:09:57.720 --> 0:09:58.959 underlying technology of Apple. 0:10:00.040 --> 0:10:02.560 Look, I think, but again again and Apple continues to 0:10:02.559 --> 0:10:04.959 count out. I mean, you will talk more about the 0:10:05.040 --> 0:10:07.920 Vision Pro, but originally we had three hundred thousand units 0:10:07.960 --> 0:10:09.760 for Vision Pro. Now we think for the year it's 0:10:09.800 --> 0:10:13.160 six hundred two thousand and two years from now, I 0:10:13.160 --> 0:10:16.439 think this is a sub fifteen hundred dollar device that's 0:10:16.440 --> 0:10:19.280 going to look like Sunblosh. And it just goes back 0:10:19.320 --> 0:10:22.640 to the form factor and why you own Apple here 0:10:23.080 --> 0:10:25.480 some of the parts. I believe a year from now, 0:10:25.559 --> 0:10:28.280 it's a four trillion dollar market. 0:10:28.360 --> 0:10:32.600 Okay, So give us that catalyst. Give us what is 0:10:32.600 --> 0:10:36.240 it a slow grind, a slow belief, a commitment of investors, 0:10:36.559 --> 0:10:39.120 or is there something that snaps down that makes us 0:10:39.160 --> 0:10:41.200 rebuy and decide to drive the stock back to a 0:10:41.240 --> 0:10:43.000 four trillion Well. 0:10:42.920 --> 0:10:45.320 I think it's the AI app store, we believe starts 0:10:45.320 --> 0:10:50.200 to get talked about it. WWBC in June and then 0:10:50.240 --> 0:10:53.520 iPhone sixteen as well as iPhone seventeen. They're gonna have 0:10:53.559 --> 0:10:58.240 more AI technology, generative AI driven into that. And then 0:10:58.280 --> 0:11:00.400 you look at that install based two point gwo billion. 0:11:00.400 --> 0:11:02.640 There was one hundred million more than we were expecting. 0:11:03.400 --> 0:11:06.559 This is the start of a renaissance of growth. It's 0:11:06.679 --> 0:11:09.400 my view of where Meta was eighteen months ago. Street 0:11:09.480 --> 0:11:12.200 did not realize at the time. I think eighteen months 0:11:12.200 --> 0:11:14.960 from now we worked back at This is a seminal moment. 0:11:16.360 --> 0:11:18.319 Dan, I want to go back to China. I want 0:11:18.320 --> 0:11:21.360 to understand what's happening. This is what Luka Maistreet told 0:11:21.440 --> 0:11:25.720 us that Apple's disappointed with the decline in China, but 0:11:25.800 --> 0:11:29.120 it's a very competitive market. Compare that with what he 0:11:29.200 --> 0:11:32.360 said in his opening remarks on the call. He cited 0:11:32.400 --> 0:11:36.880 that Cantar data that Apple occupies four of the top 0:11:36.920 --> 0:11:40.760 six handset slots in Greater China in the prior quarter. 0:11:40.800 --> 0:11:43.600 They said, this isn't an iPhone problem, this is Mac 0:11:43.640 --> 0:11:46.640 and iPad where we had not had a refresh cycle. 0:11:48.280 --> 0:11:51.679 Explain the contrast in those two statements. 0:11:52.920 --> 0:11:57.920 Yeah, Well, there's definitely not Chimpan and Rosemes in Beijing. 0:11:59.200 --> 0:12:02.679 I mean they're clearly going through a headwinds. Huawe to geopolitical. 0:12:03.120 --> 0:12:05.520 But our view is, you have two hundred million iPhones 0:12:05.679 --> 0:12:07.880 in China and they gained three inchre BIPs of market 0:12:07.920 --> 0:12:11.640 share the last eighteen months. But Apple has been here before. 0:12:11.920 --> 0:12:16.040 They've navigated challenges again and again. So I think when 0:12:16.040 --> 0:12:17.800 you look for you've been able to do and the 0:12:17.840 --> 0:12:21.720 installers they're basically being cautious. But I think we see 0:12:21.840 --> 0:12:25.040 growth second after the year return and we view this 0:12:25.120 --> 0:12:27.920 as more of them navigating headwinds rather than the start 0:12:28.400 --> 0:12:30.840 of some structural problem that the bears have been talking 0:12:30.880 --> 0:12:33.720 about for the last two trillion of marketcap. 0:12:33.840 --> 0:12:34.280 Up con. 0:12:35.840 --> 0:12:37.960 Dan, I's always great to catch up with you. Where 0:12:38.000 --> 0:12:40.640 in the world are you? We don't know. Potentially, it 0:12:40.679 --> 0:12:43.360 looks like an airport at the moment analysts of equity 0:12:43.480 --> 0:12:47.360 research where Bush Securities stay well, friend, have a great weekend. 0:12:47.520 --> 0:12:49.040 If you are coming up, we're going to be breaking 0:12:49.080 --> 0:12:51.800 down the latest numbers from the jobs report. Sylvia and 0:12:51.880 --> 0:12:54.040 Martin shivik Is can be joining our CEO of the 0:12:54.080 --> 0:13:05.839 Workforce Management Platform, Deputy. Let's go back to where these 0:13:05.840 --> 0:13:08.319 markets are training at the moment. In amongst the earnings 0:13:08.679 --> 0:13:11.840 there is a whole load of impact coming from the 0:13:11.880 --> 0:13:15.200 macro picture. Today NASDAK drives higher one point two percent, lead, 0:13:15.240 --> 0:13:17.240 of course, by some mega moves in meta that we 0:13:17.240 --> 0:13:19.280 were just discussing Amazon doing well. We're digging into that 0:13:19.280 --> 0:13:22.400 in a moment. But the ten year yield phenomenal sell 0:13:22.440 --> 0:13:24.280 off eighteen basis points higher on the two year. We're 0:13:24.280 --> 0:13:26.520 seeing significant moves on the tenure as well across the curve. 0:13:26.600 --> 0:13:29.680 Why absolutely blow out report when it comes to the 0:13:29.679 --> 0:13:32.760 overall job surge three undred fifty three thousand in the 0:13:32.840 --> 0:13:35.880 last month. What then, of all the tech layoffs that 0:13:35.880 --> 0:13:38.040 we've been seeing. It seems as though this economy is 0:13:38.080 --> 0:13:40.080 still going strong, and it means the Federal Reserve is 0:13:40.160 --> 0:13:42.960 unlikely to be cutting anytime as soon as March, and 0:13:43.000 --> 0:13:46.160 certainly it's vindicated and holding rates steady. Bitcoin, as I show, 0:13:46.160 --> 0:13:48.840 actually up six cents percent despite the US dollar managing 0:13:48.840 --> 0:13:50.800 to rally on the back of those numbers that make 0:13:50.880 --> 0:13:53.880 macro data as well. But ed, this picture is so 0:13:53.960 --> 0:13:56.520 surprising when you think of our area of technology and 0:13:56.600 --> 0:13:59.000 just the ongoing narrative of job losses. 0:14:00.040 --> 0:14:02.040 I'm just going to read the numbers again, because you're 0:14:02.080 --> 0:14:04.240 exactly right and if you've got X look at the 0:14:04.320 --> 0:14:07.520 number of finn what do we used to call it whatever? 0:14:07.559 --> 0:14:09.800 People that talk about finance on formerly known as Twitter 0:14:09.840 --> 0:14:14.160 platform finish number exactly, but it's a blowout, right, three 0:14:14.280 --> 0:14:17.680 hundred and fifty three thousand jobs added in January, higher 0:14:17.720 --> 0:14:21.080 than all economist estimates. The bulk of the data showing 0:14:21.120 --> 0:14:25.440 more employment, higher pay, and payroll increases across all industries. 0:14:25.520 --> 0:14:28.640 I guess the question where do we sit with technology? 0:14:28.680 --> 0:14:31.400 So let's bring in Sylvia Martinshevik for her take on this. 0:14:31.480 --> 0:14:35.120 She's the CEO of Global Software Platform Deputy, which recently 0:14:35.160 --> 0:14:37.760 put out a report on the change is expected in 0:14:37.800 --> 0:14:42.120 the workforce this year. We're trying to understand what's happening 0:14:42.120 --> 0:14:45.360 in the economy and in the technology sector. There is, 0:14:45.480 --> 0:14:50.520 forgive the pun, but an artificial thing happening with artificial intelligence, 0:14:50.800 --> 0:14:54.480 the muddies the picture of hiring, in particular your reaction 0:14:54.600 --> 0:14:56.040 to that number this morning. 0:14:57.840 --> 0:15:01.560 Good morning, and thank you so much for having me. Yes, 0:15:01.720 --> 0:15:06.200 we are seeing that for the twenty fourth consecutive month, 0:15:06.760 --> 0:15:11.120 the unemployment rate is sub four percent. And yet you know, 0:15:11.160 --> 0:15:17.160 we're hearing so much about AI taking jobs away and 0:15:17.440 --> 0:15:21.440 what we at Deputy obsess about is how will AI 0:15:21.640 --> 0:15:25.640 impact hourly workers? These are the frontline workers, whether they're 0:15:25.760 --> 0:15:31.600 nurses or retail workers. And what we're hearing from hourly workers, 0:15:31.640 --> 0:15:34.320 they themselves are reading the same reports, and you know, 0:15:34.360 --> 0:15:37.280 they believe that AI is going to impact and change 0:15:37.320 --> 0:15:41.040 their jobs and roles. But what we find is that 0:15:41.120 --> 0:15:45.440 in most scenarios, AI is more likely to complement specific 0:15:45.480 --> 0:15:48.680 work tasks rather than replace the workers. 0:15:49.120 --> 0:15:50.640 And really, when you think. 0:15:50.440 --> 0:15:53.880 About the workers that we support at Deputy, whether that 0:15:54.160 --> 0:15:58.400 again are workers and elderly care or hospitality or services, 0:15:59.000 --> 0:16:01.920 we all prefer the human touch in those jobs, and 0:16:02.280 --> 0:16:06.040 those jobs are there's still a lot of lack of 0:16:06.120 --> 0:16:07.560 employees in those jobs. 0:16:07.800 --> 0:16:10.160 And what's interesting about your report as well, humans are 0:16:10.160 --> 0:16:13.120 still cheaper than AI in many of these roles at 0:16:13.120 --> 0:16:16.320 the moment, and well, we're still all testing artificial intelligence, 0:16:16.360 --> 0:16:18.840 whether or not we really get the implication of being 0:16:18.840 --> 0:16:22.000 able to do more with less. But Sylvia, what's really 0:16:22.000 --> 0:16:25.400 interesting this job support was women one hundred and ninety 0:16:25.440 --> 0:16:29.640 eight thousand increase in employment for women, so participation going up, 0:16:29.680 --> 0:16:32.080 making up for a callback in men. And you had 0:16:32.080 --> 0:16:34.320 some interesting thoughts about how much AI is going to 0:16:34.320 --> 0:16:36.240 help or hinder females in the workforce. 0:16:37.560 --> 0:16:42.520 Absolutely, we cannot talk about labor markets without talking about women. 0:16:42.960 --> 0:16:47.400 The constitute over fifty percent of hourly workforce, So this 0:16:47.480 --> 0:16:49.200 is an incredibly important topic. 0:16:49.880 --> 0:16:51.200 And when you think about. 0:16:50.920 --> 0:16:54.600 Historically what were the barriers to women entering workforce, we 0:16:54.720 --> 0:16:59.320 know it's childcare, accessibility, and affordability, and it's also lack 0:16:59.360 --> 0:17:02.800 of predicative But you know, at Deputy we ask what 0:17:02.840 --> 0:17:06.600 do women want from their work and how can technology 0:17:06.720 --> 0:17:09.960 enable that? And what we found is that women want 0:17:10.160 --> 0:17:14.159 more predictability and they want more flexibility when it comes 0:17:14.200 --> 0:17:17.920 to their weekly work schedules. And you know, our mothers 0:17:17.920 --> 0:17:21.639 and grandmothers work nine to five, but women of today 0:17:21.760 --> 0:17:24.520 Gen Z and millennials, they don't want nine to five shifts, 0:17:25.040 --> 0:17:29.120 And so how can technology help that is Actually. 0:17:28.680 --> 0:17:31.000 We believe that it can be a great enabler. 0:17:32.200 --> 0:17:36.840 Micro shifts is one specific trend that we're seeing where 0:17:36.880 --> 0:17:39.399 women work for a couple of hours in the morning, 0:17:39.920 --> 0:17:43.439 then they take care of their kids or their aging parents, 0:17:43.840 --> 0:17:45.760 and then they go back to work and work a 0:17:45.760 --> 0:17:50.240 couple of hours at night. So that micro shift trend 0:17:50.440 --> 0:17:53.639 is something that we believe technology can help. So We 0:17:53.760 --> 0:17:57.879 really do believe that more tech in this space will 0:17:57.920 --> 0:18:01.240 provide more opportunities for women to continue to re enter 0:18:01.359 --> 0:18:03.640 workforce after childbearing. 0:18:04.440 --> 0:18:07.520 Love a bit of optimism around the AI story on 0:18:07.560 --> 0:18:10.639 what felt like a week weather wasn't much. Sylvia mantinshevik me, 0:18:10.680 --> 0:18:13.919 thank you so much, CEO of Deputy. 0:18:14.720 --> 0:18:18.040 It's the official release day for Apple's big bet on 0:18:18.160 --> 0:18:20.120 virtual reality, the Vision Pro. 0:18:20.200 --> 0:18:20.680 Bloomberg. 0:18:20.800 --> 0:18:25.040 Stavely is live from Manhattan outside the flagship Apple's store. 0:18:25.960 --> 0:18:28.439 The doors are open, it's on sale. What have you 0:18:28.480 --> 0:18:28.879 been up to? 0:18:32.000 --> 0:18:34.320 Well, I've been here since about seven o'clock when it 0:18:34.400 --> 0:18:36.240 was slightly warm than it is now, I have to say. 0:18:36.440 --> 0:18:39.240 And at seven there was a healthy line of people 0:18:39.720 --> 0:18:42.479 waiting to head straight in and be some of the 0:18:42.480 --> 0:18:45.440 first to buy this new Vision Pro, which of course 0:18:45.480 --> 0:18:48.920 went on sale today for thirty five hundred dollars. Tim Cook, 0:18:48.920 --> 0:18:51.920 the Apple CEO, has expected. He was here. He opened 0:18:51.920 --> 0:18:55.040 the store, came out, greeted everyone said thanks very much, 0:18:55.080 --> 0:18:57.400 and all the usual things we've come to expect from 0:18:57.400 --> 0:19:00.080 these first sales days for Apple, and then downstairs to 0:19:00.119 --> 0:19:02.800 say there's a decent amount of excitement people. It takes 0:19:02.800 --> 0:19:05.200 about twenty minutes to get this thing fitted. So people 0:19:05.200 --> 0:19:07.880 were doing that and you know, seeing all the features 0:19:07.880 --> 0:19:10.840 were and then emerging shortly after. So it's not quite 0:19:10.840 --> 0:19:13.560 an iPhone day ed. I mean, the line is definitely 0:19:13.560 --> 0:19:15.560 gone now you can just head straight in if you'd like. 0:19:16.160 --> 0:19:18.440 But a significant amount of excitement I think for the 0:19:19.119 --> 0:19:21.080 vision pro on this first morning. 0:19:21.320 --> 0:19:24.000 Dave as lucky enough to be flanking you at seven 0:19:24.040 --> 0:19:26.760 am and heading down there and having a chat with 0:19:26.800 --> 0:19:29.160 Tim Cook, and he seemed to be thinking that really 0:19:29.200 --> 0:19:32.320 it's the intuitive nature of this device that's got people 0:19:32.400 --> 0:19:34.680 really excited. The fact that you're just using your eyes, 0:19:34.720 --> 0:19:36.320 the fact that you're just using your own hands, you 0:19:36.359 --> 0:19:39.439 haven't got a controller. He himself also really liking the 0:19:39.440 --> 0:19:43.119 productivity use of it. But from your perspective, what do 0:19:43.240 --> 0:19:45.400 you like about it? You've tried and I know you're 0:19:45.400 --> 0:19:47.600 a bit of an addict to the quest for example, 0:19:48.119 --> 0:19:53.240 what about this particular iteration. Well, let's see what I. 0:19:53.240 --> 0:19:55.359 Think is interesting here, Caroline, is you know, what are 0:19:55.359 --> 0:19:57.960 we going to use these things for? And in Apple's case, 0:19:58.000 --> 0:20:02.359 they seem to you know, they're targeting extremely premium I guess, 0:20:02.400 --> 0:20:07.400 more immersive, higher quality experience where productivity and entertainment seem 0:20:07.440 --> 0:20:10.639 to be the focus. Meta's approach has been something a 0:20:10.640 --> 0:20:13.119 bit cheaper. It's only five hundred dollars compared to thirty 0:20:13.119 --> 0:20:15.720 five hundred dollars, and you can move around with it. 0:20:15.760 --> 0:20:17.439 You can do the exercise is something I think is 0:20:17.800 --> 0:20:21.280 really fun on that device. They're two sort of different philosophies, 0:20:21.320 --> 0:20:25.119 and Apple's philosophy comes with that bigger price point as well. 0:20:26.320 --> 0:20:29.720 Where I think Apple may over time get the upper 0:20:29.760 --> 0:20:32.200 hand is that, you know, this is the V one 0:20:32.240 --> 0:20:34.040 of this product, and Tim Cook has been kind of 0:20:34.040 --> 0:20:37.080 stressing that as well, but this is a new entry 0:20:37.119 --> 0:20:40.199 for them into a new computing format. The idea that 0:20:40.200 --> 0:20:42.720 this is going to get better and cheaper, you know, 0:20:42.760 --> 0:20:45.560 that's clear and the same way the iPhone improves over time. 0:20:45.880 --> 0:20:47.520 So I think that's what's going to be interesting here. 0:20:47.600 --> 0:20:49.520 Is not V one as we've seen today, but V two, 0:20:49.640 --> 0:20:51.679 v three. If you can come down in price, be 0:20:51.720 --> 0:20:54.840 a bit lighter, maybe less bulky, I think that would 0:20:54.840 --> 0:20:57.560 be when you can really tell whether this is genuinely 0:20:57.560 --> 0:21:00.320 a new, a smash hit, new Apple product, or whether 0:21:00.320 --> 0:21:01.120 it's something a bit more. 0:21:01.119 --> 0:21:05.679 Niche savely doing your duty down there in rain, we 0:21:05.760 --> 0:21:08.760 really appreciate your opinion on this particular device. We thank 0:21:08.800 --> 0:21:11.600 you for it. Davely on Fifth Avenue, I said a 0:21:11.680 --> 0:21:13.919 quick check on these markets, said because, but the NASDAK 0:21:13.960 --> 0:21:16.359 manages to outperform even though we're worried about a strong 0:21:16.400 --> 0:21:19.359 macro picture. That means perhaps a federal reserve ain't going 0:21:19.400 --> 0:21:21.520 to be cunning as soon as Mart. But dig into 0:21:21.560 --> 0:21:24.399 what's driving the Nasdaq one hundred, just sea of Green. 0:21:24.560 --> 0:21:27.600 Even Apple turns up to run well less than a 0:21:27.600 --> 0:21:30.359 point higher, but that's after their numbers showed, yes, a 0:21:30.480 --> 0:21:33.040