WEBVTT - Nvidia Roars Back and Adobe Unveils AI Video Generator Tools 0:00:01.600 --> 0:00:06.920 From Mahart where Innovation, Money and power colle in Silicon Valley, NBN. 0:00:07.240 --> 0:00:11.760 This is Bloomberg Technology with Caroline Hyde and Ed Ludlow. 0:00:24.680 --> 0:00:27.120 Live from New York and San Francisco. This is Bloomberg 0:00:27.160 --> 0:00:30.360 Technology coming up. In Vidia on track for a record 0:00:30.440 --> 0:00:35.080 close shares or bounced back after successfully calming concerns about 0:00:35.280 --> 0:00:38.240 the product delays and its long term growth plans. 0:00:38.960 --> 0:00:41.760 Adobe's Embrace of AI will talk to the company's CEO 0:00:41.840 --> 0:00:44.720 about its new AI video generated tools as it kicks 0:00:44.760 --> 0:00:47.200 off the annual Adobe Max conference. 0:00:47.320 --> 0:00:50.600 And a successful catch. SpaceX celebrates a major milestone over 0:00:50.640 --> 0:00:54.920 the weekend that Starship Rockets successfully catching its booster midair. 0:00:55.400 --> 0:00:57.920 We discussed but first let's check in on these markets 0:00:57.960 --> 0:01:00.360 because we are ramping high. Then now's that one hundred 0:01:00.440 --> 0:01:02.320 is a seat up five tenths of a percent, and 0:01:02.400 --> 0:01:05.080 we were higher up about a percentage point in earlier trade. 0:01:05.160 --> 0:01:07.320 But we see Mood Music once again wanting to plow 0:01:07.400 --> 0:01:10.880 money into some of the major Magnificent seven names, and 0:01:10.959 --> 0:01:13.479 across the board, we're really seeing a risk on feel 0:01:13.720 --> 0:01:15.720 is it whether China stimulus is going to come into play. 0:01:15.760 --> 0:01:17.920 That's what's being eyed by Bitcoin just a quick look 0:01:17.959 --> 0:01:19.760 at what's happening in the world or crypto at the moment, 0:01:19.959 --> 0:01:23.560 we're up now five percent percent now NASDAC and Bitcoin 0:01:23.800 --> 0:01:25.600 at the highest level since July. 0:01:25.840 --> 0:01:26.319 And what are you. 0:01:26.319 --> 0:01:29.080 Watching, Well, I'm going to go straight to Nvidia and 0:01:29.120 --> 0:01:31.080 if you're just waking up, you're just joining us for 0:01:31.120 --> 0:01:34.039 the first time on Bloomberg Television this morning. It is 0:01:34.040 --> 0:01:35.720 a name we're going to watch all day because, as 0:01:35.760 --> 0:01:38.479 you said, Cara, on a closing basis, if we trade 0:01:38.520 --> 0:01:40.640 at that level one hundred and thirty eight, just below 0:01:40.680 --> 0:01:42.520 one hundred and thirty nine dollars a share, and we 0:01:42.600 --> 0:01:46.440 close there, we will clipse that June record or record 0:01:46.520 --> 0:01:48.960 high that we close that in June. Actually, we're probably 0:01:49.000 --> 0:01:51.920 about a dollar away on an intra day basis from 0:01:52.480 --> 0:01:54.520 a record as well, which I know the team in 0:01:54.600 --> 0:01:57.320 Bloomberg Equities are going to be watching very closely. Is 0:01:57.400 --> 0:01:59.520 kind of like in Video's back, and that's going to 0:01:59.520 --> 0:02:01.440 be our folk as much as it has been for 0:02:01.480 --> 0:02:04.000 the last two years, which I'm very excited about. 0:02:03.760 --> 0:02:06.320 As au It's back. Why is it back? 0:02:06.360 --> 0:02:07.960 Why is it up eleven percent over the course of 0:02:07.960 --> 0:02:10.680 the month. Bruly, Meg's around Blastelica is with us, just 0:02:10.760 --> 0:02:15.760 talk us through the determed risk and feel around in video. 0:02:16.160 --> 0:02:17.639 What have they managed to tell the market? 0:02:18.639 --> 0:02:20.360 Hey, good morning, thanks for having me so. 0:02:20.400 --> 0:02:22.680 I'd say that there was recent weakness in and Video 0:02:22.720 --> 0:02:25.680 shares that was largely concerned about the company's Blackwold chips. 0:02:25.680 --> 0:02:27.480 There were some engineering snags, a little bit of the 0:02:27.480 --> 0:02:30.040 delay there. People didn't quite know how to suss out 0:02:30.080 --> 0:02:32.960 the impact that this would have on future growth. However, 0:02:33.040 --> 0:02:35.360 the CEO came out, he talked about how strong demand 0:02:35.400 --> 0:02:38.239 has been. There's been some positive analyst commentary looking at 0:02:38.600 --> 0:02:41.679 the orders for the Blackwold chip, all this has been 0:02:41.800 --> 0:02:43.639 very strong. I think that's helped to ease a lot 0:02:43.639 --> 0:02:46.440 of concerns that people had about the status of this chip, 0:02:46.639 --> 0:02:49.600 the future product roadmap, and just in general the company's 0:02:49.600 --> 0:02:52.680 flowity to continue executing, keep delivering these chips, which are 0:02:52.720 --> 0:02:55.639 at course at the forefront of the whole AI trade. 0:02:56.240 --> 0:02:58.200 Do you know what's interesting about in video, Ryan, is 0:02:58.280 --> 0:03:02.120 that it's kind of constant communication. Jensen Wong does a 0:03:02.120 --> 0:03:05.079 lot of interviews, but he also appears on stage all 0:03:05.160 --> 0:03:08.760 of the time. He is at investor conferences all of 0:03:08.800 --> 0:03:12.000 the time. You cover such a broad range of technology companies. 0:03:12.240 --> 0:03:15.080 Have you ever known a company in vogue or not 0:03:15.280 --> 0:03:16.600 to communicate that much? 0:03:18.280 --> 0:03:19.160 That's a great question. 0:03:19.680 --> 0:03:21.400 Certainly, he is out there a lot, and he is 0:03:21.440 --> 0:03:24.519 obviously an investor favorite, so every time he speaks, everybody listens. 0:03:24.520 --> 0:03:26.359 And of course everything he has been saying lately has 0:03:26.400 --> 0:03:29.040 been pretty positive. It's hard to find too many, you know, 0:03:29.080 --> 0:03:30.680 presidents for this kind of thing. You'd probably have to 0:03:30.680 --> 0:03:32.240 go back to someone like Steve Jobs. 0:03:32.240 --> 0:03:35.760 I guess maybe we'll have to go back to of course, 0:03:36.080 --> 0:03:39.360 companies that are that much in the spotlight, Apple. 0:03:39.120 --> 0:03:39.600 One of them. 0:03:39.800 --> 0:03:42.960 And with Steve Jobs and now in Video, what is 0:03:43.000 --> 0:03:46.600 there still perhaps remaining in terms of concerns. It looks 0:03:46.640 --> 0:03:48.400 as though people feel they've got a runway for the 0:03:48.440 --> 0:03:49.840 next twelve months in terms of orders. 0:03:50.840 --> 0:03:53.000 Yeah, absolutely, I would say that, you know, they're considered 0:03:53.040 --> 0:03:55.720 pretty far ahead of the curve as far as competition goes. 0:03:55.720 --> 0:03:57.760 There's not too many concerns about that. There's a lot 0:03:57.760 --> 0:04:00.240 of optimism about the new chip, and we've I've seen 0:04:00.280 --> 0:04:03.600 a lot of Video's major customers like Microsoft, Meta Alphabet 0:04:03.640 --> 0:04:06.680 and so board. They're all sticking with their capbex plan 0:04:06.840 --> 0:04:09.000 So there's not really a concern that people are going 0:04:09.040 --> 0:04:10.560 to pull back on their spending and that they're going 0:04:10.560 --> 0:04:12.840 to see a drop up in the maand related to that. 0:04:12.960 --> 0:04:15.240 So I would say that outside of maybe valuation, that's 0:04:15.240 --> 0:04:17.880 probably the biggest concern you'll hear. But people are pretty 0:04:17.880 --> 0:04:20.760 positive aboutting video's fundamentals from here yep. 0:04:20.800 --> 0:04:23.240 As a reminder on an inter day basis, but a 0:04:23.320 --> 0:04:25.479 lot more likely on a closing basis. In VideA a 0:04:25.520 --> 0:04:29.000 fresh record Blimbo's Ryan Vasteliga, thank you very much. Another 0:04:29.040 --> 0:04:33.440 top story, TSMC is expanding its global footprint and planning 0:04:33.480 --> 0:04:36.039 more plants in Europe with a focus on the market 0:04:36.320 --> 0:04:40.039 for AI chips. That's according to Taiwan's National Science and 0:04:40.120 --> 0:04:43.960 Technology Council Minister wucheng Wen, who did not specify a 0:04:44.000 --> 0:04:47.640 timeline for the expansion in Europe. This is TSMC just 0:04:47.640 --> 0:04:50.479 broke round in August on a chip fabrication plant in 0:04:50.560 --> 0:04:51.720 Germany's Dresden. 0:04:51.800 --> 0:04:52.440 Listen to this. 0:04:53.640 --> 0:04:57.279 They had started the construction of the first fab. Interesting. 0:04:57.960 --> 0:05:01.039 They are already planning the next feel app in the 0:05:01.080 --> 0:05:07.000 future for different market sectors as well, but of course 0:05:07.120 --> 0:05:09.760 the most important would be the AIM market. 0:05:10.160 --> 0:05:12.800 That's going to invest to take Michael Green is portfolio 0:05:12.839 --> 0:05:16.360 manager at Simplify Asset Management. Manages a suite of ETFs 0:05:16.360 --> 0:05:18.600 about six billion dollars in assets onder management. You've got 0:05:18.839 --> 0:05:22.080 a rich history in terms of thinking through the macro Michael, 0:05:22.680 --> 0:05:26.719 what then, of the exuberance still around chip names, is 0:05:26.760 --> 0:05:28.320 it right to have that reality? 0:05:29.640 --> 0:05:31.760 Well, I think this is a natural challenge, right. This 0:05:31.800 --> 0:05:34.800 is what's called a positive bubble. It effectively is driving 0:05:34.839 --> 0:05:38.200 innovation and investment into a space that absolutely requires it, 0:05:38.240 --> 0:05:41.520 but there's almost no real opportunity for the company's currently 0:05:41.520 --> 0:05:45.039 involved to earn the returns that are actually built into 0:05:45.080 --> 0:05:49.000 these expectations. We may see that not happen in this 0:05:49.200 --> 0:05:52.279 month or in this quarter, but as we look forward, 0:05:52.360 --> 0:05:55.159 there's going to inevitably be a period of disappointment. This is, 0:05:55.160 --> 0:05:57.280 in a lot of ways very similar to the buildout 0:05:57.320 --> 0:05:59.960 around the dot com cycle, in which the Internet ultimately 0:06:00.160 --> 0:06:03.400 exceeded all of our expectations, radically changing how we shop 0:06:03.440 --> 0:06:06.159 and live our lives. But at the same time we 0:06:06.200 --> 0:06:09.680 saw extraordinary disappointment as many of the companies involved were 0:06:09.720 --> 0:06:11.440 unable to realize their potential. 0:06:12.600 --> 0:06:16.040 Michael, that piece of news about TSMC in Europe shows 0:06:16.080 --> 0:06:19.560 there is data center and chip capacity activity here in 0:06:19.600 --> 0:06:23.080 the States, and there's the same in Europe. Is there 0:06:23.200 --> 0:06:26.080 pros and cons to kind of focusing your attentions as 0:06:26.120 --> 0:06:27.880 an investor on just one. 0:06:29.839 --> 0:06:32.160 I'm not really sure that I would emphasize one versus 0:06:32.200 --> 0:06:34.480 the other, because again, this is all data that can 0:06:34.520 --> 0:06:37.040 be transmitted. A lot of the investment in Europe is 0:06:37.080 --> 0:06:39.600 going to be a byproduct of separate and different privacy 0:06:39.680 --> 0:06:42.520 rules and will probably continue to see investment around that. 0:06:43.080 --> 0:06:44.720 The United States stands head and. 0:06:44.680 --> 0:06:46.800 Shoulders above the rest of the world in terms of 0:06:46.880 --> 0:06:49.359 data center capacity. I forget the exact number, but I 0:06:49.360 --> 0:06:52.440 want to say it's roughly ten x its next largest competitor. 0:06:53.240 --> 0:06:55.800 And at the same time, we're seeing extraordinary gains in 0:06:55.839 --> 0:06:59.279 the efficiency of these data centers, which is actually going 0:06:59.320 --> 0:07:02.000 to of course, that the capacity ends up being much 0:07:02.040 --> 0:07:05.240 greater than we thought. The same underlying phenomenon we saw 0:07:05.320 --> 0:07:08.200 again with fiber optic build out in the late nineteen nineties, 0:07:08.760 --> 0:07:11.440 where we expected to have to use tons of dark fiber, 0:07:11.600 --> 0:07:13.600 we ultimately laid that in the ground, and we've used 0:07:13.600 --> 0:07:15.880 only a small fraction of it as other forms of 0:07:15.920 --> 0:07:19.560 technology improved alongside it. In this case, we're starting to 0:07:19.560 --> 0:07:23.280 see those efficiency gains from rewriting algorithms to optimize them 0:07:23.280 --> 0:07:25.640 for AI or data center applications. 0:07:26.160 --> 0:07:28.360 So ultimately, I think in both places. 0:07:28.000 --> 0:07:29.760 We're going to find that we have at least a 0:07:29.840 --> 0:07:33.520 period of access capacity that emerges, and I think investors 0:07:33.520 --> 0:07:35.720 in both locations should be considered of that. 0:07:36.000 --> 0:07:37.400 Europe probably offers. 0:07:37.120 --> 0:07:39.680 A better construction environment, as I said, because they have 0:07:39.760 --> 0:07:42.480 different rules, they're going to need to make their own investments. 0:07:43.080 --> 0:07:46.160 So everyone going all in on basically the infrastructure build out. 0:07:46.160 --> 0:07:48.240 But where else in the stack, where else in the 0:07:48.480 --> 0:07:51.120 value add of AI should you be boarding out to? 0:07:52.120 --> 0:07:53.840 Well, I think we're starting to get to the point 0:07:53.880 --> 0:07:56.440 that you want to start thinking about the implications of this. Right, So, 0:07:56.560 --> 0:08:00.480 financial institutions could benefit tremendously from an improved and the 0:08:00.520 --> 0:08:04.400 ability to run analysis or process components. We're starting to 0:08:04.440 --> 0:08:08.800 see shopping algorithms. Certainly, we're seeing things like support bots 0:08:08.840 --> 0:08:12.760 in terms of the traditional call center type work. The 0:08:12.760 --> 0:08:15.760 efficiency gains there are immens. Again, I think one of 0:08:15.800 --> 0:08:18.320 the real challenges that we're going to face is that disruption. 0:08:18.520 --> 0:08:19.800 We're really uncertain of it. 0:08:20.000 --> 0:08:23.440 Right, People remember the comparisons of Amazon to Barnes and Noble, 0:08:23.480 --> 0:08:25.960 and now they no longer remember Barnes and Noble except 0:08:26.000 --> 0:08:30.440 as a college textbook destination. My hunches is we're going 0:08:30.480 --> 0:08:32.199 to see a lot of the same things. The world 0:08:32.280 --> 0:08:35.800 is changing very rapidly. It's a period of uncertainty. You 0:08:35.920 --> 0:08:39.240 have to price that into effectively the optionality of these 0:08:39.320 --> 0:08:42.400 names once you start to realize that it may turn 0:08:42.440 --> 0:08:45.280 out that they are the vast majority are unable to 0:08:45.360 --> 0:08:47.840 deliver on the opportunity that was in front of them. 0:08:48.480 --> 0:08:51.040 Against that, I think that we're seeing lots of interesting 0:08:51.080 --> 0:08:54.400 opportunities that are being created in more mundane areas like 0:08:54.480 --> 0:08:57.440 fixed income, where we're beginning to recognize that the level 0:08:57.440 --> 0:08:59.559 of interest rates is unlikely to. 0:08:59.480 --> 0:09:06.400 Be what Wen, I'm sorry to interrupt you, then, Michael, 0:09:06.520 --> 0:09:08.120 I just want to say, when we consider the US 0:09:08.200 --> 0:09:11.640 economy on Bloomberg Technology in particular, it's often through the 0:09:11.720 --> 0:09:15.280 lens of infrastructure, and that's kind of end of the economy. 0:09:15.679 --> 0:09:19.280 But interestingly, specifically when it comes to the labor market, 0:09:19.360 --> 0:09:21.520 you've been thinking about the gig economy, and we're going 0:09:21.559 --> 0:09:23.400 to go very deep on that later in the program. 0:09:23.440 --> 0:09:25.800 So I just wondered if you'd outline your thesis for us. 0:09:27.000 --> 0:09:29.040 Yeah, So one of the things that we're really dealing 0:09:29.080 --> 0:09:31.839 with is again this sort of radical change. Two thousand 0:09:31.880 --> 0:09:34.520 and nine with uber was the advent of the app 0:09:34.600 --> 0:09:39.160 based gig economy that initially targeted professional drivers. In twenty twelve, 0:09:39.200 --> 0:09:42.080 that shifted with the introduction of Lyft and uber x 0:09:42.600 --> 0:09:45.600 to effectively allow anyone to use their car to make 0:09:45.679 --> 0:09:48.439 additional money, either as a side job or as a 0:09:48.600 --> 0:09:50.120 substitute for unemployment. 0:09:50.960 --> 0:09:53.040 The interesting thing that's happened is we haven't. 0:09:52.800 --> 0:09:56.520 Really had a normal cycle or period of unemployment, and 0:09:56.600 --> 0:09:58.320 one of the things that we're finding is that the 0:09:58.360 --> 0:10:02.280 gig economy is effectively better destination for people than filing 0:10:02.320 --> 0:10:03.520 for unemployment claims. 0:10:04.400 --> 0:10:06.959 That would imply that the economy is actually the labor 0:10:07.000 --> 0:10:09.520 markets quite a bit weaker than we're. 0:10:09.400 --> 0:10:11.880 Getting in the headline data, and we're seeing this in 0:10:12.000 --> 0:10:14.559 sentiment surveys of consumers. 0:10:13.960 --> 0:10:17.040 And households, but it's not showing up in the official data. 0:10:17.440 --> 0:10:20.079 One of the examples I give is California, for example, 0:10:20.080 --> 0:10:23.160 where if you file for unemployment, your maximum benefit is 0:10:23.200 --> 0:10:25.360 four hundred and fifty dollars a week for a maximum 0:10:25.360 --> 0:10:26.480 of twenty six weeks. 0:10:26.800 --> 0:10:27.959 That puts you at half of. 0:10:27.920 --> 0:10:31.800 The poverty level for a two person household. In contrast, 0:10:31.880 --> 0:10:34.600 if you already have a car and you're going to 0:10:34.600 --> 0:10:38.000 face that depreciation associated with it, driving for Uber allows 0:10:38.040 --> 0:10:41.160 you to replace a much larger fraction of your income 0:10:41.679 --> 0:10:44.440 by utilizing an asset that you are no longer using. 0:10:44.240 --> 0:10:45.559 In commute to work, et cetera. 0:10:46.760 --> 0:10:48.959 That I think is really a key story that we're 0:10:48.960 --> 0:10:50.960 going to have to figure out the reason why it 0:10:51.000 --> 0:10:52.720 becomes an issue, And I want to emphasize I think 0:10:52.720 --> 0:10:55.600 it's better that people are finding alternatives in the private sector, 0:10:56.240 --> 0:10:58.440 but those private sector alternatives have their. 0:10:58.360 --> 0:10:59.320 Own feedback loop. 0:10:59.320 --> 0:11:03.640 Whereas more people find themselves driving for Uber, simultaneously, the 0:11:03.720 --> 0:11:06.640 demand for these ride sharing services and gig economy and 0:11:06.640 --> 0:11:10.840 applications begins to decline and the competition for the revenues 0:11:10.880 --> 0:11:14.360 associated with them increases. Again, we're starting to see the 0:11:14.400 --> 0:11:17.120 signs of that that people who are driving for Uber 0:11:17.160 --> 0:11:20.720 are suddenly discovering that their incomes are beginning to fall significantly. 0:11:21.200 --> 0:11:22.720 So this is going to be a real challenge for 0:11:22.760 --> 0:11:23.160 our time. 0:11:23.200 --> 0:11:25.920 Do we actually understand the data as that's coming in, 0:11:26.440 --> 0:11:29.120 particularly with central bankers choosing to try to be as 0:11:29.200 --> 0:11:32.680 data dependent as they possibly can. That data could change 0:11:32.760 --> 0:11:36.000 very rapidly if we have a misunderstanding of the system. 0:11:36.480 --> 0:11:40.400 Michael Green, portfolio manager at Simplify Asset Management, thank you 0:11:40.920 --> 0:11:42.800 very much. And in line with what Michael was saying 0:11:42.800 --> 0:11:45.360 coming out, we're going to go in detail into a 0:11:45.400 --> 0:11:49.360 Bloomberg investigation which looks into how Uber and Lyft use 0:11:49.400 --> 0:11:53.160 the loophole to deny drivers in New York City millions 0:11:53.200 --> 0:11:57.640 of dollars in pay also taking a real quick look 0:11:57.720 --> 0:12:02.360 at shares. I think of NAP, which got a downgrade 0:12:02.600 --> 0:12:05.280 in the market earlier this morning and has taken a 0:12:05.320 --> 0:12:08.000 little bit of a hit, maybe actually not as severe 0:12:08.000 --> 0:12:11.240 as it was in the market open, but down about 0:12:11.240 --> 0:12:14.439 a percentage point one point one percent. We'll get a 0:12:14.480 --> 0:12:16.880 little bit more on that later in the program. This 0:12:16.960 --> 0:12:31.960 is Bloomberg Technology. This was the Bloomberg Big take over 0:12:31.960 --> 0:12:35.160 the weekend. Uber and Lyft have found a money saving 0:12:35.240 --> 0:12:40.680 loophole in New York City lockouts. By simply preventing drivers 0:12:40.679 --> 0:12:43.760 from logging into the apps, the companies set themselves up 0:12:43.760 --> 0:12:46.880 to save as much as hundreds of millions of dollars 0:12:47.200 --> 0:12:51.000 in driver payouts. That's according to Bloomberg estimates. Listen to this. 0:12:53.000 --> 0:12:55.200 The summer of twenty twenty four was a stressful time 0:12:55.280 --> 0:12:57.480 to be an Uber or Lyft driver in New York City. 0:12:57.679 --> 0:13:00.000 Kill even Ballmark because there's Lackold's currently. 0:13:00.440 --> 0:13:03.880 In May, Uber began preventing drivers from working seemingly at 0:13:03.960 --> 0:13:07.280 random for hours at a time. Lift soon followed Suit. 0:13:07.480 --> 0:13:10.320 They opened their app and normally you would be able 0:13:10.360 --> 0:13:13.160 to click the go button and go online. But when 0:13:13.160 --> 0:13:16.319 you're locked out, when you press go, nothing happens. 0:13:16.360 --> 0:13:20.120 An individual lockout could happen from anywhere from five minutes 0:13:20.800 --> 0:13:22.520 up to eight hours. 0:13:23.000 --> 0:13:25.840 We understood that this stemmed from a six year old 0:13:25.920 --> 0:13:26.400 pay rout. 0:13:26.760 --> 0:13:29.560 I started driving for Uber to be able to work 0:13:29.600 --> 0:13:33.040 at my own schedule because I went through a lot 0:13:33.080 --> 0:13:36.400 of trauma with a divorce. I was a mess emotionally. 0:13:37.040 --> 0:13:40.680 So basically, a lockout is when you cannot go online 0:13:40.800 --> 0:13:43.920 to work, so essentially your micro fire. 0:13:44.120 --> 0:13:45.880 Every day I would get locked out of Uber. It 0:13:45.960 --> 0:13:47.080 was very frustrating. 0:13:47.679 --> 0:13:51.000 It was also affecting my self respect. What am I 0:13:51.240 --> 0:13:53.880 just the I'm a robot? Like getting locked out like 0:13:53.920 --> 0:13:55.800 I'm a person. I have to feed my family. 0:13:55.920 --> 0:13:59.520 Lockouts happen every hour of the day, every day, and 0:13:59.679 --> 0:14:04.520 that's despite Uber saying their particular schedule of open access 0:14:04.559 --> 0:14:07.560 times where people shouldn't be locked out. We found that 0:14:07.679 --> 0:14:10.959 there were more than four hundred instances of lockouts happening 0:14:11.080 --> 0:14:16.120 insert zones. So there's definitely potential impact there on consumer pricing. 0:14:16.240 --> 0:14:19.280 A lot of people. Through our interviews, we learned that 0:14:19.440 --> 0:14:22.120 they are working way beyond their usual hours to try 0:14:22.160 --> 0:14:23.520 to make what they've made before. 0:14:49.360 --> 0:14:52.760 Check out The Big Take Daily podcasts anywhere you get 0:14:52.840 --> 0:14:55.120 your podcasts. I think that is one you definitely want 0:14:55.120 --> 0:14:55.640 to check out. 0:14:55.680 --> 0:14:58.640 Carrac Yeah, more on the sharing economy because cities around 0:14:58.680 --> 0:15:01.640 the world are debating how to regulate short term rentals, 0:15:01.800 --> 0:15:04.240 for some going as far as banning services like Airbnb 0:15:04.360 --> 0:15:07.200 or erbo, others are trying to find a compromise through 0:15:07.240 --> 0:15:08.400 limits and regulations. 0:15:08.640 --> 0:15:10.040 You just saw her in that package. 0:15:10.080 --> 0:15:13.400 We now have Natalie Lung live on sets talk about 0:15:13.400 --> 0:15:15.960 the different approaches with Airbnb and the like and solving 0:15:16.000 --> 0:15:19.680 some of the concerns and if they work. Natalie, what 0:15:19.800 --> 0:15:22.560 are we currently seeing a city like New York trying 0:15:22.560 --> 0:15:23.520 to compromise on. 0:15:23.920 --> 0:15:26.720 Right The New York City had introduced almost a de 0:15:26.800 --> 0:15:31.240 facto ban on short to rentals last year, basically ruling 0:15:31.280 --> 0:15:35.240 out the short to rentals of less than thirty days 0:15:35.720 --> 0:15:38.800 and more than a year into the law, we've seen 0:15:38.880 --> 0:15:42.880 that vacancies have not gone up, so like hosts have 0:15:43.000 --> 0:15:46.640 not released those short to rentals as expected, turning into 0:15:47.000 --> 0:15:50.360 long term rentals, and the rent decreases we've seen in 0:15:50.400 --> 0:15:53.160 the over the past year were attributed to other factors. 0:15:53.440 --> 0:15:55.680 So our Airbnb is arguing that the law is not 0:15:55.840 --> 0:15:58.000 as effective as the city had hoped. 0:15:59.160 --> 0:16:01.880 As we write in the Natalie, there are two sides 0:16:02.000 --> 0:16:05.240 to this story, and in the middle there is compromise. 0:16:05.720 --> 0:16:09.480 Where have the companies and also like the hosts themselves 0:16:09.520 --> 0:16:13.080 because they want to make money and the regulators found compromise. 0:16:14.480 --> 0:16:17.440 Airbnb has introduced something called a city portal back in 0:16:17.480 --> 0:16:21.760 twenty twenty to basically encourage more transparency, sharing more ways 0:16:21.840 --> 0:16:25.160 that cities can access the data own listing, so cities 0:16:25.200 --> 0:16:29.520 can ensure better licensing registration as well as an easier 0:16:29.680 --> 0:16:33.240 way to collect tax revenue. So by increasing the data 0:16:33.440 --> 0:16:37.280 they share, cities can ensure better enforcement. 0:16:38.000 --> 0:16:40.600 Yeah, they need more transparency ultimately about what people are 0:16:40.640 --> 0:16:42.960 making as well right to be able to declare a 0:16:43.000 --> 0:16:46.320 win win with tax revenue going to the government as 0:16:46.320 --> 0:16:47.560 well as to the people are hosting. 0:16:48.320 --> 0:16:52.320 Yeah, that's the argument basically, and Airbnb is saying a 0:16:52.320 --> 0:16:54.960 de facto band, like a blanket band like New York 0:16:55.000 --> 0:16:57.560 City is almost like a cautionary tail, and cities shouldn't 0:16:57.560 --> 0:16:58.200 go that far. 0:17:00.120 --> 0:17:03.040 The question simply is what happens next. You know, in 0:17:03.120 --> 0:17:07.520 New York City is a really interesting example where there's 0:17:07.520 --> 0:17:09.520 a debate about where the laws get changed. 0:17:09.600 --> 0:17:10.240 Natalie. 0:17:11.920 --> 0:17:15.800 Interestingly, about a year, like a month ago, exactly a 0:17:15.880 --> 0:17:18.960 year of this rule coming into effect, Airbnb came out 0:17:19.000 --> 0:17:23.600 with taking stock of the effectiveness of this rule and 0:17:23.640 --> 0:17:26.560 saying they are kind of appealing to the city to 0:17:27.040 --> 0:17:30.960 perhaps adjust some provisions in the laws so that some 0:17:31.160 --> 0:17:35.439 hosts can come back to their platform. 0:17:35.560 --> 0:17:39.040 Bloomberg's Nasty lung across two very important stories in the 0:17:39.080 --> 0:17:39.800 gig economy. 0:17:39.840 --> 0:17:41.600 We really appreciate it. Thank you very much. 0:17:50.280 --> 0:17:52.359 We can see those chats. 0:18:05.240 --> 0:18:06.440 You should want to hurt cover. 0:18:07.520 --> 0:18:11.160 SpaceX caught the attention of the world over the weekend, 0:18:11.320 --> 0:18:14.600 making a first historic catch mid air for one of 0:18:14.600 --> 0:18:17.040 its boosters. For more and what this leap means for 0:18:17.080 --> 0:18:20.600 space exploration, Bloomberg's Lauren Grush joins US and was on 0:18:20.720 --> 0:18:24.320 shift over the weekend covers SpaceX for us. Actually, there 0:18:24.320 --> 0:18:26.560 were two milestones, and we need to talk about the 0:18:26.640 --> 0:18:28.960 kind of Starship component of it. 0:18:29.000 --> 0:18:30.600 But let's start with the booster. 0:18:30.840 --> 0:18:34.440 Why that was significant and the idea of rapid reusability. 0:18:34.600 --> 0:18:36.640 Lauren, right, Yeah, this. 0:18:36.760 --> 0:18:39.600 Was a big hurdle that SpaceX needed to clear in 0:18:39.640 --> 0:18:41.520 the road of development for Starship. 0:18:41.800 --> 0:18:44.560 As you mentioned, Starship's promise. 0:18:44.240 --> 0:18:46.879 Is that it's going to be fully reusable, so both 0:18:47.000 --> 0:18:51.160 portions of the vehicle need to survive after launch. 0:18:51.359 --> 0:18:53.880 But with the booster, you know, when they. 0:18:53.840 --> 0:18:56.720 First proposed this idea, I think a lot of people 0:18:56.760 --> 0:19:01.359 were skeptical. Obviously SpaceX has perfected landing its rockets with 0:19:01.440 --> 0:19:04.800 its Falcon nine, but when this was proposed, catching the 0:19:04.880 --> 0:19:07.720 rocket in midair rather than landing it, I think a 0:19:07.720 --> 0:19:09.879 lot of people were wondering how this would work. But 0:19:10.359 --> 0:19:12.720 it seemed to work just like a charm, at least 0:19:12.760 --> 0:19:15.119 from what we saw. And so I think they've proved 0:19:15.200 --> 0:19:18.520 a lot of skeptics wrong over the weekend. 0:19:18.640 --> 0:19:22.440 And now NASA going is fall to consider that maybe 0:19:22.480 --> 0:19:26.040 we'll be landing on the Moon, maybe using of cool 0:19:26.119 --> 0:19:28.880 Starship as lotly as twenty twenty five, told us through 0:19:28.880 --> 0:19:30.240 what needs to happen to get that on. 0:19:31.200 --> 0:19:33.879 Yeah, I think the current plan is landing in twenty 0:19:33.920 --> 0:19:38.439 twenty six with people, but you know, just to caution, 0:19:38.520 --> 0:19:42.159 there's still quite a long road ahead for Starship. Obviously, 0:19:42.240 --> 0:19:45.399 this was a huge milestone for the company, but next 0:19:45.440 --> 0:19:49.280 they really need to showcase that they can refuel Starship 0:19:49.320 --> 0:19:52.000 in orbit and so that's essentially like filling up at 0:19:52.040 --> 0:19:55.560 the cast tank, but with a lot more engineering challenges. 0:19:56.040 --> 0:19:57.520 But this will be crucial to. 0:19:57.480 --> 0:20:01.080 That because they have to catch and then relaunched the 0:20:01.080 --> 0:20:04.080 booster over and over again with back to back launches 0:20:04.080 --> 0:20:06.280 in order to perform those refueling missions. 0:20:06.960 --> 0:20:11.000 So the other Starship gets up to orbital altitude, orbital speeds, 0:20:11.040 --> 0:20:14.879 goes around the world, and control lands into the Indian Ocean. 0:20:15.080 --> 0:20:17.359 Taught me through that part please. Yeah. 0:20:17.359 --> 0:20:20.440 So during the last flight, you know, Starship struggled when 0:20:20.480 --> 0:20:23.160 it came back from space. We could see it kind 0:20:23.200 --> 0:20:25.760 of burning up and breaking apart when it was plunging 0:20:25.800 --> 0:20:28.439 through the atmosphere. But SpaceX said that they did a 0:20:28.600 --> 0:20:32.520 total revamp on the heat shield on Starship, and from 0:20:32.520 --> 0:20:35.520 what we saw, it seemed to survive relatively intact. I 0:20:35.520 --> 0:20:38.119 think we saw a little burn through, but definitely not 0:20:38.240 --> 0:20:41.520 nearly as significant as the prior play. And then so 0:20:41.680 --> 0:20:44.360 it did survive, and then when they tried to splash 0:20:44.400 --> 0:20:47.159 down in the ocean, they were able to flip and 0:20:47.240 --> 0:20:50.679 kind of do a pretty precise landing. So yeah, it 0:20:50.800 --> 0:20:53.920 really was a big milestone for both the Booster and Starship, 0:20:54.000 --> 0:20:58.800 showcasing that maybe this rocket can be fully reusable, which is, 0:20:58.960 --> 0:21:01.280 to be fair, something that SpaceX hasn't been able to 0:21:01.320 --> 0:21:03.119 achieve yet with its Falcon nine. 0:21:03.280 --> 0:21:04.640