Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is live
Speaker 1: from the heart of Silicon Valley with ed La though
Speaker 1: in San Francisco.
Speaker 2: This is Bloomberg Tech coming up.
Speaker 3: SpaceX Shares feeling gravitational pool as must company launches its
Speaker 3: debut bond sale plus tech stock sell off worldwide as
Speaker 3: Wall Street gets.
Speaker 2: An AI wake up call? Is the AI.
Speaker 3: Boom sustainable and we go big on private markets? Mellow
Speaker 3: Ventures raises its biggest ever haul with three billion.
Speaker 2: Dollars to BACAI startups.
Speaker 3: Partner Vinkie Ganisan joins us on set in San Francisco.
Speaker 3: The headline on the Bloomberg is that Wall Street gets
Speaker 3: an AI wake up call, but there has been a
Speaker 3: global sell off in technology shares. It started Monday in
Speaker 3: the US, but in career overnight is where it was
Speaker 3: felt most. The cost be the best performing index in
Speaker 3: the world so far this year, dropping ten percent from
Speaker 3: a record high.
Speaker 2: It is Samsung.
Speaker 3: It is sk Heinix, which led questions about the sustainability
Speaker 3: of the AI trade. Let's go over to the US
Speaker 3: session where actually we're off session lows, but there is
Speaker 3: still severe selling. The socks is down seven percent, then
Speaker 3: as that one hundred is down two point six percent.
Speaker 3: All of this about sustainability, durability of what's happening in
Speaker 3: AI our top story SpaceX shares.
Speaker 2: The stock actually briefly.
Speaker 3: Dip below one hundred and fifty dollars, which was its
Speaker 3: trading debut price from June twelve. We're getting new details
Speaker 3: on the company's first ever bond offering, a five part
Speaker 3: investment grade deal expected to raise at least twenty billion
Speaker 3: dollars and rank among the biggest debt sales of the year.
Speaker 3: The sale would primarily refinance debt while also giving investors
Speaker 3: a fresh look that how Elon Musk companies are funding
Speaker 3: growth across AI, satellites and space. Joining us now the
Speaker 3: team Bloomberg Senior Markets at Call of Bay, Lipshow and
Speaker 3: Emily Graffeo on the corporate credit side, and let's start
Speaker 3: with you. What do we need to know about this
Speaker 3: that sale, the structure of it, the terms.
Speaker 4: Well, look, we need to know that this deal is
Speaker 4: probably going to be one of the biggest investment grade
Speaker 4: bond seals of the year, and it already got thirty
Speaker 4: billion dollars of demand even before the deal was announced.
Speaker 4: It's pricing later today. Bankers are taking orders from investors
Speaker 4: right now. We do expect the deal to go pretty well.
Speaker 4: So even though the stock is down today, ed this
Speaker 4: bond sale expected to be successful, and it's getting an
Speaker 4: investment grade rating, despite the fact that SpaceX is saying
Speaker 4: it's going to be blowing through cash here. Really what
Speaker 4: the ratings analysts are focusing on is the fact that
Speaker 4: they have recurring revenue from their starlink business, they have
Speaker 4: a dominant launch provider central to the US space program,
Speaker 4: and of course they have access to enough liquidity to
Speaker 4: keep funding that AI expansion. So it's a unique investment
Speaker 4: grade rating here, but one that at least for right now,
Speaker 4: investors are putting their confidence.
Speaker 3: Behind Bailey and yesterday's program. Credit analyst Robert Schiffman said,
Speaker 3: equity investors trade on hope looking at the stock now
Speaker 3: at almost three percent in the session, but briefly in
Speaker 3: negative territory. We're all talking about it hitting its trading
Speaker 3: debut price. What's going on in this post IPO trade, and.
Speaker 5: We're just still seeing supply and demand trying to be matched.
Speaker 5: Obviously at the euphoria of listing day. Retail traders continuing
Speaker 5: to plow through the stock last week as we saw
Speaker 5: it hit a bit of an airpok, and we see
Speaker 5: the volatility today, we still have to remember that we're
Speaker 5: only looking at about five percent of the float available
Speaker 5: for trading, so we're still well ahead of the lockup
Speaker 5: whin insiders and long term investors and long term employees
Speaker 5: are able to be selling the stock. So the big
Speaker 5: question now going forward is what is the catalyst to
Speaker 5: keep buying. As you mentioned, we saw some volatility on
Speaker 5: an inter day basis, that's kind of par for the course.
Speaker 5: And if we look back a few months to Sarah bros.
Speaker 5: A really strong debut, a lot of chop, and then
Speaker 5: kind of settling out in the few months ahead of
Speaker 5: their first earnings report as a public company. So when
Speaker 5: you're just looking at this again, it's kind of typical
Speaker 5: playbook that we've seen with a lot of these high profile,
Speaker 5: highly anticipated IPOs.
Speaker 3: I would say that maybe one catalyst is they did
Speaker 3: this demo, the Starfull mission, where they had this reusable
Speaker 3: capsule in space. The idea is it was a demo
Speaker 3: for in space manufacturing. Maybe not, We'll get into that
Speaker 3: later on. And what I want to understand with this
Speaker 3: is the significance of the investment grade rating that SpaceX got,
Speaker 3: because the difference between SpaceX and some of its peers
Speaker 3: in that domain is this is a company that's going
Speaker 3: to be burning cash and with negative free cash.
Speaker 2: Flow for a really long time. How does that work? Yeah,
Speaker 2: that's exactly right.
Speaker 4: They've really been treated differently here with the investment grade rating.
Speaker 4: They're not like these other companies that are coming to
Speaker 4: the investment grade bond market typically expect like a utility company.
Speaker 4: So this has been, at least according to our reporting
Speaker 4: what ratings analysts have said, a difficult credit to rate.
Speaker 4: But again it goes back to that recurring revenue that
Speaker 4: they have from other parts of their business. And this
Speaker 4: idea here that this is investors taking a leap of
Speaker 4: faith edge just like the equity investors did. The credit
Speaker 4: sale is also kind of requiring that leap of faith,
Speaker 4: people putting their trust behind Elon Musk. That narrative spreading
Speaker 4: from the IPO into this inaugural bond sale as well.
Speaker 3: Bailey, We're still talking about the mechanics of capital markets
Speaker 3: as opposed to what SpaceX actually does. But this is
Speaker 3: like an immediate post IPO period. You just explain that.
Speaker 3: I think we should therefore talk a bit about the
Speaker 3: green shoe. So they actually raised more money all told
Speaker 3: than we initially reported, right, And the reason I bring
Speaker 3: that up is because when they launched the bond sale,
Speaker 3: they said that as of June nineteenth, SpaceX had more
Speaker 3: than one hundred billion dollars of cash.
Speaker 2: Explain that bit.
Speaker 5: Yeah, so with the green shoe, that enables bankers to
Speaker 5: sell more shares about fifteen percent relative to the total float.
Speaker 2: So all told, bringing in north.
Speaker 5: Of eighty five billion dollars does help bolster the company's
Speaker 5: balance sheet.
Speaker 2: But we really were in ed.
Speaker 5: We were breaking some news around this, expecting the company
Speaker 5: to tap the debt mark, expecting the company to refinance
Speaker 5: some of its loans that had already had on its
Speaker 5: balance sheet. So this was also well foretold when you're
Speaker 5: talking to some of the investors as they were meeting
Speaker 5: with the company in that road show. The big question
Speaker 5: going forward, we do have the inclusion in the Nasdaq
Speaker 5: one hundred early next month. We also will be expecting
Speaker 5: analyst initiation reports on the other side of the fourth
Speaker 5: of July holiday here in the US, so that'll be
Speaker 5: something where we can start to see the likes of
Speaker 5: Morgan Stanley and Goldmen Sachs, the two banks that under
Speaker 5: wrote the IPO, what their analysts are saying. We're going
Speaker 5: to see some pretty high numbers as it relates to
Speaker 5: what the total addressable market of space could be. But
Speaker 5: broadly speaking, we still are in this area where we're
Speaker 5: waiting for fundamental news. And the thing that's going to
Speaker 5: be interesting is SpaceX. As we saw with the partnership
Speaker 5: with Reflection, AI going to lean on its ability to
Speaker 5: maybe be a little bit of a hyperscaler or supply
Speaker 5: some of that compute, or is it going to be
Speaker 5: a narrative that really does shift to space starshipping the
Speaker 5: other things that the company wants to do as it
Speaker 5: relates to getting data centers orbiting the Earth.
Speaker 3: I suspect those banks will be bullish. Bloomberg's Bailey lip
Speaker 3: Schultz and Emily Graffee thank you both very much. Tech
Speaker 3: stoks are under pressure after Korean chipmakers sell off spark
Speaker 3: fears of AI sustainability. Despite SpaceX's breakout IPO giving the
Speaker 3: trade momentum in recent days, investors worry that the I
Speaker 3: boom may not be as durable as previously thought Martin Norton,
Speaker 3: chief investment strategist An Mpaw of black on Bloomberg Tech.
Speaker 3: I don't want to put words in your mouth, but
Speaker 3: SpaceX is off to a good start and we got volatility,
Speaker 3: and I think all of those things we'd expected.
Speaker 6: Yes, I think that's absolutely the case. So of course
Speaker 6: there was some trepedition heading into the SpaceX IPO. We
Speaker 6: know those things can be volatile, but early days was
Speaker 6: a good start. We have some volatility today. I think
Speaker 6: we should anticipate continued volatility. There are those index inclusions,
Speaker 6: there's the lackups expiring, so there are some things that
Speaker 6: we need to keep an eye on as it pertains
Speaker 6: to volatility there. I think volatility for the broader AI
Speaker 6: trade too. We know there's been a lot of helium,
Speaker 6: particularly on the chip side of things, and that creates
Speaker 6: its own type of price bubble. I don't think it
Speaker 6: necessarily suggests that AI isn't durable, but it certainly creates
Speaker 6: volatility in markets.
Speaker 3: The headline was Wall Streep getting a wake up call
Speaker 3: in the AI trade. Is it specifically the AI parts
Speaker 3: of the market that are vulnerable or is there just
Speaker 3: sort of some inaggregate concern about equity markets from evaluation
Speaker 3: perspective or from where we're trading right now.
Speaker 6: I think the risk is coming from a few different places.
Speaker 6: I do think it's predominantly around AI and the things
Speaker 6: that have led us out of the concern around the
Speaker 6: war so since April first, that has been the chip area,
Speaker 6: memory and semi. So I do think concerns around what
Speaker 6: we're going to see in earnings Micron reporting, whether that
Speaker 6: gross margin expansion is still possible, I think that is
Speaker 6: a question mark on investment minds. I also think there
Speaker 6: is some I guess marginal concern around what rates mean
Speaker 6: for equities. I don't look at the broad US equity
Speaker 6: market though, is all that stretched. And I also think
Speaker 6: there is some durability to earning. So I'm not sure
Speaker 6: it's a predominant issue, but it's certainly something that's kind
Speaker 6: of picking away at the sides of things.
Speaker 3: I just if we could go back to what happened
Speaker 3: in career overnight, I think it's just a very interesting
Speaker 3: case study. So the cost fee, which I think been
Speaker 3: the best performing index or benchmark so far this year,
Speaker 3: basically entered a correction from a record high the night prior,
Speaker 3: but it was Samsung and Skhinex that kind of led
Speaker 3: those to clients. Is a strategist looking across asset and
Speaker 3: looking at US equity markets. What's your interpretation of what
Speaker 3: happened there?
Speaker 6: Well, I guess my perspective is that to your point,
Speaker 6: this is the best performing market that we've seen year
Speaker 6: to date. There is an enormous amount of hardware AI
Speaker 6: exposure in that market. There's been enormous amounts enthusiasm over
Speaker 6: the supply constraints and just kind of the you know,
Speaker 6: this is a different type of cycle than we typically
Speaker 6: see in that part of the market, and I think
Speaker 6: investors have just been pulled in and caught up in
Speaker 6: the enthusiasm. And I think there's room and rationale to
Speaker 6: expect continued moments of doubt like this when you have
Speaker 6: prices rising triple digits.
Speaker 3: Our top story is probably the SpaceX bond sale of
Speaker 3: five part offering. We expect a price today. We talked
Speaker 3: a lot in the last twenty four hours on the
Speaker 3: show about how there is a difference between the psychology
Speaker 3: and also methodology of an equity investor and the credit investor,
Speaker 3: But is there something that links those two. What we
Speaker 3: learn about SpaceX is business through its ability to tap
Speaker 3: debt markets that might weigh on the equity as a consequence.
Speaker 6: I do think there's a connection in this particular instance. Now,
Speaker 6: I absolutely agree with that view that credit investors are
Speaker 6: different than stock investors. There's a little bit more side awareness,
Speaker 6: a little bit more protection on the fixed income side
Speaker 6: than on the equity side. And yet when we're looking
Speaker 6: at something like SpaceX with so much of its value
Speaker 6: future loaded, I guess I would say it does seem,
Speaker 6: given the enthusiasm that we're seeing around that issuance, that
Speaker 6: bond investors are taking a bit of a queue from
Speaker 6: equity investors and embedding a bit of hope in their
Speaker 6: expectations for how SpaceX might perform on the debt side.
Speaker 6: And of course, I think a broader point is just
Speaker 6: how much money this is going to take to realize
Speaker 6: some of the Elon Musk ambitions when it comes to SpaceX.
Speaker 3: Empowers Martin Norton a market's perspective, but you always roll
Speaker 3: with the biggest technology stories of the day, thank you
Speaker 3: very much. Indeed, now coming up, we're going to speak
Speaker 3: with seman CEO Roland Bush on bringing AI from a
Speaker 3: digital world into the physical conversation, really looking forward to
Speaker 3: that's next. This is Bloomberg Tech. AI is moving beyond
Speaker 3: chatbots and onto the factory floor, helping manufacturers boost productivity,
Speaker 3: with industrial AI becoming a bigger part of the conversation.
Speaker 3: Joining us now is Semens CEO Roland Bush, who recently
Speaker 3: met with European Commissioned President Ursula Vonderleon and other tech
Speaker 3: leaders to discuss AI's role in Europe's industrial future. But
Speaker 3: I would note as well, Roland, you were the first
Speaker 3: conversation I had this year. We started twenty twenty six
Speaker 3: with Jensen Wang talking about the transition into the physical world.
Speaker 3: Just very simply to start. Why Semens is bedding so
Speaker 3: much on industrial AI.
Speaker 7: Actually big aus Semens is really geared for this moment
Speaker 7: to bring AI into the real world.
Speaker 8: We call industrial I. Why you need a couple of things.
Speaker 7: Number one is you need to technology stack, and the
Speaker 7: stack includes hardware and software.
Speaker 8: Both is super relevant.
Speaker 7: Number two is domain no how we know how to
Speaker 7: build things we are on the shop floor.
Speaker 8: The next one is data.
Speaker 7: We have a lot of data, our own data, data
Speaker 7: shared with our customers and partners, and we have the
Speaker 7: trust of our customers because when the AI hits the
Speaker 7: real world, hallucination is not an option, so you need
Speaker 7: hardcore results.
Speaker 8: They should work.
Speaker 7: So we have all this and we can bring it
Speaker 7: now to the real world and lustban released. We have
Speaker 7: great partners like in media, like some others who are
Speaker 7: with us in making this transformation for our customers.
Speaker 3: I asked you at CES in January, give me a
Speaker 3: case study, an example. There's some evidence of AI in
Speaker 3: a factory anywhere in the world. Fast forward to June.
Speaker 3: Is it real now? Is there to please? You can
Speaker 3: point to please, it's really.
Speaker 7: Now, and we can talk about the design face, the
Speaker 7: manufacturing face, and the operation phase when you're asset sign
Speaker 7: the field. But you talked about an example on the
Speaker 7: shop floor. Actually, we now launched our King Engineering Agent.
Speaker 8: What is it.
Speaker 7: It is an agent which programs an industrial PC for you.
Speaker 7: So if you have a cutting chop on the shop
Speaker 7: floor and the cutting is not precise anymore, now an
Speaker 7: engineer has to go there reprogram your PLC and so on.
Speaker 7: Iing Engineering agent does it for you. You say, I
Speaker 7: mean my cutting machine is not not working precisely. I
Speaker 7: Engineering Agent analyzes the problem, breaks the problem down looks
Speaker 7: for all the data. The machines the job which has
Speaker 7: to be done, analyzes it, develops a code, runs it,
Speaker 7: compiles it. If it doesn't work, it compiles it over again,
Speaker 7: fixes it until you can say now go and you
Speaker 7: push a bottom and then PLC is running with the
Speaker 7: same precition as before. So we are brought king about
Speaker 7: fifty percent high productivity while the quality of your programming
Speaker 7: is increasing by eighty percent.
Speaker 8: So this is real fact.
Speaker 7: And now we're introduced using another function where electrical design
Speaker 7: comes also into this into the place. Well, there's a real,
Speaker 7: a real and this this what's not available in the market.
Speaker 7: So far we broughder to the market and ready to
Speaker 7: expand to other use cases.
Speaker 3: To either by geography or bi sector. Is there a
Speaker 3: market where there's just more speed here? You know, we
Speaker 3: reflected on your meeting with European Commission. Notoriously red tape
Speaker 3: can get in the way. What are you seeing in
Speaker 3: different markets around the world.
Speaker 7: I mean the hardest market as we can imagine currently
Speaker 7: is AI factories and data centers.
Speaker 8: And here we are really in the design pase together.
Speaker 8: It's in DDIA.
Speaker 7: We create a blueprint, a white paper for how an
Speaker 7: a high factor in the future looks like and guess
Speaker 7: what it's based on a digital twin. And this digital
Speaker 7: twin is optimized with AI obviously, But if you talk
Speaker 7: about other markets, for example, the fast growing markets which
Speaker 7: really need productivity and speed, semiconductors, a lot of investment
Speaker 7: going there, a lot of VAMS built, pharmaceutical there's a
Speaker 7: lot of investment also going to the United States, and
Speaker 7: aerospace and defense.
Speaker 8: We are ramping up our.
Speaker 7: Capabilities to produce stuff. So there are a lot of sectors.
Speaker 7: And then last part of lease, I mean the car
Speaker 7: industry is also under pressure. They need to evolve faster,
Speaker 7: having faster cycles, being more flexible in their production. So
Speaker 7: I can go on and on, and the topic is
Speaker 7: always the same. You will be faster in your design
Speaker 7: process using ANIE, coming from simulation which verifies to simulation
Speaker 7: which creates new designs, and all the way in the factory,
Speaker 7: way down to the point that you were deploying more
Speaker 7: and more robots, and guess what robots are also AI
Speaker 7: based automation devices.
Speaker 3: Siemens has an almost one hundred and eighty year history
Speaker 3: as an industrial company, an engineering company. You know the
Speaker 3: sense I've had from you Roland in the times we've
Speaker 3: spoken over the last twelve months and more is you
Speaker 3: are positioning Semens as a technology company. How will your investments,
Speaker 3: your attitude towards M and A reflect that. And when
Speaker 3: you think about the market of today, the volatility we
Speaker 3: see in the technology sector, do you think that Semens
Speaker 3: is being treated and valued as a technology company.
Speaker 7: Well, the short answer to the last point not yet
Speaker 7: fun We are working working on it.
Speaker 8: But the ons the point.
Speaker 7: Over the last some fifteen years or so, we invested
Speaker 7: thirty billion dollars in building.
Speaker 8: Up our software suite.
Speaker 7: It's the most comprehensive digital twin can be built with
Speaker 7: Semen's technology, and it's a physics based digital twin with
Speaker 7: a four year realistic representation using in media technologies for example.
Speaker 8: So and that's unique.
Speaker 7: All in all, the nine point four billion in twenty
Speaker 7: twenty five, nine point five four billion euros in digital
Speaker 7: revenue including software, we are going to double it.
Speaker 8: Until twenty thirty.
Speaker 7: So and this is a fast growing, high margin business
Speaker 7: and it's now even super charged with AI. We rewrite
Speaker 7: our software so it can be used by engineers and agents,
Speaker 7: so that means you can see higher growth rates because
Speaker 7: you can democratize it.
Speaker 8: The accelerating simulation.
Speaker 7: And again we are supercharging our operation software on the
Speaker 7: shop floor. We say AI technology, so yes, and we
Speaker 7: have that advantage again to combine the really needed world
Speaker 7: you need both hardware is more important than ever. I
Speaker 7: think about the data centers built, think about how robotics
Speaker 7: school is through the market to the shop floor. So
Speaker 7: therefore this combination is unique and we keep on going investing.
Speaker 7: It's a transformation. You mentioned it almost surday the years
Speaker 7: then the fastest transformation or history, and we are on
Speaker 7: the right track. But it requires again it's super fast adoption,
Speaker 7: but also of our customers, which we are supporting.
Speaker 3: Fresh from one of Europe's biggest keynotes, Fresh from meeting
Speaker 3: with Europe's most important leaders, Roland birsch Semen CEO, back
Speaker 3: on Bloomberg Tech, thank you very much. Indeed, now coming up,
Speaker 3: Qualcom is in advanced talks to acquire Modula. More on
Speaker 3: this multi billion dollar buying spree and AI software the conversations.
Speaker 2: Next, this is Bloomberg Tech.
Speaker 9: It's time now for talking tech. I'm youhirah Anand first up,
Speaker 9: the ongoing debate over AI replacing human workers just got
Speaker 9: a reality check. Oracle's latest annual filing disclosed that it
Speaker 9: slashed twenty one thousand jobs over the past year, with
Speaker 9: AI deployment across operations driving some of those cuts.
Speaker 2: This is Oracle is.
Speaker 9: Under financial pressure due to an expensive AI data center
Speaker 9: build out, plus soft Thanks Masayoshi's son is choosing Earth
Speaker 9: over Space. Son publicly dismissed Elon Musk's grand vision for
Speaker 9: orbital data centers, calling the math behind them a losing vet. Instead,
Speaker 9: he says software will focus on building formidable data center
Speaker 9: capacity here on Earth, and ten Cents is scaling back
Speaker 9: its global gaming empire. The Chinese tech Titan is in
Speaker 9: negotiations to unwind its massive post pandemic buying spree by
Speaker 9: offloading minority stakes in multiple international gaming studios like Japan's Marvelous,
Speaker 9: all to free up capital for in another. Then the
Speaker 9: global AI race ed.
Speaker 2: Thank you very much to hiring now.
Speaker 3: Qualcom is making a multi billion dollar play to season
Speaker 3: technology and talent at the cutting edge of AI, sources
Speaker 3: tell Bloomberg. The companies in advanced talks to acquire software
Speaker 3: company Modula for about four billion dollars. Bombos wrangle broke
Speaker 3: the story with the team and joins us. Let's start
Speaker 3: with the basics. What do we know about the deal?
Speaker 10: Yeah, so they're in advanced talks to acquire a Modular
Speaker 10: for about four billion dollars. It looks like that deal
Speaker 10: could be announced as soon as the coming weeks. I
Speaker 10: think this is part very much of this wider AI
Speaker 10: race four race in AI for inference technology. Basically, that's
Speaker 10: the process where you go from training models to actually
Speaker 10: putting them into production. And we've seen i think probably
Speaker 10: bookended by both the Grock video licensing deal that announts
Speaker 10: just before Christmas. We all remember that on Christmas Eve,
Speaker 10: and maybe also the Sam Bernova deal with Intel and
Speaker 10: Vista Equity Partners, the private equity firm. This is just
Speaker 10: really an arms race right now to see how quickly
Speaker 10: we can start to some of these inference costs for enterprise.
Speaker 10: What do we know about Modular in terms of like
Speaker 10: who's already on the cat table where they've been valued
Speaker 10: in their own private market activity. Yeah, I mean there's
Speaker 10: quite a few famous VC firms in there, really only
Speaker 10: Google Ventures, General Catalysts. General Catalyst is in there for
Speaker 10: quite a significant chunk of the money. They were valued
Speaker 10: at just over a billion dollars last September, I believe,
Speaker 10: so this would kind of be a fairly quick turnaround
Speaker 10: for those guys involved there. And I think this kind
Speaker 10: of also gets at something else, which is we've been
Speaker 10: hearing the callcom has been looking at companies like ten
Speaker 10: Turrent again another player that sort of sits in and
Speaker 10: around this influence AI sphere. Modular itself though, I mean,
Speaker 10: really is that software layer. It's putting those hardware chips
Speaker 10: and making them accessible to cross all different models. So
Speaker 10: that's on you know, Intel and Video and then in
Speaker 10: this case, soon to be Qualcom.
Speaker 2: Should this saw come to plan.
Speaker 3: Bloomberg Deals is right and good, Thank you very much.
Speaker 3: Indeena coming up, Venki Gannism from Menlo Ventures joins us
Speaker 3: talking about the firm's largest fundraise in its history and
Speaker 3: how backing AI startups is forcing, frankly, a shift in strategy.
Speaker 2: A really big and.
Speaker 3: Extended conversation coming up alongside Bloomberg's Natasha Mascarenis. It's halftime
Speaker 3: here in San Francisco. This is what markets look like.
Speaker 3: We're off session lows, but technology is selling off. This
Speaker 3: is Bloomberg Tech.
Speaker 2: Welcome back.
Speaker 3: To Bloomberg Tech Tuesday, June twenty third, there's a lot
Speaker 3: going on our top stories, the AI selloff and SpaceX's
Speaker 3: bumpy ride. Tech Equities reported Carmen Rhinikey standing by in
Speaker 3: New York with all of it common ed.
Speaker 11: Yeah, so we're seeing a lot of red on the
Speaker 11: screen here today. The nasdac's down almost three percent. The
Speaker 11: biggest laggards here are memory names, so we know this
Speaker 11: was kicked off in South Korea when a local media
Speaker 11: reports so that s k Heinex may be sort of
Speaker 11: pulling back on its AI chips, maybe shifting to d
Speaker 11: ram a little bit. That sent the market's tumbling, and
Speaker 11: it's sort of it sort of gave some pause to
Speaker 11: the AI trade that you've seen. So we can see
Speaker 11: the biggest laggards here sand Discorp, Micron Technology, and Lamb.
Speaker 11: So these are all memory names that are dragging that
Speaker 11: market lower. Let's also take a look at SpaceX today,
Speaker 11: so Sharre is actually seeing a little bit of dip buying.
Speaker 11: Perhaps yesterday we saw a pretty concentrated sell off the
Speaker 11: third day of declines that wiped more than four hundred
Speaker 11: billion dollars in market value from the stock. That was
Speaker 11: the second largest one day erasure of market cap in history,
Speaker 11: following only in Nvidia, and brought the three data client
Speaker 11: of more than six hundred billion dollars in values. So
Speaker 11: seeing more green on the screen here Today, shares up
Speaker 11: about two percent just off session highs.
Speaker 2: Few key levels will be watching.
Speaker 11: One is that one hundred and fifty dollars line that
Speaker 11: was where the stock opened at its trading debut. And
Speaker 11: the other one that we'll be looking at is a
Speaker 11: two trillion dollar valuation. We're just sort of flirting with
Speaker 11: that level right now.
Speaker 3: Back to you ed the most common rhyanikey on what's
Speaker 3: going on in tech in public markets.
Speaker 2: Let's get to private markets.
Speaker 3: Some of the big venture winners from the SPACEXIPO are
Speaker 3: cashing in by raising new funds that includes Valor Equity
Speaker 3: Partners founded by longtime MOSC ali Antonio Gressias. According to
Speaker 3: sources values, Fund seven will have about two point five
Speaker 3: billion dollars to invest in startups and more SpaceX shares bloom.
Speaker 3: Most common Arroyo joins us with the details. Let's start
Speaker 3: with the SpaceX part I find that so interesting. You know,
Speaker 3: one of the big winners from the biggest Iphei in history,
Speaker 3: we went over that. But part of the strategy of
Speaker 3: new funds is to put them back into Elon Musk company.
Speaker 12: So there Valor is now out there racing two point
Speaker 12: five billion for this fund. But the quirk with it
Speaker 12: is that the fund has already allocated a portion of
Speaker 12: the funds in two SpaceX shares, which is kind of
Speaker 12: interesting because SpaceX is already trading. But the Valor has
Speaker 12: been fund raising for the past few months. It's not
Speaker 12: happening like it's been happening since like late last year.
Speaker 3: Where does two point five billions sit in the scope
Speaker 3: of Valor's broader assets that it manages, Like this is
Speaker 3: a big firm, right and particularly remind us the return
Speaker 3: or the payoff of the value of their stake in
Speaker 3: SpaceX post flow.
Speaker 12: Right. Yeah, Valor is like said to have a massive
Speaker 12: one fall of like the four percent steak and SpaceX,
Speaker 12: But there are mainly an operational firm right late like
Speaker 12: two like lend resources to the company to the investing,
Speaker 12: so they have like very targeted investments. So they've they've
Speaker 12: been in all of a lot of like the Elon
Speaker 12: Musk's centures, but they also have a lot of consumer
Speaker 12: companies as well that they're invested in. But I think
Speaker 12: it like it kind of shows how much demand there
Speaker 12: is right now for kind of like being part of
Speaker 12: the winners.
Speaker 3: Bloombo's Carmen Roya, thank you very much. Just take a
Speaker 3: look at today's big number. Fifty billion dollars. That's how
Speaker 3: much Apple Dabi's MGX has raised from regional and global
Speaker 3: investors to accelerate spending on AI infrastructure and technology. That's
Speaker 3: according to sources, who also say the firm has already
Speaker 3: deployed capital from the new fund, which closed in recent weeks,
Speaker 3: and that it ranks among the biggest ever dedicated AI
Speaker 3: investment vehicles. More on venure capital and private Market's a
Speaker 3: little closer to home, Menlo Ventures has raised three billion
Speaker 3: dollars for new AI investments, the biggest fund raise in
Speaker 3: the firm's fifty year history. The move reflects just how
Speaker 3: dramatically venture capital is changing as investors' race to back
Speaker 3: the next generation of AI winners. Bloomberg's Bench Capital reporter
Speaker 3: Nasha Natasha Mascarinus broke this story, and she joins us
Speaker 3: alongside Melaventure's partner. Thank you Againissan, and here we are
Speaker 3: in San Francisco. It started with a really basic question,
Speaker 3: thank you, why why raise the three billion?
Speaker 13: First of all, Ed Natasha, thank you so much for
Speaker 13: having us here. It's a privilege to enjoy the special
Speaker 13: moment with you all. Fifty year history. I think this
Speaker 13: moment to me really reminds me of the Renaissance. Like
Speaker 13: I think when I look at the history of mankind
Speaker 13: and look at what happened in the Renaissance of the fourteen hundreds,
Speaker 13: AI is that moment where we actually have a new
Speaker 13: technology coming in, we have this incredible density of talent.
Speaker 13: It was in Florence and the Renaissance, it's in San
Speaker 13: Francisco with AI, and you have these patrons and the
Speaker 13: medicis funding these incredible whether that's Da Vinci Donatello and
Speaker 13: the equal of that would be Dario and Dennis. And
Speaker 13: so I think like that moment is here.
Speaker 2: This is a new thesis to this show and going.
Speaker 13: And to me, the our fifty year history meant that
Speaker 13: we have had this history of finding these moments, and
Speaker 13: for Menlo, it's a special moment to be able to
Speaker 13: have that capital to fund these increbl entrepreneurs. There is
Speaker 13: an amazing eighteen year old woman out there who's thinking
Speaker 13: about starting a company and want her to know that
Speaker 13: we are ready with our capital defund.
Speaker 14: The speaking of history, I mean, this is not the
Speaker 14: first time we've seen Menlo Ventures raise record funds.
Speaker 2: I know in the past.
Speaker 14: In two thousand and five, Menlo raised one point two
Speaker 14: billion dollar fund, you know, eventually to cut it back
Speaker 14: down to four hundred million to get back to the roots.
Speaker 2: So what's different this time?
Speaker 14: You know, what defends the choice to grow the fund size?
Speaker 14: Really also talk to me a little bit about strategy
Speaker 14: and sort of how you plan to invest such a
Speaker 14: big amount of capital.
Speaker 2: Great questions today.
Speaker 13: I mean to me, it's all about making sure we're
Speaker 13: the right capital for the right moment. So I believe
Speaker 13: that we have a Goldilock strategy. We are big enough
Speaker 13: to be able to fund all the companies that matter,
Speaker 13: yet small enough to drive venture rates of return.
Speaker 2: And that's really been our focus.
Speaker 13: We want to be driven by scarcity, so our strategy
Speaker 13: fits that, and we want to find the companies that
Speaker 13: really madden and then concentrate on them.
Speaker 3: Is this what you call avoiding the middle? The venture
Speaker 3: capitals will middle.
Speaker 13: Exactly to us, We want to be in the barbell.
Speaker 13: We want to be in the earliest stage where we
Speaker 13: can find amazing entrepreneurs pre product market fit, but get
Speaker 13: high ownership, and then we want to back the clear
Speaker 13: winners like we have done with an anthropic, a lovable
Speaker 13: and open evidence companies that are scaling and making a difference.
Speaker 14: How much does experimentation show up in check writing these days?
Speaker 14: I know ed and I've spoken a lot about coconut seed.
Speaker 2: Yeah, what's the point of a seed round?
Speaker 14: Essentially exactly exactly, Like, how do you think about that?
Speaker 13: Yeah, actually, it's funny you mentioned it. We actually came
Speaker 13: up with the new STREETE siege strategy where we wanted
Speaker 13: to be nimble, so we set aside a small group
Speaker 13: of dedicated partners, people like Tim Talley, the CEOs Flank
Speaker 13: joff Redfern, the chief product officer of a Classian Matt
Speaker 13: Greening ditdas very dedicated group of people and had a
Speaker 13: different focus. We could actually make an investment with a
Speaker 13: smaller group of people without going to investment committee. So
Speaker 13: I think experimentation has been a very core part of
Speaker 13: our fifty year history. We've always wanted to make sure
Speaker 13: that we are changing with the times, right, the most
Speaker 13: important things we've got to change with the times. We
Speaker 13: also experimented by funding neo labs, and so that's also
Speaker 13: been an area of focus for.
Speaker 3: US funding neolabs, giving founders access to computes, moving away
Speaker 3: from certain areas biology for example, or not moving away
Speaker 3: pairing back to focus unpack all of that.
Speaker 13: Yeah, I think when I think about it, you probably
Speaker 13: moved away more from like fintech and SaaS and more.
Speaker 2: AI centric areas.
Speaker 13: Right to me, biology could be one of those areas
Speaker 13: in which AI makes a huge impact. I mean, look,
Speaker 13: the most important things we can do are to help
Speaker 13: lengthen human lifetime and improve the quality of life. I
Speaker 13: think AI is going to make a big impact in
Speaker 13: drug discovery and it's going to have one of the
Speaker 13: most positive impacts on healthcare.
Speaker 14: You know, you said something to me during our interview,
Speaker 14: but this didn't make the story, but you said, you know,
Speaker 14: in order to win and venture to be Contrarriyan, you
Speaker 14: have to be right and you have to be alone
Speaker 14: where an AI is menlo right and alone.
Speaker 13: Right now, I'll tell you we were right and alone
Speaker 13: in twenty twenty three when we led that round in
Speaker 13: anthropic kudos to my partner Matt, who saw this opportunity.
Speaker 13: Matt Tim They saw that this was going to be
Speaker 13: a special company. If you remember that time everybody talked
Speaker 13: about open Ai and Microsoft, they said the game was over.
Speaker 13: Open Ai as a great winner.
Speaker 2: Look, open Air is a great company.
Speaker 13: But we had the conviction to put five hundred million
Speaker 13: in an eighteen billion dollar round, and I think a
Speaker 13: lot of people didn't want to. And that's what I
Speaker 13: mean is you've got to be contrary in right. It's
Speaker 13: not the first time we did that at Siri. We
Speaker 13: did that with Uber, we did that with Vocal.
Speaker 2: The state of play is really different.
Speaker 3: Now we're going to talk a bit more about the field. Yeah,
Speaker 3: you know, after we take a quick break. Something you
Speaker 3: said about the eighteen year old, maybe it's not an
Speaker 3: eighteen year old. But what we're seeing is rounds where
Speaker 3: there are maybe a few founders, alumni of existing frontier
Speaker 3: labs or academics. They're raising hundreds of millions of dollars
Speaker 3: from the get go, and the venture firm seems to
Speaker 3: be making a bet on those people their expertise and
Speaker 3: their credentials in the field.
Speaker 2: Is that where you expect this to go.
Speaker 13: Yeah, I mean, to me, it's more about making sure
Speaker 13: it's not about eighteen or eighty. It's about finding the
Speaker 13: right person. I think what is different about this time
Speaker 13: is that a lot of the right people are researchers,
Speaker 13: which is different from what traditionally has been the focus.
Speaker 13: And so the thing we spent a lot of time
Speaker 13: at Menlo is thinking about how do we identify these people,
Speaker 13: what are the characteristics that make this We've used a
Speaker 13: lot of and AI internally, so I say we are
Speaker 13: not all in on AI. We also all in on
Speaker 13: AI internally to how we build the firm, and we
Speaker 13: use that to identify the people and then when you
Speaker 13: find them, the act with conviction.
Speaker 14: I talked to the CEO of Axiom for my story today,
Speaker 14: who's building.
Speaker 13: A twenty one year old math genius?
Speaker 4: Yeah?
Speaker 8: I mean?
Speaker 14: And something she said that was interesting was that, you know,
Speaker 14: having technical debates with your vcs is actually a hugely
Speaker 14: valuable ad in this moment. A lot of people invest
Speaker 14: in AI, but a lot of people can't have those debates,
Speaker 14: like talk to me about how you are, how you
Speaker 14: are you personally are staying up to date on AI,
Speaker 14: and how you're getting competitive intelligence right now? Where are
Speaker 14: you finding? You know, these founders between eighteen and eighty.
Speaker 13: Yeah, I mean to me, first thing is to be
Speaker 13: able to do that, you've got to have the right
Speaker 13: technical people in the building. And so we spend the
Speaker 13: last four years making sure that we built the right
Speaker 13: technical team. We talked a little bit about Tim our
Speaker 13: co founder of splunk DD Matt Craning, jaff Redfern, and
Speaker 13: then we.
Speaker 2: Got to use the technology ourselves.
Speaker 13: One of the things we did, and I think you
Speaker 13: mentioned this in your story, we put microphones in a
Speaker 13: lot of this, or the use of a new product
Speaker 13: called Whisper, another founder that you're familiar with. And so
Speaker 13: the idea is we got to use the technology. We
Speaker 13: got to eat, drink our own champagne, as I like
Speaker 13: to say, and then make sure that we are there
Speaker 13: ready to meet the founders where they are.
Speaker 3: Okay, Bloombergs and Sash Mascarinus and Meno Ventures is Vinky again,
Speaker 3: I get to stay with us. We're going to take
Speaker 3: a quick break and then we're going to get back
Speaker 3: to the competition in the field of frontier labs valuations
Speaker 3: and muscling in in a world where the mutual funds,
Speaker 3: the strategics in everyone wants.
Speaker 2: A piece of that pie. Stay with us. This is
Speaker 2: Bloomberg Tech.
Speaker 3: Meno Ventures caused its early investment in Anthropic a bet
Speaker 3: the firm moment at the time.
Speaker 2: All the way back.
Speaker 3: In twenty twenty three, twenty four, Anthropic was viewed a
Speaker 3: distant challenger to open AI. Today that wager stands as
Speaker 3: one of the most consequential investments of the AI era.
Speaker 2: But the field and world is different.
Speaker 3: Bloomberg's VC report and attachment Maskrain is still with us
Speaker 3: and there's been reporting on that along with Menlo Ventures partner.
Speaker 2: Thank you Ganison. I say the field is different.
Speaker 3: When you did that Anthropic round and in the last
Speaker 3: block we talked about how consequential that was, everything happened
Speaker 3: very quickly thereafter, many frontier labs raised money regularly, and
Speaker 3: those joining the cap table were different. They weren't venture firms,
Speaker 3: they were mutual funds, legacy Wall Street institutions, hyperscalers, other strategics.
Speaker 3: How does that change impact affirm like Menlo.
Speaker 13: It changes because it brings in a whole set of
Speaker 13: new players. But I think they bring good perspective from
Speaker 13: up We look at this as an opportunity to collaborate
Speaker 13: and find people who again, look, when you have a
Speaker 13: gold run, everybody rushes in. And I think it takes
Speaker 13: a lot of capital to build these companies, and these
Speaker 13: companies are these sorts as special. You spoke to Karina
Speaker 13: of Actual Math. She has raised now o one hundred
Speaker 13: and fifty million, And I think the way to make
Speaker 13: you know, they say it takes a relay.
Speaker 2: To raise a child.
Speaker 13: It almost takes a country to raise one of these
Speaker 13: AI companies. That's the amount of capital. And I think
Speaker 13: we welcome the chance to collaborate some of these folks
Speaker 13: and they've been great partners.
Speaker 14: Bring me back into that moment of deciding to bet
Speaker 14: the firm really on anthropic. I mean, my reporting says
Speaker 14: that Menlo has put around one billion into the company,
Speaker 14: a stake that is worth nearly fourteen billion. That's according
Speaker 14: to sources familiar with the matter. I mean, that kind
Speaker 14: of return is exciting. It's also the kind of thing
Speaker 14: that I'm guessing you guys are looking to replicate. So
Speaker 14: you know, what's the takeaway there and what are you
Speaker 14: looking you know, how are you changing the way that
Speaker 14: you write checks?
Speaker 13: I think the formula is simple, right, And this has
Speaker 13: been the same formula that's worked for a last of Tears,
Speaker 13: which is go deep into an area, build a thesis,
Speaker 13: find the best company that you can commit to that founder,
Speaker 13: and then partner with them to build with conviction. And
Speaker 13: every one of those things happened with Anthropic in the
Speaker 13: sense that we look at the entire AI landscape, we
Speaker 13: zeroed in on this very very special founding team of
Speaker 13: Daniella and Dario and the six other founders, and then
Speaker 13: my partner Matt said, we got to lean with conviction.
Speaker 13: We all rallied around it, and we raised the biggest
Speaker 13: capital we ever have, and then we have committed to
Speaker 13: build the company with them. And to me, that's the
Speaker 13: same formula we did with Uber, we did with Roku,
Speaker 13: we did a chime, and I think the same formula
Speaker 13: will do in the future. Really selective. We will find
Speaker 13: we have a Goldilocks strategy to be the right size,
Speaker 13: and then we find the right company, we will lead
Speaker 13: with conviction and concentrate on them.
Speaker 14: What do you make of the king making, you know,
Speaker 14: in a queen making strategy that's across the Logan Valley,
Speaker 14: the idea of sort of anointing a winner early on
Speaker 14: by putting a lot of capital into them. That is
Speaker 14: quite different than the anthropic bet that you guys made.
Speaker 14: It was definitely you know, pre revenue and pre household.
Speaker 2: Name well he did cool Daria, the Da Vinci of
Speaker 2: this age. So I don't sorry, no, but yeah, I'm curious.
Speaker 14: I guess the idea of you know, trying to find
Speaker 14: that company not when it's you know, a multi billion valuation,
Speaker 14: but when it's at a fifty million valuation and helping
Speaker 14: it hit that that that those usual numbers.
Speaker 13: So first of all, I love the fact that you
Speaker 13: said queen making.
Speaker 2: I'm a family.
Speaker 13: We have three daughters and my wife is definitely the
Speaker 13: queen of a house. So I like that. And Andiel
Speaker 13: to us, you're right. The way I think we think
Speaker 13: about queen making is to really find those companies early,
Speaker 13: and we have found plenty of those. So while we
Speaker 13: love Anthropic, it's an amazing company. I literally talked to
Speaker 13: my investors about the ten Ai companies not named the
Speaker 13: Anthropic be excited about a company like axiomth where we
Speaker 13: found Karina invested in her very early on open evidence,
Speaker 13: open evidence, which I know you have a connection with
Speaker 13: are lovable. These are all companies they have found early.
Speaker 13: That's really been Melo's focus. Find them early, partner with them,
Speaker 13: size up with conviction, and then build.
Speaker 3: I don't want to put you in a position where
Speaker 3: you can't speak freely. And I get that you know anthropics,
Speaker 3: file confidentially, et cetera. But it seems like there are
Speaker 3: two stories that are both true. At the same time,
Speaker 3: companies are staying private for longer, and yet we are
Speaker 3: on the cusp of a very big I PO window.
Speaker 3: How do you interpret that moment? And also like the
Speaker 3: thing is that it's not just that private companies are
Speaker 3: saying private longer, that the private market seem very willing
Speaker 3: to support that duration and the level of funding that
Speaker 3: they need.
Speaker 13: It is very much true that the private markets are
Speaker 13: probably the biggest I've seen in my lifetime. Right, I've
Speaker 13: been doing mention capital now for my thirtieth year, and
Speaker 13: they're deeper, and this allows companies to stay private, though
Speaker 13: I think eventually my feeling is a lot of these
Speaker 13: companies should go public for a couple of reasons. One,
Speaker 13: we do want the public to participate. I think it
Speaker 13: is very important that in this Ai revolution you see
Speaker 13: it as democratic, yes, and I think it's good for
Speaker 13: society to be able to participate as a wider group.
Speaker 13: I also think that going public creates discipline for all
Speaker 13: these private companies. You know, ultimately, you know, sunlight is
Speaker 13: the best disinfectant, and there's no better sunlight than going public.
Speaker 3: Melo Ventures partner Frankie Gnison and Bloomberg's Natasha Mascarinis, who
Speaker 3: has detailed the firm's history and its latest fundraised three
Speaker 3: billion in funds to back aiur startups on the Bloomberg
Speaker 3: This Morning, Thank you very much. Like coming up, Meta
Speaker 3: is joining the wearables game with its own smart glasses,
Speaker 3: launching three models that are cheaper and fashion forward. My
Speaker 3: producers tell me, hmmm, we'll discuss This is Bloomberg Tech.
Speaker 3: Metha is launching its own smart glasses under its own
Speaker 3: brand for the first time after popularizing wearables through RayBan
Speaker 3: and Oakley partnerships. The tech giants glasses are cheaper and
Speaker 3: even they keep writing this the team fashion forward, with
Speaker 3: one model made in collaboration with Kylie Jenner. Bloomber's consumer
Speaker 3: tech editor Mark German has the details. That's the distinction, right,
Speaker 3: This is Meta All the way through still manufactured by
Speaker 3: a sul Luck Sodoka.
Speaker 2: But for you in.
Speaker 3: Your reporting, like what is this is a moment for
Speaker 3: the wearables category and the smart glasses category, you.
Speaker 2: Know, it's interesting.
Speaker 15: At the end of twenty twenty seven, Apple's going to
Speaker 15: introduce N fifty, that's what it's called within Apple, but
Speaker 15: that is the Apple Smart glasses. And of course, the
Speaker 15: way Apple is vertically integrated, they are going to be designing,
Speaker 15: in branding the glasses, you know, under the Apple name,
Speaker 15: using their own design team. Meta has been licensing the designs,
Speaker 15: are working with Esler Lexotica and basically taking ray Bands
Speaker 15: Oakley's and they're planning other brands like Prada and making
Speaker 15: those smart And for the first time, what Meta's doing
Speaker 15: is they're launching their own Meta branded glasses.
Speaker 2: Right.
Speaker 15: These are not ray Bands, these are not Oakley's. These
Speaker 15: are Meta design glasses by the Meta Industrial and Harvard
Speaker 15: design team within the social networking giant, And so that
Speaker 15: is a.
Speaker 2: Big change for them.
Speaker 15: And by going internal, going in house, that allows them
Speaker 15: to come out with a low end and entry level
Speaker 15: tier for their smart glasses. If you remember, at the
Speaker 15: end of last year, Meta raised the prices of their
Speaker 15: Smart classes with the second generation model, and so the
Speaker 15: entry level of the ray bands, the smart ray bans
Speaker 15: costs about three hundred and eighty dollars. These ones that
Speaker 15: I'm wearing, these are the new Meta branded ones.
Speaker 2: Those are wearing those I.
Speaker 15: Am wearing them. Yes, normally wouldn't be wearing glasses on here,
Speaker 15: but I had to bring these out. I just got
Speaker 15: this prayer last night from Meta. So these are three
Speaker 15: hundred dollars. So that comes in at eight hundred dollars less.
Speaker 15: So that the big play here bringing something that is
Speaker 15: a bit more affordable to market by using their in
Speaker 15: house brand and design.
Speaker 3: Okay, so we have definitively answered the question whether or
Speaker 3: not these are fashion forward. They're fashion forward. I love
Speaker 3: greatam and modeling them. Now you look great. Let's get
Speaker 3: into the technology part. We only have thirty seconds, but
Speaker 3: the capability of these relative to what Meta already had
Speaker 3: out there. O, they're identical, they're the same.
Speaker 15: But the cool anecdote I can give you is that
Speaker 15: Meta seems to be seriously considering launching versions of its
Speaker 15: classes without cameras. Now that creates a few interesting wrinkles here.
Speaker 15: One that'll allow them to create new designs that are
Speaker 15: maybe slimmer and lighter, with more battery life because fewer
Speaker 15: components needing to be dedicated to the camera system. Also
Speaker 15: more privacy conscious and no cameras audio only experience also
Speaker 15: means cheaper, right.
Speaker 3: Bloomberg's Mark Gunman, who leads our consumer technology team on
Speaker 3: the metaglasses, thank you so much. That does it for
Speaker 3: this edition of Bloomberg Tech really packed show lot going
Speaker 3: on in public markets and in private markets in the
Speaker 3: world of technology. Recap all of that on the podcast.
Speaker 3: You can find it on the Bloomberg terminal as well
Speaker 3: as online on Apple, Spotify, and iHeart.
Speaker 2: Have a great day, it's a Bloomberg Tech