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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: A strike is on in the auto industry. At midnight

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Speaker 3: last night, members of the United Autoworkers Union walked out

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Speaker 3: of Select plants run by Ford, General Motors and Stillantis

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Speaker 3: after their contract deadline passed. Union president Sean Fain says

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Speaker 3: it's the first time they're striking all three Detroit automakers

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Speaker 3: at the same time.

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Speaker 4: This strategy will keep the companies guessing. It will give

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Speaker 4: our national negotiators maximum leverage and flexibility and bargaining, and

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Speaker 4: if we need to go all out.

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Speaker 3: We will UAW. Sean Fain says they'll add more strike

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Speaker 3: locations depending on how bargaining goes. General Motors CEO Mary

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Speaker 3: Bara posted an online video to the workers saying she

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Speaker 3: is still willing to negotiate in good faith.

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Speaker 5: Nobody wins in a strike. We all know that from

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Speaker 5: heart experience, strike negatively impacts lives and communities. We have

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Speaker 5: presented a historic offer that rewards you for being key

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Speaker 5: to our success and a competitive advantage for GM.

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Speaker 3: And GM's Mary Barra says the automaker's non union competition

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Speaker 3: will waste little time taking advantage of the workstoppage.

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Speaker 2: Well, Nathan, the walkout at all three automakers at the

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Speaker 2: same time as a new strategy by the UAW. We

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Speaker 2: get more from Bloomberg Auto reporter Craig Trudell.

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Speaker 6: It's really big and it's unprecedented. What we usually see

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Speaker 6: from the union is that they sort of pick out

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Speaker 6: one automaker to negotiate with and then use an agreement

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Speaker 6: reach with that automaker as a sort of pattern, a

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Speaker 6: form of pattern bargaining bargaining with the other two. In

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Speaker 6: this case, they've decided to strike all three companies at

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Speaker 6: at once, which they have not done.

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Speaker 2: Before, and Bloomberg's Craig Trudell says the strategy is designed

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Speaker 2: to cut production of popular vehicles while at the same

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Speaker 2: time limiting the impact on the uaw's strike fund.

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Speaker 3: Well, Karen, we have developments this morning involving a different

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Speaker 3: labor dispute. Hollywood's striking writers have agreed to resume negotiations

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Speaker 3: with the movie and TV producers. Bloomberg Zed Baxter has

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Speaker 3: that story.

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Speaker 7: The AMPTP, representing the studio streaming Services and Productions, say

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Speaker 7: that guild reached out asking for a meeting and that

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Speaker 7: they had agreed. The strike has gone on for four

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Speaker 7: and a half months over issues including pay, job security,

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Speaker 7: and the big issue, the use of artificial intelligence. Previous

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Speaker 7: attempts to restart talks fell flat. A handful of meetings

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Speaker 7: last month but nothing. The writer said they got a

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Speaker 7: lecture on how good the studio's offer was. So no

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Speaker 7: date set yet, but a glimmer of hope for next

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Speaker 7: week in California. I'm at Baxter Bloomberg Radio.

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Speaker 8: All right, and thanks well.

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Speaker 2: Sticking with the entertainment industry, there's new developments in the

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Speaker 2: pursuit of ABC. Bloomberg News has learned a former comic

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Speaker 2: turned media mogul is interested in buying the TV network

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Speaker 2: from Disney, and we get more from Bloomberg media reporter

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Speaker 2: Chris Paulmery.

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Speaker 9: We also have heard that fire and Allen, who owns

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Speaker 9: a weather channel and a bunch of other local stations,

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Speaker 9: has expressed interests as well. So we're far from a deal.

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Speaker 9: It seems Disney seems to have trouble making up his

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Speaker 9: mind whether he really wants to go forward with this,

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Speaker 9: but there are people.

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Speaker 2: Interested, and Bloomberg's Chris Paul Mary says Alan submitted a

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Speaker 2: ten billion dollar offer to Disney to acquire ABC, as

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Speaker 2: well as local stations and the FX and National geographic

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Speaker 2: cable channels. Bloomberg's David Weston, used to be the president

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Speaker 2: of ABC News, says he has not surprised Disney CEO

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Speaker 2: Bob Iger is exploring his options.

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Speaker 10: When Bob gave that interview and said everything's on the table,

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Speaker 10: and he was, oh, my goodness, how coun you say that, Well,

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Speaker 10: he wouldn't be doing his job if he weren't wanting

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Speaker 10: to consider everything. Because I think the turmoil and upset

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Speaker 10: in the media business is just that profound, and if

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Speaker 10: you're a CEO, you should be looking at all the options.

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Speaker 10: So it doesn't surprise me.

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Speaker 2: Look at and that's David Weston, the host of Bloomberg's

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Speaker 2: Wall Street Week. Disney said that while it's considering strategic

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Speaker 2: options for its traditional TV networks, no decisions about a

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Speaker 2: sale have been made.

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Speaker 3: All right, turn our attention now, Karen to the biggest

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Speaker 3: IPO of the year. Shares of chip designer ARM surged

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Speaker 3: almost twenty five percent in their first day of trading.

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Speaker 3: The company now has a market value of more than

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Speaker 3: sixty five billion dollars. Arm CEO Renee has tells us

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Speaker 3: he's confident the company's growth will be sustained.

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Speaker 11: We also have a very unique business model that gives

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Speaker 11: us the ability to have a very very good vision

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Speaker 11: in the future in terms of when people use our products.

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Speaker 11: So relative to our confidence in the outlook, we have

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Speaker 11: a very very high competence that the growth rate that

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Speaker 11: we have talked about will be sustained.

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Speaker 3: Renee Hass added Arms open to the idea of a

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Speaker 3: secondary listing in the UK.

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Speaker 2: Well Nathan, the success of the arm IPO maybe having

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Speaker 2: ripple effects. The Wall Street Journal is reporting Instacart is

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Speaker 2: preparing to raise the target price for its initial public

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Speaker 2: offering next week to twenty eight to thirty dollars a share.

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Speaker 3: In Asia this morning, Karen China's economy is showing signs

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Speaker 3: of picking up steam. Industrial production and retail sales growth

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Speaker 3: jumped in August from a year earlier. The improvement comes

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Speaker 3: as the government's beefed up pro growth measures.

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Speaker 2: And speaking of and Nathan famed, a short seller, Jim

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Speaker 2: Chaino says President Shi Jinping has put ideology over the

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Speaker 2: nation's economy, and he tells Bloomberg that raises the risk

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Speaker 2: to the rest of the world if China's growth model falters.

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Speaker 12: Previous leaders since Thankshaping really put economic growth first and foremost,

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Speaker 12: and with Shishingping, I think it is more about party

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Speaker 12: ideology and things like national defense. It's a much more

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Speaker 12: muscular China than we've seen previous.

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Speaker 2: Decades, and Jim Chino says the Chinese market has been

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Speaker 2: a terrible place for investors over the past decade. Time.

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Speaker 2: Now for a look at some of the other stories

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Speaker 2: making news around the world. From that, we're joined by

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Speaker 2: Bloomberg's John Tucker.

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Speaker 13: John, good morning, and good morning to you, Karen. Hurricane

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Speaker 13: Lee about to head up on a track along the

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Speaker 13: coast in the northeast. Huge waves of twelve feet already

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Speaker 13: being seen from Florida all the way up to the

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Speaker 13: coast of Maine, and Mayor Michelle wou As a word

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Speaker 13: of warning.

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Speaker 2: Conditions are still anticipated to be similar to that of

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Speaker 2: a nor'easter because the spread.

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Speaker 8: Of this storm and the wind and the rain will.

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Speaker 6: Extend far beyond the center of it over into the coast.

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Speaker 13: Its closest approach is a hurricane to the US should

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Speaker 13: be tomorrow morning. That's when Tropica storm force winds would

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Speaker 13: be scraping Cape cod At up through parts of Maine.

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Speaker 13: President Biden's son Hunter has been indicted on three felony

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Speaker 13: gun charges. The news coming as President Biden was delivering

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Speaker 13: his speech on the economy in Maryland. The President wouldn't comment.

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Speaker 8: There's a lot more I know we could talk about it.

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Speaker 7: I wish I had chance to take all your questions,

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Speaker 7: and I'm going to get in real trouble if I

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Speaker 7: do that.

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Speaker 13: He's accused of buying a firearm without disclosing that he

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Speaker 13: was using drugs at the time. A mystery surrounding the

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Speaker 13: status of China's defense minister that story in this report

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Speaker 13: from Bloomberg staff Benlinger.

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Speaker 14: The US government believes China's Defence minister has been stripped

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Speaker 14: of his duties and placed under investigation. According to a

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Speaker 14: report in The Financial Times. It is raising questions about

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Speaker 14: turbulence within President Shi Jinping's new lineup of loyalist leaders.

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Speaker 14: The defense minister's dropped from public view comes after she

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Speaker 14: purged several other top leaders in recent months without explanation.

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Speaker 14: Those moves of fanned investor fears that she's policy swings

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Speaker 14: are making China more volatile Jeff Bullinger, Bloomberg Radio.

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Speaker 13: David McCormick, the former Bridgewater Associate's chief executive officer, will

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Speaker 13: likely seek the Republican nomination for US Senate in Pennsylvania

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Speaker 13: if you're looking to take the seat now held by

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Speaker 13: Bob Casey, a three term Democrat and son of the

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Speaker 13: former governor. It's not exactly an anniversary worth celebrating, but

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Speaker 13: fifteen years ago today, Linden Brothers went bankrupt with no

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Speaker 13: willing buyer and no rescue for the government. The resulting

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Speaker 13: financial crisis of two thousand and eight still shapes the

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Speaker 13: investment landscape. Global news twenty four hours a day, were

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Speaker 13: powered by more than twenty seven hundred journalist and analysts

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Speaker 13: in more than one hundred twenty countries. I'm John Tucker,

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Speaker 13: and this is Bloomberg Karen.

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Speaker 2: All right, John, thank you, and now get the latest

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Speaker 2: news whenever you wanted with Bloomberg News Now. It's a

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Speaker 2: top story from our global team of reporters at the

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Speaker 2: click of a button. Get Bloomberg News Now on the

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Speaker 2: Bloomberg Business app, Bloomberg dot com, and anywhere you get

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Speaker 2: your podcasts. Time now for the Bloomberg Sports Update. And

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Speaker 2: here's John stash Hour John.

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Speaker 15: Karen Thursday Night Football the kickoff Week two battle of

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Speaker 15: teams who won their division in the NFC last year.

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Speaker 15: The Eagles, of course, went all the way to the

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Speaker 15: Super Bowl. They've been sloppy first two games, but they

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Speaker 15: are two to zero. They built up a twenty seven

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Speaker 15: to seven lead third and four and held on to

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Speaker 15: beat Minnesota thirty four to twenty eight. Eagles doing their

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Speaker 15: damage on the ground two hundred and fifty nine yards rushing.

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Speaker 15: DeAndre Swift had one hundred and seventy five of those

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Speaker 15: scored a key late touchdown. Kylin Hurts did throw a

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Speaker 15: sixty three yard touchdown pass to Devonte Smith. Minnesota did

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Speaker 15: damage through the air, with Kirk Cousins throwing for three

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Speaker 15: hundred and sixty four yards and four touchdowns, but the

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Speaker 15: Vikings a zero and two because of turnovers they had

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Speaker 15: three and last Sundays lost to Tampa Bay on four

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Speaker 15: more turnovers. Last night, the Red Sox have fired their

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Speaker 15: general manager, Kaim Bloom. He had the job for four years.

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Speaker 15: During that time, Red Sox were only the playoff team once.

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Speaker 15: Team owner John Henry said in a statement, today signals

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Speaker 15: a new direction for our club. Red Sox and Yankees

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Speaker 15: played a doubleheader at Fenway split two of those teams

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Speaker 15: looking to avoid finishing in last place, Tampa Bay and

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Speaker 15: Baltimore looking to finish in first in the AL East

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Speaker 15: and get the first round by and The Rays started

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Speaker 15: a series of camp and yards, winning four to three.

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Speaker 15: They're only one game behind the Orioles. Nationals had only

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Speaker 15: two hits lost in Pittsburgh, two nothing. The Giants rained

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Speaker 15: out at Colorado. The teams they're fighting with to make

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Speaker 15: the playoffs all lost, the Diamondbacks, the Reds, and the Marlins.

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Speaker 15: John Stasheward Bloomberg Sports.

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Speaker 16: From coast to coast, from New York to San Francisco,

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Speaker 16: Boston to Washington, DC, nationwide on Syrias Xam, Bloomberg Business Appen,

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Speaker 16: Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 7: Good morning.

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Speaker 3: I'm Nathan Hager, and as of midnight, auto workers are

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Speaker 3: on strike at selected plants at Ford General Motors and

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Speaker 3: jeep maker Stilantis. It may be just the beginning of

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Speaker 3: a long and drawn out labor dispute for the auto industry.

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Speaker 3: United Autoworkers President Sean Fain announced the targeted walkouts late

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Speaker 3: last night.

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Speaker 4: We are committed to winning an agreement with the Big

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Speaker 4: three that reflects the incredible sacrifice and contributions UAW members

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Speaker 4: have made to these companies.

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Speaker 9: And for more.

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Speaker 3: We're joined by Bloomberg's Critty Gutuo has been tracking the negotiations

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Speaker 3: and is now tracking the walkout. Pretty these talks clearly

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Speaker 3: have broken down. So what comes next?

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Speaker 17: Yeah, we are on our sakes of a really historic event,

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Speaker 17: the first of its kind to see all three major

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Speaker 17: carmakers in the US four GMN stallants deal with a

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Speaker 17: walkout like this and a strike all at the same time.

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Speaker 17: I mean again, it is a truly historic moment amid

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Speaker 17: a broader labor movement we're seeing across the country. Nathan,

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Speaker 17: there are three numbers you need to know here. Forty six,

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Speaker 17: twenty and one hundred and fifty thousand. Let's start with

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Speaker 17: the bottom. One hundred and fifty thousand. That's how many

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Speaker 17: people are involved in this now. So many people are

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Speaker 17: represented by the United Auto Workers Union. Forty six percent

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Speaker 17: is the initial offer that they came with, the idea

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Speaker 17: here they wanted for their next contract that's going to

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Speaker 17: be about four and a half years. A forty six

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Speaker 17: percent increase in pay over the next four and a

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Speaker 17: half years. And my last number here is twenty percent.

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Speaker 17: That's what GM and Ford and Salanta said about eighteen

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Speaker 17: percent countered with. So you can see there's clearly a

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Speaker 17: very big discrepancy between what the unions actually asked for

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Speaker 17: and what the carmakers are willing to offer now. But

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Speaker 17: even as negotiations have progressed, we've gotten that request number

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Speaker 17: down to about thirty six percent on the union side.

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Speaker 17: But look, thirty six percent versus twenty percent, you can

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Speaker 17: see still a massive gap.

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Speaker 3: Yeah, it's still a big gap. And it's not just

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Speaker 3: the pay increase. Is that these union workers are looking for.

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Speaker 3: They're looking to clawbacks and benefits that they gave up

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Speaker 3: more than a decade ago, including cost of living adjustments.

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Speaker 3: That's something that they gave up after the bailout of

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Speaker 3: the auto industry.

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Speaker 8: Yeah, I'm having a.

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Speaker 17: Little bit of deja vous here, because I mean this

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Speaker 17: is something that you've seen time and time again with

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Speaker 17: a lot of the workers that are in industries that

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Speaker 17: are a little bit more labor intensive. I mean, car

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Speaker 17: making is just one of them. Railroads, for example, is another.

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Speaker 17: Shipping logistics is another one. Remember when we were talking

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Speaker 17: about the Team Stars negotiations and working conditions simply as

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Speaker 17: a function of do you get air conditioning in delivery

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Speaker 17: trucks was a sticking point in those negotiations. Similarly, you

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Speaker 17: are seeing those working conditions for the United Auto Workers

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Speaker 17: as well. Sick pay is also part of the agenda.

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Speaker 17: I remember for the railroad strikes, sick pay was not

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Speaker 17: included at all. They didn't get any sick pay. You

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Speaker 17: essentially got docked actually for taking a sick day in

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Speaker 17: the railroad industry due to laws from ages ago. Car

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Speaker 17: making is very very interesting because, again, similar to some

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Speaker 17: of these other industries, it's dealing with a massive structural shift,

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Speaker 17: and in the absence of really a bigger pay raise,

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Speaker 17: they're saying, look, we need to have better lives, and

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Speaker 17: those are demands that have really come I think with

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Speaker 17: more force post COVID.

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Speaker 3: Let's talk about the strategy that the United Auto Workers

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Speaker 3: is mounting here with these targeted strikes of one Ford

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Speaker 3: plant that makes Ford broncos, another for General Motors that

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Speaker 3: makes Chevy Colorado pickups, and a Jeep Wrangler plant owned

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Speaker 3: by Stilantis. Interesting strategy here to go after just a

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Speaker 3: few plants. So work isn't completely stopping.

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Speaker 17: Work isn't completely stopping because they are still at the

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Speaker 17: bargaining table. Remember, negotiations are ongoing. And even though you

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Speaker 17: did see President Shaan Faine of the Night Auto Workers,

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Speaker 17: you need to step away at midnight to really join

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Speaker 17: some of the picket lines in some of these plants

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Speaker 17: where workers literally walked off of the property to protest,

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Speaker 17: you are going to expect him to come right back

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Speaker 17: to the negotiating table. So that's going to be something

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Speaker 17: you're going to be hearing in the coming days the

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Speaker 17: new offers coming from the carmakers. But in the meantime, yeah,

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Speaker 17: you are going to see some disruption in some of

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Speaker 17: the plants. The strategy is really interesting though, because they've

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Speaker 17: pinpointed the plants that are essentially the most efficient, that

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Speaker 17: are the most needed in this kind of output operation

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Speaker 17: from the big car makers. That's going to be significant.

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Speaker 17: But Nathan, you mentioned strategy, and I think strategy in

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Speaker 17: terms of negotiations is important as well, because something that

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Speaker 17: I think has really set the tone for a lot

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Speaker 17: of the labor movement from Hollywood to Silicon Valley to

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Speaker 17: even Wall Street has been just how much force you

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Speaker 17: use carrot and the stick method. And it seems like

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Speaker 17: the stick method is really what's winning here, given that

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Speaker 17: even the Teamsters negotiat negotiators came down to the eleventh hour,

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Speaker 17: they were willing to go hard and they basically walked

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Speaker 17: out as well or threatened to. And it became a

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Speaker 17: very aggressive situation for lack of a better term, as

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Speaker 17: opposed to negotiating kind of in good faith. It became

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Speaker 17: quite literally a threat, we are leaving unless you can

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Speaker 17: help us out. And there is a force to that

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Speaker 17: and a momentum to that that we haven't seen in decades.

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Speaker 3: Well, what kind of damage could strike like this do

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Speaker 3: targeting these particular plants, because there are other plants for

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Speaker 3: all three of these automakers that are still presumably going

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Speaker 3: to be putting out some really popular models.

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Speaker 17: Well, the irony here is that on the surface, it

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Speaker 17: sounds like these car makers are the ones that are

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Speaker 17: going to get hurt, but actually it's not God to

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Speaker 17: the end consumer that's going to get hurt. And I

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Speaker 17: think the Mercedes ben ceo put it beautifully where he said,

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Speaker 17: look what this does by taking about one hundred and

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Speaker 17: fifty thousand people off of the labor market for car

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Speaker 17: making is increased, the cost of labor. Suddenly, all the

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Speaker 17: other workers that are not a part of this union

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Speaker 17: are going to be charging more for their time and

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Speaker 17: for their expertise, and all of a sudden, you now

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Speaker 17: have a higher margin that the carmakers have to deal with.

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Speaker 17: So that's where the car makers get hit, and that's

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Speaker 17: where the damage is done there. But then those costs

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Speaker 17: are passed on to the consumer. So if you're walking

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Speaker 17: into a store, any car store around the world, might

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Speaker 17: I add, your end price is going to be pretty significant.

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Speaker 17: Not to mention the people of Detroit and the people

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Speaker 17: of Michigan. There was one study that said, if this

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Speaker 17: strike goes out long enough, because carmaking is so concentrated

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Speaker 17: in that part of the country, the entire state of

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Speaker 17: Michigan could dip into recession.

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Speaker 3: What kind of contingency plans do the automakers have if

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Speaker 3: the strike does go on for an extended period of time.

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Speaker 17: Well, not very many, is the answer. I mean, essentially,

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Speaker 17: the go to here would be to slow down some

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Speaker 17: of the ev production that they have. Fom GM have

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Speaker 17: already done that when they've dealt with supply chain issues

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Speaker 17: as well. But again this is kind of at the

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Speaker 17: heart of the issue between a lot of these workers

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Speaker 17: are saying, Look, EV manufacturing doesn't require the same skill

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Speaker 17: level that a lot of these workers have, and on

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Speaker 17: top of that, it involves a lot of automation as well,

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Speaker 17: which kind of makes their jobs pointless to some extent.

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Speaker 17: So again that's really part of the negotiations. But I

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Speaker 17: imagine the EV production is what gets hit first.

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Speaker 3: Gritty Gupta part of our team of Bloomberg News reporters

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Speaker 3: covering the autoworkers' strike just getting underway for Ford General

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Speaker 3: Motors and Stilantis KRITTI thank you. We'll be checking back

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Speaker 3: with you throughout the days and potentially weeks to come

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Speaker 3: on this. But now we want to turn to the

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Speaker 3: biggest initial public offering of twenty twenty three, Armholdings, which

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Speaker 3: rose as much as twenty two percent in its trading

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Speaker 3: debut on the Nasdaq. Moments after those shares began trade,

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Speaker 3: the CEO of the chip designer, ren A Haas, joined

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Speaker 3: Bloomberg's Caroline Hyde on Bloomberg Television and expressed confidence in

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Speaker 3: the company's growth rate and the potential for artificial intelligence

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Speaker 3: AI is everywhere, and.

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Speaker 11: If it's your edge device like the Assistant or the Alexa,

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Speaker 11: or your autonomous vehicle, that's all AI. And now we're

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Speaker 11: seeing it in the cloud in the data center with

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Speaker 11: all the growth of Nvidia in Vida announcing one of

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Speaker 11: their newest products, grace Hopper, that is based on ARM,

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Speaker 11: so ARM is everywhere relative to AI, we also have

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Speaker 11: a very unique business model that gives us the ability

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Speaker 11: to have a very very good vision in the future

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Speaker 11: in terms of when people use our products. So relative

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Speaker 11: to our confidence in the outlook, we have a very

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Speaker 11: very high confidence that the growth rate that we have

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Speaker 11: talked about will be sustained.

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Speaker 8: How lord were invested about China and your exposure.

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Speaker 11: I think there were a lot of questions, as you

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Speaker 11: can imagine about China in general, given all the geopolitics,

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Speaker 11: Our business there looks a lot like the rest of

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Speaker 11: the world. We have great growth in the data center,

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Speaker 11: we have great growth in automotive. China's huge on electric vehicles,

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Speaker 11: so it's been terrific there for us. I have the

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Speaker 11: same kind of headaches that every other tech CEO has

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Speaker 11: regarding how to navigate through this, but no different.

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Speaker 18: Do you think there will be more pressure now that

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Speaker 18: you're public again.

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Speaker 8: Ultimately, I mean you came to ARM.

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Speaker 18: In twenty thirteen, you were listed at that point, but

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Speaker 18: it's not meanin it's twenty sixteen that you have been

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Speaker 18: How does the game change as a leader of that

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Speaker 18: business now?

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Speaker 11: Yeah, I think there's some things that we were able

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Speaker 11: to do as a private company that will just be different. Right,

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Speaker 11: quarterly earnings, making sure that we hit all our commitments.

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Speaker 11: But ARM is not a business you measure from quarter

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Speaker 11: to quarter. You measure us over years and decades, and

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Speaker 11: the long term vision is something that I am very,

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Speaker 11: very passionate about, and we'll continue to drive the company

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Speaker 11: the same way a private or public.

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Speaker 18: You have a lot of key vested interests, whether they

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Speaker 18: be your client's Apple, TSMC and TAIL taking big stakes

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Speaker 18: in the company.

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Speaker 8: How important are those voices? Visa v Masses, the head

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Speaker 8: of soft Bank. I'm sure you're on the phone too daily.

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Speaker 9: Yeah.

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Speaker 11: So one of the challenges of our industry and FAILI

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Speaker 11: with ARM is that the fact that we're everywhere, none

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Speaker 11: of this works unless we play nice with others. So

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Speaker 11: we have to have a lot of engagement for strategic

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Speaker 11: partners and making sure that we're managing that balance, including Masa,

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Speaker 11: our chief shareholder.

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Speaker 8: Do you think you go public in the UK?

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Speaker 18: I'm sure it's been bitter sweet for the London Stock

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Speaker 18: Exchange today.

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Speaker 11: Yeah, so today obviously we're in New York, but we're

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Speaker 11: incredibly proud of our UK heritage and we are opening

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Speaker 11: to considering that down the road.

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Speaker 18: How convinced are you that it is going to be

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Speaker 18: in the bottom line evident in the next coming quarters.

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Speaker 11: As far as AI, oh, I think it's un questionable

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Speaker 11: that AI, which has already been here right for a

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Speaker 11: number of years, the cheap D moment taught us that,

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Speaker 11: oh my gosh, the capability of what this can do

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Speaker 11: going forward has gone up a level. And I think

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Speaker 11: we've seen that over and over in our industry. There

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Speaker 11: tends to be lightning bolt moments that greatly accelerate the

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Speaker 11: adoption of technology. Ultimately down the road, how people make

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Speaker 11: money off that. It'll get figured out. But AI is

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Speaker 11: here to stay. That's an unquestionable.

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