WEBVTT - SpaceX, Uber and the Future of Mobility 0:00:00.120 --> 0:00:15.200 Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live 0:00:15.320 --> 0:00:19.000 from the heart of Silicon Valley with Ed Lavow in 0:00:19.200 --> 0:00:20.040 Fan Francisco. 0:00:22.320 --> 0:00:26.480 This is Bloomberg Tech coming up. SpaceX's first earnings reveal 0:00:26.600 --> 0:00:30.960 massive AI spending, an ambitious Starlink expansion, and Elon Musk's 0:00:31.000 --> 0:00:34.080 latest bowl prediction one hundred billion dollars and your revenue 0:00:34.159 --> 0:00:35.559 run rate by year end. 0:00:35.800 --> 0:00:36.080 Plus. 0:00:36.120 --> 0:00:39.240 We speak with Uber CEO Dara Kosra Shahi and joins 0:00:39.280 --> 0:00:42.920 us to discuss the company's earnings and it's robotaxi ambitions 0:00:43.080 --> 0:00:45.680 and more. Robotaxi talkers were joined by the CEO of 0:00:45.840 --> 0:00:49.400 Zooks later this hour on a big commercial milestone for 0:00:49.479 --> 0:00:53.960 the company, SpaceX's first ever quarterly earning. So the stock 0:00:54.040 --> 0:00:55.720 is down. This is what it looks like, on track 0:00:55.760 --> 0:00:58.640 for its biggest drop since June twenty two. Okay, it 0:00:58.760 --> 0:01:02.280 only started trading June twelve, but it is much further 0:01:02.320 --> 0:01:04.640 below its IPO price of one hundred and thirty five 0:01:04.920 --> 0:01:07.560 dollars a share. There's a lot of stories and a 0:01:07.560 --> 0:01:09.080 lot of numbers that we need to go through, but 0:01:09.160 --> 0:01:13.640 today's big number one trillion dollars. That's how much Elon 0:01:13.720 --> 0:01:17.800 Musk expects SpaceX revenue to hit in twenty thirty. Everything 0:01:17.840 --> 0:01:20.240 you need to know Bloomberg's Lauren Grush covering all things 0:01:20.319 --> 0:01:22.680 space joins us. Now, so let's go over the quarter 0:01:22.720 --> 0:01:25.360 that was the numbers that we need to hear about, 0:01:25.360 --> 0:01:29.120 what the stories were in SpaceX's first ever earnings and 0:01:29.160 --> 0:01:32.360 earnings call. 0:01:31.040 --> 0:01:33.600 Right, So, you know, I think it paints a pretty 0:01:33.720 --> 0:01:36.280 similar picture to the one that we saw merge ahead 0:01:36.280 --> 0:01:39.800 of the IPO. Obviously, revenue is up, but you know, 0:01:39.880 --> 0:01:44.360 it's still a cash burning business. Of the three segments, 0:01:44.680 --> 0:01:46.880 the one that's really the one bringing in the numbers 0:01:46.880 --> 0:01:50.520 at the moment is the connectivity segment, that startling segment, 0:01:51.400 --> 0:01:55.200 the space segment, what they've built their business on rocket launches, 0:01:55.520 --> 0:01:58.400 you know, that's that is making some gains in terms 0:01:58.400 --> 0:02:01.920 of revenue, but still holding relatively steady. And then of 0:02:01.960 --> 0:02:05.560 course the newly acquired AI segment that is really the 0:02:05.600 --> 0:02:08.520 big source of the cash burn for the company. And 0:02:08.600 --> 0:02:12.600 as SPACEXCFO Brett Johnson mentioned, we can expect to see 0:02:12.680 --> 0:02:16.080 capital expenditure on par with what we saw this quarter 0:02:16.200 --> 0:02:17.320 for the next two quarters. 0:02:18.240 --> 0:02:20.200 There was a lot of discussion of Starship as well. 0:02:20.320 --> 0:02:23.400 Starship of course, is central to the future ambitions the 0:02:23.440 --> 0:02:25.920 company has. But what do we really learn about it? 0:02:25.960 --> 0:02:28.079 What is it that Elon Musk and the other execs. 0:02:27.840 --> 0:02:31.720 Said, Yeah, I feel like the more surprising tidbits really 0:02:31.720 --> 0:02:34.040 did come during that earnings call, and a lot of 0:02:34.520 --> 0:02:37.320 very big, bold claims were made about some of the. 0:02:37.280 --> 0:02:38.680 Things we might see in the future. 0:02:38.960 --> 0:02:42.120 For instance, Starship, as you mentioned, you know, he said 0:02:42.200 --> 0:02:46.480 that Starship would be launching once a day by this 0:02:46.600 --> 0:02:49.840 time next year. Also, the heat shield for Starship is 0:02:49.919 --> 0:02:52.880 essentially solved, which is interesting given that there is some 0:02:52.919 --> 0:02:56.359 skepticism whether the heat shield design actually would hold up 0:02:56.360 --> 0:02:59.960 and make it a fully reusable and rapidly reusable rock. 0:03:00.160 --> 0:03:04.400 It just a reminder, Starship has launched twice this year 0:03:04.480 --> 0:03:07.880 on test flights, so to reach a launch a day 0:03:08.720 --> 0:03:12.320 by next year, you know, that's an exponential increase. So, 0:03:12.600 --> 0:03:14.840 you know, a lot of big claims. We'll see how 0:03:14.840 --> 0:03:16.920 they hold up. But you know, that's what Elon is 0:03:16.960 --> 0:03:20.040 known for. I think anyone investing in his company knows 0:03:20.080 --> 0:03:23.000 that he likes to push the limit and set really 0:03:23.000 --> 0:03:26.760 big expectations in order to challenge people to meet them. 0:03:27.720 --> 0:03:30.000 What were the other bits that you kind of would 0:03:30.080 --> 0:03:31.760 pick out having had a night to sleep on it, 0:03:31.800 --> 0:03:33.560 you put the business of space news that are out 0:03:33.560 --> 0:03:35.720 this morning, you know, with a bit of time to 0:03:35.800 --> 0:03:37.120 think what do we need to know? 0:03:37.960 --> 0:03:41.000 Sure, you know, there was another moment as well that 0:03:41.880 --> 0:03:45.840 Starlink would be the majority of the world's Internet in 0:03:45.880 --> 0:03:48.760 the next few years. Again, I'm not sure about that one. 0:03:49.000 --> 0:03:52.840 I did take notice of Gwynn shot Well, the president 0:03:52.880 --> 0:03:57.280 of SpaceX, talking about Starlink Mobile and how they actually 0:03:57.320 --> 0:03:59.560 think that they're going to be able to acquire a 0:03:59.560 --> 0:04:02.840 lot of the customers that you know, the major telecom 0:04:02.920 --> 0:04:06.520 servicers like Verizon AT and T and T Mobile have. 0:04:07.000 --> 0:04:10.480 You know, that definite definitely spoke to their ambitions for 0:04:10.560 --> 0:04:13.640 expanding that service. I think there's a lot of speculation 0:04:13.720 --> 0:04:16.840 of you know, whether they'll have to bring in ground 0:04:16.880 --> 0:04:20.640 based components, terrestrial components, something that she did mention. I 0:04:20.640 --> 0:04:22.440 don't think it's out of the realm of possibility, but 0:04:22.480 --> 0:04:24.200 I think it's going to take a lot of investment 0:04:24.400 --> 0:04:27.160 on their end in order to make that happen. And 0:04:27.160 --> 0:04:29.719 of course, you know, as we've seen, they're not adverse 0:04:29.800 --> 0:04:31.360 to putting. 0:04:31.120 --> 0:04:32.000 In a lot of capex. 0:04:32.520 --> 0:04:34.640 We're going to go deeper on SpaceX Mobile later in 0:04:34.680 --> 0:04:36.719 the hour. Thank you very much, Bloombergs, Laura and Grush 0:04:36.920 --> 0:04:40.080 stay with SpaceX, Edison you. Deutsche Bank head of Global 0:04:40.080 --> 0:04:42.960 Space and Aerial Mobility joins us now. He maintains a 0:04:43.000 --> 0:04:45.960 by rating on the stock, but cut the price target 0:04:46.160 --> 0:04:48.559 from two hundred and fifty five dollars to two hundred 0:04:48.600 --> 0:04:50.720 and thirty five dollars. And I want to get to 0:04:50.760 --> 0:04:53.520 you with you to the bit that we probably haven't covered, 0:04:53.520 --> 0:04:57.120 which is, in the short term, it is the business 0:04:57.160 --> 0:05:03.480 of cloud services, leasing, renting compute capacity to third parties 0:05:03.560 --> 0:05:06.960 Google Anthropy that seems to have the most momentum right now. 0:05:08.680 --> 0:05:12.680 Yeah, yeah, And you probably noticed they announced another deal 0:05:12.760 --> 0:05:16.920 right another customer undisclosed in the beginning of three Q. 0:05:17.080 --> 0:05:21.560 So the cloud business, by our estimates, right it probably 0:05:21.560 --> 0:05:26.480 can end December probably running at a forty plus billion 0:05:26.560 --> 0:05:29.840 dollar runweight, which is obviously much higher than now in 0:05:30.000 --> 0:05:33.360 generating the bulk of revenue. So we actually feel very 0:05:33.360 --> 0:05:34.920 good about that trajectory. 0:05:35.720 --> 0:05:37.040 Going into to your. 0:05:36.960 --> 0:05:40.440 End, let's get to what you just mentioned, which is 0:05:40.480 --> 0:05:43.760 there was a disclosure of the cloud business in the 0:05:43.760 --> 0:05:46.280 current period. Let's listen to CFO Brett Johnson. 0:05:46.839 --> 0:05:49.280 In the first few weeks of the third quarter. We've 0:05:49.320 --> 0:05:52.800 already contracted an additional six point seven billion dollars of 0:05:52.800 --> 0:05:56.400 cloud services revenue over a six month period that begins 0:05:56.480 --> 0:06:00.240 ramping starting in October of this year. We believe this 0:06:00.279 --> 0:06:05.360 puts US on a trajectory, including contribution from Cursor, to 0:06:05.400 --> 0:06:09.520 reach one hundred billion of ARR or annualized revenue run 0:06:09.600 --> 0:06:11.320 rate by the end of this year. 0:06:12.920 --> 0:06:13.480 So this is. 0:06:13.480 --> 0:06:18.200 Space X, right, there are three business segments, space AI connectivity. 0:06:18.960 --> 0:06:22.160 But you know Brett was pushed, wasn't he on what 0:06:22.200 --> 0:06:25.400 the biggest contributors to thee hundred billion AR was, and he, 0:06:25.520 --> 0:06:27.640 I think at the end, said, yeah, this is US 0:06:27.880 --> 0:06:29.160 leasing compute capacity. 0:06:31.120 --> 0:06:31.400 Yeah. 0:06:31.440 --> 0:06:33.920 So I mean we can do some some rough math 0:06:34.440 --> 0:06:36.720 around it, right, just as I just mentioned, right, we 0:06:36.760 --> 0:06:42.080 can probably easily, pretty easily get to the forty. You 0:06:42.120 --> 0:06:45.360 have other parts of AI, right, you have grock X, 0:06:46.240 --> 0:06:49.520 you have the advertising businesses as well, and I think 0:06:49.560 --> 0:06:52.880 you put these pieces together you get probably I don't 0:06:52.920 --> 0:06:56.840 know point five you add on Cursor, which depending on 0:06:57.000 --> 0:06:59.360 you know, I think maybe Bloomberg has even reported on this, right, 0:06:59.400 --> 0:07:01.760 is running out at a very very fast growth rate. 0:07:02.360 --> 0:07:05.440 So you put that all together, we think you could 0:07:05.480 --> 0:07:10.680 probably get to something like sixty billion run rate not 0:07:10.800 --> 0:07:14.760 too far from December of nine December. So if you're 0:07:14.760 --> 0:07:16.520 already at sixty, you need the rest of the businesses 0:07:16.520 --> 0:07:20.200 to do to do by definition, right, something like thirty 0:07:20.200 --> 0:07:20.840 five to forty. 0:07:21.000 --> 0:07:22.600 And we think that's that's achievable. 0:07:23.160 --> 0:07:26.000 And so we believe that in that one hundred billion 0:07:26.280 --> 0:07:28.920 r And you know, obviously time will tell, but but 0:07:28.960 --> 0:07:31.280 we feel pretty Goodson. 0:07:31.320 --> 0:07:33.080 A lot of the research that I've been reading from 0:07:33.120 --> 0:07:34.720 you of late, it has been on the orbital data 0:07:34.720 --> 0:07:37.960 center side, And a big piece of technology news was 0:07:38.000 --> 0:07:41.560 that SpaceX has decided to go exclusively with Nvidia and 0:07:41.640 --> 0:07:46.240 Vira rubin architecture. That did seem important. You know, what 0:07:46.280 --> 0:07:49.520 did you make of that? And the statement that next 0:07:49.600 --> 0:07:52.160 year they will start launching that orbital data design. 0:07:54.160 --> 0:07:57.040 Yeah, so I think there's there's there's kind of two 0:07:57.120 --> 0:08:00.680 angles here, right. There's the more new term you just mentioned, 0:08:00.680 --> 0:08:05.400 which is we need to deploy some prototypes and de 0:08:05.480 --> 0:08:10.360 point the prototypes. I would say it's not it's just 0:08:10.400 --> 0:08:12.520 the beginning. We need to get them up there, we 0:08:12.520 --> 0:08:15.520 need to prove it works. The real question is how 0:08:15.520 --> 0:08:18.640 do we scale this up, and to do that, we 0:08:18.720 --> 0:08:21.840 really need to increase the volume, reduce the cost of 0:08:22.280 --> 0:08:27.440 solar of also of the radiator. So I actually don't 0:08:27.840 --> 0:08:30.560 I don't worry too much about next year. Can we 0:08:30.800 --> 0:08:33.640 deploy some prototypes. I think the much more difficult part 0:08:33.840 --> 0:08:36.720 ultimately is the cost and scale of doing this at 0:08:37.120 --> 0:08:40.280 gigawat level, and that's what really will be the truth test, 0:08:40.679 --> 0:08:42.360 rather than kind of just getting like a. 0:08:42.280 --> 0:08:42.959 Couple up there. 0:08:45.400 --> 0:08:49.720 Elon Musk said that he's pulled forward his expectations SpaceX 0:08:49.800 --> 0:08:53.760 hits a trillion dollars of revenue to twenty thirty from 0:08:53.960 --> 0:08:56.920 twenty thirty one, and that there is a non zero 0:08:57.120 --> 0:09:00.080 chance that that happens twenty twenty nine. 0:09:00.720 --> 0:09:02.280 Are you able to model for that? 0:09:05.160 --> 0:09:08.800 I would frame it like this, so we have a 0:09:08.800 --> 0:09:12.360 forecast out there right that's you can see on Bloomberg 0:09:12.720 --> 0:09:15.640 is much lower than that, and I think the way 0:09:15.679 --> 0:09:18.240 to frame it in the context of stock is to 0:09:18.360 --> 0:09:21.840 get a much higher stock value. You do not need 0:09:21.840 --> 0:09:24.559 to hit one trillion by twenty thirty. If by some 0:09:24.679 --> 0:09:29.640 chance you do, the stock is worth significantly more than 0:09:29.679 --> 0:09:31.680 what it is right now, and certainly even versus our 0:09:31.679 --> 0:09:35.120 price target, we're probably modeling call it more like a 0:09:35.160 --> 0:09:38.599 third of that, and we think that more than justifies 0:09:39.000 --> 0:09:39.960 where the stock is right now. 0:09:40.800 --> 0:09:42.280 I mean, at the end of the day, Ela must 0:09:42.280 --> 0:09:44.480 said it trillion dollars in twenty thirty. I'm looking at 0:09:44.520 --> 0:09:47.840 consensus on the Bloomberg fago three hundred and fifty one 0:09:47.920 --> 0:09:50.000 billion dollars for the full year twenty thirty. 0:09:50.720 --> 0:09:52.280 Should we talk about Starship to end? 0:09:52.720 --> 0:09:55.840 You know, all of the future is predicated on Starship 0:09:55.880 --> 0:10:01.319 working and it's rapid reusability. How did you digest the updates? 0:10:01.360 --> 0:10:04.480 I guess from the call, I. 0:10:04.440 --> 0:10:08.960 Think it's basically on track with our expectations, which you know, 0:10:09.040 --> 0:10:14.880 we're expecting that probably flies call it fifteen twenty times 0:10:15.240 --> 0:10:18.400 next year. And if you kind of triangulate, you know 0:10:18.440 --> 0:10:21.760 they're talking about maybe deploying one thousand, B three satellites. 0:10:23.360 --> 0:10:26.720 You look at fifty sixty satellites per launch, right, you 0:10:26.760 --> 0:10:29.680 probably get into that realm. So we think there's certainly 0:10:29.840 --> 0:10:32.280 you know, you need to catch the second stage, you 0:10:32.360 --> 0:10:36.400 need to address some of the heat shield concerns. But 0:10:36.520 --> 0:10:40.800 in terms of the operational cadence of Starship, it is 0:10:40.880 --> 0:10:44.920 tracking roughly what we're modeling for for next year, and 0:10:45.800 --> 0:10:47.240 you know we will see it on flight fourteen, which 0:10:47.280 --> 0:10:47.840 is really soon. 0:10:47.920 --> 0:10:51.199 You know how that goes, Edison, you have thoish Bank. 0:10:51.240 --> 0:10:53.800 Great to have you back on the show. Really appreciate it. 0:10:54.480 --> 0:10:57.280 That's Space Acts. There are so many other technology earnings. 0:10:57.360 --> 0:10:57.880 Let's go through it. 0:10:57.960 --> 0:11:01.200 AMD third quarter sales outlook thirty point three billion dollars 0:11:01.400 --> 0:11:05.640 plus or minus three hundred million, disappointing, the stockdown seven percent, 0:11:05.840 --> 0:11:09.520 promont s guidance, profits surging, but questions and concerns about 0:11:09.520 --> 0:11:11.760 the Warner Brothers Discovery deal. We're going to get to 0:11:11.800 --> 0:11:15.240 that halfway through the program. Disney higher as streaming and 0:11:15.360 --> 0:11:18.160 parks both drove profit in the third quarter gone. 0:11:18.240 --> 0:11:19.280 And then there's Uber. 0:11:19.360 --> 0:11:20.800 Right now, the stock seems to be trading on the 0:11:20.800 --> 0:11:23.200 outlook for gross bookings, but there was a really big 0:11:23.240 --> 0:11:26.800 discussion about Uber's plans for its robotaxi business going forward, 0:11:27.040 --> 0:11:29.520 and that is where we will focus coming up. Uber 0:11:29.559 --> 0:11:33.240 CEO Dara Koshrasahi joins us to discuss the company's earnings, 0:11:33.440 --> 0:11:36.280 but also it's robotaxi ambitions that's next. 0:11:36.720 --> 0:11:37.680 This is Bloomberg Tech. 0:11:42.000 --> 0:11:45.760 Take another look at shares of Uber down about six percent. 0:11:45.800 --> 0:11:48.200 I think that's on track for its biggest drop since November. 0:11:48.240 --> 0:11:51.640 The company said gross bookings for the current quarter are 0:11:51.679 --> 0:11:54.600 expected to be between fifty eight point twenty five billion 0:11:54.640 --> 0:11:57.480 dollars and sixty point twenty five billion dollars, but that 0:11:57.520 --> 0:12:01.000 figure includes rides and delivery bookings as well as driver 0:12:01.280 --> 0:12:04.640 and merchant earning. So Uba said it faces some international headwinds, 0:12:04.640 --> 0:12:09.320 particularly in Brazil and the next focus. Robotaxi CEO Dara 0:12:09.360 --> 0:12:12.400 Kostra Shaki's back with us here on Bloomberg Tech. You know, 0:12:12.920 --> 0:12:15.280 the growth bookings outlooked like there's a number of stories 0:12:15.320 --> 0:12:17.800 within it. I'd also not like at the same time, 0:12:18.400 --> 0:12:23.160 rider activity seems to be increasing, you know, help us 0:12:23.240 --> 0:12:24.960 understand those two data points. 0:12:25.400 --> 0:12:29.280 Yeah, the growth bookings results that we had up twenty 0:12:29.320 --> 0:12:33.240 two percent in the quarter were actually very healthy and 0:12:33.320 --> 0:12:38.120 represented quarter on quarter acceleration. Mobility business was stable at 0:12:38.160 --> 0:12:42.880 twenty percent. The delivery business actually accelerated quarter on quarter 0:12:43.000 --> 0:12:47.960 as well. So the business continues to grow at pretty 0:12:47.960 --> 0:12:51.320 extraordinary rates at the scale we're doing over three hundred 0:12:51.480 --> 0:12:56.760 million trips per week. It drove really strong profitability as well. 0:12:57.880 --> 0:13:01.280 The pressure that we talked about was real in Brazil, 0:13:01.520 --> 0:13:06.640 which caused a trip slowdown for the quarter, and that 0:13:06.800 --> 0:13:12.000 was actually about competition in the food delivery space in Brazil. Actually, 0:13:12.000 --> 0:13:15.040 we have a lot of mobility ridership that are two wheelers. 0:13:15.640 --> 0:13:17.920 We actually don't engage in the food delivery space, but 0:13:17.960 --> 0:13:20.320 there's a big war going on in food delivery, and 0:13:20.360 --> 0:13:24.040 that took away some of our two wheeler drivers from 0:13:24.120 --> 0:13:27.840 mobility to delivery because they're getting paid a lot to 0:13:27.960 --> 0:13:30.440 engage in that war. It really has no effect on 0:13:30.520 --> 0:13:33.920 us whatsoever. So the guidance that we gave for forward 0:13:34.840 --> 0:13:37.720 gross bookings growth is very consistent with the guidance that 0:13:37.760 --> 0:13:41.520 we gave last quarter, and hopefully we will meet and 0:13:41.559 --> 0:13:45.120 hopefully beat those kinds of expectations. 0:13:45.920 --> 0:13:48.319 DAR, is there anything to discuss on both like the 0:13:48.360 --> 0:13:51.880 health and behavior of the consumer that you're seeing going 0:13:51.920 --> 0:13:53.120 into the second half of this year. 0:13:53.720 --> 0:13:58.920 All signs point to a healthy consumer. We look at 0:13:58.960 --> 0:14:02.600 both our mobility and livery business in terms of the 0:14:02.640 --> 0:14:05.200 growth of those businesses, they continue to be healthy. We 0:14:05.280 --> 0:14:10.120 look at like other indications are consumers trading down and 0:14:10.720 --> 0:14:15.360 eating at more forfordable restaurants, or our eaters leaving less 0:14:15.400 --> 0:14:19.400 tips eaters or riders leaving less tips we don't see 0:14:19.440 --> 0:14:22.880 any signs whatsoever of a consumer slowdown, so the consumer 0:14:22.960 --> 0:14:26.720 remains strong. And then on the labor front, actually, our 0:14:26.880 --> 0:14:33.560 driver earnings, we've got over ten million now earners around 0:14:33.640 --> 0:14:36.800 the world that continues to be very healthy. And in 0:14:36.840 --> 0:14:40.760 the US, for example, driver earnings are up eight percent 0:14:40.960 --> 0:14:43.360 on a year on your basis. So you know, people 0:14:43.440 --> 0:14:45.720 talk about the K shaped economy, but we think both 0:14:45.760 --> 0:14:49.320 sides of the K continue to be very healthy and 0:14:50.400 --> 0:14:53.000 right now all signs point to the same going forward. 0:14:53.920 --> 0:14:56.000 Let's take the driver out of it for a moment 0:14:56.320 --> 0:14:59.240 and talk about robotaxis. You kind of explained to plan 0:14:59.320 --> 0:15:00.920 for the rest of the year, which is to get 0:15:00.960 --> 0:15:05.400 into more cities through different partnerships in different lanes, different methods. 0:15:06.360 --> 0:15:07.320 Let's start with that. 0:15:07.560 --> 0:15:10.080 You know, are you wanting to see the team accelerate 0:15:10.120 --> 0:15:11.880 a bit on that deployment, Dara. 0:15:12.400 --> 0:15:15.280 Yeah, definitely. So we're in seven cities already with a 0:15:15.400 --> 0:15:18.360 number of partners and just a review. We want to 0:15:18.400 --> 0:15:21.560 work with all of the ecosystem partners, and just like 0:15:21.600 --> 0:15:25.800 we want every safe driver human driver on our platform, 0:15:25.840 --> 0:15:28.760 we want every safe robot driver on our platform, and 0:15:28.800 --> 0:15:32.760 we're working with the entire ecosystem to accomplish that. We're 0:15:32.800 --> 0:15:35.600 in seven markets now, by the end of the year 0:15:36.840 --> 0:15:39.360 we'll be in fifteen markets, and we're on track to 0:15:39.400 --> 0:15:42.320 be on fifteen markets. And we see, you know, a 0:15:42.400 --> 0:15:45.440 lot of advancements as it relates to our partners. I 0:15:45.480 --> 0:15:48.640 know you're going to have aisha from Zookson. They got 0:15:48.680 --> 0:15:52.800 a great approval from the NHTSA to run there like 0:15:53.160 --> 0:15:58.000 really really innovative and cool robot vehicles as well. We 0:15:58.080 --> 0:16:03.320 got approval for a wave to start testing operations in 0:16:03.800 --> 0:16:08.040 London as well. In Nvidia, who is a huge partner 0:16:08.040 --> 0:16:11.120 of ours, announced the release of their Alphameo two model, 0:16:11.120 --> 0:16:14.680 which is a physical AI model as well. So the 0:16:14.720 --> 0:16:20.680 ecosystem around AV continues to move forward, is actually accelerating, 0:16:21.120 --> 0:16:24.480 and we are helping that ecosystem accelerate through our partnership, 0:16:24.840 --> 0:16:29.040 through investment, through data collect for a number of these partners, 0:16:29.280 --> 0:16:33.320 and then ultimately commercialization of these vehicles on the road 0:16:33.560 --> 0:16:34.960 in the cities in which we live. 0:16:35.880 --> 0:16:38.440 Dara on zookes and I'll ask I said this obviously, 0:16:38.520 --> 0:16:40.760 but now they can charge a fair which is a 0:16:40.840 --> 0:16:44.400 first for a true robotaxi no driver controls. When does 0:16:44.480 --> 0:16:47.680 that manifest on the Uber app. When will Zookes be 0:16:47.800 --> 0:16:50.080 available on an Uber app in which of a city 0:16:50.440 --> 0:16:51.960 with a fair associated with it? 0:16:53.200 --> 0:16:55.720 We think later this year actually in Las Vegas, and 0:16:55.720 --> 0:16:59.320 then we'll expand from there. And Zeus's strategy is going 0:16:59.360 --> 0:17:02.600 to be to make vehicles available on Uber as well 0:17:02.640 --> 0:17:06.280 as on the Zoops app as well. So we're very, 0:17:06.400 --> 0:17:07.480 very excited to work with that. 0:17:08.680 --> 0:17:11.080 A lot of people want to understand what's happening in 0:17:11.119 --> 0:17:13.840 the relationship with Weimo. There was a change of plans 0:17:13.880 --> 0:17:17.280 in Phoenix. But how confident are you also about sort 0:17:17.320 --> 0:17:21.439 of renewing non exclusive contracts with Weimo. I think that 0:17:21.480 --> 0:17:24.240 your agreements with them, for example in in Austin Atlanta 0:17:24.359 --> 0:17:26.920 run through twenty twenty eight, and then you've got to 0:17:26.960 --> 0:17:28.280 work out how to go from there. 0:17:29.480 --> 0:17:34.600 Yes, so the deployment in Phoenix was a really small deployment. 0:17:34.640 --> 0:17:37.360 It was less than ten cars, so that's not material 0:17:37.400 --> 0:17:39.840 in any way, shape or form. We're going to continue 0:17:39.880 --> 0:17:42.640 to work with Weimo. It's been a strong partnership going 0:17:42.720 --> 0:17:47.720 forward into twenty eight as well. And you know, our 0:17:47.760 --> 0:17:50.840 philosophy has always been we don't want to be dependent 0:17:50.960 --> 0:17:53.560 on one partner one way or the other. Of course, 0:17:54.080 --> 0:17:58.320 we'd love to continue the relationship with Weimo, but then 0:17:58.359 --> 0:18:01.719 you've got partners like zoop A, wave a, we Ride, 0:18:01.920 --> 0:18:05.560 av Ride, and then of course Nvidia as well, so 0:18:05.600 --> 0:18:09.320 that we're not dependent on any single player to keep 0:18:09.440 --> 0:18:11.679 driving and growing this ecosystem. 0:18:12.240 --> 0:18:14.639 By the way, Dara, we're live on Bloomberg Television and 0:18:14.720 --> 0:18:17.280 on Bloomberg Radio, and this is Bloomberg Tech speaking to 0:18:17.359 --> 0:18:20.720 Uber's CEO, and you've just said that you don't want 0:18:20.720 --> 0:18:22.840 to rely on any one partner. Let me put it 0:18:22.880 --> 0:18:25.439 a different way. If we accept that weimo's kind of 0:18:25.440 --> 0:18:28.600 the commercial robotaxi leader in the US, at least in 0:18:28.680 --> 0:18:31.840 terms of deployments, charging a fair of the rest of 0:18:31.840 --> 0:18:34.359 the field. Which do you think is most competitive or 0:18:34.400 --> 0:18:36.919 going to be most competitive against Weemo. 0:18:37.800 --> 0:18:39.600 I think there are gonna be multiple winners. I mean, 0:18:39.680 --> 0:18:43.639 this market is so early in its development, and I 0:18:43.680 --> 0:18:46.520 compare it to like the foundation model Space. You remember, 0:18:46.560 --> 0:18:49.680 like three years ago or two years ago, peop were 0:18:49.720 --> 0:18:52.199 like open Ai is gonna run away with it. They're 0:18:52.240 --> 0:18:54.480 gonna be the only game of down. Then it turned 0:18:54.520 --> 0:18:57.560 into anthropic and Claude is you know, the best model 0:18:57.600 --> 0:19:02.680 that's going to conquer the hall. Now you see Xai 0:19:02.880 --> 0:19:06.199 and SPACEXAAI coming in with Grock and the combination with 0:19:06.280 --> 0:19:10.840 Cursor being a really great combination as well. You've got 0:19:11.400 --> 0:19:14.320 Google coming in with Gemini. They were late in the game, 0:19:14.400 --> 0:19:19.480 but they're definitely in the game. In Vidia releasing open 0:19:19.520 --> 0:19:23.560 source and really supporting that ecosystem. So there is going 0:19:23.600 --> 0:19:26.920 to be no single winner here. Weamo's in the lead 0:19:27.040 --> 0:19:29.280 now just like open Ai was in the lead, but 0:19:29.320 --> 0:19:31.960 there are going to be many, many players as part 0:19:32.000 --> 0:19:35.880 of this ecosystem, and we will help the ecosystem overall 0:19:35.880 --> 0:19:39.960 commercialize because ultimately we've got the demand and we can 0:19:40.000 --> 0:19:43.200 bring more rides to those cars and monetize those vehicles 0:19:43.400 --> 0:19:44.520 in a way that no one else can. 0:19:45.200 --> 0:19:48.040 So DAR really quick to drive early adoption. 0:19:48.240 --> 0:19:51.840 Is it important that the robotaxi firms price lower than 0:19:51.920 --> 0:19:52.960 other ride share. 0:19:53.520 --> 0:19:57.160 No, Actually, what we're seeing is pricing is super strong 0:19:58.240 --> 0:20:00.600 and demand is super strong as well. So when you 0:20:00.640 --> 0:20:03.960 get the product in market, it sells. It's taken a 0:20:03.960 --> 0:20:06.280 long time, right, Like twenty percent of search now is 0:20:06.359 --> 0:20:09.840 driven by AI av is less than point five percent 0:20:10.080 --> 0:20:14.359 of overall trips at this point, So the adoption is 0:20:14.400 --> 0:20:16.600 going to take time. But the product is a terrific 0:20:16.640 --> 0:20:19.159 product and we look forward to making it available on 0:20:19.200 --> 0:20:21.200 the Uber app really all over the world. 0:20:22.160 --> 0:20:25.240 Ubercio, Dara Kostra, thank you very much. And again later 0:20:25.280 --> 0:20:27.320 in the hour, we're gonna get stick with Robutaxes and 0:20:27.359 --> 0:20:30.080 speak with Zoop CEO Aisha Evans to stick around for 0:20:30.119 --> 0:20:32.800 that coming up right now. AI safety is back in 0:20:32.840 --> 0:20:36.280 the spotlight after open AI and anthropics models took quote 0:20:36.600 --> 0:20:40.760 unsanctioned actions by the details. Next, this is Blomberg Tech 0:20:47.640 --> 0:20:50.040 Ben Griffins Sit to Doen. It's cashing in on Wall 0:20:50.080 --> 0:20:54.480 Street's biggest AI hedge fund blow up Citadel's flagship Wellington Fund. 0:20:54.760 --> 0:21:00.439 Excuse me search five point nine percent in July. You 0:21:00.480 --> 0:21:03.000 know what I'm going to turn So you hire. If 0:21:03.000 --> 0:21:05.160 it's Talking Tech, because I've lost my voice, you hire. 0:21:05.280 --> 0:21:07.000 I'm hoping you there save me for a. 0:21:07.000 --> 0:21:10.160 Second, I will add, well, let's get to Talking tech 0:21:10.200 --> 0:21:13.879 a ride away first step. Monolith Management, one of Moonshot's 0:21:13.880 --> 0:21:17.439 AI's early backers, is looking to raise five hundred million 0:21:17.480 --> 0:21:21.640 dollars for a new fund. According to sources. Last year, 0:21:21.680 --> 0:21:24.560 Monolith raised two hundred and eighty nine million dollars for 0:21:24.600 --> 0:21:27.639 a fund and has since emerged as one of China's 0:21:27.800 --> 0:21:32.800 most prolific venture backers, and Open AI and Anthropics AI 0:21:32.880 --> 0:21:37.640 models carried out unsanctioned actions during a safety test, including 0:21:37.640 --> 0:21:41.520 a hacking a website and trying to inject powerful code 0:21:41.560 --> 0:21:45.800 into software. That's according to the UK government's AI Security Institute, 0:21:45.800 --> 0:21:48.840 which says it's the first time it sees quotes risks 0:21:49.160 --> 0:21:54.439 around autonomy and deception manifest this clearly in the real world. Ed, 0:21:54.480 --> 0:21:55.920 I hope you got some water out there. 0:21:56.640 --> 0:21:57.680 Yeah, let's try that again. 0:21:57.720 --> 0:22:00.719 Another stock that we're watching today, by the way, Shopify 0:22:00.960 --> 0:22:04.359 absolutely surging actually at one point in the session, up 0:22:04.400 --> 0:22:07.720 the most since twenty fifteen. Continues to hit top line 0:22:07.720 --> 0:22:11.399 growth above thirty percent six consecutive quarters. And that's the 0:22:11.400 --> 0:22:12.760 direction of travel for this name. 0:22:12.840 --> 0:22:13.399 It's interesting. 0:22:13.400 --> 0:22:15.479 It's one that we cover less in the e commerce space, 0:22:15.720 --> 0:22:18.119