WEBVTT - Nvidia's Rise to $3T and SpaceX's Fourth Major Test Flight 0:00:02.360 --> 0:00:09.799 Bloomberg Audio Studios, podcasts, radio news from Marhart where Innovation, 0:00:10.080 --> 0:00:13.560 money and power Collie in Silicon Valley, NBN. 0:00:13.880 --> 0:00:17.959 This is Bloomberg Technology with Caroline Hyde and Ed Love Love. 0:00:31.240 --> 0:00:33.720 I'm Karine Hyde a Bloomberg's World headquarters in New York 0:00:34.159 --> 0:00:35.880 and I met Ludlow in San Francisco. 0:00:36.159 --> 0:00:38.000 This is Bloomberg Technology. 0:00:37.600 --> 0:00:41.360 Coming up in video continues its meteoric rise. It touches 0:00:41.440 --> 0:00:44.520 three trillion dollars in market cap for coverage ahead. 0:00:45.479 --> 0:00:49.680 Plus SpaceX's Starship reaches new milestones in its fourth major 0:00:49.760 --> 0:00:50.360 test flight. 0:00:50.760 --> 0:00:52.479 We bring you the details. 0:00:52.159 --> 0:00:54.280 And we'll discuss the latest in the world of crypto. 0:00:54.400 --> 0:00:57.959 Is bitcoin still hovers near record High's first, let's check 0:00:58.000 --> 0:01:00.200 in on the broader markets. Maybe just a little of 0:01:00.200 --> 0:01:03.080 profit taking today. Maybe we see the ECB over in 0:01:03.120 --> 0:01:07.240 Europe actually cut rates but signal that maybe inflation pressures 0:01:07.240 --> 0:01:10.119 are here to stay. We've got jobless claims actually showing 0:01:10.200 --> 0:01:12.400 that they're higher than anticipated, but all eyes on non 0:01:12.440 --> 0:01:14.960 farm payrolls tomorrow. So at the moment we're just cautious. 0:01:14.959 --> 0:01:18.200 Ahead of those numbers. We're trading flat on the Nasdaq. Interestingly, 0:01:18.240 --> 0:01:21.000 in Vidia just offer that three trillion dollar market count 0:01:21.240 --> 0:01:23.639 just at this very moment, but it did eclipse it yesterday. 0:01:23.760 --> 0:01:25.400 Ed we'll go into that in a moment. Tenure yield 0:01:25.560 --> 0:01:27.880 currently just pushing up two basis points. Bonds selling off 0:01:27.920 --> 0:01:31.399 globally after the ECB does cut but still warns us 0:01:31.440 --> 0:01:33.520 that they've got to have a restrictive policy for longer 0:01:33.560 --> 0:01:36.119 to try and catail inflation. That means euro is actually 0:01:36.160 --> 0:01:38.000 just that little bit higher versus the US dollar. At 0:01:38.040 --> 0:01:40.080 the moment, we're up a tenth of a percent, as 0:01:40.120 --> 0:01:43.200 maybe we don't anticipate rate cuts coming for the ECB 0:01:43.600 --> 0:01:46.360 until at least pushing out now to maybe September. Move on, 0:01:46.400 --> 0:01:47.920 have a look at what's happening in the world of crypto. 0:01:47.960 --> 0:01:49.480 We're going to focus in on bitcoin a little bit 0:01:49.520 --> 0:01:51.560 later in the show. We've had a little bit of volatility, 0:01:51.600 --> 0:01:55.120 but we're up three tens percent, seventy one thousand, still 0:01:55.200 --> 0:01:58.320 at that very high level, near record highs. Well, we'll 0:01:58.320 --> 0:01:59.800 get to one hundred thousand by the end of the year. 0:01:59.800 --> 0:02:01.800 That's what one key investor has been saying. And what 0:02:01.840 --> 0:02:02.320 are you watching. 0:02:03.680 --> 0:02:08.600 Let's talk about in video gen sanity, the phrase coined 0:02:09.480 --> 0:02:13.919 for the enthusiasm. Let's say of markets about Nvidia's CEO. Look, 0:02:14.040 --> 0:02:17.600 this is a clear pullback, the stocks down a percentage point. 0:02:17.720 --> 0:02:21.000 As you said, we touched three trillion dollars in market cap. 0:02:21.320 --> 0:02:22.280 We are going to get into it. 0:02:22.320 --> 0:02:27.160 We've be most just menting about valuations, comparisons against other 0:02:27.280 --> 0:02:29.960 peers on the S and P five hundred waitings are 0:02:30.000 --> 0:02:30.600 really important. 0:02:30.919 --> 0:02:31.960 But Apple's flat. 0:02:32.480 --> 0:02:34.800 I put that up as a precursor to my next 0:02:34.880 --> 0:02:36.480 chart with Meta the best. 0:02:36.280 --> 0:02:38.720 Performer on then as that one hundred from a points. 0:02:38.400 --> 0:02:41.560 Perspective, because this is all we care about right now. 0:02:41.639 --> 0:02:44.760 Let's bring up the terminal chart and look at Nvidia's 0:02:44.800 --> 0:02:48.840 market cap relative to Apple. It is so close right now, 0:02:48.960 --> 0:02:51.920 Apple just to touch above three trillion, in Vidio just 0:02:51.960 --> 0:02:53.400 to touch below three trillion. 0:02:53.440 --> 0:02:55.040 It was briefed, it was short lived. 0:02:55.320 --> 0:02:56.920 But the point is is that in Vidia's only need 0:02:56.960 --> 0:02:59.359 a third company to reach three trillion dollars of market 0:02:59.360 --> 0:03:02.120 cap and it's it's the first ever semiconductor name or 0:03:02.200 --> 0:03:05.200 chip maker to do. So let's get into it, Carol, 0:03:05.240 --> 0:03:07.760 Let's talk about on which metric we decide if this 0:03:07.919 --> 0:03:09.959 is fair, if it's a good idea, or if it's not. 0:03:10.360 --> 0:03:12.959 And longer term, whether you keep on buying into this 0:03:13.000 --> 0:03:15.360 stock just mentens with us. Of course, a blue Megan. 0:03:15.639 --> 0:03:17.960 We just have that perfect setup for men telling us 0:03:17.960 --> 0:03:20.040 once again Apple is back just pipping the post as 0:03:20.120 --> 0:03:23.119 number two, but Emidia has just hit that landmark. 0:03:23.320 --> 0:03:24.839 It's all psychological, isn't it. 0:03:24.840 --> 0:03:26.799 It really is, and in many ways, so too is 0:03:26.800 --> 0:03:28.359 a stock split to psychological. 0:03:28.400 --> 0:03:29.480 What's driving us here. 0:03:29.400 --> 0:03:32.840 Well, not surprisingly because it is the stock split driving 0:03:32.840 --> 0:03:35.360 this moving higher ahead of that because Monday is when 0:03:35.400 --> 0:03:38.360 the official stock split goes into effect. But something that's important, 0:03:38.400 --> 0:03:40.960 to be an official shareholder before the ten for one 0:03:40.960 --> 0:03:44.040 stock split, you actually have to be a shareholder today 0:03:44.120 --> 0:03:46.080 by the close of trading in order for that to work. 0:03:46.120 --> 0:03:48.640 So it's interesting dynamic that we saw this huge run 0:03:48.720 --> 0:03:50.520 up and now the stock's selling off a little bit. 0:03:50.560 --> 0:03:52.760 Not surprisingly we just did. To your point, Caroline, see 0:03:52.760 --> 0:03:55.000 that three trillion mark yesterday as well. If you look 0:03:55.000 --> 0:03:57.720 at the Philadelphia Semiconductor Index, obviously it houses other stocks 0:03:57.760 --> 0:04:01.720 like AMD, Intel Micround Technology also down about one percent today. 0:04:01.960 --> 0:04:04.200 But again to Ed's point, when you're thinking about valuations 0:04:04.280 --> 0:04:06.760 versus the stock move that we've seen here, and also 0:04:06.800 --> 0:04:08.960 talking about Apple, Caroline, if you think about that April 0:04:09.040 --> 0:04:11.680 nineteenth low that we saw in Apple stock that stucks 0:04:11.720 --> 0:04:13.960 close to about twenty percent higher in that span. It's 0:04:14.040 --> 0:04:16.400 only about two percent off of that December high record. 0:04:16.520 --> 0:04:18.120 But when you do look at Nvidia. 0:04:17.800 --> 0:04:19.960 In that span, that stocks up from that April nineteenth 0:04:20.040 --> 0:04:22.400 low for Apple though in comparison, and Videos up more 0:04:22.400 --> 0:04:24.760 than sixty percent. So which one was the better stock 0:04:24.800 --> 0:04:27.760 to buy? But again, Apple does have that fundamentals behind 0:04:27.760 --> 0:04:29.640 it when you think about the buybacks for a company 0:04:29.680 --> 0:04:29.960 like this. 0:04:30.080 --> 0:04:31.920 Ed it's like one of those things. 0:04:31.960 --> 0:04:34.520 So it's what it's three minutes past eight in San Francisco, 0:04:34.640 --> 0:04:36.320 three minutes past eleven in New York. 0:04:36.760 --> 0:04:39.400 Is in Nvidia bigger than Apple? 0:04:39.440 --> 0:04:41.200 Okay, And that's what we're going to do every day 0:04:41.240 --> 0:04:44.400 from this point because we're so excited about it. But 0:04:44.480 --> 0:04:46.840 the actual reason that I showed this sort of in 0:04:46.880 --> 0:04:50.080 the moment session trading is an important one, which is 0:04:50.160 --> 0:04:53.000 that start of the year in Vidia had I think 0:04:53.000 --> 0:04:54.839 about a three percent waiting on the S and P 0:04:54.960 --> 0:04:57.880 five hundred. It's doubled to about six or more than 0:04:57.920 --> 0:05:01.480 six percent waiting. And we talked earnings about how in 0:05:01.560 --> 0:05:03.800 video's earning it's like a macro level event. My point, 0:05:03.880 --> 0:05:06.480 Jess is like it impacts a lot of people right now, 0:05:06.520 --> 0:05:07.960 what happens within Vidia. 0:05:08.000 --> 0:05:10.559 It does, especially when you were talking about this stock 0:05:10.640 --> 0:05:13.160 now being the second largest waiting in the S and 0:05:13.200 --> 0:05:15.640 P five hundred, and something that's interesting about this even 0:05:15.680 --> 0:05:19.359 though we did see it eclipse Apple's market cap yesterday, 0:05:19.400 --> 0:05:21.640 earlier in this week, if you use the MEMB function 0:05:21.800 --> 0:05:23.359 for the S and P five hundred in the terminal, 0:05:23.400 --> 0:05:26.560 you would have seen and Videos waiting higher than Apples, 0:05:26.560 --> 0:05:30.000 but still its market cap wasn't crossing the threshold over Apple. 0:05:30.040 --> 0:05:32.560 And the reason is because actually it has to do 0:05:32.800 --> 0:05:35.960 with float adjusted type shares. So Apples float adjusted, it's 0:05:36.000 --> 0:05:39.600 actually ninety four percent, whereas the other six percent, for instance, 0:05:39.640 --> 0:05:42.919 is held by institutional big investors like say Warren Buffett, 0:05:42.920 --> 0:05:46.239 whereas in VideA or even Microsoft, those are one hundred 0:05:46.240 --> 0:05:48.800 percent not adjusted. So there's a little bit of a 0:05:48.839 --> 0:05:50.800 divergence there sometimes when you're looking in the terminal, and 0:05:51.000 --> 0:05:52.680 if you saw a divergence at the beginning of this 0:05:52.760 --> 0:05:54.960 week versus what the waiting was, and we're kind of 0:05:55.000 --> 0:05:57.920 scratching your head wondering why in Video's market cap wasn't 0:05:57.920 --> 0:06:00.520 bigger than that. But that's something else that imic when 0:06:00.520 --> 0:06:02.680 you're thinking about sort of the size and scope for 0:06:02.720 --> 0:06:05.159 a lot of these companies and why you're seeing discrepancies. 0:06:05.200 --> 0:06:07.480 There's sometimes in the data. 0:06:07.120 --> 0:06:09.520 And we await that ten for one stock split, which 0:06:09.520 --> 0:06:11.880 will be an interesting moment. Blue most test meant and 0:06:11.880 --> 0:06:16.000 thank you very much. Let's go up into space SpaceX's 0:06:16.120 --> 0:06:20.400 massive starship rocket blasted off on its fourth major test 0:06:20.440 --> 0:06:23.240 flight as the company makes or works to make the 0:06:23.320 --> 0:06:27.520 vehicle operational, reusable, and ready for regular space trips. I 0:06:27.520 --> 0:06:31.400 want to bring in Bloomberg intelligence analyst and fellow space 0:06:31.560 --> 0:06:35.440 nerd Matt Bloxham for this. I mean, loads of our 0:06:35.480 --> 0:06:37.760 audience are asking me all morning because we carried the 0:06:37.839 --> 0:06:41.240 launch live hold on the booster got dumped in the 0:06:41.279 --> 0:06:46.400 Gulf of Mexico. Starship spacecraft got dumped a controlled splash 0:06:46.760 --> 0:06:51.080 in the Indian Ocean. But really, I think the story here, Matt, 0:06:51.120 --> 0:06:54.120 is the data that's gathered from the process, and that's 0:06:54.160 --> 0:06:55.680 what was important for SpaceX. 0:06:57.160 --> 0:06:59.000 Yeah, that's right. And actually one of those words you said, 0:06:59.000 --> 0:07:02.159 they're controlled, is really important too, that you know these 0:07:02.160 --> 0:07:06.680 were controlled re entries and kind of splash landings for 0:07:06.760 --> 0:07:09.960 both parts of the asset, and I think that's really important. 0:07:09.960 --> 0:07:13.160 I think what we've seen in the previous launches is 0:07:13.480 --> 0:07:16.800 very big fire explosions, you know, which is meant they've 0:07:16.840 --> 0:07:19.160 not quite delivered what they hope to in those tests. 0:07:19.200 --> 0:07:22.560 And also it's added delays to getting approval from the 0:07:22.680 --> 0:07:25.320 FAA to do the next test launch. And you know 0:07:25.360 --> 0:07:29.280 that they've got this ambition to launch people on a 0:07:29.400 --> 0:07:33.320 man mission to the Moon sometime ho or after September 0:07:33.320 --> 0:07:35.000 twenty twenty six, so they want to kind of get 0:07:35.000 --> 0:07:37.000 anywhere close to that. They need to be doing these 0:07:37.000 --> 0:07:39.880 tests very frequently and getting success. So I think the 0:07:39.880 --> 0:07:42.960 fact that it was not perfect but close to perfect 0:07:43.000 --> 0:07:45.800 in terms of the objectives, I think will help them 0:07:45.800 --> 0:07:48.440 to kind of speed up those tests and move towards 0:07:48.440 --> 0:07:49.080 that objective. 0:07:49.600 --> 0:07:53.840 I mean, clear focus of congratulations coming from or the 0:07:53.880 --> 0:07:57.400 guy who of course ultimately leads this business long term, 0:07:57.440 --> 0:07:58.960 whether it's on a day to day basis ed or 0:07:59.000 --> 0:08:02.320 must saying so many tiles and damaged flat starship made 0:08:02.320 --> 0:08:04.760 it to the way to a soft landing in the ocean. 0:08:05.360 --> 0:08:09.520 This incremental need for improvement. How costly is that map? 0:08:12.480 --> 0:08:13.360 Very costly? You know? 0:08:13.400 --> 0:08:15.680 This is that this program is kind of running into 0:08:15.760 --> 0:08:17.800 kind of billions of billions of dollars, but they've got 0:08:17.920 --> 0:08:20.280 multi billion dollar contracts with NASA, and also NASA is 0:08:20.280 --> 0:08:23.080 a really important client for THEIRS in terms of taking 0:08:23.480 --> 0:08:26.480 US astronauts back to the Moon. But also this program 0:08:26.520 --> 0:08:31.240 is really important for the Starlink business, which is their 0:08:31.920 --> 0:08:35.920 low Earth orbit satellite business, which has a huge number 0:08:35.920 --> 0:08:38.960 of customers now maybe approaching three million, and they want 0:08:39.040 --> 0:08:42.360 to use the Starship Rocket to send more and more 0:08:42.920 --> 0:08:46.480 of those satellites up into low Earth orbit over the midterms. 0:08:46.520 --> 0:08:48.319 So you know, it's important both the NASA and it's 0:08:48.320 --> 0:08:52.080 also important for the SpaceX business as a whole, particularly Starlink. 0:08:52.600 --> 0:08:55.520 I love bringing the contextualization there. Matt Bloxam, We thank you, 0:08:55.600 --> 0:09:00.520 Bloomberg intelligence analyst and fellow space geek. Meanwhile, our attention 0:09:00.559 --> 0:09:03.240 to China for a moment. Ali Baba, the president Corosine, 0:09:03.480 --> 0:09:08.120 speaking exclusively with bluebog Tiv's animal drulers, about China's economy, 0:09:08.200 --> 0:09:11.480 about tariff impacts on smooths and medium sized enterprises on 0:09:11.559 --> 0:09:15.040 its platforms, but also about how the company is incorporating 0:09:15.120 --> 0:09:15.439 as well. 0:09:15.520 --> 0:09:16.560 AI take a listen. 0:09:18.200 --> 0:09:22.120 This year we're tagting on two parts. The first part 0:09:22.520 --> 0:09:25.680 is about the AI, so you know AI GC the 0:09:25.800 --> 0:09:29.360 generous AI actually is one of the biggest kind of 0:09:29.720 --> 0:09:34.040 breakthrough for the technology. And using AI in global trade 0:09:34.120 --> 0:09:36.599 actually is one of the perfect user scenarios. So so 0:09:36.720 --> 0:09:40.040 many use cases that we can help improve efficiency for 0:09:40.120 --> 0:09:43.520 the sellers. We can help their efficiency how to post 0:09:43.559 --> 0:09:47.800 product to the marketing, to communications buyers and as well 0:09:47.840 --> 0:09:51.440 as to manage their business to see datas and we 0:09:51.679 --> 0:09:54.880 are using the technology to help the seller as the 0:09:54.880 --> 0:09:57.800 buyers as well. So previously the buyers using Alba dot 0:09:57.840 --> 0:10:02.240 com as a sourcing engine, all the help of AI, 0:10:02.679 --> 0:10:06.280 this is kind of a creativity engine for the buyers. 0:10:06.559 --> 0:10:10.640 We can help them to generate a product which can 0:10:10.720 --> 0:10:13.520 fit their imagination and we can use the agent to 0:10:13.559 --> 0:10:16.240 help them to source, to connect and treat it as 0:10:16.240 --> 0:10:19.200 the red partners. All this kind of technology can load 0:10:19.200 --> 0:10:21.960 a buyer for the seer and the buyers. 0:10:23.120 --> 0:10:26.480 That was Ali Baba president quote Jim watching shares also 0:10:26.520 --> 0:10:28.400 at Mayswe and another Chinese name is we had to 0:10:28.400 --> 0:10:31.760 break ear needs to be expectations topline grow twenty five percent, 0:10:32.040 --> 0:10:35.640 but the company also expanding to new markets the Middle East. 0:10:35.960 --> 0:10:38.920 Looking at Europe and other parts of Asia. Its first 0:10:38.960 --> 0:10:42.960 fora outside of its domestic market in China. Interesting, be 0:10:43.080 --> 0:10:49.600 right back, this is Bloomberg technology. 0:10:55.960 --> 0:10:57.920 If we take out the seventy three thousand in the 0:10:57.960 --> 0:10:59.640 next week or so, we're gonna have the year one 0:10:59.720 --> 0:11:03.440 hundred thousands. Somewhere around there were even higher markets work. 0:11:03.480 --> 0:11:06.520 They create ranges. When the ranges, the top of the 0:11:06.600 --> 0:11:09.200 range breaks, you know, you have a nice extension. And 0:11:09.240 --> 0:11:11.880 so you know at the bottom of that range was 0:11:12.040 --> 0:11:14.160 started around forty, so forty to seventy. 0:11:14.160 --> 0:11:17.000 This seventy goes to one hundred old calls coming from 0:11:17.000 --> 0:11:20.400 Galaxy Digital CEO Mike novograts his outlook for bitcoin as 0:11:20.440 --> 0:11:23.319 it just hovers still near that record, joining us for now. 0:11:23.160 --> 0:11:25.719 Of what fundamentally or not fundamentally is. 0:11:25.679 --> 0:11:28.680 Pushing at higher Edify editor in chief Lara Kriga, and 0:11:28.679 --> 0:11:30.240 it's great to have some time with you, Lara. And 0:11:30.679 --> 0:11:33.679 there has been this focus that at the moment, the 0:11:33.720 --> 0:11:38.640 political sudden tailwinds in the US aren't being baked in 0:11:38.679 --> 0:11:40.320 to crypto's price points right now. 0:11:40.400 --> 0:11:42.679 Do you agree that's. 0:11:42.480 --> 0:11:43.040 A good question. 0:11:43.240 --> 0:11:45.920 I do think that politics has played at least some 0:11:46.120 --> 0:11:48.360 role here, right So this is one of the few 0:11:49.280 --> 0:11:53.640 issues crypto investing and cryptocurrency on which we finally have 0:11:54.120 --> 0:11:57.960 bipartisan congressional support, which as you know, is very much 0:11:58.000 --> 0:12:00.760 not easy to find these days. So you know, I 0:12:01.120 --> 0:12:04.559 do think politics plays a role here, but not the 0:12:04.760 --> 0:12:09.280 entire role, right, Like there's there's also enthusiasm around the 0:12:09.559 --> 0:12:14.040 finally getting the access to spot bitcoin ETFs and advisors 0:12:14.040 --> 0:12:18.000 and institutions graving to that, gravitating to that in that vehicle, 0:12:18.280 --> 0:12:21.880 and also there's interest and excitement around the spot ethereum 0:12:22.200 --> 0:12:25.240 etf potential of that coming to market and when is 0:12:25.280 --> 0:12:28.880 that going to come? And that's the next new hot topic, right. 0:12:30.200 --> 0:12:33.880 You know, Laura, it's a presidential election year, right, And 0:12:34.640 --> 0:12:37.560 all of your industry participant colleagues that come on this 0:12:37.640 --> 0:12:40.439 program say, you know, we love engaging with Congress, in 0:12:40.480 --> 0:12:44.200 particular in Europe with regulators. But it's interesting that crypto 0:12:44.240 --> 0:12:46.240 has become a point of policy. You know, there's the 0:12:46.320 --> 0:12:51.040 reporting that former President Trump's very focused on crypto as 0:12:51.080 --> 0:12:51.920 a platform. 0:12:52.360 --> 0:12:53.640 What impact do you think that will have? 0:12:55.120 --> 0:12:58.679 I think it's helping to drive the conversation forward, for sure. 0:12:59.480 --> 0:13:03.680 You know, we're whereas eighteen months ago, twenty four months ago, 0:13:04.080 --> 0:13:07.640 politicians could sort of afford to let it lie, and 0:13:07.679 --> 0:13:10.880 maybe it felt like it was a little too toxic. 0:13:11.080 --> 0:13:13.640 The Overton window has shifted a little bit. Now there's 0:13:13.720 --> 0:13:18.440 no ignoring the reality that we need consistency, we need 0:13:18.520 --> 0:13:23.040 clarity on these markets, and you know it's time to 0:13:23.080 --> 0:13:27.200 start having those conversations. So I think that Trump coming 0:13:27.200 --> 0:13:31.640 out very much in favor of bitcoin has sort of 0:13:31.679 --> 0:13:35.560 helped force the conversation to the forefront. Regardless of where 0:13:35.600 --> 0:13:37.920 you stand on the political issue. 0:13:37.600 --> 0:13:39.520 Of it, you might be getting some clarity, you're not 0:13:39.520 --> 0:13:42.560 getting consistency. It seems to be slow, slow, slow, all 0:13:42.600 --> 0:13:45.600 at once when it comes to SEC approvals. And I'm 0:13:45.600 --> 0:13:48.760 interested therefore whether we get upended with other types of 0:13:48.760 --> 0:13:52.360 spot ets, So whether really we do the ether one 0:13:52.440 --> 0:13:53.079 and stop. 0:13:54.240 --> 0:13:56.319 That's a great question, is the one very much top 0:13:56.360 --> 0:13:59.520 of my mind. So you know, the SEC a few 0:13:59.559 --> 0:14:03.720 weeks go approved this special filing from stock exchanges that 0:14:03.840 --> 0:14:07.240 allows them to kind of change their rules and list 0:14:07.400 --> 0:14:10.679 spot etherrough ETFs. But that's not the same thing as 0:14:10.720 --> 0:14:14.440 approving individual funds, although it is a necessary first step. 0:14:14.880 --> 0:14:17.560 So now the SEC has the task ahead of it 0:14:17.640 --> 0:14:23.240 of actually assessing and approving the individual ETF filings, so 0:14:23.480 --> 0:14:26.560 you know that's going to take some time. The that's 0:14:26.600 --> 0:14:29.600 actually SEC head Gary Gensler's where it's not mine. So 0:14:30.200 --> 0:14:33.360 you're going to see the issuers begin to update their filings, 0:14:33.440 --> 0:14:36.960 and that process does take some time and is already 0:14:37.000 --> 0:14:40.840 beginning to happen. So you know, the the timeline might 0:14:40.880 --> 0:14:44.360 be compressed from weeks instead of you know, usually months. 0:14:45.440 --> 0:14:47.680 Edify editsor in chief Lawer Kriger, thank you. 0:14:55.160 --> 0:14:57.680 This is still a bit of a novelty. Most people 0:14:57.800 --> 0:14:59.560 driving next to us have never seen one of these. 0:15:01.800 --> 0:15:04.960 This is a robotaxi from Zoos, an autonomous ride hailing 0:15:04.960 --> 0:15:08.640 company owned by Amazon. It has no steering wheel, no pedals, 0:15:08.760 --> 0:15:11.720 and four inward facing seats. It's now running on a 0:15:11.800 --> 0:15:14.600 five mile loop in Las Vegas, across three lane roads, 0:15:14.720 --> 0:15:17.880 unprotected turns, and in mixed traffic at speeds of up 0:15:17.880 --> 0:15:19.360 to forty five miles per hour. 0:15:19.520 --> 0:15:21.880 We really wanted to feel like you're being driven by 0:15:21.960 --> 0:15:24.400 a very safe, expert human driver. 0:15:24.840 --> 0:15:27.840 Zooks rover taxi runs on software trained on millions of 0:15:27.880 --> 0:15:31.720 miles gathered by test vehicles. It's also packed with sensors, cameras, 0:15:31.800 --> 0:15:34.800 led our radar, and temperature probes which generate a full 0:15:34.840 --> 0:15:37.320 picture of the world around it in real time. It's 0:15:37.360 --> 0:15:40.560 bidirectional with a battery electric drive unit at each end. 0:15:40.840 --> 0:15:43.680 On our left hand side, there was cones and warnings 0:15:43.920 --> 0:15:47.120 and we cut across two lanes of traffic. 0:15:46.840 --> 0:15:49.000 And the map probably didn't have those cones in it. 0:15:49.400 --> 0:15:51.240 But we have to be able to detect anything that's 0:15:51.360 --> 0:15:54.040 changed in real time and then adjust our plans accordingly. 0:15:54.240 --> 0:15:56.800 Zoos wants to prove its tech works on the outskirts 0:15:56.800 --> 0:15:59.440 of Vegas before launching in the city as its first 0:15:59.480 --> 0:16:03.040 commercial market. There were US agencies now looking at Zookes's 0:16:03.120 --> 0:16:06.640 self driving tech after two incidents with test vehicles. One 0:16:06.640 --> 0:16:10.560 of Zookes's main competitors is Alphabet's Weimo, which uses retrofitted 0:16:10.640 --> 0:16:14.280 cars for its autonomous ride hailing. While GM's Cruise has 0:16:14.320 --> 0:16:18.000 recently scaled backplans and testing of its own purpose built 0:16:18.080 --> 0:16:22.120 origin robotaxi, zooks has been deliberately cautious about when a 0:16:22.120 --> 0:16:25.680 commercial service will launch. Expansion to San Francisco for the 0:16:25.720 --> 0:16:29.040 true robotaxi is in the works, but right now Zookes 0:16:29.120 --> 0:16:31.800 can claim to be the only operator of a purpose 0:16:31.800 --> 0:16:35.840 built robotaxi allowed to give rights on public roads in America. 0:16:38.400 --> 0:16:40.960 So it really is a first carr at least in America, 0:16:41.000 --> 0:16:45.040 a fully autonomous but purpose built robotaxi, right, no steering wheel, 0:16:45.080 --> 0:16:49.760 no pedals on real public roads. That wasn't a controlled test. 0:16:50.080 --> 0:16:51.680 It was a real one in the real world with 0:16:51.760 --> 0:16:54.880 real traffic. And the news is that that will be 0:16:54.920 --> 0:16:57.120 available to the public maybe by the end of this 0:16:57.200 --> 0:16:59.800 year December, or at least the start of next year, 0:17:00.120 --> 0:17:02.440 even if it's in a limited number of miles of road. 0:17:02.960 --> 0:17:06.680 Feels like a lot of firsts. But people other companies 0:17:07.040 --> 0:17:07.760 hot in their hills. 0:17:09.119 --> 0:17:11.560 Yeah, I mean, what's interesting about it is the Tesla 0:17:11.600 --> 0:17:16.600 components this right, we know that robotaxi is coming in 0:17:17.080 --> 0:17:20.600 August in some shape or form, and maybe that's Elon acknowledging. 0:17:20.200 --> 0:17:21.160 That Zooke's got it right. 0:17:21.600 --> 0:17:24.119 Cruisers pulled back its plan for basically the same thing, 0:17:24.160 --> 0:17:27.359 and Weymo's not really doing it. What's extraordinary is like 0:17:27.680 --> 0:17:30.840 the real world. So in that example, it was traffic, cones, 0:17:31.280 --> 0:17:34.159 closed lanes, but there are some other things that it 0:17:34.200 --> 0:17:34.880 can handle as well. 0:17:34.880 --> 0:17:35.320 Listen to this. 0:17:36.600 --> 0:17:39.680 I've really stayed away from the race. And you know Carlin, 0:17:39.760 --> 0:17:43.120 who has bold position and who doesn't. There's so much 0:17:43.240 --> 0:17:47.720 nuance in this industry. What I will tell you is 0:17:47.760 --> 0:17:51.199 that Zeus has even more conviction in the path that 0:17:51.240 --> 0:17:52.359 it's chosen. 0:17:52.560 --> 0:17:55.120 And it is believed that. 0:17:55.160 --> 0:17:57.520 It chose it and had the courage to do it 0:17:57.920 --> 0:17:59.040 and to stay on course. 0:18:01.320 --> 0:18:02.160 So just real quick. 0:18:02.160 --> 0:18:05.359 What's interesting is like Icerevin's really impressive CEO, spend a 0:18:05.400 --> 0:18:07.040 lot of time at Intel before zokes. 0:18:07.560 --> 0:18:09.480 She just won't exaggerate. 0:18:09.600 --> 0:18:11.879 She doesn't do the musk thing of like this is 0:18:11.920 --> 0:18:13.760 happening at this timeline, We're going to make loads of 0:18:13.760 --> 0:18:15.960 money and that could be frustrating. But it's kind of 0:18:15.960 --> 0:18:19.960 like hair in the tortoise scenario where Zookes was the 0:18:19.960 --> 0:18:21.080 tortoise and it's come from. 0:18:20.920 --> 0:18:22.479 Behind shock horror. 0:18:22.560 --> 0:18:25.560 Soone actually telling it as it is rather than a 0:18:25.560 --> 0:18:29.000 little bit of an ambitious sprinkle. But what is ambitious 0:18:29.040 --> 0:18:30.960 is the fact that it's gone on to the real world, 0:18:31.280 --> 0:18:33.119 real life. What sort of things did you come up 0:18:33.119 --> 0:18:34.360 against when in real traffic? 0:18:35.280 --> 0:18:37.159 Yeah, I think it's that human drivers are kind of 0:18:37.240 --> 0:18:40.840 erratic and sometimes you don't know what's going to happen. Yeah, 0:18:40.920 --> 0:18:44.800 and me as well, And sometimes something might drop out 0:18:44.800 --> 0:18:47.320 of the sky or a food truck gets in your way. 0:18:47.359 --> 0:18:47.840 Listen to this. 0:18:48.600 --> 0:18:51.639 There's a truck in front of us and it's happened 0:18:51.680 --> 0:18:54.560 to be a food truck and tackle plates started flying 0:18:54.600 --> 0:18:56.840 out of it. It basically looked at it. I saw 0:18:56.880 --> 0:18:59.359 them slowed down and say, hey, I'm seeing stuff coming. 0:18:59.640 --> 0:19:01.680 And then it had to make a decision as to 0:19:01.880 --> 0:19:05.240 this is debris. Is it strikaable debris or not strikable 0:19:05.280 --> 0:19:07.880 debris and so but it looked on the next lane 0:19:07.920 --> 0:19:09.800 and said that, oh, I have space there and just 0:19:09.840 --> 0:19:11.560 went on around it then moved on. 0:19:13.000 --> 0:19:15.679 So literally, the zooks was driving food truck in front. 0:19:15.760 --> 0:19:17.399 The doors come out the back of the food truck 0:19:17.440 --> 0:19:21.280 and tacos and plates fly out, and the Zookes didn't panic. 0:19:21.320 --> 0:19:23.760 It just plowed from some tacos. 0:19:24.600 --> 0:19:27.560 Yeah, exactly exactly. Anyway, that was the experience. Check it 0:19:27.600 --> 0:19:31.000 out dot com. Another big story today, the Foundering podcast 0:19:31.440 --> 0:19:34.159 is back. In this astallment Our Bloomberg reporters take a 0:19:34.160 --> 0:19:37.320 look at open Ayes. Sam Outman from founding a startup 0:19:37.359 --> 0:19:40.320 at nineteen to running y combinat at age twenty nine. 0:19:40.560 --> 0:19:44.320 The CEO behind chat GPT is the most Silicon Valley 0:19:44.359 --> 0:19:47.600 man alive. I want to bring in Bloomberg's Ellen Hewitt 0:19:48.320 --> 0:19:52.399 give us just the broad introduction to this version of 0:19:52.440 --> 0:19:54.560 Foundering and what we learn about. 0:19:54.359 --> 0:19:58.080 Sam totally So Foundering is this is in our fifth season. 0:19:58.160 --> 0:20:01.080 It's a narrative podcast in which we tell one story 0:20:01.119 --> 0:20:04.040 every season. It's a story of a high stakes drama 0:20:04.080 --> 0:20:06.600 in Silicon Valley, and this season we decided to go 0:20:07.240 --> 0:20:10.399 deep on Open AI and it's in particular Sam Altman, 0:20:10.440 --> 0:20:14.160 their leader, and I think you know what listeners can 0:20:14.200 --> 0:20:18.400 expect over the five episodes is really like an analytical 0:20:18.680 --> 0:20:21.280 arc of where did Sam come from? How did he 0:20:21.400 --> 0:20:23.879 rise to power? What are some of the strategies that 0:20:23.920 --> 0:20:26.760 he's used over the course of his career to accumulate 0:20:26.760 --> 0:20:29.359