1 00:00:02,720 --> 00:00:10,559 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. You're listening to the 2 00:00:10,600 --> 00:00:14,560 Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am 3 00:00:14,600 --> 00:00:17,880 Speaker 1: Eastern on Apple, Cocklay and Android Auto with the Bloomberg 4 00:00:17,920 --> 00:00:21,040 Speaker 1: Business App. Listen on demand wherever you get your podcasts, 5 00:00:21,360 --> 00:00:23,520 Speaker 1: or watch us live on YouTube. 6 00:00:24,160 --> 00:00:26,880 Speaker 2: I'm going to talk about the new issue market because 7 00:00:26,920 --> 00:00:30,360 Speaker 2: we had a big IPO this week. Cerebris, I think 8 00:00:30,480 --> 00:00:32,680 Speaker 2: is kind of how we figured out how to pronounce it. 9 00:00:33,000 --> 00:00:34,840 Speaker 3: Uh, we've said it every which way. 10 00:00:35,000 --> 00:00:37,199 Speaker 4: Yes, Bailey's advice to me yesterday I went up. 11 00:00:37,240 --> 00:00:39,320 Speaker 5: He was on TV after words, and I said, how 12 00:00:39,320 --> 00:00:39,920 Speaker 5: do you pronounce this? 13 00:00:39,920 --> 00:00:41,600 Speaker 3: Because they got to do the story. He goes, just 14 00:00:41,840 --> 00:00:42,920 Speaker 3: pronounce it both ways. 15 00:00:42,960 --> 00:00:45,360 Speaker 5: That the way they can't accuse you. You say it correctly. 16 00:00:45,520 --> 00:00:48,000 Speaker 5: As long as you say it correctly one time, that counts. 17 00:00:48,000 --> 00:00:49,560 Speaker 4: That's what I believe. Okay, Cerebras. 18 00:00:49,880 --> 00:00:51,880 Speaker 2: Anyway, they went pub with ESA one hundred and eighty 19 00:00:51,880 --> 00:00:54,120 Speaker 2: five dollars. Was the IPO price traded up to like 20 00:00:54,200 --> 00:00:59,520 Speaker 2: three over three hundred bucks? Just extraordinary trade off one 21 00:00:59,560 --> 00:01:02,960 Speaker 2: or two percent. And here this morning belly Lipshitz, he 22 00:01:03,640 --> 00:01:05,320 Speaker 2: joins us. Here he covers all this IPO stuff and 23 00:01:05,319 --> 00:01:06,679 Speaker 2: all the equity markets. 24 00:01:06,480 --> 00:01:09,880 Speaker 4: So bailly, if you're looking to go public, this was 25 00:01:09,920 --> 00:01:11,360 Speaker 4: a good first one to come out the door. 26 00:01:11,480 --> 00:01:14,160 Speaker 2: I mean, if you're thinking about SpaceX and Anthropic and 27 00:01:14,160 --> 00:01:14,759 Speaker 2: all those other ones. 28 00:01:14,840 --> 00:01:17,319 Speaker 5: Yeah, it really does kind of serve as a quite 29 00:01:17,440 --> 00:01:20,600 Speaker 5: large appetizer, if you will, in terms of just the 30 00:01:20,600 --> 00:01:22,840 Speaker 5: sheer size of it. Again, north of five and a 31 00:01:22,880 --> 00:01:25,200 Speaker 5: half billion dollars. I don't know if we've confirmed that 32 00:01:25,200 --> 00:01:27,039 Speaker 5: they've exercised the green show. You have to imagine that 33 00:01:27,040 --> 00:01:29,880 Speaker 5: happened almost instantaneously, So this would be the largest chip 34 00:01:30,200 --> 00:01:32,120 Speaker 5: IPO of all time here in the US. And the 35 00:01:32,120 --> 00:01:35,000 Speaker 5: big focus is again in a few weeks, what happens 36 00:01:35,000 --> 00:01:38,600 Speaker 5: with SpaceX looking to raise seventy five billion dollars and 37 00:01:38,640 --> 00:01:42,440 Speaker 5: how the marketing digest that capital, and just thinking through 38 00:01:43,200 --> 00:01:45,520 Speaker 5: how that does set the table for an Anthropic and 39 00:01:45,560 --> 00:01:48,960 Speaker 5: Open AI potentially later this year. Just given that across 40 00:01:48,960 --> 00:01:52,000 Speaker 5: those three deals, it's pretty much an entire record year 41 00:01:52,280 --> 00:01:53,400 Speaker 5: of IPO proceeds. 42 00:01:53,760 --> 00:01:56,000 Speaker 3: And there is a lot of drama surrounding this IPO 43 00:01:56,160 --> 00:02:00,280 Speaker 3: because we had reporting that showed Armholdings and Software, which 44 00:02:00,320 --> 00:02:04,200 Speaker 3: owns ARM the majority owner, wanted to buy this company. 45 00:02:04,400 --> 00:02:06,000 Speaker 3: A couple of weeks before the IPO. 46 00:02:06,640 --> 00:02:10,200 Speaker 5: Yeah, it's kind of unsurprising for all intents and purposes. 47 00:02:10,200 --> 00:02:13,360 Speaker 5: The interesting thing from that reporting from Ed Ludlow and 48 00:02:13,400 --> 00:02:17,680 Speaker 5: the team is kind of the question around the cash 49 00:02:17,720 --> 00:02:20,400 Speaker 5: and stock component and when you think about the fact 50 00:02:20,400 --> 00:02:23,640 Speaker 5: that right now, Sarah Bros. Cerebras however you want to 51 00:02:23,639 --> 00:02:27,280 Speaker 5: pronounce it is about sixty five billion dollars in market cap. Yes, 52 00:02:27,400 --> 00:02:29,480 Speaker 5: ARM is two hundred and twenty five billion dollars, but 53 00:02:29,560 --> 00:02:32,639 Speaker 5: there is an interesting kind of financial gymnastics that would 54 00:02:32,680 --> 00:02:36,560 Speaker 5: have had to be kind of accomplished to complete that deal. 55 00:02:36,760 --> 00:02:38,600 Speaker 5: In the question then going forward is just how large 56 00:02:38,600 --> 00:02:39,240 Speaker 5: would the company be? 57 00:02:39,639 --> 00:02:43,320 Speaker 3: I mean the selling point Cerebras has or crevice Sarah. 58 00:02:43,000 --> 00:02:45,639 Speaker 4: Bros Cerebras, Cerebris. 59 00:02:45,120 --> 00:02:48,760 Speaker 3: Okay, let's just say Cerebras. The benefit it has is 60 00:02:48,760 --> 00:02:50,960 Speaker 3: that it's an AI chip maker and that like you know, 61 00:02:51,040 --> 00:02:53,640 Speaker 3: hits on so many different things. Right now, is it 62 00:02:53,960 --> 00:02:56,640 Speaker 3: a competitor twin video, Yeah, that's. 63 00:02:56,440 --> 00:03:00,400 Speaker 5: How they're billowing themselves. And there's is it actually yes 64 00:03:00,760 --> 00:03:02,640 Speaker 5: in the future potentially. I Mean it goes back to 65 00:03:02,680 --> 00:03:05,000 Speaker 5: like what is a TPU and how does the market 66 00:03:05,280 --> 00:03:07,639 Speaker 5: kind of evolve over time? In the big debate when 67 00:03:07,639 --> 00:03:09,440 Speaker 5: you talk to folks on the buy side, whether they 68 00:03:09,440 --> 00:03:12,760 Speaker 5: were interested or not in Sarah Bros. In twenty twenty six, 69 00:03:12,880 --> 00:03:14,560 Speaker 5: or even back in twenty twenty four when they wanted 70 00:03:14,600 --> 00:03:18,000 Speaker 5: to go public the first time was Okay, how large 71 00:03:18,000 --> 00:03:21,240 Speaker 5: can this company be? If we say in Vidia is 72 00:03:21,280 --> 00:03:24,320 Speaker 5: worth six trillion dollars, is there a path to one 73 00:03:24,360 --> 00:03:26,000 Speaker 5: hundred billion dollars? Is there a path to two hundred 74 00:03:26,000 --> 00:03:29,400 Speaker 5: billion dollars? And just using essentially basic math is if 75 00:03:29,440 --> 00:03:31,600 Speaker 5: there is going to be a real competitor for inn 76 00:03:31,680 --> 00:03:35,400 Speaker 5: Vidia and it is Sarah Bros. Then the valuation can 77 00:03:35,480 --> 00:03:38,720 Speaker 5: make sense again based on the trailing data, based on 78 00:03:38,760 --> 00:03:41,200 Speaker 5: what they've actually attained for now it is one of 79 00:03:41,240 --> 00:03:43,520 Speaker 5: the most expensive, if not the most expensive. 80 00:03:43,280 --> 00:03:43,760 Speaker 4: I wanted to go. 81 00:03:43,840 --> 00:03:45,920 Speaker 2: I mean, we've got a sixty five billion dollar market cap, 82 00:03:46,160 --> 00:03:49,560 Speaker 2: trailing revenue five hundred million dollars. Yeah, so I mean 83 00:03:49,720 --> 00:03:52,600 Speaker 2: what are we doing here? Was there any pushback on valuation? 84 00:03:52,680 --> 00:03:53,720 Speaker 2: I'll answer that no. 85 00:03:53,720 --> 00:03:56,640 Speaker 5: No. So we saw them launch initially with a range 86 00:03:56,640 --> 00:03:58,080 Speaker 5: of like one hundred and fifteen to one hundred and 87 00:03:58,120 --> 00:03:59,800 Speaker 5: twenty five bucks, as you mentioned, at prices at one 88 00:03:59,840 --> 00:04:03,120 Speaker 5: a five. According to the people around the deal. They 89 00:04:03,120 --> 00:04:06,280 Speaker 5: had ten billion dollars of demand before it formally launched, 90 00:04:06,320 --> 00:04:09,920 Speaker 5: which is not something you see. The vision going forward though, 91 00:04:10,000 --> 00:04:13,480 Speaker 5: is open. Aye is now a customer. They're diversifying away 92 00:04:13,520 --> 00:04:15,800 Speaker 5: from G forty two, which was kind of one of 93 00:04:15,800 --> 00:04:18,479 Speaker 5: the barecases a few years ago for the company. So 94 00:04:18,640 --> 00:04:21,480 Speaker 5: if you're buying into the idea that these hyperscalers are 95 00:04:21,520 --> 00:04:24,360 Speaker 5: going to spend spend, spend, then investing in the companies 96 00:04:24,400 --> 00:04:27,160 Speaker 5: that are actually producing the products that they're selling at 97 00:04:27,240 --> 00:04:29,080 Speaker 5: least has the upside because they're not going to bear 98 00:04:29,080 --> 00:04:32,680 Speaker 5: the cost if we are over indexing and overbuilding like 99 00:04:32,720 --> 00:04:33,559 Speaker 5: many people are fearing. 100 00:04:33,680 --> 00:04:37,360 Speaker 3: Is there cornerstone investor in Cerebrus No, not. 101 00:04:37,279 --> 00:04:40,040 Speaker 2: That I in my day, we didn't do cornerstone investors. 102 00:04:40,080 --> 00:04:42,679 Speaker 4: That's the thing work. Yeah, we work for a living 103 00:04:42,960 --> 00:04:45,400 Speaker 4: real quick SpaceX. Is that a joom thing potentially? 104 00:04:45,440 --> 00:04:45,680 Speaker 3: Yeah. 105 00:04:45,720 --> 00:04:48,920 Speaker 5: We expect the formal filing to go public next week. 106 00:04:49,080 --> 00:04:51,479 Speaker 4: That would set the table. That's going to be a 107 00:04:51,520 --> 00:04:52,280 Speaker 4: lot of fun for us. 108 00:04:52,279 --> 00:04:54,559 Speaker 5: I will be on vacation starting Wednesday, so I'm getting 109 00:04:54,560 --> 00:04:57,440 Speaker 5: out of the country. But yeah, so expecting that that 110 00:04:57,640 --> 00:05:00,240 Speaker 5: formal flip next week, that'll set the stage for a 111 00:05:00,600 --> 00:05:02,040 Speaker 5: listing likely before juneteenth. 112 00:05:02,360 --> 00:05:05,800 Speaker 3: Wow, and then fifteen days after that perhaps an entry 113 00:05:05,800 --> 00:05:07,520 Speaker 3: into the Nazaq one hundred and the queues. 114 00:05:08,320 --> 00:05:11,680 Speaker 2: Oh, I see what you're saying theresive investors in I 115 00:05:11,720 --> 00:05:12,760 Speaker 2: mean talk about interesting. 116 00:05:12,880 --> 00:05:15,080 Speaker 5: It's going to be fascinating to watch. I don't know 117 00:05:15,120 --> 00:05:18,960 Speaker 5: a double or triple levered SpaceX ETF day three, there's. 118 00:05:18,760 --> 00:05:21,400 Speaker 3: Already filings for all these ETFs. Companies haven't even gone 119 00:05:21,400 --> 00:05:21,920 Speaker 3: public yet. 120 00:05:21,920 --> 00:05:27,920 Speaker 5: There's a levered Sarah Bros ETF and it's US six hours. 121 00:05:26,680 --> 00:05:29,800 Speaker 4: Ye stay with us. 122 00:05:29,839 --> 00:05:32,040 Speaker 3: More from Bloomberg Intelligence coming up after this. 123 00:05:35,680 --> 00:05:39,360 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 124 00:05:39,440 --> 00:05:42,560 Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android 125 00:05:42,560 --> 00:05:45,880 Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever 126 00:05:45,920 --> 00:05:49,040 Speaker 1: you get your podcasts, or watch us live on YouTube. 127 00:05:49,560 --> 00:05:52,240 Speaker 4: We'll stuck a little technology. John Tucker was just reporting 128 00:05:52,320 --> 00:05:53,080 Speaker 4: on Figma. 129 00:05:53,400 --> 00:05:55,599 Speaker 2: Let's start there, because I have no idea who this company, 130 00:05:55,680 --> 00:05:57,159 Speaker 2: has never heard it before. So I'm gonna go to 131 00:05:57,160 --> 00:06:00,560 Speaker 2: anaag Ran at technology analyst. He gets paid to know 132 00:06:00,560 --> 00:06:03,440 Speaker 2: about this stuff for Bloomberg Intelligence. Anrach tell me about 133 00:06:03,680 --> 00:06:06,080 Speaker 2: what this company, Figma is. Why don't I know about it, 134 00:06:06,120 --> 00:06:08,280 Speaker 2: but they had some pretty darn good numbers here talk 135 00:06:08,279 --> 00:06:09,040 Speaker 2: to us about Figma. 136 00:06:10,360 --> 00:06:13,520 Speaker 6: Yes, Faulse, you may remember Pigma when Adobe tied to 137 00:06:13,560 --> 00:06:15,560 Speaker 6: acquired them a few years ago. It was one of 138 00:06:15,560 --> 00:06:18,520 Speaker 6: the biggest acquisitions by Adobe. To be honest, I went 139 00:06:18,560 --> 00:06:21,719 Speaker 6: and criticized Adobe for such a big acquisition when with 140 00:06:21,839 --> 00:06:24,840 Speaker 6: no real revenue. But this is a phenomenal company. It 141 00:06:24,880 --> 00:06:28,240 Speaker 6: does design software, so if you're designing applications, this is 142 00:06:28,320 --> 00:06:30,839 Speaker 6: place where you're going to go design the application and 143 00:06:30,880 --> 00:06:33,040 Speaker 6: the workflow and then you're going to get coded with it. 144 00:06:33,279 --> 00:06:35,360 Speaker 6: They came out public last year and you've seen the 145 00:06:35,400 --> 00:06:38,960 Speaker 6: stock down around let's say, eighty percent since then because again, 146 00:06:39,279 --> 00:06:42,640 Speaker 6: high growth company, right in the smack middle of being 147 00:06:42,680 --> 00:06:45,920 Speaker 6: disrupted by AI models, and you know, when you had 148 00:06:45,960 --> 00:06:48,039 Speaker 6: a brand new company, you know your financials are not 149 00:06:48,120 --> 00:06:50,520 Speaker 6: the best. So this has been the one that has 150 00:06:50,720 --> 00:06:54,240 Speaker 6: absolutely been crushed over the last twelve months. But last 151 00:06:54,320 --> 00:06:56,840 Speaker 6: night they showed that the growth rates actually picking up. 152 00:06:57,120 --> 00:07:01,120 Speaker 6: Their AI consumption is improving, and they are not you know, 153 00:07:01,160 --> 00:07:04,600 Speaker 6: they're working closely with large language models and helping out 154 00:07:04,640 --> 00:07:06,720 Speaker 6: their customers. 155 00:07:06,000 --> 00:07:08,360 Speaker 3: And I'm so glad you bring out the point that 156 00:07:08,440 --> 00:07:11,120 Speaker 3: the stock has gotten absolutely crushed because you take a 157 00:07:11,160 --> 00:07:14,320 Speaker 3: look at a one year chart. On August first, twenty 158 00:07:14,320 --> 00:07:16,080 Speaker 3: twenty five, it was trading out one hundred and twenty 159 00:07:16,080 --> 00:07:20,360 Speaker 3: two dollars, and of course yesterday or you know, prior 160 00:07:20,400 --> 00:07:22,600 Speaker 3: to this earnings release, it was trading below twenty dollars. 161 00:07:22,680 --> 00:07:25,640 Speaker 3: Now it's above twenty, but still a long way off 162 00:07:25,640 --> 00:07:28,520 Speaker 3: from those highs. Back in the summer of twenty twenty five, 163 00:07:28,920 --> 00:07:31,960 Speaker 3: you had mentioned on rog that Adobe wanted to buy 164 00:07:31,960 --> 00:07:35,600 Speaker 3: it but was stopped by regulators. Is this a takeover target? 165 00:07:36,320 --> 00:07:37,920 Speaker 3: Is it still a takeover target for anyone? 166 00:07:38,840 --> 00:07:41,040 Speaker 6: Well, Adobe would have been the right strait at that time. 167 00:07:41,080 --> 00:07:42,960 Speaker 6: And again I go back and say, when it happened, 168 00:07:42,960 --> 00:07:46,600 Speaker 6: I would really criticized Adobe for it, But I seem 169 00:07:46,840 --> 00:07:49,480 Speaker 6: now it looks like a very good design software. Now 170 00:07:49,520 --> 00:07:51,720 Speaker 6: I don't know if it can be acquired now because 171 00:07:52,040 --> 00:07:54,400 Speaker 6: you know, as I said, there was some regulatory issue 172 00:07:54,640 --> 00:07:57,840 Speaker 6: in the little market that they operate in. Figma operates in. 173 00:07:57,880 --> 00:08:00,640 Speaker 6: They actually have very high market share. They are the 174 00:08:00,680 --> 00:08:04,760 Speaker 6: predominant vendor with very little competition from any of the 175 00:08:04,760 --> 00:08:08,320 Speaker 6: bigger guys. But here the discussion was the reason why 176 00:08:08,320 --> 00:08:10,960 Speaker 6: it got crushed was people said, well, why don't I 177 00:08:11,040 --> 00:08:14,240 Speaker 6: just go into a cloud or an open AI and 178 00:08:14,320 --> 00:08:18,119 Speaker 6: start designing my application over there? And these guys are saying, listen, 179 00:08:18,160 --> 00:08:20,560 Speaker 6: it's not that simple. You can you know, coding, you 180 00:08:20,560 --> 00:08:24,119 Speaker 6: can do it anywhere, but designing requires a different skill set. 181 00:08:24,640 --> 00:08:27,200 Speaker 6: As I said, they have probably the best product that's 182 00:08:27,200 --> 00:08:28,320 Speaker 6: out there in that category. 183 00:08:28,800 --> 00:08:32,040 Speaker 2: Hey, Anrod to what extent is what we're seeing today 184 00:08:32,040 --> 00:08:34,760 Speaker 2: in Figma kind of emblematic of what maybe a lot 185 00:08:34,760 --> 00:08:37,200 Speaker 2: of software companies need to do, which is, hey, you've 186 00:08:37,240 --> 00:08:42,120 Speaker 2: been people have soldier stock concerned about the AI competitive threat. 187 00:08:42,800 --> 00:08:44,600 Speaker 2: The only way to get around that is just to 188 00:08:44,640 --> 00:08:46,600 Speaker 2: perform and put up good numbers. Is this kind of 189 00:08:46,880 --> 00:08:48,920 Speaker 2: a template for some of these other software companies. 190 00:08:49,800 --> 00:08:51,920 Speaker 6: Yeah, Paul, you really nailed it to the head over there. 191 00:08:52,000 --> 00:08:54,520 Speaker 6: That's exactly what needs to happen. But it was probably 192 00:08:54,559 --> 00:08:57,600 Speaker 6: a little easier for Pigma because the base of revenue 193 00:08:57,640 --> 00:09:00,440 Speaker 6: is small and even one of today signed a large 194 00:09:00,440 --> 00:09:03,440 Speaker 6: client with one of the hyperscale cloud providers. So what 195 00:09:03,559 --> 00:09:05,720 Speaker 6: happens is when you sign that big of a contract, 196 00:09:05,800 --> 00:09:07,960 Speaker 6: your graph rate goes up. But when you are a 197 00:09:08,040 --> 00:09:10,840 Speaker 6: larger company, let's say if you're a salesport or a workday, 198 00:09:11,440 --> 00:09:13,600 Speaker 6: you know one or two clients really don't do it 199 00:09:13,640 --> 00:09:16,120 Speaker 6: for you. That's really a macro play. And you know, 200 00:09:16,160 --> 00:09:18,360 Speaker 6: believe it or not, Macro right now in our text 201 00:09:18,440 --> 00:09:21,200 Speaker 6: doing very well, but macro for non AI tech is 202 00:09:21,240 --> 00:09:23,520 Speaker 6: not good. We think things are going to be tough 203 00:09:23,559 --> 00:09:26,199 Speaker 6: for salesforce and workday when they report in a few weeks, 204 00:09:26,240 --> 00:09:28,960 Speaker 6: because you know, if you see what's happening with deal 205 00:09:29,000 --> 00:09:32,560 Speaker 6: activity being pushed up because of the war, because of 206 00:09:32,640 --> 00:09:36,080 Speaker 6: all the uncertainty around rates, I think, you know, the 207 00:09:36,200 --> 00:09:39,079 Speaker 6: large software company won't have an easy time to show 208 00:09:39,080 --> 00:09:42,120 Speaker 6: a rebounding growth rates. So the real kicker has to 209 00:09:42,120 --> 00:09:44,960 Speaker 6: be that the declining growth rate needs to improve, but 210 00:09:45,040 --> 00:09:46,720 Speaker 6: it's going to be hard for the larger ones to 211 00:09:46,760 --> 00:09:47,040 Speaker 6: do it. 212 00:09:48,040 --> 00:09:50,280 Speaker 3: An I want to switch gears and get your take 213 00:09:50,320 --> 00:09:53,120 Speaker 3: on what's going on with Apple and open Ai. They 214 00:09:53,160 --> 00:09:56,280 Speaker 3: have a two year partnership, but it's starting to become free. 215 00:09:56,480 --> 00:09:59,480 Speaker 3: This is according to our reporting. Mark German of Bloomberg 216 00:09:59,520 --> 00:10:04,760 Speaker 3: News reporting on this, the startup open ai is failing 217 00:10:04,760 --> 00:10:06,760 Speaker 3: to see the expected benefits from the deal. And and 218 00:10:07,040 --> 00:10:09,960 Speaker 3: you know there's now talk a possible legal action here too. 219 00:10:10,400 --> 00:10:12,680 Speaker 3: Does this go back to the idea that Apple has 220 00:10:12,679 --> 00:10:15,199 Speaker 3: had a kind of a tough road here figuring out 221 00:10:15,520 --> 00:10:17,280 Speaker 3: how to deploys AI strategy. 222 00:10:18,679 --> 00:10:20,880 Speaker 4: So I'll take the slightly different angle on this thing. 223 00:10:20,920 --> 00:10:22,760 Speaker 6: You know, Apple, I think did a good job at 224 00:10:22,760 --> 00:10:24,680 Speaker 6: that time to tie up with open ai because open 225 00:10:24,760 --> 00:10:27,000 Speaker 6: i were the best model and it did, you know, 226 00:10:27,080 --> 00:10:29,400 Speaker 6: kind of at that point for a short term change 227 00:10:29,400 --> 00:10:32,920 Speaker 6: the narrative that Apple's embracing. But frankly speaking, if you 228 00:10:32,960 --> 00:10:35,240 Speaker 6: look at what open Ai did, you know, they basically 229 00:10:35,280 --> 00:10:37,320 Speaker 6: started a new firm where they're going to try to 230 00:10:37,360 --> 00:10:40,360 Speaker 6: do a device that could compete with Apple someday. They've 231 00:10:40,360 --> 00:10:43,319 Speaker 6: been poaching you know, engineers from Apple. But and frankly, 232 00:10:43,360 --> 00:10:45,960 Speaker 6: you don't do that to Apple. In fact, Elon Musk 233 00:10:46,000 --> 00:10:47,840 Speaker 6: also learned it the hard way. You know, a long 234 00:10:47,880 --> 00:10:50,839 Speaker 6: time ago. You have to work closely with Apple. Apple 235 00:10:50,880 --> 00:10:52,240 Speaker 6: went out and said, you know what, we're going to 236 00:10:52,360 --> 00:10:55,440 Speaker 6: license Google model for our models. We're going to allow 237 00:10:55,679 --> 00:10:58,280 Speaker 6: and Marx also report it on that same framework that 238 00:10:58,400 --> 00:11:02,560 Speaker 6: when they announced their Worldwide Developers Conference on June eighth, 239 00:11:02,679 --> 00:11:05,880 Speaker 6: they will showcase that consumers can use all the models 240 00:11:05,920 --> 00:11:08,120 Speaker 6: and not just OPENINGI. So I think there was a 241 00:11:08,120 --> 00:11:10,400 Speaker 6: little bad blood over there because opening I wanted to, 242 00:11:10,760 --> 00:11:13,640 Speaker 6: you know, compete with Apple, and you know Apple controls. 243 00:11:13,679 --> 00:11:17,080 Speaker 6: I think that one of the most important distributions for consumers, 244 00:11:17,480 --> 00:11:19,440 Speaker 6: and I think it's going to be very tough to 245 00:11:19,440 --> 00:11:20,160 Speaker 6: work with them. 246 00:11:20,120 --> 00:11:21,120 Speaker 4: A real quickly. 247 00:11:21,160 --> 00:11:24,200 Speaker 2: It just kind of came across. Recently, Bill Ackman takes 248 00:11:24,200 --> 00:11:27,400 Speaker 2: a stake in Microsoft stocks up a couple of percent. 249 00:11:27,440 --> 00:11:32,959 Speaker 2: Here today he says, tech deeply embedded into the ecosystem. 250 00:11:33,040 --> 00:11:34,679 Speaker 4: What do you make of Acman in Microsoft? 251 00:11:35,520 --> 00:11:37,440 Speaker 6: Yeah, maybe it had a note from back to January 252 00:11:37,480 --> 00:11:39,480 Speaker 6: when we said, you know, they're just being punished for 253 00:11:39,520 --> 00:11:42,080 Speaker 6: no reason. They are being punished because they're part of 254 00:11:42,080 --> 00:11:45,160 Speaker 6: the software bucket. But Microsoft is dead smack one of 255 00:11:45,160 --> 00:11:48,520 Speaker 6: the most important companies as we see AI grows. 256 00:11:49,280 --> 00:11:52,400 Speaker 4: Stay with us. More from Bloomberg Intelligence coming up after this. 257 00:11:56,280 --> 00:11:59,880 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 258 00:12:00,080 --> 00:12:03,439 Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto 259 00:12:03,559 --> 00:12:06,600 Speaker 1: with the Blueberg Business app. Listen on demand wherever you 260 00:12:06,640 --> 00:12:09,640 Speaker 1: get your podcasts, or watch us live on YouTube. 261 00:12:10,240 --> 00:12:12,400 Speaker 4: Check a look at Boeing right here. 262 00:12:12,640 --> 00:12:14,760 Speaker 2: Boeing, as you know, the CEO Boeing went with President 263 00:12:14,760 --> 00:12:19,199 Speaker 2: Trump over to China in large part looking for some business, presumably, 264 00:12:19,559 --> 00:12:22,600 Speaker 2: and I guess President Trump put out on social media 265 00:12:22,679 --> 00:12:24,079 Speaker 2: yesterday Trump said China would. 266 00:12:23,880 --> 00:12:26,520 Speaker 4: Buy two hundred quote big aircraft. I don't know. 267 00:12:26,679 --> 00:12:29,800 Speaker 2: Stock traded off about four percent yesterday, off about three 268 00:12:29,840 --> 00:12:32,000 Speaker 2: percent today, So maybe a little underwhelming. But let's check 269 00:12:32,000 --> 00:12:34,640 Speaker 2: out what's going on with Boeing and China a huge 270 00:12:34,679 --> 00:12:37,440 Speaker 2: market for Boeing, of course, Sid Philip, Deputy team leader 271 00:12:37,440 --> 00:12:40,800 Speaker 2: for Global Aviation Joints. This yere Sid, were you surprised 272 00:12:40,800 --> 00:12:43,000 Speaker 2: that the stock has been trading down on news that 273 00:12:43,480 --> 00:12:45,920 Speaker 2: China is going to be back buying some Boeing planes? 274 00:12:47,280 --> 00:12:49,520 Speaker 7: So on Facebook, Paul, it looks like a really good 275 00:12:49,600 --> 00:12:51,840 Speaker 7: deal for Boeing, given the fact that it's a two 276 00:12:51,920 --> 00:12:55,800 Speaker 7: hundred plane order. At the same time, the expectations were 277 00:12:55,880 --> 00:13:00,160 Speaker 7: much higher for this order from China, and so the 278 00:13:00,280 --> 00:13:03,800 Speaker 7: expectation was that they would order five hundred and seven 279 00:13:03,840 --> 00:13:07,560 Speaker 7: three seven Max jets as well as a large number 280 00:13:07,600 --> 00:13:11,600 Speaker 7: of white body jets. And unfortunately the details still aren't 281 00:13:11,679 --> 00:13:16,360 Speaker 7: clear on what the order comprises, what the aircraft types are, 282 00:13:16,800 --> 00:13:19,679 Speaker 7: what the timing of it, and both Boeing and China 283 00:13:19,720 --> 00:13:23,000 Speaker 7: have not really talked about what the order entails, and 284 00:13:23,160 --> 00:13:26,560 Speaker 7: so the market is a little underwhelmed by the order 285 00:13:26,600 --> 00:13:29,840 Speaker 7: given the fact that the possibility was much larger. 286 00:13:30,559 --> 00:13:33,560 Speaker 2: So just give us a little history here about for Boeing, 287 00:13:33,600 --> 00:13:36,840 Speaker 2: how big is the China market for them and how 288 00:13:36,880 --> 00:13:38,920 Speaker 2: has that market evolved over the last year or two. 289 00:13:40,000 --> 00:13:43,120 Speaker 7: So for Boeing, China has a really important market. China 290 00:13:43,200 --> 00:13:46,480 Speaker 7: is the world's second largest aviation market. And given the 291 00:13:46,520 --> 00:13:49,480 Speaker 7: fact that Comac, which is the Chinese rival to both 292 00:13:49,520 --> 00:13:53,040 Speaker 7: Airbus and Boeing, isn't really producing airplanes at such a 293 00:13:53,120 --> 00:13:56,160 Speaker 7: large scale. So for Boeing this is an important market 294 00:13:56,200 --> 00:13:59,000 Speaker 7: and a market that hasn't really seen any order momentum 295 00:13:59,400 --> 00:14:03,000 Speaker 7: in the last almost a decade since when Trump was 296 00:14:03,080 --> 00:14:06,240 Speaker 7: last in China. So for Boeing, this was the moment 297 00:14:06,320 --> 00:14:08,800 Speaker 7: that they would get their next big break from China. 298 00:14:09,160 --> 00:14:12,319 Speaker 7: Unfortunately that hasn't happened. I mean Airbus in that meantime, 299 00:14:12,360 --> 00:14:15,760 Speaker 7: as it secured over seven hundred plane orders, and so 300 00:14:15,840 --> 00:14:18,520 Speaker 7: for Boeing they're sort of really playing at a much 301 00:14:19,160 --> 00:14:23,239 Speaker 7: smaller level in terms of the overall market in China. 302 00:14:23,280 --> 00:14:26,480 Speaker 2: But given as I understand that the China aviation market 303 00:14:26,520 --> 00:14:32,720 Speaker 2: continues to be a serious growth mode. Can airbus fulfill 304 00:14:32,800 --> 00:14:35,360 Speaker 2: that growth, support that growth or does China at some 305 00:14:35,400 --> 00:14:36,400 Speaker 2: point need Boeing. 306 00:14:37,240 --> 00:14:40,000 Speaker 7: But China definitely needs Boeing. I mean the Chinese airlines 307 00:14:40,000 --> 00:14:43,880 Speaker 7: that are looking to secure their next generation of aircraft 308 00:14:43,960 --> 00:14:47,720 Speaker 7: or replace older aircraft with more fuel efficient ones will 309 00:14:47,760 --> 00:14:51,160 Speaker 7: definitely need to order Boeing planes. And so it is 310 00:14:51,200 --> 00:14:54,560 Speaker 7: something that the Chinese airlines have expressed the need for 311 00:14:55,000 --> 00:14:57,360 Speaker 7: and it is in Boeing's interest to sort of supply 312 00:14:57,520 --> 00:15:00,920 Speaker 7: those aircraft. So, especially at a time when jet fuel 313 00:15:00,960 --> 00:15:04,920 Speaker 7: prices are rising, like fuel efficient aircraft that's really valuable. 314 00:15:04,960 --> 00:15:07,320 Speaker 7: And so for the seven three seven Max. This is 315 00:15:07,320 --> 00:15:10,200 Speaker 7: an important market both for the Chinese carriers as well 316 00:15:10,200 --> 00:15:10,880 Speaker 7: as for Boeing. 317 00:15:11,280 --> 00:15:13,960 Speaker 2: So let's just say it's even at this read lower 318 00:15:14,000 --> 00:15:16,760 Speaker 2: than expected number of two hundred aircraft, that would still 319 00:15:16,800 --> 00:15:19,160 Speaker 2: be the Would that be the first real order from 320 00:15:19,280 --> 00:15:20,680 Speaker 2: China in almost a decade. 321 00:15:21,320 --> 00:15:21,800 Speaker 4: It will be. 322 00:15:21,880 --> 00:15:24,360 Speaker 7: It will be the first major order by China in 323 00:15:24,400 --> 00:15:27,720 Speaker 7: over in almost a decade if this order materialized, even 324 00:15:27,720 --> 00:15:30,240 Speaker 7: if it's just for two hundred planes. And then Trump 325 00:15:30,320 --> 00:15:34,040 Speaker 7: on his way back talked about the possibility of up 326 00:15:34,080 --> 00:15:37,560 Speaker 7: to seven hundred and fifty planes, and so again specifics 327 00:15:37,600 --> 00:15:41,200 Speaker 7: aren't clear, and it's not really clear what the order 328 00:15:41,360 --> 00:15:45,080 Speaker 7: entails because Trump said that it depends on whether Boeing 329 00:15:45,160 --> 00:15:47,440 Speaker 7: is able to fulfill the two hundred plane order, and 330 00:15:47,440 --> 00:15:49,360 Speaker 7: then they would order another seven and up to six 331 00:15:49,400 --> 00:15:53,000 Speaker 7: seven and fifty aircraft. So details are sort of murky 332 00:15:53,080 --> 00:15:56,520 Speaker 7: at the moment, but it could be a sign that 333 00:15:56,880 --> 00:15:59,640 Speaker 7: there may be a tow towards ordering those Boeing planes 334 00:16:00,080 --> 00:16:01,760 Speaker 7: from China before. 335 00:16:01,880 --> 00:16:05,359 Speaker 2: I mean, I guess without the help of the executive 336 00:16:05,360 --> 00:16:09,320 Speaker 2: branch whoever that may be in office, what can Boeing. 337 00:16:09,480 --> 00:16:12,520 Speaker 2: It looks like Boeing doesn't have much influence or ability 338 00:16:12,560 --> 00:16:15,160 Speaker 2: to shape the conversation with the Chinese because again, as 339 00:16:15,160 --> 00:16:17,960 Speaker 2: you mentioned, they have gone almost ten years without a sale. 340 00:16:19,160 --> 00:16:22,840 Speaker 7: Yes, so China, especially for its state owned airlines, tends 341 00:16:22,840 --> 00:16:26,160 Speaker 7: to order planes in bulk, and so whether that's from Airbus, 342 00:16:26,160 --> 00:16:29,120 Speaker 7: whether that's from Boeing, and so those big orders from 343 00:16:29,160 --> 00:16:33,400 Speaker 7: the Chinese carriers depend on government to government relations, and 344 00:16:34,160 --> 00:16:38,080 Speaker 7: Boeing has featured prominently in most of President Donald Trump's 345 00:16:38,520 --> 00:16:42,320 Speaker 7: negotiations around the world. I mean, remember in Qatar where 346 00:16:42,360 --> 00:16:45,520 Speaker 7: there was that massive order, the biggest order by value 347 00:16:45,560 --> 00:16:50,360 Speaker 7: for Boeing planes, and again like Boeing planes have featured 348 00:16:50,400 --> 00:16:56,080 Speaker 7: prominently in trade announcements, trade deals, and for China, getting 349 00:16:56,080 --> 00:16:59,720 Speaker 7: those Boeing planes is sort of valuable and they need 350 00:16:59,760 --> 00:17:02,400 Speaker 7: to get it done, so we do expect them to 351 00:17:02,440 --> 00:17:05,200 Speaker 7: buy it, but timing again remains unclear. 352 00:17:06,720 --> 00:17:09,520 Speaker 4: Stay with us. More from Bloomberg Intelligence coming up here 353 00:17:09,560 --> 00:17:09,760 Speaker 4: for this. 354 00:17:12,880 --> 00:17:16,560 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 355 00:17:16,640 --> 00:17:20,000 Speaker 1: weekdays at ten am Eastern on Applecarclay, and Android Auto 356 00:17:20,119 --> 00:17:23,199 Speaker 1: with the Bloomberg Business App. Listen on demand wherever you 357 00:17:23,240 --> 00:17:26,240 Speaker 1: get your podcasts, or watch us live on YouTube. 358 00:17:27,160 --> 00:17:29,000 Speaker 2: The Business of Sports, let's get right down to it. 359 00:17:29,040 --> 00:17:31,000 Speaker 2: There's a ton of stuff going on. It must be 360 00:17:31,080 --> 00:17:33,399 Speaker 2: good to be Randa Williams. You a sports business reporter 361 00:17:33,440 --> 00:17:36,000 Speaker 2: for Bloomberg News. You got a bunch of them. I'm 362 00:17:36,040 --> 00:17:40,680 Speaker 2: starting right with the Mavericks. What's going off there? Sheldon Edelson, 363 00:17:40,720 --> 00:17:43,159 Speaker 2: sun in law Patrick Dumont has big plans for the team. 364 00:17:43,560 --> 00:17:43,760 Speaker 5: Yeah. 365 00:17:43,800 --> 00:17:46,480 Speaker 8: I think we all remember where we were when Luka 366 00:17:46,560 --> 00:17:49,679 Speaker 8: Doncis was traded last year on February first or second, 367 00:17:49,680 --> 00:17:51,600 Speaker 8: depending on what time zone you were in, and it 368 00:17:51,760 --> 00:17:56,120 Speaker 8: just set off an incredible sort of events for the team. 369 00:17:56,359 --> 00:17:58,880 Speaker 8: We've never seen a team go from the NBA Finals 370 00:17:58,920 --> 00:18:01,240 Speaker 8: to then lottery the next and also get the number 371 00:18:01,280 --> 00:18:03,520 Speaker 8: one pick. And so he's had to rebuild some things 372 00:18:03,520 --> 00:18:05,320 Speaker 8: in Dallas, and as part of that, he's also trying 373 00:18:05,359 --> 00:18:08,000 Speaker 8: to bring gambling there. The timeline of building a new 374 00:18:08,000 --> 00:18:11,080 Speaker 8: arena in Dallas and building this luxury resort that he 375 00:18:11,119 --> 00:18:13,440 Speaker 8: wants probably won't match up at this point in time, 376 00:18:13,440 --> 00:18:14,520 Speaker 8: but he's not going to stop trying. 377 00:18:15,480 --> 00:18:19,440 Speaker 3: And our advertisers on board with this, are the other investors, 378 00:18:19,440 --> 00:18:20,919 Speaker 3: and the team on board with this, are fans on 379 00:18:20,920 --> 00:18:21,399 Speaker 3: board with this. 380 00:18:21,640 --> 00:18:23,760 Speaker 8: I think the reality is that everybody has to move 381 00:18:23,800 --> 00:18:25,920 Speaker 8: on from it. Like there's a world where I think 382 00:18:25,920 --> 00:18:28,000 Speaker 8: that there are some Mavericks fans who are Luca fans 383 00:18:28,040 --> 00:18:30,160 Speaker 8: who now might be Laker fans because of the fact 384 00:18:30,160 --> 00:18:31,360 Speaker 8: that Luca was traded. 385 00:18:31,119 --> 00:18:33,639 Speaker 4: By Super Dude. He's the future Dame. He is. 386 00:18:33,760 --> 00:18:36,280 Speaker 8: He's an incredible player, and he was very kind to 387 00:18:36,320 --> 00:18:37,920 Speaker 8: me when I spoke to him for all the five 388 00:18:37,920 --> 00:18:40,960 Speaker 8: minutes and walking down the hallway. But I think in 389 00:18:41,040 --> 00:18:43,960 Speaker 8: terms of business value, if Doumon and the Mavericks start 390 00:18:43,960 --> 00:18:46,000 Speaker 8: winning again, I think that a good portion of fans 391 00:18:46,000 --> 00:18:48,560 Speaker 8: will forgive him because all is forgiven after winning. 392 00:18:49,359 --> 00:18:52,920 Speaker 3: You mentioned that they want to turn you know, Mavericks 393 00:18:53,040 --> 00:18:55,919 Speaker 3: to kind of like a Vegas type of situation. I 394 00:18:55,920 --> 00:18:58,480 Speaker 3: want to stay with that Vegas idea because you also 395 00:18:58,560 --> 00:19:03,040 Speaker 3: have the Las Vegas Raiders potentially selling a stake to 396 00:19:03,800 --> 00:19:05,320 Speaker 3: Egon Durbin. Who is Egon Durban. 397 00:19:05,600 --> 00:19:08,320 Speaker 8: Egon Durbin is the co CEO Silver Lake. He slowly 398 00:19:08,359 --> 00:19:11,439 Speaker 8: but surely acquired a good portion of the Raiders. It started. 399 00:19:11,480 --> 00:19:14,040 Speaker 8: I believe in December twenty twenty four he bought seven 400 00:19:14,040 --> 00:19:16,320 Speaker 8: and a half percent he can with a partner who 401 00:19:16,359 --> 00:19:18,400 Speaker 8: then acquired another seven and a half percent and gets 402 00:19:18,400 --> 00:19:21,439 Speaker 8: to fifteen. Then in March he acquired a path to 403 00:19:21,480 --> 00:19:24,360 Speaker 8: control and now he's buying out even more limited partners. 404 00:19:24,400 --> 00:19:26,480 Speaker 8: So he has a good portion of the Raiders. And 405 00:19:26,560 --> 00:19:29,400 Speaker 8: if the principal owner of the team, Mark Davis, ever 406 00:19:29,480 --> 00:19:32,040 Speaker 8: decides to sell, then Durban is in line to purchase 407 00:19:32,080 --> 00:19:34,960 Speaker 8: the remaining That hasn't happened, no, and Mark Mark Davis 408 00:19:34,960 --> 00:19:36,840 Speaker 8: has come out and said he has no plans of 409 00:19:36,880 --> 00:19:41,040 Speaker 8: that right now, but listen, if teams are passed on 410 00:19:41,119 --> 00:19:44,200 Speaker 8: at some point, and I think Durban is next in line. 411 00:19:44,040 --> 00:19:45,960 Speaker 4: Mark Davis the best haircut in the NFL. 412 00:19:46,359 --> 00:19:51,160 Speaker 2: That question asked valuation here values the Raiders at nine 413 00:19:51,200 --> 00:19:52,879 Speaker 2: point nine billion dollars. 414 00:19:52,920 --> 00:19:53,639 Speaker 4: A lot of money. 415 00:19:53,800 --> 00:19:54,720 Speaker 8: Wow, a lot of money. 416 00:19:54,960 --> 00:19:56,800 Speaker 4: It's just a great market. I mean, have you seen 417 00:19:56,880 --> 00:20:00,240 Speaker 4: marks embrace so many sports teams so quickly? No? 418 00:20:00,440 --> 00:20:03,040 Speaker 8: I mean in ten years they'll have everything. I think 419 00:20:03,119 --> 00:20:05,639 Speaker 8: if they choose to get the NBA expansion team, or 420 00:20:05,640 --> 00:20:08,320 Speaker 8: if the NBA grants them that, then they will have everything. 421 00:20:08,359 --> 00:20:11,160 Speaker 8: And of course the athletics, of course, will be there 422 00:20:11,320 --> 00:20:12,400 Speaker 8: someday hopefully. 423 00:20:12,600 --> 00:20:16,000 Speaker 2: Moving franchises is hard, like you think, or just having 424 00:20:16,080 --> 00:20:18,800 Speaker 2: franchises like that. In Florida, nobody roots for the Tampa 425 00:20:18,800 --> 00:20:20,800 Speaker 2: Bay Race because they're all from New York or Philadelphia 426 00:20:20,840 --> 00:20:23,160 Speaker 2: or whatever like that. But you go to Vegas, they 427 00:20:23,240 --> 00:20:25,720 Speaker 2: support teams that come in from other markets. 428 00:20:25,560 --> 00:20:26,560 Speaker 4: It's really interesting. 429 00:20:26,560 --> 00:20:28,960 Speaker 8: The Golden Knights have been the most successful team along 430 00:20:29,000 --> 00:20:33,080 Speaker 8: with the Las Vegas Aces, and the other teams haven't 431 00:20:33,080 --> 00:20:35,280 Speaker 8: performed well, like the Raiders haven't been good in a 432 00:20:35,400 --> 00:20:38,560 Speaker 8: very long time. But if they were, it would be 433 00:20:38,720 --> 00:20:41,800 Speaker 8: an incredible market and even be even more super charged 434 00:20:41,840 --> 00:20:43,040 Speaker 8: than they were maybe in the eighties. 435 00:20:43,160 --> 00:20:45,400 Speaker 3: Does the city have the infrastructure to support all these 436 00:20:45,400 --> 00:20:46,960 Speaker 3: teams we'll find out. 437 00:20:47,160 --> 00:20:49,439 Speaker 8: I think that Team Mobile Arena is right there, and 438 00:20:49,480 --> 00:20:52,159 Speaker 8: so if an NBA team were to be granted or 439 00:20:52,200 --> 00:20:54,160 Speaker 8: an NBA expansion group were to be granted a bid 440 00:20:54,840 --> 00:20:57,040 Speaker 8: that they could be played there, an expansion group could 441 00:20:57,040 --> 00:21:00,320 Speaker 8: offer to build another arena. And then of course the 442 00:21:00,400 --> 00:21:04,040 Speaker 8: MLB they tore down the Tropicana Hotel in order to 443 00:21:04,080 --> 00:21:07,040 Speaker 8: build the a new, a new stadium there, and so 444 00:21:07,119 --> 00:21:10,000 Speaker 8: I think that there's a possibility that I think Vegas 445 00:21:10,080 --> 00:21:12,840 Speaker 8: could become sports out But in all reality, winners win, 446 00:21:13,760 --> 00:21:16,679 Speaker 8: and if the losing teams don't don't win, then I 447 00:21:16,720 --> 00:21:18,040 Speaker 8: think that the crowds will be empty. 448 00:21:18,760 --> 00:21:21,240 Speaker 2: All right, you have another story yet, dude, you've been 449 00:21:22,320 --> 00:21:24,640 Speaker 2: very busy breath here. You've got a story out there 450 00:21:25,040 --> 00:21:27,520 Speaker 2: on the twenty twenty six World Cup. Other than John Tucker, 451 00:21:27,560 --> 00:21:29,760 Speaker 2: I'm not sure people are paying attention to it too much, 452 00:21:29,760 --> 00:21:32,280 Speaker 2: at least in this town, which we've got so much 453 00:21:32,320 --> 00:21:33,560 Speaker 2: going on here. 454 00:21:33,600 --> 00:21:35,639 Speaker 8: There's been a lot that's been made about, you know, 455 00:21:35,720 --> 00:21:38,120 Speaker 8: the New Jersey Transit, which I'm actually about to get 456 00:21:38,119 --> 00:21:40,000 Speaker 8: on and go to my life just to experience what 457 00:21:40,040 --> 00:21:42,120 Speaker 8: it's like today versus what it'll be like when when 458 00:21:45,680 --> 00:21:48,480 Speaker 8: and I think, listen, like the World Cup comes around 459 00:21:48,560 --> 00:21:51,200 Speaker 8: and it does seem like the US only cares within 460 00:21:51,320 --> 00:21:53,520 Speaker 8: fourteen days of it, and there's been a lot of 461 00:21:53,560 --> 00:21:57,440 Speaker 8: drama surrounding it. I mean, FIFA's president awarded President Trump 462 00:21:57,480 --> 00:22:00,000 Speaker 8: a peace prize, the first prize ever, and I say 463 00:22:00,160 --> 00:22:03,760 Speaker 8: things like that are a bit, in my opinion, performative. 464 00:22:04,000 --> 00:22:07,199 Speaker 8: But when it gets here, we'll see what happens. So 465 00:22:07,240 --> 00:22:10,040 Speaker 8: long as Trump does not medal in the World Cup 466 00:22:10,160 --> 00:22:12,040 Speaker 8: too much, I think it'll be fine. 467 00:22:12,480 --> 00:22:14,920 Speaker 3: And the halftime show, there's a halftime show. 468 00:22:14,720 --> 00:22:17,879 Speaker 8: Which yes, they announced earlier this week or maybe it 469 00:22:17,880 --> 00:22:20,600 Speaker 8: was late last week. It'll be Madonna, It'll be Shakira 470 00:22:20,720 --> 00:22:22,000 Speaker 8: and BTS. 471 00:22:21,600 --> 00:22:23,520 Speaker 3: So appealing to different democrats. 472 00:22:24,240 --> 00:22:26,399 Speaker 4: Madonna demo me too, okay. 473 00:22:26,600 --> 00:22:31,360 Speaker 3: Then Shakira is like millennials. And then hoping for Yes. 474 00:22:33,400 --> 00:22:36,160 Speaker 8: I'll be there just clapping and singing along and hoping 475 00:22:36,200 --> 00:22:39,040 Speaker 8: for a good match. I think, in a perfect world 476 00:22:39,040 --> 00:22:45,159 Speaker 8: for FIFA that this electrifies the European football slash soccer 477 00:22:45,480 --> 00:22:48,120 Speaker 8: fan base in the US. That's in a perfect world. 478 00:22:48,200 --> 00:22:50,679 Speaker 8: But what does what has to happen in order for that? 479 00:22:50,800 --> 00:22:53,080 Speaker 8: Is it a team USA? Run to the round of sixteen. 480 00:22:53,200 --> 00:22:56,720 Speaker 8: It I do too, but we'll see if if you know, 481 00:22:56,760 --> 00:22:59,360 Speaker 8: any of these international stars can electrify audiences the same 482 00:22:59,400 --> 00:23:01,440 Speaker 8: way the US stars across all sports do. 483 00:23:01,520 --> 00:23:03,240 Speaker 3: Here way, dumb question, but it's MESSI play. 484 00:23:03,720 --> 00:23:05,280 Speaker 4: He hasn't come out and said so yet. 485 00:23:05,640 --> 00:23:07,600 Speaker 8: It's a big elephant in the room. But there are 486 00:23:07,640 --> 00:23:10,040 Speaker 8: stars globally and I think it would be fine without him, 487 00:23:10,040 --> 00:23:12,639 Speaker 8: But also it would be a bit disappointing if he 488 00:23:12,760 --> 00:23:15,600 Speaker 8: decided like I went out on top of twenty twenty 489 00:23:15,640 --> 00:23:16,360 Speaker 8: two and. 490 00:23:16,240 --> 00:23:18,440 Speaker 4: That was it, right, Can you blame him? Yeah? 491 00:23:18,440 --> 00:23:18,919 Speaker 8: Probably not. 492 00:23:19,080 --> 00:23:21,439 Speaker 4: Yeah, all right, go over to the swamps of Jersey. 493 00:23:21,480 --> 00:23:22,920 Speaker 4: That's where it's all going to happen. Baby. 494 00:23:23,600 --> 00:23:25,600 Speaker 3: How much are you going to pay New Jersey Transit? 495 00:23:25,920 --> 00:23:28,440 Speaker 8: Ninety eight dollars. It came down from one hundred and 496 00:23:28,440 --> 00:23:30,160 Speaker 8: fifty dollars, so everybody'd be grateful. 497 00:23:31,560 --> 00:23:36,280 Speaker 1: This is the Bloomberg Intelligence podcast, available on Apple, Spotify, 498 00:23:36,440 --> 00:23:39,920 Speaker 1: and anywhere else you get your podcasts. Listen live each 499 00:23:39,960 --> 00:23:43,680 Speaker 1: weekday ten am to noon Eastern on Bloomberg dot Com, 500 00:23:43,840 --> 00:23:47,359 Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app. 501 00:23:47,800 --> 00:23:50,720 Speaker 1: You can also watch us live every weekday on YouTube 502 00:23:51,119 --> 00:23:54,120 Speaker 1: and always on the Bloomberg terminal