WEBVTT - Big Tech Selloff and AMD Earnings 0:00:02.279 --> 0:00:05.520 From the heart of where innovation, money and power colli 0:00:06.360 --> 0:00:10.879 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:10.960 --> 0:00:28.120 Emily Jay. I'm Emily Check in San Francisco, and this 0:00:28.160 --> 0:00:32.600 is Bloomberg Technology. Coming up in the next hour. Market meltdown, stocks, SINC, 0:00:33.040 --> 0:00:36.879 yields surge, investors getting jennery about whether the Fed can 0:00:36.960 --> 0:00:43.159 fight inflation without plunging the economy into recession, plus a 0:00:43.240 --> 0:00:45.720 m D getting caught in the sell off after surging 0:00:45.840 --> 0:00:48.040 post earnings. We're gonna talk to a MDC at least 0:00:48.040 --> 0:00:50.520 to sue about how she is still driving massive growth 0:00:50.520 --> 0:00:55.080 amidst forty year inflation, lockdowns in China and an ongoing 0:00:55.160 --> 0:00:59.680 chip crisis. And Uber shares down now multiple days in 0:00:59.680 --> 0:01:03.200 a row despite releasing earnings early to avoid lists market 0:01:03.280 --> 0:01:07.000 wipe out. Our conversation with Uber CEO Dara Kazra Shay 0:01:07.120 --> 0:01:10.560 later this hour why he's confident about demands and consumers 0:01:10.680 --> 0:01:13.120 on the road ahead. We will get to all of 0:01:13.160 --> 0:01:14.880 that in a moment. Be first to look at the market. 0:01:14.959 --> 0:01:18.680 Stocks plunge with bonds in a violent reversal from Wednesday. 0:01:18.840 --> 0:01:22.000 The Fed's decision to raise rates initially boosted markets, but 0:01:22.120 --> 0:01:24.760 tech stocks have since had one of their sharpest U 0:01:24.800 --> 0:01:27.640 turns ever. Bloombergs at Ludlow here to break it all down, 0:01:27.720 --> 0:01:29.840 and yeah, you're completely right. Only and the long list 0:01:29.880 --> 0:01:32.760 of superlatives. Right then, has that one very tech heavy 0:01:32.800 --> 0:01:36.240 index having its worst day since September twenty n y 0:01:36.280 --> 0:01:39.400 s Fang plus index, Megacaps the US listed shares of 0:01:39.480 --> 0:01:42.800 Chinese techcos having its worst day since September twenty twenty. 0:01:43.000 --> 0:01:45.919 You look on that screen US tenure yield, the benchmark 0:01:46.080 --> 0:01:48.640 ten year treasury with the yield about three percent for 0:01:48.680 --> 0:01:51.680 the first time since November two thousand and eighteen. That's 0:01:51.720 --> 0:01:54.880 just a snapshot in time. That's just Thursday session. It's 0:01:54.920 --> 0:01:57.640 a complete U turn, as you say, reversal from what 0:01:57.680 --> 0:02:00.720 we saw on Wednesday following that FED decision to raise 0:02:00.800 --> 0:02:03.360 rates by fifty basis points in the commentary from FED 0:02:03.400 --> 0:02:05.840 pal around that. In fact, you look at the NASA 0:02:05.920 --> 0:02:08.200 one hundred over the course of two days, right, we 0:02:08.240 --> 0:02:10.600 bring that up on the screen and just think about 0:02:10.639 --> 0:02:13.840 the overnight change in psychology. We went to bed Wednesday 0:02:13.919 --> 0:02:17.359 night thinking the Fed's got this fifty basis points in 0:02:17.520 --> 0:02:21.320 line for the next few meetings. No discussion of a 0:02:21.360 --> 0:02:24.360 seventy five basis point hike. The FED has this, they 0:02:24.400 --> 0:02:27.760 can fight inflation without bringing us into recession. We wake 0:02:27.880 --> 0:02:30.639 up and its complete different story. We're worried about stagflation. 0:02:30.680 --> 0:02:33.800 We're worried about the FED doing enough to combat what 0:02:33.800 --> 0:02:36.079 we're seeing with the inflation picture. But also there was 0:02:36.120 --> 0:02:38.440 a lot of fighting talk from Power. Write Emily. He's 0:02:38.440 --> 0:02:41.360 talking about the strength of the economy, the tight labor market. 0:02:41.639 --> 0:02:43.959 And then we have earning season corporate America hearing some 0:02:44.040 --> 0:02:47.679 really positive noises. Hard to get my head around, indeed, 0:02:47.720 --> 0:02:50.480 and you know there are a number of former FED 0:02:50.560 --> 0:02:53.400 officials who didn't agree that this was enough and that 0:02:53.480 --> 0:02:56.880 this would be plunging the economy into a recession. I 0:02:56.919 --> 0:03:00.280 spoke with Uber CEO dar Kazra Shahi earlier today about 0:03:00.280 --> 0:03:03.280 their earnings results. We've seen their stock slide now multiple 0:03:03.320 --> 0:03:06.280 days in a row, despite a different picture from lift. 0:03:06.320 --> 0:03:10.840 Take a listen to his reaction. We're focused on what 0:03:10.919 --> 0:03:14.120 we can control. Can we build a great service UH 0:03:14.160 --> 0:03:18.880 and can we ride the reopening, both in terms of growth, 0:03:18.880 --> 0:03:22.919 bookings growth, profit growth, ultimately free cashul growth and the 0:03:23.000 --> 0:03:25.519 answer based on a results and based on what we 0:03:25.560 --> 0:03:30.160 see going forward as a resounding yes. And what do 0:03:30.200 --> 0:03:32.919 you make of that? Yeah, well, the share performance speaks 0:03:32.919 --> 0:03:35.080 for itself. You know, they gave a pretty bullish outlook 0:03:35.320 --> 0:03:37.880 the demand is coming, you know, and echoed what Lift 0:03:37.960 --> 0:03:39.840 was saying, and yet they had their worst two day 0:03:39.920 --> 0:03:42.000 drop on uber stock since March. They were kind of 0:03:42.000 --> 0:03:45.080 caught up in the contagion we've lift. There's no hiding 0:03:45.080 --> 0:03:47.080 place here, right, Let's look at the megacaps and how 0:03:47.120 --> 0:03:49.040 some of the biggest names in the world of technology 0:03:49.320 --> 0:03:52.240 performed on Thursday. Some of the worst performers on then 0:03:52.240 --> 0:03:54.200 as that one hundred. I had to look twice on 0:03:54.280 --> 0:03:56.920 my Bloomberg, but this was the worst day for Apple 0:03:57.240 --> 0:04:01.520 and Microsoft since October. You know, they're not just sensitive 0:04:01.560 --> 0:04:04.560 to what we're saying with higher rates, rising yields, but 0:04:04.560 --> 0:04:06.480 there's also now a discussion about well, what's going on 0:04:06.520 --> 0:04:09.440 with supply chains globally and the situation we're trying to lockdowns. 0:04:09.840 --> 0:04:11.480 You've got a pretty good guest come up next to you, 0:04:11.880 --> 0:04:15.240 has a strong view of ninety strong indeed ed, thank 0:04:15.280 --> 0:04:18.440 you well. It was a nightmare on Elm Street day 0:04:18.520 --> 0:04:21.200 for the nastack. That's how my next guest is framing 0:04:21.440 --> 0:04:24.600 today's sell off, Dan i'ves, managing director of Rubbush Securities, 0:04:24.640 --> 0:04:27.600 joins me. Now, so Dan, what's your take on just 0:04:27.720 --> 0:04:29.600 how bad this nightmare is gonna get and how long 0:04:29.600 --> 0:04:33.279 it's gonna last. I mean, look today, if you look 0:04:33.400 --> 0:04:37.040 at I'll call you the declines relative to the advances 0:04:37.080 --> 0:04:40.200 over I mean just to sell off. I view it 0:04:40.240 --> 0:04:43.520 almost we're nearing some sort of capitulation stage. I mean, 0:04:43.880 --> 0:04:48.240 my conversations with tech investors were so negative today it's 0:04:48.279 --> 0:04:51.640 almost bullish, and I think I just continue to point 0:04:51.680 --> 0:04:55.640 to this is just a white knuckle period post fed 0:04:56.080 --> 0:04:58.000 that I believe we're going to look back and some 0:04:58.080 --> 0:05:00.919 of these quality tech is way over sold. You know, 0:05:01.040 --> 0:05:03.360 if you're willing to hold it through this roller coaster, 0:05:04.120 --> 0:05:08.760 why is it hitting tech harder than other sectors. I 0:05:08.760 --> 0:05:10.680 think it's a few things. I think. First off, I 0:05:10.680 --> 0:05:13.640 mean you're seeing a de leveraging degressing across the board, 0:05:14.040 --> 0:05:17.120 and obviously a lot of institutions really wellevert to tach. 0:05:17.720 --> 0:05:19.520 I think the other thing is that with all these 0:05:19.600 --> 0:05:23.600 high multiple names and even ones that that that are 0:05:23.600 --> 0:05:27.320 not even expensive names like Apple, Microsoft, in my opinion, 0:05:27.680 --> 0:05:29.919 you're just seeing right now the street being like Okay, 0:05:29.960 --> 0:05:33.400 I don't believe numbers into the next year. What am 0:05:33.440 --> 0:05:36.680 I gonna pay? I'm totally uncertain. I'm just gonna sell 0:05:36.720 --> 0:05:39.839 these names. And I could just tell you cover in 0:05:39.880 --> 0:05:42.520 Tech twenty two years. The only time I've seen times 0:05:42.560 --> 0:05:45.520 like this in O eight, o nine and even going 0:05:45.560 --> 0:05:47.480 back to the early days of COVID. So I think 0:05:47.480 --> 0:05:49.840 we're starting to get that panic stage. And then it's 0:05:49.839 --> 0:05:52.359 like I talked about, mean you look at earning season, 0:05:52.440 --> 0:05:57.440 it's it's to have and have nots but enterprise, cloud, cybersecurity, strong, 0:05:57.720 --> 0:06:00.920 SEMIS because we as obvious at leasas who will talk 0:06:00.920 --> 0:06:04.839 about strong, So of course the other side hugely we 0:06:05.040 --> 0:06:07.640 e commerce and other names. But I think we are 0:06:07.680 --> 0:06:10.040 starting to get to what I've view is in this 0:06:10.240 --> 0:06:13.919 horror show opportunities. We saw Lift lose a third of 0:06:13.920 --> 0:06:16.880 its market value yesterday and another gem from you you 0:06:17.000 --> 0:06:22.480 called their spending guidance a nighties rock star like disaster. 0:06:23.000 --> 0:06:26.359 Uh Uber shares also getting caught up in that here 0:06:26.440 --> 0:06:29.680 despite a very different outlook. What do you make of 0:06:29.720 --> 0:06:34.120 that look? I think if you look at Lift, I mean, 0:06:34.200 --> 0:06:37.560 something just doesn't connect in terms of that conference college 0:06:37.320 --> 0:06:40.320 I probably is probably one of the top three worst 0:06:40.320 --> 0:06:43.039 conference calls I've heard in twenty plus years of Wow 0:06:43.240 --> 0:06:45.000 doing this, and I think part of it is just 0:06:45.440 --> 0:06:49.240 they couldn't explain why they're spending. The driver's shortage is there, 0:06:49.279 --> 0:06:52.360 but even as you were talked about like, it's not 0:06:52.520 --> 0:06:55.160 where it was six months ago, even nine months ago, 0:06:55.320 --> 0:06:58.359 So spending so far ahead of this it was a 0:06:58.400 --> 0:07:00.880 head scratcher. And you know, I when I look at 0:07:00.920 --> 0:07:04.279 what Uber's doing, I think that obviously in sympathy because 0:07:04.680 --> 0:07:07.880 these stocks trade almost starts being huts, you know, they're 0:07:07.880 --> 0:07:10.600 almost combined in terms of how they trade and pandem. 0:07:10.880 --> 0:07:13.160 I think Uber's way over so with clearly in the 0:07:13.200 --> 0:07:16.360 investment penalty box and need to prove themselves. But I 0:07:16.400 --> 0:07:20.520 think this was just way too aggressive spending that I'd 0:07:20.520 --> 0:07:23.120 be surprised if they ultimately spend that when it's all 0:07:23.160 --> 0:07:25.960 said done. Uh. In other news, I want to ask 0:07:26.000 --> 0:07:28.800 you about this long list of unusual names that have 0:07:28.920 --> 0:07:33.160 joined Elon Musk in his deal for Twitter. Larry Ellison, 0:07:33.200 --> 0:07:37.000 who's of course on the Tesla board, Andreas and Horowitz, Sequoia, 0:07:37.520 --> 0:07:42.320 the Qutar Investment Authority and Finance. What do you make 0:07:42.360 --> 0:07:45.400 of how this is coming together. Look, I think in 0:07:45.720 --> 0:07:49.160 this poker game, Musk obviously got Twitter and then ultimately 0:07:49.160 --> 0:07:52.600 it was about the financing component to ultimately undo a 0:07:52.600 --> 0:07:55.760 bit of his burden in terms of whoeveraging his Tesla stock, 0:07:55.840 --> 0:07:58.000 both in the debt and the equity. Look, this is 0:07:58.000 --> 0:08:01.040 a who's who in terms of who he got, you know, 0:08:01.080 --> 0:08:04.800 from both coasts and even globally. Ellison obviously you know, 0:08:04.840 --> 0:08:07.600 a huge confident. It is not a shock, but you 0:08:07.680 --> 0:08:10.880 go through from injuries in a sequoia, the fidelity and others. 0:08:10.960 --> 0:08:13.400 I think it also just shows Musk is not just 0:08:13.560 --> 0:08:16.920 doing this aloon. He's going to have a team strategically, 0:08:17.280 --> 0:08:20.200 even though you know in theory could be temporary CEO, 0:08:20.640 --> 0:08:23.080 I think over time he moves more of a chairman role, 0:08:23.400 --> 0:08:27.520 and I think that's something that even on an overreaction today, 0:08:27.640 --> 0:08:32.679 his golden child continues to be Tesla. All Right, Dannas 0:08:33.000 --> 0:08:36.960 web Bush As always appreciate you joining us and your metaphors. 0:08:45.640 --> 0:08:48.559 After surging post earnings to its best day in months, 0:08:48.640 --> 0:08:51.120 A and D also getting pulled into the cell off 0:08:51.200 --> 0:08:54.920 the chip maker posting more than five billion dollars for 0:08:54.960 --> 0:08:57.760 the quarter and raising it's full of your forecast I 0:08:57.800 --> 0:08:59.880 want to bring in a m D CEO, Lisa, so 0:09:00.160 --> 0:09:03.120 now to talk more about her outlook. Lisa, thank you 0:09:03.240 --> 0:09:06.560 as always for joining us. Look, we're seeing the highest 0:09:06.640 --> 0:09:10.319 inflation in forty years, lockdowns in China, which is a 0:09:10.400 --> 0:09:13.480 huge production hub for the chip industry, and a major 0:09:13.600 --> 0:09:16.000 ongoing war. How is it that you are managing to 0:09:16.080 --> 0:09:21.640 post se growth and raising your full yer forecast. Well, 0:09:21.760 --> 0:09:23.480 first of all, Emily, it's great to be here with 0:09:23.600 --> 0:09:25.840 you as always, and UM. As you said, there are 0:09:25.880 --> 0:09:27.920 a lot of things that are going on UM, a 0:09:27.960 --> 0:09:30.360 lot of differ disturbances around the world. But you know, 0:09:30.520 --> 0:09:33.680 for us, it's really about focusing on our long term strategy, 0:09:34.000 --> 0:09:37.439 delivering for customers and our partners, UM ensuring that we're 0:09:37.440 --> 0:09:40.280 getting new products coming out. And you know, we have 0:09:40.880 --> 0:09:43.959 a great strategy. We have a very very strong product 0:09:44.000 --> 0:09:47.120 portfolio for this year, and we're excited about the growth 0:09:47.240 --> 0:09:48.920 that we saw both in the first quarter and then 0:09:49.000 --> 0:09:51.600 more importantly what we see going forward. You know, it's 0:09:51.600 --> 0:09:54.719 a it's a really great time to be in UM. 0:09:54.840 --> 0:09:56.880 You know, the high performance computing market and this is 0:09:56.920 --> 0:09:59.880 where our focus is. So yeah, we were very unhappy 0:10:00.000 --> 0:10:02.920 with the growth that we're seeing big tech is underwater. 0:10:03.040 --> 0:10:05.640 A m D got caught up in the sell off today. 0:10:06.360 --> 0:10:08.920 What are you preparing for in terms of how you 0:10:09.040 --> 0:10:15.400 plan to navigate a very uncertain macro environment. Well, you know, Emily, 0:10:15.440 --> 0:10:18.000 I think the important thing is for us to focus on, 0:10:18.280 --> 0:10:19.880 you know, the big picture. I mean, you know, a 0:10:20.000 --> 0:10:22.360 m D today is such a different company than we 0:10:22.440 --> 0:10:24.800 were even just a few years ago. You know, we 0:10:24.880 --> 0:10:28.640 completed our acquisition of zy Links, which has you know, um, 0:10:28.840 --> 0:10:31.439 you know, a set of markets that are a diverse 0:10:31.480 --> 0:10:33.400 set of markets. And then when you add that to 0:10:33.520 --> 0:10:35.960 our data center strategy and the progress that we've made 0:10:36.000 --> 0:10:38.199 in the data center, I think, you know, what we're 0:10:38.240 --> 0:10:41.160 really doing is trying to navigate. Yes, there are um 0:10:41.200 --> 0:10:44.640 a set of macro issues and and also geographic issues 0:10:44.679 --> 0:10:47.839 that we're dealing with, but fundamentally, people need more high 0:10:47.920 --> 0:10:51.880 performance processors and more technology and that's what we do. 0:10:52.320 --> 0:10:54.240 And so it is very much about you know, having 0:10:54.360 --> 0:10:58.520 a long term strategy, a very diversified set of markets, 0:10:58.800 --> 0:11:01.559 and ensuring that we're focus on execution every single day 0:11:01.600 --> 0:11:04.880 to deliver to our customers. So the biggest problem in 0:11:04.960 --> 0:11:07.920 the chip industry has continued to be supply, not matching 0:11:08.000 --> 0:11:10.280 up with demand, and you made a decision to outsource 0:11:10.320 --> 0:11:13.280 to t SMC, which has been widely credited for some 0:11:13.480 --> 0:11:16.360 of you know, a MD's recent success. You know, when 0:11:16.440 --> 0:11:19.559 you look ahead, do you see being able to have 0:11:19.760 --> 0:11:22.520 enough supply to support all this growth, all of this 0:11:22.640 --> 0:11:25.439 demand that you're seeing. Well, I have to say, Emily, 0:11:25.520 --> 0:11:28.000 we've been working on you know, sort of ramping up 0:11:28.040 --> 0:11:30.400 supply for the last eighteen months. I think, you know, 0:11:30.520 --> 0:11:33.200 even pre pandemic. Uh. You know, we knew that our 0:11:33.240 --> 0:11:35.520 strategy meant that we would grow um, you know, very 0:11:35.559 --> 0:11:38.360 substantially over the next few years. We've been working with 0:11:38.480 --> 0:11:40.760 our partners, UM, not just on the wafer side, of course, 0:11:40.840 --> 0:11:43.199 on the wafer side, but also um, you know, the 0:11:43.280 --> 0:11:46.199 back end side, substrate capacity, back in capacity, all the 0:11:46.280 --> 0:11:49.280 components that you need and UM, yes, we've been able 0:11:49.360 --> 0:11:52.640 to bring on a significant amount of capacity and that's 0:11:52.679 --> 0:11:55.400 what helped us grow you know so much. You're last year, 0:11:55.760 --> 0:11:57.920 UM as well as this first quarter, and you know 0:11:58.040 --> 0:12:01.800 for the rest of the year, we're forecast six annual growth. 0:12:01.920 --> 0:12:04.120 So we are bringing on a lot of capacity and 0:12:04.600 --> 0:12:07.240 it is something that is very strategic for us, not 0:12:07.400 --> 0:12:11.680 just this year, but into and beyond. The data center 0:12:11.760 --> 0:12:13.920 has been a huge success story for you. How much 0:12:13.960 --> 0:12:16.599 of this demand is coming from big cloud providers like 0:12:16.679 --> 0:12:21.560 AWS and Microsoft versus increasing demand from other companies building 0:12:21.600 --> 0:12:25.480 out their own data centers. Yeah, so the data center 0:12:25.520 --> 0:12:27.960 has been our big strategic bet Emily over the last 0:12:28.000 --> 0:12:31.520 few years, and we've done extremely well with the largest 0:12:31.600 --> 0:12:33.640 hyper scale ers. You know, ten of the largest hyper 0:12:33.679 --> 0:12:37.000 scalers UM are using a m D in very significant way, 0:12:37.120 --> 0:12:41.479 both on internal workloads as well as their external facing workloads. 0:12:41.920 --> 0:12:45.040 We're also making a lot of progress with enterprise customers 0:12:45.080 --> 0:12:48.079 and customers who are looking at building out a hybrid environment. 0:12:48.200 --> 0:12:50.719 So you know that you know, we grew UM. You know, 0:12:50.800 --> 0:12:53.520 we've basically doubled UM in the first quarter in the 0:12:53.640 --> 0:12:56.320 overall data center, but we doubled in each of cloud 0:12:56.440 --> 0:12:59.000 and enterprise. And what you're seeing there is there's just 0:12:59.120 --> 0:13:01.800 a demand from more computing UM when you think about 0:13:01.840 --> 0:13:06.320 digital transformation, business transformation, UM, all of the AI that's 0:13:06.360 --> 0:13:09.520 out there. So there's continues to be very high demand 0:13:09.559 --> 0:13:12.360 in the data center. Now, there's been speculation about the 0:13:12.440 --> 0:13:15.719 PC market and whether it's hit a pandemic peak in 0:13:15.840 --> 0:13:19.000 tel CEO, pat Gaalsinger very bullish on this. Are you 0:13:19.920 --> 0:13:22.439 as bullish? Where do you think the PC market is 0:13:22.480 --> 0:13:26.520 really headed? Sure? So, Emily, you know, in the context, um, 0:13:26.600 --> 0:13:29.240 you know, the PC market had its best year, um. 0:13:29.360 --> 0:13:31.000 You know, really last year. I mean it was a 0:13:31.120 --> 0:13:34.120 very strong year for PCs. As you know, there was 0:13:34.280 --> 0:13:37.480 a lot of need for you know, updated PCs and 0:13:37.640 --> 0:13:40.760 the updated infrastructure, as you know, we were in in 0:13:40.800 --> 0:13:43.079 the middle of the pandemic. When you look at this year, 0:13:43.559 --> 0:13:45.920 we are taking a little bit more conservative of view 0:13:45.960 --> 0:13:48.160 of the PC market. You know, we we believe that 0:13:48.240 --> 0:13:50.880 will probably be down let's call it high single digits. 0:13:51.040 --> 0:13:53.200 But even with that, we're talking about a market that's 0:13:53.240 --> 0:13:55.800 gonna be over three hundred million units UM this year. 0:13:56.160 --> 0:13:58.360 So my view of the PC market it's about which 0:13:58.440 --> 0:14:00.559 segments that you're in, you know, sir. Only some of 0:14:00.640 --> 0:14:02.880 the low end and some of the more consumer facing 0:14:03.440 --> 0:14:06.120 UM areas of the PC market have taken a little 0:14:06.160 --> 0:14:08.440 bit of a soft spot here in the first half 0:14:08.480 --> 0:14:10.319 of the year. UM. I will say though, if you 0:14:10.360 --> 0:14:12.959 think about commercial PCs, people are investing a lot in 0:14:13.080 --> 0:14:16.000 I t UM still because they want the productivity. If 0:14:16.000 --> 0:14:18.840 you look at high end premium UM PCs as well 0:14:18.880 --> 0:14:22.120 as gaming PCs. There's actually good demand for those. So 0:14:22.240 --> 0:14:24.320 I do the PC market as a very good market, 0:14:24.600 --> 0:14:26.360 but one where you know, we do have to watch 0:14:26.480 --> 0:14:29.400 some of the volatility that's that that is in there. Okay, 0:14:29.520 --> 0:14:31.600 Now I have to ask about your reaction to the 0:14:31.640 --> 0:14:36.040 Supreme Court's leaked draft opinion, which shows that Row versus 0:14:36.080 --> 0:14:39.000 Wade could very well be overturned and soon. A MD 0:14:39.240 --> 0:14:41.960 has a good portion of its workforce in Texas, where 0:14:42.520 --> 0:14:46.800 you know, more aggressive anti abortion legislation has already been passed. 0:14:46.840 --> 0:14:49.120 You've got companies like Salesforce that have offered to pay 0:14:49.160 --> 0:14:52.240 for their employees to leave Texas if they want to. 0:14:52.520 --> 0:14:54.600 How are you thinking about all of this as a 0:14:54.680 --> 0:14:59.040 business leader? Well, Emily, look, we're certainly watching the developments 0:14:59.120 --> 0:15:01.240 very closely. I don't want to get ahead of the 0:15:01.280 --> 0:15:03.800 actual ruling. I think they're there's still um, you know, 0:15:03.920 --> 0:15:06.640 there's still some clarity to be brought. But you know, 0:15:06.720 --> 0:15:09.200 our priorities always going to be first and foremost with 0:15:09.240 --> 0:15:12.640 our employees and ensuring the health and safety of our employees. 0:15:12.680 --> 0:15:16.280 So we're certainly watching the situation very carefully, and we'll 0:15:16.360 --> 0:15:18.200 make sure that you know we're We're focused on our 0:15:18.240 --> 0:15:23.200 employees and d CEO Lisa Sue. Thank you as always 0:15:23.240 --> 0:15:25.800 for taking the time to join us. Thank you, good 0:15:25.840 --> 0:15:29.400 to see you again. All right. Coming up, he helped 0:15:29.800 --> 0:15:33.640 unionize the first Amazon warehouse in the United States. Christian 0:15:33.760 --> 0:15:37.520 Smalls joins us next from Washington, fresh off his meeting 0:15:37.880 --> 0:15:57.480 with President Biden. He's next. This is Bloomerk Amazon that 0:15:57.680 --> 0:16:01.240 labor union president Christian Smalls test to find before members 0:16:01.280 --> 0:16:05.480 of Congress today about his efforts to unionize workers across Amazon. He, 0:16:05.600 --> 0:16:07.880 along with other union leaders, also just met at the 0:16:07.920 --> 0:16:10.800 White House with President Biden, Vice President Harris, and Labor 0:16:10.880 --> 0:16:15.360 Secretary Marty Walsh. He helped workers at an Amazon facility 0:16:15.400 --> 0:16:19.720 on Staten Island become the first in the country to unionize. However, Monday, 0:16:20.120 --> 0:16:24.240 a nearby Amazon facility voted against unionitation. He joins us 0:16:24.280 --> 0:16:27.200 now live from Washington. Chris, great to have you back 0:16:27.280 --> 0:16:29.960 here on the show. You tweeted that you met the 0:16:30.000 --> 0:16:33.400 President earlier today and that he told you you got 0:16:33.520 --> 0:16:35.920 him into trouble. Tell me a little bit about that 0:16:36.040 --> 0:16:39.560 meeting and what you think he meant by that. Yeah, 0:16:39.600 --> 0:16:42.040 I believe when he came out a couple of weeks 0:16:42.080 --> 0:16:44.480 ago and said Amazon would coming for you. I think he, 0:16:45.160 --> 0:16:47.520 uh he just overstepped it a little bit, and uh 0:16:47.560 --> 0:16:49.560 he was svised he's sitting here and but you know, 0:16:49.640 --> 0:16:52.720 it's great to see that. Uh he still recognizes that. 0:16:53.160 --> 0:16:55.720 You know, we had to have some regulations with the 0:16:55.760 --> 0:16:59.240 company as far as unionizing. So you also spoke with 0:16:59.280 --> 0:17:02.200 President Harry By, President Harris Labor Secretary Marty Walsh. Should 0:17:02.200 --> 0:17:05.520 they indicate if they're planning to get more actively involved 0:17:06.720 --> 0:17:11.760 in Yes, absolutely, you know, Uh, well, we had a 0:17:11.800 --> 0:17:15.040 great conversation. Uh. They spoke to not just myself, but 0:17:15.440 --> 0:17:19.240 other leaders and organizers in other industries like Starbucks and 0:17:19.400 --> 0:17:25.360 are e I and uh uh what else, Uh, artistic 0:17:26.040 --> 0:17:29.840 industry as well. We had a librarian as there as well. 0:17:30.119 --> 0:17:32.520 I'm gonna give recognition to all of them. Um. And 0:17:32.640 --> 0:17:35.680 we definitely think that there's going to be some more 0:17:35.760 --> 0:17:38.480 support coming from the political realm. Um. I know that 0:17:38.640 --> 0:17:42.280 they have been mentioned that they have um implemented some 0:17:42.600 --> 0:17:45.480 some things in the administration that they're willing to roll 0:17:45.520 --> 0:17:47.840 out over the next couple of months. And that's going 0:17:47.880 --> 0:17:49.760 to help us out on the ground. And I'm I'm 0:17:49.840 --> 0:17:53.240 excited to be a part of that conversation. Now you're 0:17:53.280 --> 0:17:56.600 testified before a Senate committee today, and I have a 0:17:56.680 --> 0:17:59.359 portion of that testimony. This is your response to a 0:17:59.480 --> 0:18:04.400 question from Senator Lindsey Graham. That's the reason why I'm 0:18:04.440 --> 0:18:08.159 here to represent the workers who make these companies go. 0:18:09.280 --> 0:18:11.359 And I think that it's in your best interest to 0:18:11.600 --> 0:18:15.000 realize that it's not a a left or right thing. 0:18:15.119 --> 0:18:18.320 It's not a Democrat or a Republican thing. So workers 0:18:18.400 --> 0:18:22.760 things to workers issue, and we're the ones that are suffering. 0:18:25.359 --> 0:18:28.399 What's your sense of whether the senators were speaking to 0:18:28.760 --> 0:18:32.200 today understood that in a Congress that is often so 0:18:32.600 --> 0:18:38.080 divided by partisanship. Yeah, I mean, well, I just had 0:18:38.160 --> 0:18:40.280 to reiterate that, you know, I wanted to make them 0:18:40.440 --> 0:18:45.240 understand that, you know, uh, our voices matter. You know, 0:18:45.400 --> 0:18:49.320 the corporations get the UM have the first say and everything. 0:18:49.400 --> 0:18:52.680 They get to control everything, whether it's the market, whether 0:18:52.760 --> 0:18:58.240 it's uh the laws, lobbying whoever, it's uh, even the 0:18:58.359 --> 0:19:01.399 government is some aspect. You know, we don't have a 0:19:01.520 --> 0:19:04.800 say at the bottom as workers. UM. The only way 0:19:04.880 --> 0:19:07.560 we have a say in the voices when we collectively 0:19:07.640 --> 0:19:11.399 come together and when we collectively say we want the union, 0:19:11.960 --> 0:19:15.040 UM that that right should be given to us, and UM, 0:19:15.200 --> 0:19:17.719 that's what I want to make sure that that message 0:19:17.800 --> 0:19:20.480 was clear cut that the workers are the ones who 0:19:20.920 --> 0:19:24.359 generate the revenue for these corporations. And you know, I 0:19:24.440 --> 0:19:27.080 think he uh he got the message because he didn't 0:19:27.119 --> 0:19:31.960 last long. He left halfway through. But you know, I understand, 0:19:32.000 --> 0:19:35.160 you know, this is uh something that has to be said, 0:19:35.200 --> 0:19:38.959 It has to be spoken about. Now. You won at 0:19:39.040 --> 0:19:42.400 one of the Staten Island warehouses. The union one Amazon though, 0:19:42.520 --> 0:19:45.560 is appealing that decision and they said they were disappointed 0:19:45.600 --> 0:19:48.040 with the outcome of the election there. They believe having 0:19:48.080 --> 0:19:51.600 a direct relationship with the company the company employees, having 0:19:51.680 --> 0:19:55.280 a direct relationship with the company is best for the employees. 0:19:55.840 --> 0:19:58.760 You lost at a warehouse across the street. And I'm 0:19:58.840 --> 0:20:01.800 curious where you plan to do this next, given that 0:20:02.880 --> 0:20:07.800 clearly it's not necessarily a done deal. Yeah, we're we're 0:20:07.880 --> 0:20:11.120 prepared on our side, UM to go to the core 0:20:11.240 --> 0:20:14.879 hearing and hear out the evidence if uh there is some, 0:20:15.720 --> 0:20:19.359 and we will take our actions from there. UM. Definitely 0:20:19.400 --> 0:20:22.120 talking to our legal representation on our side to get 0:20:22.160 --> 0:20:25.639 the best advice as far as our first election. But 0:20:26.119 --> 0:20:28.320 at the same time. You know, Amazon should recognize the 0:20:28.400 --> 0:20:31.920 fact that the Amazon workers at that facility voted for 0:20:32.080 --> 0:20:35.880 the union in favor of the union over five hundred workers, um, 0:20:36.720 --> 0:20:41.040 over five hundred ballots. Uh work where um the difference? 0:20:41.720 --> 0:20:45.120 And as far as the second election, you know, we uh, 0:20:45.680 --> 0:20:48.600 we definitely you know, overshotted a little bit. You know, 0:20:48.800 --> 0:20:51.680 we we took on a huge task. We've been campaigning 0:20:51.720 --> 0:20:55.119 for quite a while, over a year. Um. We had 0:20:55.160 --> 0:20:59.280 a new facility, new workers, new organizers in that building, UM, 0:20:59.320 --> 0:21:01.840 and they just didn't enough time to convince enough of 0:21:01.960 --> 0:21:05.440 their co workers, which is understandable. So for us, we 0:21:05.560 --> 0:21:08.280 just have to reassess and get back to work and 0:21:08.400 --> 0:21:11.080 get back to organizing. So are we going to see 0:21:11.119 --> 0:21:15.200 you filing union positions petitions outside Staten Island soon? And 0:21:15.240 --> 0:21:18.440 if so, where quickly? Oh? Well, I can tell you 0:21:18.520 --> 0:21:20.960 we're going nationwide. You know, every building in the country 0:21:21.000 --> 0:21:23.560 has contacted us already, and we want to continue with 0:21:23.680 --> 0:21:25.919 that plan to get everybody in the country set up. 0:21:28.280 --> 0:21:32.040 You're saying, every Amazon warehouse in the country has contacted 0:21:32.080 --> 0:21:36.760 you about the project of unionizing every Amazon facility in 0:21:36.800 --> 0:21:40.400 the country, um, and then some has contacted the Amazon 0:21:40.480 --> 0:21:44.000 LA reunion and we will have a conference that will 0:21:44.040 --> 0:21:49.760 address everybody nationwide. All Right, Christian Smallst, President of the 0:21:49.880 --> 0:21:53.560 Amazon Labor Union, Fresh Office meeting with President Biden. Thank 0:21:53.640 --> 0:22:04.639 you Chris for trying to thank you. Welcome back to 0:22:04.680 --> 0:22:07.000 Blomberg Technology, Emily check in San Francisco. I want to 0:22:07.000 --> 0:22:10.159 get back to the market and volatility and starts spreading 0:22:10.160 --> 0:22:13.800 to crypto. To our at Ludlow, been taking a look 0:22:13.840 --> 0:22:15.760 there and what do you see, just another long list 0:22:15.840 --> 0:22:18.720 of superlatives for bitcoin. This was the single biggest intra 0:22:18.800 --> 0:22:22.000 day drop since January. And again it's a two day story, right, 0:22:22.080 --> 0:22:25.280 a violent u turn because we saw bitcoin pushed towards 0:22:25.359 --> 0:22:28.760