WEBVTT - Synopsys Rises, Accenture Climbs, Coinbase Drops After Crypto Selloff

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market harnessing the power of Bloomberg Data.

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<v Speaker 3>Let's take a look at some of the stocks on

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<v Speaker 3>the move today on Paul Sweeney alongside Alex Evanova, and

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<v Speaker 3>we're joined by bloombergs That needs a so COVID he

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<v Speaker 3>needs what are you looking at?

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<v Speaker 4>New day, new video deal. In Video is investing two

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<v Speaker 4>billion to Chip to design software maker Synopsis. Synopsis is

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<v Speaker 4>up on the news. It's about five percent the decories

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<v Speaker 4>s MPC and Video is holding on some small game.

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<v Speaker 4>But we actually in earlier trading the stock was down,

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<v Speaker 4>so the Video stake represents about two point six percent

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<v Speaker 4>of synopsis outstanding shares. Synopsis is one of the largest

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<v Speaker 4>providers of software and services used to design electronic components.

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<v Speaker 4>The new partnership involves integrating in Video two into Synopsis.

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<v Speaker 4>Chip Design Applications has been striking so many deals, and

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<v Speaker 4>some of them are with data center providers like coreweve

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<v Speaker 4>some of them are even with competitors like Intel. They

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<v Speaker 4>invested five billion recently and investors have been a little

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<v Speaker 4>bit more jittery about it. The stock creach is high

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<v Speaker 4>in October and since then it's been a pretty votile

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<v Speaker 4>time for in video. The stock is still obviously up

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<v Speaker 4>thirty percent here today, but we saw earlier in earlier

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<v Speaker 4>trading that investors weren't necessarily very excited about this initially.

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<v Speaker 4>Now obviously we're seeing some gains, but everyone is worried

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<v Speaker 4>about those deals.

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<v Speaker 1>And the price tacts, the needs and Paul, I feel

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<v Speaker 1>like every other day we're getting a new open Ai partnership.

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<v Speaker 1>I know there's another deal on your radar, and it's

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<v Speaker 1>what is that all about?

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<v Speaker 4>Yeah, more deals. Accenture shares are climbing more than two percent.

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<v Speaker 4>They're announcing a collaboration with open Ai. It's very interesting.

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<v Speaker 4>That's an old school consultancy, but I also want to

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<v Speaker 4>be part of the AI craze. They're equipping tens of

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<v Speaker 4>thousands of its professionals with chat Jept Enterprise, so it's

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<v Speaker 4>an interesting thing. They've been rebranding. They started calling it's

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<v Speaker 4>eight hundred thousand employees reinventors, reinvent reinventors. Yeah, so there

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<v Speaker 4>has been a big reorganization in June, and you know

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<v Speaker 4>it's coming off not too great of a time. The

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<v Speaker 4>company is down twenty seven percent here today, so perhaps

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<v Speaker 4>they're looking for a new branding and the whole CHEDGTAI

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<v Speaker 4>push is really big part of it. They've warned that

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<v Speaker 4>more staff would be asked to leave if they could

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<v Speaker 4>not be retrained for the age of AI.

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<v Speaker 3>You know, I mean, I've been told that some of

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<v Speaker 3>these technology consultants really under pressure because the budgets, the

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<v Speaker 3>tech budgets are going more toward the hardware for sure,

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<v Speaker 3>the AI they away from some of the software or

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<v Speaker 3>just other types of spend, including paying for an assential

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<v Speaker 3>consultant to tell you what to.

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<v Speaker 1>Do right, and here you have open AI just kind

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<v Speaker 1>of helping that problem out here.

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<v Speaker 4>Yeah, it's expensive, it's a.

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<v Speaker 3>It's always been. When time tough. The consultants are one

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<v Speaker 3>of the areas you can definitely pull back on for sure,

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<v Speaker 3>for sure, as well as advertising. Having been in the

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<v Speaker 3>advertising business in my career, that's another discretionary expenditure that

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<v Speaker 3>gets But you can't cut your AI spending on.

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<v Speaker 4>Hardware and solved not in those times.

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<v Speaker 3>So all right, what else you got?

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<v Speaker 4>Cryptocurrency we're talking about things that are maybe over priced.

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<v Speaker 4>Cryptocurrencies are sleeping on Monday and some of the companies.

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<v Speaker 4>It's very interesting because this year a lot of the

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<v Speaker 4>companies were actually getting bigger gains than crypto, so people

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<v Speaker 4>were happy to pay premium to get exposure to those companies.

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<v Speaker 4>Some of those names were coin based Strategy and those

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<v Speaker 4>never actually down a lot. Today coinbas is down about

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<v Speaker 4>three percent, MicroStrategy is down about seven percent. The deckory

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<v Speaker 4>is MSTR and of course the coin based sicker is

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<v Speaker 4>c i N. But it's coming off the price of

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<v Speaker 4>bitcoin dropping. But we actually see some news from China.

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<v Speaker 4>The latest drop comes after China Center Backscent on Saturday

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<v Speaker 4>that the risk of speculation in hypes surrounding virtual currencies

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<v Speaker 4>has resurface. Obviously, sentiment has been very fragile, but those

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<v Speaker 4>two companies we're looking at, MicroStrategy and coinbase. Micro Strategy

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<v Speaker 4>is now forty percent year today. People were happy to

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<v Speaker 4>pay crazy premium for that company and now things are

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<v Speaker 4>pretty fragile. And actually their CEO of Bitcoin Treasury Company

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<v Speaker 4>said on a podcast that the firm could sell bitcoin.

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<v Speaker 4>Obviously they've been buying and buying and buying, but if

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<v Speaker 4>there enough starts to decline at some point they will.

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<v Speaker 2>Sell the Stock Movers report from Bloomberg Radio. Check back

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