Speaker 1: Bloomberg Audio Studios, podcasts, radio news from Marhart where Innovation,
Speaker 1: money and power Collie in Silicon Valley, NBN. This is
Speaker 1: Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 2: I'm Caroline Heinde and Bloomberg's world headquarters in New York,
Speaker 2: and I met Ludlow in San Francisco.
Speaker 3: This is Bloomberg Technology coming up.
Speaker 2: Amazon Web Services CEO Adam Slipski is stepping down from
Speaker 2: the job. Details to come.
Speaker 4: Plus Open Ai unveils its updated AI models as Google
Speaker 4: kicks off It's AI event today for coverage ahead, and we.
Speaker 2: Sit down with the CEO of the buy now, pay
Speaker 2: later firm Klana as a company eyes that long awaited IPO,
Speaker 2: But first set's check in on what's already training on
Speaker 2: these public markets, and maybe a little bit of a
Speaker 2: reprieve in some animal spirits even though we see that
Speaker 2: PPI number that produce a price index coming in hotter
Speaker 2: than anticipated, but you get more granular and maybe there's
Speaker 2: sign of cooling in some of the key areas that
Speaker 2: the FED will be focusing on from inflatory pressures here
Speaker 2: in the US and managing to pull up some four
Speaker 2: tens percent on the Nasdaq, and notably, even though we
Speaker 2: saw an initial knee jerk sell off, we're back to
Speaker 2: rallying on the bond market, particularly at the two year yield.
Speaker 2: I'm also shining light on what's happening on those highly
Speaker 2: shortened names. Basically, what's happening with the likes in gamestoc
Speaker 2: AMC Another extraordinary rally, no fundamental reason, but we go
Speaker 2: a long they particularly high short interest stocks, those that
Speaker 2: are widely beed against by the broader market. We're up
Speaker 2: seven percent on that particular index. Move on, have a
Speaker 2: look at what's happening on the world a Bitcoin. Actually
Speaker 2: no move across or read across from the meme frenzy
Speaker 2: to the crypto frenzy. Today Bitcoin just selling off a
Speaker 2: little bit.
Speaker 3: In fact, we've.
Speaker 2: Heard from some key players within the cryptosphere and thinking
Speaker 2: of Might Novogratz saying, actually, look, we're going to be
Speaker 2: ranged brown from fifty five to seventy five thousand. We're
Speaker 2: currently at six two thousand. Let's call it today, ed,
Speaker 2: what are you watching on the micro.
Speaker 4: There is a lot of technology to fit in today's show.
Speaker 4: Let's go to China and the US listed shares of
Speaker 4: Ali Barbera and Tencent Ali Barbera. The story is low
Speaker 4: single digit growth in e commerce and cloud. There's fighting
Speaker 4: talk about AI and fighting talk about the spending power
Speaker 4: of the Chinese consumer, but those US listed shares are
Speaker 4: lower compare contrast with Tencent. They're seeing a lot of
Speaker 4: ad growth, particularly in video, and we Chat is seeing
Speaker 4: a really big surge in usage. Hour later in the program,
Speaker 4: we'll go to team coverage on those two key China names,
Speaker 4: and you mentioned it Google Io. Later today Alphabet will
Speaker 4: show its hand, we think on its next offerings in
Speaker 4: our official intelligence.
Speaker 3: Let's get to our top story.
Speaker 4: And that is Amazon and Amazon Web Services or AWS,
Speaker 4: the cloud unit of Amazon. The company announcing that Adams
Speaker 4: Lipski is stepping down as CEO of AWS effective June third.
Speaker 4: Matt Garman, who started as an intern and am in
Speaker 4: two thousand and five, was one of the early product
Speaker 4: leaders in AWS, will take over as the CEO. The
Speaker 4: shares are off session lows, but still down around eight
Speaker 4: tens of a percent in this Tuesday session, and the
Speaker 4: market asking questions, well, is this bad for Amazon's cash cow?
Speaker 4: And who on earth is Matt Garman. Let's get out
Speaker 4: to Seattle. Bloomberg's Matt Day joins us, and let's start
Speaker 4: with the news at hand. Why is Adam Zelyipsky stepping
Speaker 4: down as CEO? And should we be worried? I suppose
Speaker 4: about the health of AWS.
Speaker 5: I should listened to Amazon CEO Andy Jase tell it, No,
Speaker 5: we shouldn't be worried, he said. When he recruited Adam Selipski,
Speaker 5: who was his right hand in building the WS business,
Speaker 5: back to Amazon in twenty twenty one, they'd had a conversation, said, listen,
Speaker 5: give me a few years and get the next generation
Speaker 5: of leaders in shape, and then we'll talk later. Andy
Speaker 5: Jesse said, Adam Selipsky is considering other challenges. We don't
Speaker 5: know what those might be. Nobody detailed that in their
Speaker 5: emails to staff today. We just know that he is
Speaker 5: out as of next month.
Speaker 2: Some well and rest with family seems to insinuate before
Speaker 2: he launches onto his next challenge. Memory was CEO of
Speaker 2: Tableau for an interim basis in his long career with Amazon.
Speaker 2: I'm interested, therefore, on who Mac Garmon is as we know,
Speaker 2: like what an MBA intern turns now one of the
Speaker 2: key executives.
Speaker 5: That's right, so Matt Garmon, he's a lifer at Amazon
Speaker 5: joined and two thousand and five, is an intern two
Speaker 5: thousand and six as a full timer and led some
Speaker 5: of their initial services, helped set pricing the first names
Speaker 5: for the products AWS put on the market, and since
Speaker 5: then he's spent most of his time as an engineering leader.
Speaker 5: He was leading one of thems on's most important divisions
Speaker 5: of the sort of computing power for rent group, and
Speaker 5: then back in twenty twenty he found himself running sales
Speaker 5: and marketing, and to a lot of AWS insiders that
Speaker 5: really looked like he was getting set up to succeed
Speaker 5: Andy Jasse, the division's founding CEO. Turns out Andy brought
Speaker 5: back Adam Sleipski instead. But this isn't a surprise anybody
Speaker 5: who's been following either Matt Garman's trajectory or or AWSS.
Speaker 3: The market was a bit worried.
Speaker 4: There was a knee jerk reaction if you ca percentage
Speaker 4: point decline and knee jet reaction. Matt and I guess
Speaker 4: the idea is what happens next for AWS? Because Adams
Speaker 4: Lipski left that still accounting for the majority of operating
Speaker 4: income for the entirety of Amazon, and the new figure
Speaker 4: they're giving us is this run rate of one hundred
Speaker 4: billion dollars of revenue sum up where AWS sits today.
Speaker 3: So ABS is the biggest cloud computing company.
Speaker 5: But that said, they've had a bunch of pressure put
Speaker 5: on them in the last year coming out of the pandemic.
Speaker 5: A lot of their biggest corporate customers were looking to
Speaker 5: cut costs. That dropped ABS's growth down to record lows.
Speaker 5: They've bumped up beyond that, which the market seems to
Speaker 5: like well enough, market likes even more though that they
Speaker 5: have said that artificial intelligence.
Speaker 3: Revenue is starting to materialize.
Speaker 5: Last month they said AWS is on pace for it's
Speaker 5: a couple billion dollar business over the course of a year,
Speaker 5: which's not a particularly detailed number, but for a really,
Speaker 5: really hot corner of technology. It's a sign that Amazon
Speaker 5: is getting momentum after really getting kind of beaten out
Speaker 5: of the gate in terms of generated AAI services in
Speaker 5: the last couple of years. So, you know, AWS still
Speaker 5: Amazon's cash cow, still accounts for, you know, the vast
Speaker 5: majority of their operating profit quarter to quarter, you know,
Speaker 5: but that set it's a business. It's been under pressure
Speaker 5: for for the last couple of years, certainly.
Speaker 2: And MAP is it fair to characterize is it being
Speaker 2: beaten out the gate or is it that it just
Speaker 2: didn't use generative AI and it's lexicon quickly enough from
Speaker 2: your perspective when we're anticipating what Google's about to unveil
Speaker 2: for today, I.
Speaker 3: Think it is certainly a little bit of both.
Speaker 5: I mean, the Amazon's been working on machine learning and
Speaker 5: AI services for years and years, as they will tell
Speaker 5: you. You know, if you go back a couple of years
Speaker 5: to win Open AI releases, you know that the chat
Speaker 5: GPT that shocks the world. You know, Amazon wasn't really
Speaker 5: even talking in the same lexicon at that point. Jenerative
Speaker 5: A I wasn't in the conversation. And then when it
Speaker 5: came to embedding, you know, generative AI products into into
Speaker 5: services already on the market. Microsoft got there real quick,
Speaker 5: Google got there real quick. Amazon, you know, caught up
Speaker 5: and is working to catch up further. I guess, but
Speaker 5: you know, I think it's pretty safe to say that
Speaker 5: at least at the outset, there were a couple of steps.
Speaker 3: Behind that day things.
Speaker 2: Matt Garmon on All Things AWS, we thank you so much.
Speaker 2: We've got to talk about Klana, the buy now, pay
Speaker 2: later firm that well, as we all know, is eyeing
Speaker 2: an IPO and we're wondering at what particular point they're
Speaker 2: going to do. That is at the first quarter of
Speaker 2: next year. That's according to reports right now, this comes
Speaker 2: on the hills. What's been a busy year for IPO
Speaker 2: offerings and also a busy year for integrating General to AI,
Speaker 2: which this company is doing. I please say that Sebastian
Speaker 2: see Murkowski is with us, is a clan a CEO,
Speaker 2: and I want to start on what all investors are
Speaker 2: so interested in is the fact that you are eyeing
Speaker 2: the public markets.
Speaker 6: We're hearing as.
Speaker 2: Soon as Q one how much more Tea's crossing. I's
Speaker 2: donning you having to be doing at the moment.
Speaker 7: I've heard that rumor as well, said, well, you know,
Speaker 7: it's an interesting rumor. I but I think for US
Speaker 7: it's always been like really critical. We wanted to establish
Speaker 7: ourselves as a global business. That meant success in the
Speaker 7: US meant both in awareness and in profitability. And now
Speaker 7: with almost forty million users in the US and it
Speaker 7: being a profitable and actually our largest market by revenue,
Speaker 7: those kind of criteria has been met, so we're definitely ready.
Speaker 2: You'd been doing interesting partnerships with eber, You've been launching
Speaker 2: a wait list for a credit card. We'll get into
Speaker 2: those products in a moment. But when you say it's
Speaker 2: an interesting rumor, could you go earlier than Q.
Speaker 7: One, Everything's possible, okay, ed.
Speaker 8: It?
Speaker 3: So, actually, good morning to you.
Speaker 4: Let's think about them where you might list in the
Speaker 4: context of your business. You've grown thirty two percent in
Speaker 4: this country over the last year.
Speaker 3: Why is that? Why are you seeing strength in the
Speaker 3: US market?
Speaker 7: Well, I think that what's interesting Actually it comes back
Speaker 7: to an interesting McKinsey study from fifteen and it showed
Speaker 7: that in this market there is a growing number of
Speaker 7: consumers that are very tired of the credit cards and
Speaker 7: how credit cards work. There's a great Netflix documentary call
Speaker 7: Credit Cards Explain. You will see all the bad practices
Speaker 7: that banks have accumulated over the years to push people
Speaker 7: into debt, to revolve to build up as big balances
Speaker 7: as possible. And these group is self aware. A voiders
Speaker 7: people that are looking for simple credit products, zero interest,
Speaker 7: fixed installment. They're about twenty percent of the US population
Speaker 7: and buy now, pay later speaks directly to this audience,
Speaker 7: and I think that is the most important explanation for
Speaker 7: the success in the US Sebastia.
Speaker 4: Later in the program, we're going to talk a lot
Speaker 4: about Ali Barber's earnings, and I know that that China
Speaker 4: is not something that's supper mined for you.
Speaker 3: But bear with me.
Speaker 4: They talked about the consumer in China having a lot
Speaker 4: of cash, a lot of savings, but sentimentally they're not
Speaker 4: prepared to spend. It's a really psychological market. Now, compare
Speaker 4: and contrast that with the United States. A lot of
Speaker 4: people I hear from are talking about credit card use
Speaker 4: and credit card levels, but psychologically the US consumer seems
Speaker 4: prepared to spend. What do you make of all that?
Speaker 4: What do you see through your platform?
Speaker 3: Exactly that right.
Speaker 1: I was actually a little bit worried.
Speaker 7: Around Christmas when I saw the Christmas cells. I felt
Speaker 7: that Christmas Cells this year was a little bit discount driven,
Speaker 7: and I wasn't clear to how much was merchants kind
Speaker 7: of trying to offload stock do through discount and how
Speaker 7: much was consumer strength, so to speak. But I think
Speaker 7: now with a few moments in the bag, you see
Speaker 7: that like consumers spending in the US is holding up
Speaker 7: quite well, and there is there is that demand. So
Speaker 7: we're seeing that across all categories that we cover, and
Speaker 7: as much as we're associated with kind of fashions so forth,
Speaker 7: like with being live with Uber, with Airbnb, with a
Speaker 7: lot of other big American brands, we can see that.
Speaker 1: Across the board.
Speaker 2: What's so interesting is you have been building up a
Speaker 2: focus here in the US and you have got this
Speaker 2: weight list for a credit card, but you meant to
Speaker 2: be the anti credit card company. I thought this whole
Speaker 2: idea that the spiraling debt that mounts there, how are
Speaker 2: you doing it differently?
Speaker 3: Why do that differently?
Speaker 7: Well, I think that, Like the interesting thing is that
Speaker 7: to me, the card is just a delivery mechanism. It
Speaker 7: allows the consumers to use Klana everywhere, as opposed to
Speaker 7: only the places where merchants have integrated US. And even
Speaker 7: if we cover forty of the top one hundred US
Speaker 7: retailers online today, we still want to.
Speaker 1: Make it available everywhere.
Speaker 7: Right, But I think the key difference versus the credit
Speaker 7: card is how you use it now. When I used
Speaker 7: to work at Burkeying back in the days when you
Speaker 7: would swipe a card you would press one for debit
Speaker 7: and two for credit, because it made a lot of
Speaker 7: sense that you didn't use credit for every purchase, but
Speaker 7: the banks abandoned that because they wanted you to build
Speaker 7: up your monthly statement to be as big as possible,
Speaker 7: to put everything on it. So it increases the likely
Speaker 7: to view lending and borrowing money and kind of increasing
Speaker 7: the revolver and right like, you have to remember, a
Speaker 7: credit card balance is usually five five hundred dollars on average,
Speaker 7: with KLON it's one hundred and fifty dollars. So to us,
Speaker 7: the ability to always have the option between debiting credit
Speaker 7: is fundamental. That's one of the key things that will
Speaker 7: provide a healthier, responsible usage of credit. And in addition
Speaker 7: to that having zero interest and fixed installments. So those
Speaker 7: are the primary concepts, and we can bring them through
Speaker 7: a card, we can bring them through offering them directly
Speaker 7: on the merchant to website or in the.
Speaker 2: Sort and it's heart you're doing things differently by being
Speaker 2: tech driven. A lot of credit card companies are now
Speaker 2: pretty tech driven as well. I want to focus in
Speaker 2: on the genera of AI side, because you caught a
Speaker 2: lot of headlines by the fact that you said, look, now,
Speaker 2: general to AI within our customer services is doing the
Speaker 2: job of seven hundred people. Is it still seven hundred?
Speaker 3: Is it more than that?
Speaker 7: It's probably slightly more by now. I think the reason
Speaker 7: we share we knew that number would kind of catch
Speaker 7: the attention. But it's partially because I feel there's a
Speaker 7: lot of buzz around AI and there is, you know,
Speaker 7: a lot of things demos being announced, and you were
Speaker 7: talking about you know, Google today announcing something, but there
Speaker 7: are few things that are practically there, and a lot
Speaker 7: of business leaders are asking themselves like, where is the
Speaker 7: actual implications on my business? And this was the first
Speaker 7: time we at least felt like, look, here's a practical
Speaker 7: application that isn't like just as small. It's real life
Speaker 7: consumers prefer it because it's actually higher customer satisfaction than
Speaker 7: the human agent, it's faster to use, its higher quality,
Speaker 7: and it's having profound impact. But we also believe that
Speaker 7: society and politicians needs to recognize that this is not
Speaker 7: something that's going toge in ten years. The implications for
Speaker 7: society are going to come in the coming years, and
Speaker 7: it's time to think a little bit proactively about what
Speaker 7: measures could be taken as a consequence.
Speaker 3: Sebastian.
Speaker 4: Exactly one month ago, we had the European Commissioner for
Speaker 4: Financial Services McGuinness visit US here in San Francisco, and
Speaker 4: we talked about fintech regulation. Essentially, you operate in both markets,
Speaker 4: which do you find to be more friendly of the
Speaker 4: regulators between the United States and Europe.
Speaker 7: Well, I think amazingly, the EU introduced some legislation back
Speaker 7: in four or five that meant that we, who are
Speaker 7: a fully regulated bank in Sweden, can password that license
Speaker 7: across all European states, and that is a tremendous advantage,
Speaker 7: and to some degree it's actually easier even to operate
Speaker 7: than across all of the US states, where there's bigger
Speaker 7: differences on consumer credit lending in different US states than
Speaker 7: there is among the European nations to some degree. So
Speaker 7: it's actually, i would say fairly even a little bit
Speaker 7: sometimes at the intanges to be in Europe. But we
Speaker 7: definitely think that there is more competition, openness, and willingness
Speaker 7: to promote competition in the American society than in the
Speaker 7: European Union, and so I think that's very favorable in
Speaker 7: American context.
Speaker 4: Especially when you do go public, investors will be very
Speaker 4: focused on profit. Could you speak a little bit about
Speaker 4: your profit?
Speaker 7: Of course now, I think look from my perspective, I
Speaker 7: hope we will be able to deliver some very interesting
Speaker 7: perspectives when we are ready for that, because we are
Speaker 7: seeing a very strong growth currently within Klana. You know,
Speaker 7: we are definitely about two billion dollars of revenue. We're
Speaker 7: seeing very high volume growth at the same point of time.
Speaker 7: Due to the implications of AI. Since September October, we
Speaker 7: have stopped recruitment and in our case, with normal trition
Speaker 7: rates that most tech companies have where people stay about
Speaker 7: five years, this means that we are actually shrinking in
Speaker 7: number of employees by about twenty percent per year.
Speaker 3: So we hope that by the time.
Speaker 7: We kind of get through that perspective, we're going to
Speaker 7: be able to present something that looks like revenue growth
Speaker 7: wild costs actually diminishing at the same point of time.
Speaker 2: Sebastian, it's been great having some time with you. Thank
Speaker 2: you for coming on and like how you've been navigating
Speaker 2: some of the timing questions with us. Sebastian Si mccowski.
Speaker 2: He's a Klana CEO and what for got coming up
Speaker 2: more in AI.
Speaker 3: I think, yeah, more on AI. I really enjoyed that.
Speaker 4: By the way, open ai unveils its updated chat model
Speaker 4: as Google kicks off it's AI event today. We've got
Speaker 4: really important discussions coming out next stick with us. This
Speaker 4: is Bloomberg Technology.
Speaker 2: Open Ai sing faster, cheaper versions of the AI model
Speaker 2: that underpins its chatbot chat GPT, and it says the
Speaker 2: startup works to hold on to its seeming lead and
Speaker 2: then an increasingly crowded market joining us. Now on the
Speaker 2: announcements made yesterday, Blue MoG's Rachel Mets and we heard
Speaker 2: in particular from the key executives from Marati as well,
Speaker 2: really outlining well, me, as an unpaying user, it is
Speaker 2: going to get a whole load more for free.
Speaker 9: Yeah, I mean that's a big part of what they
Speaker 9: were announcing is that they are giving people a lot
Speaker 9: of capabilities that until now had been reserved just for
Speaker 9: paying users of GPT for but also overall they're saying
Speaker 9: the model is faster and more efficient at this point.
Speaker 9: And there are also some additional interesting things that they
Speaker 9: rolled out as well, such as some audio capabilities that
Speaker 9: are much faster than what we've seen before. They already
Speaker 9: had the ability to talk to chat GPT via the app.
Speaker 9: I believe that was just for paid users in the past,
Speaker 9: but now you can use that in a much more
Speaker 9: real time way. And it also it's much more capable
Speaker 9: than it appeared to be in the past. That'll be
Speaker 9: rolling out the next in the coming weeks.
Speaker 3: I believe Rachel la zero in on the underlying model.
Speaker 4: GPT for oh is that right, GBT for oh, I
Speaker 4: got it right?
Speaker 3: Look at this chart.
Speaker 4: Yeah, so this this is the its performance against benchmarks, right,
Speaker 4: which everyone does when they release a new model. But
Speaker 4: I guess the main thing that open ai I was
Speaker 4: talking about is that this is dramatically reduced latency in text,
Speaker 4: image and video use cases get nitty gritty and nerdy
Speaker 4: for us.
Speaker 9: So I mean, really, this should just make all kinds
Speaker 9: of things faster that people want to do with the model.
Speaker 9: Make it faster to have it back and forth with it.
Speaker 9: It could make it. It could make it feel more
Speaker 9: life like if you're talking to it and it's talking
Speaker 9: back to you. Analyzing pictures. I mean, what they were
Speaker 9: showing this demo that you've got on the screen is
Speaker 9: showing an open camera view rather than right now, if
Speaker 9: you're using the chat GBT app, you have to like
Speaker 9: take a picture. And in the future they said they
Speaker 9: will be adding the ability to analyze videos as well,
Speaker 9: not just still images. So they're trying to bigger, better,
Speaker 9: faster more with this model and some of it. I
Speaker 9: guess we're just gonna have to wait and see how
Speaker 9: well it works.
Speaker 3: Bloomberg's racial mets terrific reporting. Great to have you on
Speaker 3: the program.
Speaker 4: There is one thing that I open Aye did not
Speaker 4: do or reveal, which was search. And the Google Io
Speaker 4: conference is kicking off in Mountain View. Let's hear about
Speaker 4: how Alphabet ceo is to the pitch, I characterized his
Speaker 4: competition with the CEO of Microsoft.
Speaker 3: Just listen to this, I think you'd one of the
Speaker 3: wa is you can.
Speaker 10: Do the wrong thing is by listening to noiself talent
Speaker 10: playing to someone else's dance music.
Speaker 3: I've always been very clear. I think we have a
Speaker 3: clear sense of what we need to do.
Speaker 4: That was part of the conversation that he had on
Speaker 4: the circuit with Emily Chang.
Speaker 3: He was talking about Microsoft.
Speaker 4: But open Ay has been pretty noisy as well, didn't
Speaker 4: reveal its own search. Let's bringing Bloombergs Jackie Deablos zero
Speaker 4: in on Google Io and Jackie, what are you looking
Speaker 4: out for?
Speaker 8: Well, there's a few things, and as center Bridge I
Speaker 8: mentioned the dancing using it's pretty hard to ignore, especially
Speaker 8: with an announcement like that coming out of Opening Eye yesterday.
Speaker 8: It's really raising the bar for Google. One of the
Speaker 8: things that will be keenly focused on is, of course,
Speaker 8: it's updates to its current flagship Gemini model. We're expecting
Speaker 8: a few more details on just how that model will
Speaker 8: be interspersed throat to threat its most ubiquitous products, think
Speaker 8: Gmail Maps and especially like you mentioned, ed search. It's
Speaker 8: been experimenting with some features, but hasn't rolled anything out
Speaker 8: really broadly yet. We'll get some more color there. And
Speaker 8: of course, you know this isn't just about software. We're
Speaker 8: expecting some updates on it's hardware line, it's tablets, it's smartphones,
Speaker 8: and of course any updates to it Android fifteen operating system.
Speaker 2: I mean, the context with all of this is that
Speaker 2: they seem to be behind the curve, even though for
Speaker 2: many generative AI was only made possible because of the
Speaker 2: research them by Google, but then they managed to rush
Speaker 2: out send products there was a little of concern around
Speaker 2: the image generation in particular with Gemini. How are we
Speaker 2: seeing them try to write size the perception?
Speaker 8: Well, if you said it perfectly, Caroline, they were early pioneers.
Speaker 8: They have some of the best and brightest talent in
Speaker 8: artificial intelligence. But where they really fell behind is really
Speaker 8: kind of creating this bigger, generative AI ecosystem that is
Speaker 8: embedded across its products. It has an advantage in search,
Speaker 8: as we all know, but we've seen Microsoft and Open
Speaker 8: Eye really kind of product make it make its way
Speaker 8: into products much quicker and really commercialize that technology in
Speaker 8: a much more broader way. And so today we're really
Speaker 8: going to be looking to learn how exactly is this
Speaker 8: flowing through across the business, not just kind of one
Speaker 8: off features here and there. It's also unveiling a new
Speaker 8: open source it's a smaller model called Gemma, so it's
Speaker 8: looking to really kind of catch up and offer a
Speaker 8: more kind of broad array of models, just as we've
Speaker 8: seen Open Eye.
Speaker 11: Do as well.
Speaker 4: Jackie, really quick, I don't want to put you on
Speaker 4: the spot, but of all the announcements, what's the one
Speaker 4: piece of AI technology you're actually using right now?
Speaker 3: Personally?
Speaker 8: I love how it you know, in Google Docs, it
Speaker 8: makes my needing templates. I don't really have to worry
Speaker 8: about kind of doing all the drudgery there. I don't
Speaker 8: use it quite yet for work, but it's kind of
Speaker 8: the you know, if I need to write up a
Speaker 8: quick note, half the template is already there. It's predictive,
Speaker 8: so it kind of knows what I'm looking to write
Speaker 8: and it takes some of that boring aspect out of
Speaker 8: my work there.
Speaker 2: I love that Jackie Devlo's ps on agnostic don't use
Speaker 2: all of.
Speaker 3: The above and many but others available.
Speaker 2: Yeah, absolutely love how you're giving us the nuance of
Speaker 2: how are you using it in real day life? Thank
Speaker 2: you very much. Indeed, Jackie Davlosk welcome Actively made Technology.
Speaker 2: And Caroline Hyde in New York.
Speaker 4: Elam Ed Ludlow in San Francisco. Let's get a quick
Speaker 4: check on the market. So this is kind of where
Speaker 4: we stand in the moment. We are basically treading water.
Speaker 4: When it comes to the nads that one hundred, there
Speaker 4: are as equal number of names in the green as
Speaker 4: there are in the red. And then we look at
Speaker 4: the Golden Dragon China Index. This is basically the US
Speaker 4: listed shares of China's biggest technology companies.
Speaker 3: You have the earning story, which we're about to touch.
Speaker 4: On, and then you have the impact of Biden administration
Speaker 4: tariffs on the automotive sector in China. Those are some
Speaker 4: usisted names that also are impacted in terms of the specifics.
Speaker 4: Spend a lot of the morning looking at Ali Barba
Speaker 4: and Tencent. The stories are really clear. Ali Barbara pretty
Speaker 4: slug single digit growth on its core e commerce business
Speaker 4: and its cloud unit. Cloud adoption slow in China, but
Speaker 4: Ai is there. And then ten Cent great strength in
Speaker 4: video advertising, great strength in the we chat user base
Speaker 4: in terms of the number of hours that are going on.
Speaker 4: So one stop going lower in the US and another
Speaker 4: stop going higher. Let's wrap it all up and bring
Speaker 4: in Bloomberg's Henry Wren and Isabelle.
Speaker 3: Lee and isabel stop with you.
Speaker 4: I think that's the summary right when it comes to
Speaker 4: this earnings in what I outlined, but start with Ali
Speaker 4: Barbera and what they said.
Speaker 11: So this is really the tale of two cities. We
Speaker 11: have ten Cent reporting a better than projected sixty two
Speaker 11: percent surgeon earnings, but Ali Baba's profit plunge and the
Speaker 11: fact that the two biggest internet bihimots and China reported
Speaker 11: on the same day is a rarity and the fact
Speaker 11: that they did just really highlighted the tale of two
Speaker 11: fortunes for both. And yes, both reported better than expected
Speaker 11: single digit revenue growth, but it's the profit performance where
Speaker 11: they diverge, and investors are really closely looking at the
Speaker 11: bottom line of these two companies because they're both really
Speaker 11: seen as a barometer of Chinese health, especially China recovers
Speaker 11: from this rocky COVID recovery, and of course we have
Speaker 11: also that year's long big tech crackdown and get this,
Speaker 11: neither company offered investors strong reassurances of the plight of
Speaker 11: Chinese economy moving forward, So that's something investors are hanging on.
Speaker 3: We love how you give.
Speaker 2: Us the macro context. It's about, Henry, let's go micro
Speaker 2: with you and let's go optimistic first. Why was Tencent
Speaker 2: really managing to pull it out for the investor base today.
Speaker 10: Yeah, Tensen's profitability really shines out today's in today's results.
Speaker 10: So basically the video streaming is huge positive, but also
Speaker 10: in the meantime, the company is cutting hugely on costs.
Speaker 10: Remember the company is booking on revenue growth of six
Speaker 10: percent in the quarter, but its cost of revenue is
Speaker 10: actually down eight percent from a year ago, and the
Speaker 10: key to that is lower countent costs as far as
Speaker 10: lower costs associated with crowd projects deployment, but also in
Speaker 10: the meantime the company is cutting down other costs, for
Speaker 10: example employee benefits based compensation, and that really stands out.
Speaker 10: A key worry for Tencent in recent quarters has been
Speaker 10: it's domestic gaming business, but it's also showing some signs
Speaker 10: of green shoots as well. The companies say two of
Speaker 10: its flagship games actually received positive gross received growth in March,
Speaker 10: so that's a passive signal taken away from investors too.
Speaker 3: No I was interested now on the gaming sites.
Speaker 4: They were talking about, how like rather than have some
Speaker 4: big standalone organic title, they would have the kind of
Speaker 4: games coming where you can update them regularly. Both companies
Speaker 4: or executives on both sides. Henry also had some basically
Speaker 4: fighting talk saying that they were each the best at AI.
Speaker 4: Did we learn anything new about either company's AI strategy?
Speaker 3: Yes.
Speaker 10: Indeed, for Ali Baba, for example, it's pretty confident that
Speaker 10: AI world drive growth in this cloud business. The company said,
Speaker 10: with its AIS models gaining steam in China, it's confident
Speaker 10: that it will turbo charge cloud units growth. Remember it's
Speaker 10: still pretty tepic growth in this quarter percent of revenue growth,
Speaker 10: but it says it's confident that in the second half
Speaker 10: of fiscal twenty five it can actually return back to
Speaker 10: double digit growth for its cloud unit, which should be
Speaker 10: a good news because cloud unit has always been seen
Speaker 10: as a growth driver for Ali Baba and the for
Speaker 10: the other side of Tensents. It's actually already bearing fruit.
Speaker 10: Remember that we mentioned about the strong advertising momentum for
Speaker 10: Tensen's video streaming business. Remember that the company is actually
Speaker 10: already deploying many of its AI organism in recommending videos
Speaker 10: for its users, so it has already been seeing some
Speaker 10: of the early signs of benefits.
Speaker 2: It's a well, push us forward a little bit here,
Speaker 2: because you're giving us the sort of context of the
Speaker 2: consumer as well. We've got JD dot Com coming later.
Speaker 3: In the week.
Speaker 2: I mean, they aren't the only company by do as well.
Speaker 2: Are we going to get any kind on just how
Speaker 2: resilient a Chinese consumer is right now?
Speaker 11: I think we will, because Chinese consumers still remain really cautious.
Speaker 11: I mean they're dealing with a property meltdown, they're dealing
Speaker 11: with persistent use employment, and the Chinese economy is still
Speaker 11: slipping deeper and deeper into deflation. But to your point,
Speaker 11: it is a big month for Chinese company. So we
Speaker 11: have Baidujd, dot com CLM, net Ease, and Chinese Tech
Speaker 11: Company is actually surprised to be upside for the last
Speaker 11: eight quarters. So this is kind of good news. It
Speaker 11: means that you know, recovery is there, slowly but surely.
Speaker 11: But the money managers have been talking to look at
Speaker 11: China two ways. It's either too cheap that's why they
Speaker 11: want to go in, or it's either it's too cheap
Speaker 11: for a reason. So there are really like diverging views
Speaker 11: among them. But I think this is really going to
Speaker 11: be a big tell moving forward this month as well.
Speaker 2: Me we brace ourselves, so the feather un needs to come.
Speaker 2: Henry Wren, great wrap up on the micro of all
Speaker 2: that we've just digested. Meanwhile, let's turn our attention to
Speaker 2: Washington and US China relationships from a geopolitical perspective. Now,
Speaker 2: President Biden hiking those tariffs as we expected on a
Speaker 2: wide range Chinese impults, including semiconductors, batteries, sona cells, critical
Speaker 2: minerals from all Let's bring in news Kaye lines in Washington,
Speaker 2: a trend started by Trump continued by the current administration.
Speaker 2: But there is nuance to how they're doing this, Kailey.
Speaker 12: There is, Caroline. Largely the Trump era tariffs have remained
Speaker 12: intact under this administration, and in fact, no tariffs are
Speaker 12: actually being reduced today. There are just some new ones
Speaker 12: being implemented in others being raised. All said, this will
Speaker 12: effect about eighteen billion dollars of Chinese imports into the US.
Speaker 12: All of this will take effect between this year and
Speaker 12: twenty twenty five. As you say, a number of key
Speaker 12: industries are in focus here. Semiconductors will see the tariff
Speaker 12: rate go from twenty five percent to fifty percent by
Speaker 12: twenty twenty five. That's aimed specifically, it's so called legacy chips.
Speaker 3: You'll also see.
Speaker 12: Critical mineral tariffs a new tariff of twenty five percent
Speaker 12: this year. That is one area in which this could
Speaker 12: actually be more disruptive than just symbolic, considering the US
Speaker 12: is still largely dependent on China for things like critical
Speaker 12: minerals than others we saw forecasts and voting solar cells
Speaker 12: and batteries, specifically lithium ion batteries. We'll see that tariff
Speaker 12: rate go higher. It's going to jump to about twenty
Speaker 12: five percent. Cell tariffs will jump from twenty five percent
Speaker 12: to fifty percent. And then the big quadrupling is in
Speaker 12: Chinese made electric vehicles that goes all the way up
Speaker 12: to one hundred and two and a half percent. But
Speaker 12: that is one area in which largely it is symbolic
Speaker 12: as because of existing tariffs on Chinese evs already, they
Speaker 12: weren't really looking at the US consumer market to get
Speaker 12: that demand. What this really is about, though, is making
Speaker 12: sure that no further supply necessarily could come dumping into
Speaker 12: the US. Given the concerns the administration has about Chinese
Speaker 12: over capacity, They really with these tariffs are trying to
Speaker 12: aim at shoring up US production in these critical areas.
Speaker 12: And we'll see what effect this may have in return
Speaker 12: on the US if there's any retaliatory moves that could
Speaker 12: potentially come to China, which said today it's resolutely opposed
Speaker 12: to these new measures.
Speaker 4: We discussed on the show yesterday and I checked there
Speaker 4: are just full China made EV you can buy in
Speaker 4: this country. So, as you point out, it's like more
Speaker 4: of a deterrent for more models to come. There's a
Speaker 4: balancing act here so that everyone doesn't get hurt, you know.
Speaker 4: Amory Horden Bloomberg's Amory spoke to the Treasury Secretary, and
Speaker 4: I think we're getting a sense here that there is
Speaker 4: a clear message from the administration, but they're basically saying,
Speaker 4: we're just being fair with what China's doing.
Speaker 12: Yeah, Essentially, they want to make sure that the US
Speaker 12: is competitive, noting that China has some uncompetitive or unfair practices,
Speaker 12: including with things like subsidies. This is something that we
Speaker 12: heard the Treasury Secretary talking about. However, when Amory asked
Speaker 12: heree yesterday if the US is looking for another outright
Speaker 12: trade war with China, the Treasury Secretary didn't seem to
Speaker 12: want to confirm that, because they are trying to walk
Speaker 12: this very delicate line here where they don't want to
Speaker 12: have blowback on US consumers. That is perhaps why, as well,
Speaker 12: you are seeing this more calibrated targeting of certain areas
Speaker 12: coming from the Biden administration in this section three oh
Speaker 12: one review, rather than something like the blanket sixty percent.
Speaker 12: HERI IFFs that Donald Trump says he would look to
Speaker 12: do on all Chinese imports in a second administration should
Speaker 12: he win the White House in November, because there is
Speaker 12: a concern as well about the inflationary effect that this
Speaker 12: could have here at home. Obviously, while you would like
Speaker 12: to say that this hurts China, its costs that are
Speaker 12: paid by importers that could then get passed on to
Speaker 12: the end consumer could result in higher costs for the
Speaker 12: American people at a time when this administration is not
Speaker 12: only struggling geopolitically to navigate its relationship with China and
Speaker 12: make sure it's competitive but still cooperative, but also here
Speaker 12: at home as they're seeking reelection, really struggling with an
Speaker 12: economy and an inflation outlook that many Americans are unhappy with.
Speaker 3: Investigated lines out of Washington, d C. Thank you very much.
Speaker 4: All right, Coming up on Bloomberg Technology, we're going to
Speaker 4: be joined by Craft co founder and partner David.
Speaker 3: Sachs on a brand new AI.
Speaker 4: Communication tool and company that he's leading. That conversation coming
Speaker 4: out and stay with us because we'll be right back.
Speaker 4: This is Bloomberg Technology, a work chat for the AI era.
Speaker 4: It's called Glue, and it's a new AI native communication
Speaker 4: platform going public, coming out of Stealth today after six
Speaker 4: months of private beta.
Speaker 3: The founders say.
Speaker 4: Glue takes the best of both worlds from Chat, GPT
Speaker 4: and Slack, and it was built for the way people
Speaker 4: now collaborate, both with colleagues and with their AI assistance.
Speaker 3: Let's bring in Craft partner.
Speaker 4: And Glue co founder and chairman de like to say
Speaker 4: that David Sachs is whe us here on Bloomberg Technology. David,
Speaker 4: if it's OK, I actually just want to start with
Speaker 4: the technology itself. You know, Glue's built to support both
Speaker 4: GBT four and Claude three, and I just wondered if
Speaker 4: you talk us through the approach you took in building
Speaker 4: it right.
Speaker 1: Well, we want to be agnostic.
Speaker 13: We want to work with really all the major models,
Speaker 13: and we're starting with Chat GBT and we're starting with Claude.
Speaker 13: And by the way, we're using the latest version of
Speaker 13: Chat GPT, Chat GBT four Army that they just launched yesterday,
Speaker 13: and it is pretty awesome. The performances terrific. But stepping
Speaker 13: back a second, what we're trying to do with Glue
Speaker 13: AI is create the first AI native chat app, and
Speaker 13: what it does is it creates one place where you
Speaker 13: can have your chats with AI and your chats with
Speaker 13: humans with your team, because we think people, we think
Speaker 13: employees want to do that in one place instead of going.
Speaker 1: To two separate apps.
Speaker 13: The problem with chat GPT, as awesome as it is,
Speaker 13: is that it's not a multiplayer experience. There's no way
Speaker 13: to bring your coworkers into the chat with you. And
Speaker 13: the problem with Slack is really that the channels get
Speaker 13: in the way, and we hear from lots of teams
Speaker 13: that they have channel fatigue and really want this new
Speaker 13: threaded conversation model without all the channels.
Speaker 1: So that's what we've done with Glue.
Speaker 4: David, we know you as a bench capus right, a
Speaker 4: long time investor in technology companies. What was the need
Speaker 4: that you identified or the gap in the marketplace that
Speaker 4: you wanted to start and build a company yourself and
Speaker 4: the tool rather than them back, I guess, or invest
Speaker 4: in another player.
Speaker 13: Well, you know, before becoming an investor and before becoming
Speaker 13: a podcaster, I actually was an Internet product eye. I
Speaker 13: was a head of product at PayPal, and then I
Speaker 13: created a company called yamor back in two thousand and eight,
Speaker 13: which was the first or one of the first enterprise
Speaker 13: messaging platforms, and back then it was based on the
Speaker 13: idea of feeds, which thanks to social networking, were kind
Speaker 13: of the conversation paradigm. Then you know, the next decade
Speaker 13: we had Slack, which is based on IOC and channels,
Speaker 13: and now we have a new conversation paradigm that's based
Speaker 13: on AI. It's based on chat GPT. I think every
Speaker 13: decade you get a new paradigm like this and you
Speaker 13: need a new communication tool, and that's what we've built
Speaker 13: with Glue. I just didn't see that tool on the
Speaker 13: marketplace that was reacting fast enough to this disruption, and
Speaker 13: so I partnered with Evan Owen, who's my co founder
Speaker 13: and CEO, in order to create in order to create Clue.
Speaker 2: Now, David, I know that you like to start your
Speaker 2: pictures with a demo, So let's demo in a little bit.
Speaker 2: I want to look at how it looks, it feels,
Speaker 2: and how it's going to interact. And as the founder,
Speaker 2: as well as putting the money into this, are you
Speaker 2: not worried about, well, the competition that's out there because
Speaker 2: everyone's getting into enterprise generator AI.
Speaker 1: For sure.
Speaker 13: I mean right now every enterprise SaaS app is trying
Speaker 13: to figure out how to incorporate AI into their product roadmap.
Speaker 1: There's no question about that.
Speaker 13: But I think there's still a pretty big debate about
Speaker 13: where AI is going to live in the enterprise. Where
Speaker 13: are you going to go to ask those sort of
Speaker 13: broad based questions about, for example, who in your enterprise
Speaker 13: has the right expertise, who should be talking to Are
Speaker 13: those sort of core enterprise collaboration use cases. And our
Speaker 13: view on it is that AI should live in the
Speaker 13: chat because again, you don't want to have one application
Speaker 13: for your AI chats and one application for human chats.
Speaker 1: It all belongs together and the AI.
Speaker 13: What we found is that when you do incorporate the
Speaker 13: AI as a full fledged participant into the chat, it's
Speaker 13: able to use all of the live chat history as context,
Speaker 13: and so your work chat app is able to give
Speaker 13: you answers that regular chat GPT could not. We've had
Speaker 13: really staggering results at craft Ventures using this product. Internally,
Speaker 13: I've asked the AI to write Investment my most for
Speaker 13: me summarize the arguments for and against investing in a company.
Speaker 13: It's done an unbelievable a job just assembling those arguments
Speaker 13: based on the chat history. I've asked it who is
Speaker 13: contributing the most to deal flow at craft, and the
Speaker 13: AI is able to tell me. It's really amazing the
Speaker 13: answers you can get when you give AI access to
Speaker 13: your chat history.
Speaker 2: Amazing answers built by in many ways, amazing large language
Speaker 2: models that underpin it. I'm interested in you having sold
Speaker 2: Yamma to Microsoft previously, having understood the way the M
Speaker 2: and A works, and the company that looks for exits
Speaker 2: is now seeing all these interesting partnerships, shall we call
Speaker 2: them being done, whether it's Aquahy's, whether it is opening
Speaker 2: Timmy when Microsoft and throp Aic of course going in
Speaker 2: with Amazon and I'm Google at the same time. How
Speaker 2: do you judge that as a VC.
Speaker 13: Well, there's innovation happening at every level of the stack.
Speaker 13: I mean you're seeing tremendous innovation at the foundation model layer.
Speaker 13: You've got open AI, You've got Anthropic like you've mentioned,
Speaker 13: you've got x Ai now launching that we just invested in.
Speaker 13: Then you've got innovation happening at the application layer of
Speaker 13: the stack, where applications are able to take advantage of
Speaker 13: all the new capabilities created by these lllms, And if
Speaker 13: you're positioned correctly in the application layer, you don't want
Speaker 13: to compete against the models.
Speaker 1: You want to harness them.
Speaker 13: So as the models get better and better, your application
Speaker 13: gets better and better. And that's what we've seen with
Speaker 13: Glue is that with each new release of Chat, GPT
Speaker 13: or these other models that we've incorporated, like Flaud, the
Speaker 13: Glue Chat tool just gets better and better.
Speaker 1: So we're going to ride that wave.
Speaker 13: As the underlying model innovation continues and the models get
Speaker 13: better and better, the features of our application will get
Speaker 13: better and better.
Speaker 1: And that's how you want to position yourself.
Speaker 4: Tru David, you had Sam Outman on the All Limpod
Speaker 4: last week, and I think on social media there was
Speaker 4: some debate which you participated in, about whether he'd said
Speaker 4: anything new. But go to yesterday's presentation from open AI.
Speaker 4: How much of it then surprised you based on the
Speaker 4: conversation you'd had last week.
Speaker 13: Well, in retrospect, he gave us a bunch of hints
Speaker 13: last week, so I was I shouldn't have I was
Speaker 13: being a little bit uncharitable, but really I wasn't criticizing Sam,
Speaker 13: I was just trying to ratio Jason, But yeah, no,
Speaker 13: Sam gave us a bunch of hints last week that
Speaker 13: now make a lot more sense in the light of
Speaker 13: chat gpto yesterday, which really was an impressive demo, and
Speaker 13: like I said, we've already incorporated it into Glue, and
Speaker 13: I can tell you the performance of it is way
Speaker 13: better than GPT four Turbo. So kudos to the open
Speaker 13: Ai team. They've really done a great job with that.
Speaker 4: David, quick question, just thinking about Craft's portfolio. Did you
Speaker 4: try to get into the Xai round.
Speaker 1: Yeah, we did, We've participated in that.
Speaker 2: And from the follow will you integrate Xai into Glue
Speaker 2: and how are you thinking about whether winner takes all
Speaker 2: or whether there will be, of course, well a commoditized
Speaker 2: version of large language models here.
Speaker 13: Yeah, I mean I expect that we'll integrate with all
Speaker 13: the major llms. Our view on it is that we're agnostic.
Speaker 13: We want to give our users the choice of which
Speaker 13: LM to use, and in fact, we're going to plug
Speaker 13: into all the major lms and then we can actually
Speaker 13: make the choice for them in terms of which model
Speaker 13: to use based on the query that they're trying to ask,
Speaker 13: So we actually think that the more models the better.
Speaker 2: Do you think Xai could have got a large evaluation?
Speaker 13: You know, I'm going to let them announce their own round.
Speaker 13: I don't want to announce their round for them. But
Speaker 13: if the question is whether we participated.
Speaker 1: We did.
Speaker 3: David.
Speaker 4: Look, it's an election year, presidential election year. You talks
Speaker 4: about your background in technology and being a tech investor,
Speaker 4: and you've been vocal on a political front. Will you
Speaker 4: be more active this year in this election cycle?
Speaker 13: Well, you know, we talk about politics. Is one of
Speaker 13: the topics on the All In pod. We discussed current events,
Speaker 13: business markets, politics, foreign policy, events all over the world,
Speaker 13: and so obviously the election is unavoidable, and it's no
Speaker 13: secret that I've been a critic of Biden. So I
Speaker 13: may get more involved in the sense of maybe hosting events,
Speaker 13: maybe contributing, but it's really it's not It's certainly not
Speaker 13: the main thing I do. Let's just put it that way.
Speaker 13: It's the way that you get involved in the political
Speaker 13: process is that you typically host events and you get
Speaker 13: to maybe meet the candidates that way, and that's something
Speaker 13: we've tried to do, me and my co host and
Speaker 13: the all in pod. We've done that now for Robert F.
Speaker 13: Kennedy Junior. We did that for a Vake Gramaswami. We
Speaker 13: had them on the pod and that we did events
Speaker 13: for them. And we've extended an offer to the other
Speaker 13: major candidates and hope that they accept.
Speaker 2: Well, it's not the only thing you do. It's on
Speaker 2: top of the pod, it's on top of the investing
Speaker 2: and on top of founding new businesses as well. Come back,
Speaker 2: tell us how it's going. David Sackscraft partner AT and
Speaker 2: Glue chairman. Thank you. Let's get to the return and
Speaker 2: the mean stocks. GameStop AMC surging that retail frenzy or
Speaker 2: is it a retail frenzy that's actually driving this whatever
Speaker 2: it's happened, it was Roaring Kitty that seems to revive
Speaker 2: the animal spirits. Whoomberg's belly Lipschaltz joins us for more
Speaker 2: a nice sixty six percent higher on the day. I'm
Speaker 2: not gonna ask you about fundamentals of the business or
Speaker 2: the business model of selling real games and heart and
Speaker 2: retail stores, but who is buying? Who is driving this higher?
Speaker 3: It seems like.
Speaker 6: This is fingerprints of Wall Street when We're looking at
Speaker 6: some of the flow data across Fidelity, Interactive brokers, and
Speaker 6: some of the other ways that we track what retail
Speaker 6: is buying in as real time as possible. It doesn't
Speaker 6: seem like they're actually buying GameStop. It seems like on
Speaker 6: the whole net, sales across Fidelity's platform for GameStop outpacing
Speaker 6: those to buy in GameStop, though they do seem to
Speaker 6: be buying a bit more AMC relative to those cell orders.
Speaker 6: But there's a lot to try to make of some
Speaker 6: of the trends that we've been seeing. Again, GameStop has
Speaker 6: a shot at getting back to those all time highs.
Speaker 6: AMC is still down like ninety seven percent from those records.
Speaker 4: Bailey, do we have any more clarity on that social
Speaker 4: media post post by Roaring Kitty?
Speaker 6: Yes or no? Now he's added more to it. He's
Speaker 6: posted again today. I have no idea and what the
Speaker 6: logic is. I've DMed him, Ryan Kitty, if you're watching this,
Speaker 6: please DM me back, but no one knows anything, and
Speaker 6: it's there's so much uncertainty around what he's doing and
Speaker 6: what it could mean.
Speaker 2: I mean, he's going on because it was initially lifting
Speaker 2: one of gamestop's own posts back from back in February.
Speaker 2: But now it's just video after video. Go check it
Speaker 2: out Bailly Lipschultz, He's across all of it. Meanwhile, that
Speaker 2: does it for this edition of Blue Big Technology ED.
Speaker 2: It was a busy one.
Speaker 3: Check out our podcast our pod.
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Speaker 3: This is Bloombay Technology