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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live

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Speaker 1: from coast to coast with Caroline Hyde in New York

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Speaker 1: and Edla Loow in San Francisco.

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Speaker 2: This is Bloomberg Tech coming up.

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Speaker 3: GameStop eyes eBay for fifty six billion dollars in cash

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Speaker 3: and stock and an audacious bid for a company four

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Speaker 3: times at size. eBay says the review that offer plus

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Speaker 3: AI chipmaker Cerebraus has been looking to raise as much

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Speaker 3: as three and a half billion dollars for a potential

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Speaker 3: IPO later this month, part of a growing cohort looking

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Speaker 3: to challenge in video and open AI raises more than

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Speaker 3: four billion dollars for a new joint venture that aims

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Speaker 3: to help businesses adopt it's AI software. A first free

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Speaker 3: check in on that extraordinary MNA news. The first dropped

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Speaker 3: on Friday and continues to move shares now. GameStop looking

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Speaker 3: to buy a company.

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Speaker 2: Four times its size.

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Speaker 3: GameStop currently off by seven percent, eBay up by more

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Speaker 3: than six percent. But we have to get the inside

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Speaker 3: track with Rineberg. Reporter Cecilia Denastasio with an extraordinary story

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Speaker 3: and one that the market tries to understand whether it's

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Speaker 3: for real or not? Can you just talk us about

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Speaker 3: the technicalities. Ryan Cohen here is offering for eBay.

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Speaker 4: Sure, So Ryan Cohen is offering a deal to purchase eBay,

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Speaker 4: which is, like you said, many times the size of

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Speaker 4: game Stop along with twenty billion dollars. He says he

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Speaker 4: has received a highly confident letter from TD Bank to acquire.

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Speaker 4: Analysts are unsure this deal will ever go through, but

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Speaker 4: Ryan Cohen says that if he manages to purchase eBay,

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Speaker 4: it would make a lot more money.

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Speaker 3: Make a lot more money. Okay, let's take this for real.

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Speaker 3: That he's good for the money he's able to afford.

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Speaker 3: What synergies are analysts kind of trying to pass through.

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Speaker 2: At the moment.

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Speaker 4: GameStop has really struggled over the last several years because

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Speaker 4: gamers are increasingly purchasing their wares in online stores like Valves, Steam,

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Speaker 4: and so GameStop has shrunk its footprint in their retail marketplace.

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Speaker 4: But Ryan Cohen has tried a lot of different strategies

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Speaker 4: to make it work. He's tried esports, he's tried e commerce,

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Speaker 4: which is from his background as the co founder of Chewi.

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Speaker 4: And while he's managed to you know, help the business

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Speaker 4: sustain a little bit more than people had hoped. Nothing's

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Speaker 4: really stuck. eBay gives him the opportunity, he says, to

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Speaker 4: compete with Amazon potentially, which of course is very very

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Speaker 4: ambitious in e commerce.

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Speaker 3: Well, Jamie I and Oni over eBay has been impressing

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Speaker 3: investors with his turnaround. He's been leaning into AI, He's

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Speaker 3: been leaning into partnerships with Meto, He's been thinking about

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Speaker 3: M and A himself with deepop. Just how do we

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Speaker 3: understand eBay is digesting this and thinking about it from

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Speaker 3: its own business and shitholder perspective.

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Speaker 2: eBay is evaluating the bid.

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Speaker 4: I think, you know, analysts again are not sure whether

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Speaker 4: the math is mathing when it comes to Gamestop's ability

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Speaker 4: to purchase the significantly larger company, and we'll see what happens.

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Speaker 4: Ryan Cohen has not given specific details on what he

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Speaker 4: imagines the synergies to be or what he imagines the

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Speaker 4: combined company to look like.

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Speaker 3: I think truists said this is stunning, and they're skeptical.

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Speaker 3: I mean, just in terms of how M and A

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Speaker 3: gets done. Letters from TD Banks saying they're good for it.

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Speaker 3: Ultimately are going to be dependent on the debt markets here,

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Speaker 3: but GameStop has always shocked the markets with its mean

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Speaker 3: stock potential, with roaring Kitties love and even with sky

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Speaker 3: on capital well now pivoted more into a substat newsletter.

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Speaker 3: But the guy who was known for trades on the

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Speaker 3: mortgage market back in two thousand and eight, Michael Barry,

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Speaker 3: is coming out saying this could be a really good story.

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Speaker 2: It could be a really good story.

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Speaker 4: Also, what people have pointed out that GameStop loves attention.

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Speaker 4: They make a lot of flashy moves. Chief executive Officer

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Speaker 4: Ryan Cohen posts very controversial things on social media about

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Speaker 4: the American business market. He has a lot of like

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Speaker 4: moving breaking strategies that he's excited to express, and you

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Speaker 4: know that's worked for GameStop. Game Stop managed to raise

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Speaker 4: some significant money from the meme stock frenzy and that's

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Speaker 4: allowed it to sustain a little bit longer. So who knows,

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Speaker 4: this could be a really exciting, fresh, strange way to

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Speaker 4: keep game Stop going, or it could be like some

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Speaker 4: of the analysts are saying, a little bit improbable.

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Speaker 3: Well, you're going to be across it. It was a

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Speaker 3: busy weekend for Cecilia Denasalgier. We're pleased that she joins

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Speaker 3: us to break it all down today. Meanwhile, well, let's

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Speaker 3: just take a look at the broader markets, because tech

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Speaker 3: stocks are again outperforming, but we're building on records that

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Speaker 3: we set back on Friday. We're up about a quarter percent,

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Speaker 3: but still in ASDA one hundred, as I say, at

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Speaker 3: a record. And it's not just what's happening over in America. Look,

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Speaker 3: the AI trade is back on track and we're seeing

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Speaker 3: that play out in Asia trading as well.

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Speaker 2: Ske Heinez extraordinary.

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Speaker 3: Moves for the high bandwidth memory maker up eleven percent.

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Speaker 3: Samsung as well, up three point four percent, even as

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Speaker 3: the company maybe having to navigate some sort of strike

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Speaker 3: potential going on with the business. But records being set

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Speaker 3: in Asia. Following through from what we saw in America

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Speaker 3: comes last we can see more audacious m and A

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Speaker 3: What are we going to see in terms of IPOs.

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Speaker 3: Perfect person to talk it through is that Nancy Tanglish,

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Speaker 3: the CEO CIO of Laffatanglo Investments. Look, your TGLR ETF

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Speaker 3: is already outperforming even the S and P five found

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Speaker 3: in which we note is basically at or near record highs,

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Speaker 3: you're outperforming by six percent, Nanci Is tech going to

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Speaker 3: remain the dominant force here?

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Speaker 5: I think so, Caroline, thanks so much for having me.

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Speaker 5: I do think so.

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Speaker 6: If you just think about what is driving margins on

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Speaker 6: the SMP companies, it is either the technology companies themselves

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Speaker 6: or the use of technology by old economy companies. One

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Speaker 6: of the noteworthy earnings comments came from L three Harris

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Speaker 6: where they said revenue per employee has increased this is

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Speaker 6: CEO by almost twenty five percent over the last couple

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Speaker 6: of years. So if you can produce more with less,

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Speaker 6: then that is what we call productivity, and that will

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Speaker 6: continue to.

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Speaker 5: Drive stock prices higher.

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Speaker 6: As we've seen in increasing earnings estimate revisions up.

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Speaker 3: Are you buying that's AI fueled productivity gains? There's such

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Speaker 3: mixed messages BIS out of you read the bound of

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Speaker 3: International Settlements. I said, they've seen about four percent productivity

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Speaker 3: gains more generally, and that seems to be being sustained.

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Speaker 3: But if L three House is seing twenty five percent,

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Speaker 3: what more are these CEOs doing well?

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Speaker 5: So I think you have to listen to the companies.

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Speaker 6: My team sits on all the earnings calls and we

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Speaker 6: develop themes out of those earnings calls and then we

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Speaker 6: discuss them. And we're hearing it from a broad base

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Speaker 6: across economic sector group of companies, not every company, but

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Speaker 6: most companies. I mean, you even heard it from ge

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Speaker 6: Vernova that said, yeah, we're benefiting from AI in the buildout,

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Speaker 6: but we all want.

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Speaker 5: You also to know that we're utilizing AI to produce

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Speaker 5: our productivity.

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Speaker 6: Our margins are output for employee as well and managing

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Speaker 6: the supply chain. So I mean, just use ax ask

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Speaker 6: B on Bloomberg and it can save you a colossal

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Speaker 6: amount of time as an analyst if in fact you

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Speaker 6: utilize it. So, I mean, we've been bitpounding the tech

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Speaker 6: trade for about four years now on the theme of

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Speaker 6: old economy companies pivoting to the new technologies and then

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Speaker 6: in fact the companies that are the suppliers.

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Speaker 5: I think it continues, not forever, but for now.

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Speaker 2: What's been interesting is the sort of the haves and

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Speaker 2: the have nots.

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Speaker 3: Now, I'm in no way going to say Metas not

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Speaker 3: have not yet we can't write them off, but there

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Speaker 3: what they don't have is cloud compute that they sell

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Speaker 3: to others. They're busy investing in their own AI infrastructure. Meanwhile,

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Speaker 3: Alphabet was applauded for the fact that it's investing, raising

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Speaker 3: capital expenditure, but also able to benefit with the.

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Speaker 2: Growth of Google Cloud.

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Speaker 3: How are you seeing earnings play out, because both we've

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Speaker 3: seen from Meta they are having to cut people, having

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Speaker 3: to talk about laying off a sizeable amount of the

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Speaker 3: workforce to be able to redeploy capital back into the

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Speaker 3: AI infrastructure. Is that something I'm going to head time

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Speaker 3: and time again, and who do we congratulate for it

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Speaker 3: or not?

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Speaker 6: Well, so, I've talked about it quite a bit on

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Speaker 6: your show that we got out of Meta. I just

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Speaker 6: didn't like the business model. I didn't see the opportunity.

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Speaker 6: We went into Spotify, which at the time was a

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Speaker 6: good transaction. We were wrong about Meta to some extent,

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Speaker 6: but we were right about Spotify, and we now think

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Speaker 6: that we are somewhat vindicated on the Meta model because

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Speaker 6: they aren't able to monetize AI in a way that

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Speaker 6: Google and Amazon and even Microsoft are able to do.

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Speaker 6: They are able to improve their advertising business. But Mark

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Speaker 6: Zuckerberg has made these colossal pivots and been wrong in

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Speaker 6: the past. So we own all of the mag seven

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Speaker 6: x meta. It will have its day again just like

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Speaker 6: Intel did. The question is how long.

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Speaker 5: Will one have to wait and what is the opportunity cost.

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Speaker 3: And the global opportunity cost or global opportunity We were

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Speaker 3: just talking about how Asia trade has just seen colossal

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Speaker 3: game still for the AI infrastructure betsna see. Is that

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Speaker 3: still going to be the winning formula the chip makers?

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Speaker 3: The designer is right now, I think.

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Speaker 6: In the near term, Caroline, but I think what we're

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Speaker 6: going to start pivoting to and we launched a thematic

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Speaker 6: portfolio with a focus on space in robotics, quantum and

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Speaker 6: then nuclear and then of course the metals and minerals

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Speaker 6: that are needed to drive those technologies. So I think

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Speaker 6: for the near term, I mean, we're hearing that the

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Speaker 6: backlogs are enormous again in the infrastructure names, in the

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Speaker 6: chip names, and I think at some point we will

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Speaker 6: begin to see software as a major beneficiary. Not every

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Speaker 6: software company. We exited Adobe and CRM quite some time ago,

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Speaker 6: and we've been wrong about service now so far. But

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Speaker 6: I think you'll start to see the winners there and

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Speaker 6: then you'll see the market pivot at least back to software.

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Speaker 6: So I think there's still a lot of opportunities in

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Speaker 6: this new industrial revolution we're living through Naze Tangla.

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Speaker 3: It's always great to have you on CEO and CIO

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Speaker 3: of l Hangler Investments on all things AI and tech trade. Meanwhile,

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Speaker 3: coming up more AI, open Ai Anthropic are each forming

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Speaker 3: joint ventures aimed at boosting AI adoption. Will have the details. Next,

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Speaker 3: this is Blue meg Tech, Open Ai and Anthropic are

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Speaker 3: each forming partnerships aimed at boosting the use of AI

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Speaker 3: tools by businesses. Are sourcing saying that open ai has

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Speaker 3: raised more than four billion dollars for a new joint

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Speaker 3: venture that includes backing from TPG, Brickfield Asset Management and

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Speaker 3: Being Capital. Meanwhile, rival Anthropic is partnering with Blackstone Helman

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Speaker 3: Friedman Goldman Sachs. According to a statement, let's get the

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Speaker 3: latest boom Meg Seth Figureman, this is all about getting

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Speaker 3: private equity companies, portfolio companies to use the technology.

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Speaker 7: Right Yeah, and there list of portfolio companies that work

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Speaker 7: with them. And I think it's a really comment in AI.

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Speaker 7: For most of the air boom, a lot of the

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Speaker 7: focus has been on the competitive landscape of who can

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Speaker 7: build better and more sophisticated models. Now we're seeing a

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Speaker 7: really important vector is who can do better at gegging

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Speaker 7: businesses to understand and adopt that technology in their day

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Speaker 7: to day work.

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Speaker 2: There's just different tactics in which it's being deployed.

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Speaker 3: So open ai is raising money themselves alongside outside investment

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Speaker 3: for a company that's going to be worth all told

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Speaker 3: ten billion, not including that funding, and then how does

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Speaker 3: it roll out because they've also had this interesting deal

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Speaker 3: where they helped invest in Thrive Holdings, which is Thrive

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Speaker 3: Capital's ability to sort of deploy AI into other parts

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Speaker 3: of the ecosystem.

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Speaker 7: Yeah, I mean at some level this is being pitched

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Speaker 7: as a separate venture, but Opening I will be the

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Speaker 7: majority owner and in control of it according to the

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Speaker 7: sourcing that we have here, which suggests that they will

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Speaker 7: have a key role in dictating how this proceeds. And

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Speaker 7: I think again the idea is rather than open ai

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Speaker 7: on its own balance sheet, within its own ranks figuring

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Speaker 7: out how to get their technology into the hands of

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Speaker 7: more business leaders, they will now work with this consortium

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Speaker 7: of partners and investors across thousands of potential portfolio companies to.

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Speaker 2: Do that work.

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Speaker 3: I mean, while the timing just sensational that Anthelopic is

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Speaker 3: announcing the same thing on the same day.

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Speaker 7: Again, it speaks to the moment that we're in right now.

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Speaker 7: These two companies are following somewhat similar playbooks to bolster

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Speaker 7: revenue and business traction heading into the potential IPOs.

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Speaker 3: So figureman across an astounding amount of stories.

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Speaker 2: As ever, we thank you very much. Indeed, sticking with

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Speaker 2: Open Ai.

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Speaker 3: Look, the startup's president, Greg Brockman is set to take

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Speaker 3: the stand today in a company's legal battle against Elon Musk.

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Speaker 2: Brotman is expected to face probe questions about.

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Speaker 3: A personal journal he kept, which Musk's legal team says

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Speaker 3: is evidence he and open Ai CEO Sam Altman intended

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Speaker 3: to abandon the company's nonprofit mission now.

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Speaker 2: For all this AI.

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Speaker 3: Guess what you need compute and chipmaker and data center operators.

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Speaker 3: Cerebrius is looking to capitalize on that very demand. The

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Speaker 3: nvideo rival, as it likes to see itself, is seeking

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Speaker 3: to raise as much as three and a half billion

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Speaker 3: dollars from a pub offering later this month. Price range

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Speaker 3: and its security is filing really confirms Bluemog's earlier reporting.

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Speaker 3: Let's get to one of the reporters who's always across

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Speaker 3: IPO's Bailey Lipshaltz. No, this is a company that wants

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Speaker 3: to offer more inferencing capacity.

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Speaker 2: Is it really a competitor end.

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Speaker 5: Video in their mind?

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Speaker 8: Yes, And even when I talk to investors, there's a

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Speaker 8: world that they will kind of be another option, if

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Speaker 8: you will. It goes back to kind of the debate

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Speaker 8: around Starlink and saying, Okay, well, yes they dominate that

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Speaker 8: potential market, but there have to be other players. So

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Speaker 8: while there is at least for now a monopoly of

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Speaker 8: source for in video, when you look at the partnerships

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Speaker 8: that Serabras has inked, obviously G forty two was a

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Speaker 8: big risk, but now leaning into opening Eye and kind

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Speaker 8: of diversifying the customer flow, it does seem like that's

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Speaker 8: a bit of a ball case. And keep in mind,

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Speaker 8: even with this potential IPO, we're talking about a company

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Speaker 8: potentially valued at thirty three billion dollars, not four trillion dollars.

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Speaker 2: Good context.

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Speaker 3: Look, this could all come to bear as soon as

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Speaker 3: May thirteenth, right, we're thinking that's when the pricing's happening,

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Speaker 3: the trading begins.

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Speaker 2: Is this going to be a retail focused name.

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Speaker 3: Who's going to be understanding the Cerebraus story because G

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Speaker 3: forty two, as you know, as you were just illuminating

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Speaker 3: to us, Look, this is a geopolitical story as well.

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Speaker 8: It is geopolitical story, but you have to keep in

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Speaker 8: mind that this is a company that fits into the

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Speaker 8: themes that are dominating capital markets right now, AI and

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Speaker 8: AI infrastructure. So we've seen investors lean into the X

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Speaker 8: energies of the world that want to promise a nuclear future.

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Speaker 8: We're talking about this name with a number of hedge

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Speaker 8: funds and long only investors, and they're saying, you kind

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Speaker 8: of have to own this company if you play the

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Speaker 8: IPO calendar, So it will broaden across reach across kind

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Speaker 8: of the broader investor group, if you will. And one

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Speaker 8: thing to keep in mind with this launch, we're expecting

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Speaker 8: potentially eight billion dollars of IPOs proceeds being raised in

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Speaker 8: the next two weeks. This will be a big part

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Speaker 8: of that, and how this performs will help set the

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Speaker 8: stage for SpaceX likely next month and.

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Speaker 3: Then maybe open AI on propic. Look, this is a

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Speaker 3: great time considering where the market's trading out right.

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Speaker 8: I mean, that's been the interesting thing right is you

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Speaker 8: look at the socks. We were up more than thirty

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Speaker 8: five percent in the last month. So when you look

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Speaker 8: at expectations for this company in particular, a month ago,

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Speaker 8: you would have said, okay, twenty five thirty, sure you

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Speaker 8: can sell me on that. Now it's like thirty five

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Speaker 8: to forty billion dollars, just because your comps are up

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Speaker 8: so sharply. Just starts to make sense when you're looking

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Speaker 8: at how you have to value a company when it's

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Speaker 8: going public, is what do your comparables look like? Take

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Speaker 8: a little bit of a discount, and that math is

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Speaker 8: kind of working in the company's favor again, just given

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Speaker 8: them move higher that we've seen for some of those peers.

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Speaker 3: It's a different company, but it's almost tangential to the

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Speaker 3: likes of a core Weave, which is all about trying

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Speaker 3: to solve the compute issues.

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Speaker 2: For core Weave, the.

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Speaker 3: Headache has always been I've got more customers than you realize.

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Speaker 3: Is this where maybe Cerebrius is going to have to

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Speaker 3: convince the market too well.

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Speaker 8: I think that was the big pitch and the big

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Speaker 8: reason that diversifying away from G forty two at least

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Speaker 8: is some indigestion for investors. Yes, when they try to

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Speaker 8: go public the first time over a year ago, it

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Speaker 8: was concentration risk, it was Siffius uncertainty, it was obviously

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Speaker 8: kind of every number of potential bear cases. Whereas now

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Speaker 8: the tide really has shifted, so you do have the

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Speaker 8: kind of your focus of one customer similar to a

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Speaker 8: core we were there was such a bare case of okay, well,

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Speaker 8: how relying are you on one company? Now we're seeing

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Speaker 8: that spread out just a little bit. The interesting thing

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Speaker 8: will be how do they structure this lockup and what

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Speaker 8: does the performance really look like six months from now

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Speaker 8: as opposed to day one trading, which we've seen kind

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Speaker 8: of can be all over the map.

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Speaker 3: Well said, it's going to be a busy old week,

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Speaker 3: old month for you. I think Badi Dipshils, we so

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Speaker 3: appreciate it. On all things IPO is now coming up.

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Speaker 3: We've got planning more to come on the world of

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Speaker 3: AI and AI inference. I'm going to be hearing from

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Speaker 3: a company US leading that charge in the private space.

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Speaker 3: CEO of Deep Infra is going to be joining us Nicolair.

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Speaker 3: For ourself, this is a bloomberg tech.

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Speaker 2: In the race to build the.

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Speaker 3: Next great AI models. The industry is tackling various bottlenecks,

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Speaker 3: one of course being access to compute. Deep Infra is

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Speaker 3: trying to alleviate access to AI inference with a purpose

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Speaker 3: built cloud platform.

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Speaker 2: It's just a cure.

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Speaker 3: One hundred and some million dollars in a series B

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Speaker 3: funding back by the likes of Video Samsung joining us

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Speaker 3: now from San Francisco is deep in for CEO Nicola

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Speaker 3: or asof Nicola, It is great to have you on

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Speaker 3: the show. Why would in video want to put money

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Speaker 3: into you? How are you helping the GPU story?

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Speaker 9: Yeah, thanks thanks for having me. Well, we're helping companies

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Speaker 9: get access to these great open source models, and we're

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Speaker 9: building this purpose built inference cloud. So it's it's really

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Speaker 9: you need to you need to build a specialized infrastructure

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Speaker 9: to do inference efficiently, and it really helps everyone access

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Speaker 9: these great open source AI models really well. And I

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Speaker 9: mean that's why Vida was excited to participate in around.

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Speaker 3: We were just hearing that Cerebraus, which also wants to

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Speaker 3: speed up AI inference offerings, is going to be tapping

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Speaker 3: the public markets. It sees itself as an in video

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Speaker 3: a competitor. How Nicola are you more of an adjacent

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Speaker 3: to the Nvidia story. How are you looking to help

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Speaker 3: deploy GPS? Why is your compute different?

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Speaker 9: You know, we we've tried a number of different inference accelerators,

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Speaker 9: but we believe like Nvidia's hardware is still the most efficient,

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Speaker 9: the best to do inference at and we're just doubling

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Speaker 9: down on that kind of hardware platform, and we like

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Speaker 9: working closely with the teams that the video and just

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Speaker 9: making inference more efficient. Lowering the price per token is

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Speaker 9: what we really like to focus on, and so that's

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Speaker 9: kind of our path. We you know, there would be

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Speaker 9: a lot of demand for inference down the line, like

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Speaker 9: we think that eighty percent of the compute is going

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Speaker 9: to go towards inference, But at the moment, you know,

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Speaker 9: we've invested heavily into the Nvidia hardware stack.

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Speaker 3: What's interesting is you're already processing what five trillion tokens

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Speaker 3: per week? How do you get the efficiencies? How do

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Speaker 3: you drive down the cost of token?

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Speaker 9: It's a lot of hard work, and we look at

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Speaker 9: it through the whole stack of like where we build

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Speaker 9: this kind of inference clusters, which data centers we go in,

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Speaker 9: how we structure them, and then a lot on the

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Speaker 9: software on top of it. We believe like one of

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Speaker 9: the key things is to have very good caching of tokens.

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Speaker 9: As these agents kind of interact with theim models. They

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Speaker 9: basically make many requests in a loop with roughly the

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Speaker 9: same context. So like I think kV cash is a

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Speaker 9: really key to efficiency of inference. And you know, we've

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Speaker 9: been doing this for about four years. We saw the

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Speaker 9: demand for inference coming and we really focused on how

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Speaker 9: do we build an purpose build inference cloud.

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Speaker 3: And I think therefore you are scaling out you have

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Speaker 3: was it you're operating out of eight data centers. I

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Speaker 3: think it is already with this new money one hundred

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Speaker 3: million more than where do you deploy that?

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Speaker 9: We will use the capital from this fundraise to scale

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Speaker 9: our platform.

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Speaker 2: We will.

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Speaker 9: You know, deploy more of the latest Nvidia chips and

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Speaker 9: then scale our inference platform across the US, but also

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Speaker 9: we're looking to expand in Europe and Asia later this year.

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Speaker 3: Samsung also part of the strategic investors. It's not just

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Speaker 3: GPUs from in video one needs. You need an awful

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Speaker 3: lot of the high bandwidth memory. We know about memory

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Speaker 3: costs soaring because of the AI demand. Is that why

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Speaker 3: some sung comes forward. How are you thinking about the

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Speaker 3: supply chain headaches or not that you might face.

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Speaker 9: Yeah, you know, in the last couple since the beginning

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Speaker 9: of the year, it's been like struggle to find some

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Speaker 9: of the chips that we need for our inference clusters.

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Speaker 9: Memory and discs have been an issue, and so it's

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Speaker 9: important for us to have you know, in our corner

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Speaker 9: good investors that they are helping us, including super Micro

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Speaker 9: and Samsung, con and Nvidia, to make sure we have

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Speaker 9: the right supply and we don't struggle as much. But

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Speaker 9: the chip shortages are pretty real and I feel like,

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Speaker 9: you know, inference needs like a million times more compute

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Speaker 9: than like traditional computing, and so we would see more

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Speaker 9: and more demand for chips including CPUs, GPU's memory.

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Speaker 2: Nicola, it's been great speaking to you.

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Speaker 3: Thank you very much in the Deep Infra Ceo Nicola

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Speaker 3: for as of on the latest funding round coming out,

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Speaker 3: we've got more on funds being deployed in ALI adjacent areas,

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Speaker 3: particularly crypto. We're going to be speaking to Katie Horn

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Speaker 3: and a bit to talk about her new one billion

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Speaker 3: dollar fund and the state of the crypto market. But

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Speaker 3: let's also focus in on these markets more broadly. Right now,

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Speaker 3: Crypto had been outperforming, Tech had been out performing. Actually

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Speaker 3: we're starting to see a pullback. There is tension once again,

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Speaker 3: particularly with the UAE. The UAE is saying it's air

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Speaker 3: defense systems are currently responding to a missile threat. They're

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Speaker 3: posting on x about a third missile threat that they've

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Speaker 3: currently been facing. In particular, this is in response to

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Speaker 3: Iran geopolitics wants to gain in front and center as

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Speaker 3: all prices is extend their gains. Brent crude is to

438
00:22:30,240 --> 00:22:33,080
Speaker 3: see one hundred and fourteen dollars. That means risk sentiment

439
00:22:33,280 --> 00:22:35,600
Speaker 3: just turns sour and now's that one hundred now down

440
00:22:35,720 --> 00:22:36,480
Speaker 3: three tens percent.

441
00:22:36,520 --> 00:22:37,000
Speaker 2: We will higher.

442
00:22:37,040 --> 00:22:40,000
Speaker 3: At the start of this particular show, the semiconductor index

443
00:22:40,080 --> 00:22:42,520
Speaker 3: also off by eight tens percent off of its record high.

444
00:22:42,840 --> 00:22:44,399
Speaker 3: We're going to keep you up to speed what's happening

445
00:22:44,440 --> 00:22:47,159
Speaker 3: in the markets and in geopolitics. More broadly, this is

446
00:22:47,200 --> 00:22:57,720
Speaker 3: Bloomberg Tech. Welcome back to Bloomberg Tech. We look at

447
00:22:57,760 --> 00:23:00,600
Speaker 3: broader markets for a moment now because well we're back

448
00:23:00,640 --> 00:23:04,720
Speaker 3: in risk off sentiment amid rising geopolitical concerns regarding the

449
00:23:04,760 --> 00:23:06,720
Speaker 3: conflicts with Iran. We're currently off by two tenths of

450
00:23:06,760 --> 00:23:09,720
Speaker 3: percent on the nast like one hundred, flicking into negative territory.

451
00:23:09,720 --> 00:23:10,400
Speaker 2: We had been higher.

452
00:23:10,400 --> 00:23:12,840
Speaker 3: You're seeing the semiconductor index coming off of its record high.

453
00:23:13,119 --> 00:23:15,640
Speaker 3: Brent crude up to one hundred and thirteen one hundred

454
00:23:15,640 --> 00:23:16,480
Speaker 3: and fourteen.

455
00:23:16,200 --> 00:23:17,399
Speaker 2: Dollars, let's call it.

456
00:23:17,560 --> 00:23:21,159
Speaker 3: This is UAE is issuing missile warnings, rising tensions and

457
00:23:21,320 --> 00:23:25,080
Speaker 3: risking the US Iran. True, it's just coming our hours

458
00:23:25,119 --> 00:23:27,240
Speaker 3: after an oil tank grown by the UA State Old

459
00:23:27,280 --> 00:23:30,399
Speaker 3: Company was also struck by Iranian drones. So keep an

460
00:23:30,440 --> 00:23:32,480
Speaker 3: eye on what's happening with the bond market as that

461
00:23:32,560 --> 00:23:35,840
Speaker 3: anxiety builds and we see maybe inflation pressures coming from oil.

462
00:23:35,880 --> 00:23:38,800
Speaker 3: We see the thirty year eclipse five percent. Look, we

463
00:23:38,880 --> 00:23:40,679
Speaker 3: haven't seen this sort of level on the thirty year

464
00:23:40,720 --> 00:23:43,600
Speaker 3: bonds in terms of yields since July. You're seeing ten

465
00:23:43,680 --> 00:23:46,399
Speaker 3: year ramp high six basis points. Two year also up

466
00:23:46,520 --> 00:23:49,119
Speaker 3: seven basis points, let's call it. So we keep an

467
00:23:49,119 --> 00:23:51,360
Speaker 3: eye on the broader market. We also keep an eye

468
00:23:51,400 --> 00:23:54,600
Speaker 3: on risk sentiment just across this entire asset classes. And

469
00:23:54,920 --> 00:23:56,480
Speaker 3: we don't want to focus in on our big number

470
00:23:56,520 --> 00:23:59,399
Speaker 3: today to say two thousand dollars. Guess what managed to

471
00:23:59,440 --> 00:24:03,160
Speaker 3: touch it again Bitcoin for the first time since January.

472
00:24:03,560 --> 00:24:06,240
Speaker 2: It has seen some love as the tech trade has

473
00:24:06,359 --> 00:24:06,800
Speaker 2: powered on.

474
00:24:06,920 --> 00:24:08,800
Speaker 3: Higher in the previous week and we hit a record

475
00:24:08,880 --> 00:24:11,600
Speaker 3: high on Friday, and of course the sasset trades over

476
00:24:11,640 --> 00:24:13,840
Speaker 3: the weekend. I want to talk more about the crypto sector.

477
00:24:13,840 --> 00:24:15,920
Speaker 3: A blue mid cross hasset reporter is about Lee, fresh

478
00:24:16,040 --> 00:24:18,440
Speaker 3: back from an event in Vegas. What are the vibes

479
00:24:18,520 --> 00:24:19,240
Speaker 3: right now in crypto?

480
00:24:19,680 --> 00:24:24,200
Speaker 10: Honestly, very optimistic and enthusiastic, Like when I was there.

481
00:24:24,280 --> 00:24:26,880
Speaker 10: It was in Vegas, the Bitcoin conference from Monday to Wednesday.

482
00:24:27,760 --> 00:24:29,560
Speaker 10: Everyone was just so happy to be there. There were

483
00:24:29,640 --> 00:24:33,640
Speaker 10: orange suits, orange cowboy hats. See if TC Mike's Sea

484
00:24:33,680 --> 00:24:37,240
Speaker 10: lig is there. Paul Atkins of SEC was there that

485
00:24:37,320 --> 00:24:39,639
Speaker 10: we were wearing orange necktat Why why the.

486
00:24:39,680 --> 00:24:41,879
Speaker 3: Orange vibes is just the color the color of not

487
00:24:42,000 --> 00:24:43,280
Speaker 3: a Bloomberg terminal.

488
00:24:43,320 --> 00:24:45,680
Speaker 10: Unfortunately not It could be the orange is like the

489
00:24:45,760 --> 00:24:48,280
Speaker 10: unofficial color of bitcoin. And every booth had a big

490
00:24:48,359 --> 00:24:50,880
Speaker 10: B plastered on it, which is the symbol of bitcoin.

491
00:24:50,920 --> 00:24:52,520
Speaker 10: You could just feel the vibes in the air. Mic

492
00:24:52,600 --> 00:24:55,920
Speaker 10: Sailor again predicting ten million for bitcoin. Eric Trump dropped

493
00:24:55,920 --> 00:24:58,399
Speaker 10: by on a Wednesday saying one million for bitcoin, So

494
00:24:58,760 --> 00:25:01,399
Speaker 10: even if the daily price were fluctuations, weren't any more

495
00:25:01,560 --> 00:25:03,960
Speaker 10: focus there. The big one million goal is still in

496
00:25:04,040 --> 00:25:06,040
Speaker 10: the horizon, or ten million if you ask sailor.

497
00:25:06,520 --> 00:25:11,320
Speaker 3: But was any of this Bitcoin and men's look, what

498
00:25:11,440 --> 00:25:14,600
Speaker 3: we keep seeing is that there are other areas of excitement,

499
00:25:14,760 --> 00:25:18,000
Speaker 3: more infrastructure being built, more fought around where the world

500
00:25:18,040 --> 00:25:19,600
Speaker 3: of cryptocurrencies go, rather than.

501
00:25:19,520 --> 00:25:22,600
Speaker 10: The OG in the space definitely, so they were thinking

502
00:25:22,600 --> 00:25:24,480
Speaker 10: about bitcoin in the future of it. Of course, there

503
00:25:24,520 --> 00:25:26,359
Speaker 10: were a lot of talks about AI and how that

504
00:25:26,440 --> 00:25:28,879
Speaker 10: will affect bitcoin, especially when it comes to mining. And

505
00:25:29,119 --> 00:25:30,960
Speaker 10: I've talked to a couple of people who really still

506
00:25:31,040 --> 00:25:33,920
Speaker 10: insisted that bitcoin is different from other crypto assets because

507
00:25:33,960 --> 00:25:37,239
Speaker 10: bitcoin is bitcoin. It's the original, it's the largest, it's

508
00:25:37,280 --> 00:25:39,200
Speaker 10: the oldest, and others are pump and dump, you know,

509
00:25:39,320 --> 00:25:42,679
Speaker 10: others have smart contract that may vanish in a few minutes,

510
00:25:42,720 --> 00:25:44,960
Speaker 10: but then for them, Bitcoin is the OG. And I'm

511
00:25:45,000 --> 00:25:47,320
Speaker 10: sure now they were looking at eighty thousand two because

512
00:25:47,320 --> 00:25:50,200
Speaker 10: for a while the bitcoin price has been hovering between

513
00:25:50,240 --> 00:25:52,360
Speaker 10: that and not really hitting eighty thousand, So I'm sure

514
00:25:52,400 --> 00:25:53,880
Speaker 10: if the bitcoin conference was this week.

515
00:25:53,880 --> 00:25:56,120
Speaker 2: They would be happy. So they're enthusiasts around the store

516
00:25:56,160 --> 00:25:59,119
Speaker 2: of value mentality. All that war can be done with

517
00:25:59,359 --> 00:26:02,240
Speaker 2: crypto free. More generally, it's still the store of value mentality.

518
00:26:02,240 --> 00:26:04,159
Speaker 10: Although I did talk to some people roaming around the

519
00:26:04,200 --> 00:26:06,880
Speaker 10: first time attendee said that what's next after this one?

520
00:26:06,960 --> 00:26:09,000
Speaker 10: Because what else could bring this price higher? I mean,

521
00:26:09,040 --> 00:26:11,880
Speaker 10: it's already so institutionalized. I also talked to Adam Back,

522
00:26:11,920 --> 00:26:15,200
Speaker 10: who is not Satoci. According to him, he did say

523
00:26:15,240 --> 00:26:17,280
Speaker 10: again he's not Satoshi, and I asked him, how do

524
00:26:17,359 --> 00:26:21,240
Speaker 10: you feel, because the institutionalization of bitcoin kind of goes

525
00:26:21,280 --> 00:26:24,000
Speaker 10: against the ethos of bitcoin, But he was like, no, actually,

526
00:26:24,440 --> 00:26:25,639
Speaker 10: it's more access for everyone.

527
00:26:25,720 --> 00:26:27,320
Speaker 2: And he said when people say that.

528
00:26:27,880 --> 00:26:30,920
Speaker 10: Black Crocker Strategy are the biggest holders of bitcoin, he said,

529
00:26:30,920 --> 00:26:33,199
Speaker 10: they're really just the custodians in his eyes, but it's

530
00:26:33,200 --> 00:26:35,359
Speaker 10: still the people who owns it. So really lots of

531
00:26:35,440 --> 00:26:38,639
Speaker 10: interesting characters. It was an electric kind of conference. It

532
00:26:38,720 --> 00:26:41,280
Speaker 10: was really good vibes all around. If you're a skeptic,

533
00:26:41,320 --> 00:26:43,439
Speaker 10: I think you'd doubt it. At least if you're.

534
00:26:43,320 --> 00:26:45,600
Speaker 2: There, you're not wearing orange. I know is a BALLEI.

535
00:26:45,800 --> 00:26:47,199
Speaker 3: It's great to have her on the show on All

536
00:26:47,200 --> 00:26:49,520
Speaker 3: Things Crypto. Look, I'm very pleased to say we can

537
00:26:49,560 --> 00:26:51,200
Speaker 3: bring in someone who knows a thing or two about

538
00:26:51,240 --> 00:26:51,959
Speaker 3: the world of crypto.

539
00:26:52,400 --> 00:26:53,320
Speaker 2: Katie Hornss.

540
00:26:53,359 --> 00:26:56,000
Speaker 3: He's made her name investing in digital assets and crypto startups.

541
00:26:56,200 --> 00:26:58,879
Speaker 3: Her firm Horn Ventures has just closed a one billion

542
00:26:58,920 --> 00:26:59,400
Speaker 3: dollar fund.

543
00:26:59,520 --> 00:27:00,840
Speaker 2: You've no mutable exits.

544
00:27:00,920 --> 00:27:04,119
Speaker 3: I think a BBNK you're required by mastercart another startup

545
00:27:04,160 --> 00:27:06,080
Speaker 3: that you backed early on Bridge has been brought by

546
00:27:06,160 --> 00:27:09,000
Speaker 3: Stripe Katie, Is this what it's about? Is it about

547
00:27:09,320 --> 00:27:11,960
Speaker 3: finding the startups that are likely to just drive this

548
00:27:12,040 --> 00:27:12,960
Speaker 3: ecosystem forward.

549
00:27:14,400 --> 00:27:16,080
Speaker 11: Good morning, Caroline, Thanks for having me.

550
00:27:17,359 --> 00:27:19,680
Speaker 12: Yeah, the world's a very different place than it was

551
00:27:19,760 --> 00:27:22,320
Speaker 12: four years ago when we raised our first pair of funds,

552
00:27:23,160 --> 00:27:25,800
Speaker 12: and we're really excited now to have a billion dollars

553
00:27:25,840 --> 00:27:28,359
Speaker 12: in fresh capital across a pair of funds to back

554
00:27:28,800 --> 00:27:31,960
Speaker 12: founders in what we say are building the new economy.

555
00:27:32,080 --> 00:27:35,840
Speaker 12: And the new economy is we think there's an intersection

556
00:27:36,080 --> 00:27:39,840
Speaker 12: really between AI and between digital assets. We're calling it

557
00:27:39,920 --> 00:27:43,639
Speaker 12: an agentic future. That's one structural shift we've seen. Another

558
00:27:43,760 --> 00:27:46,880
Speaker 12: structural shift we've seen is the creation of new assets,

559
00:27:47,000 --> 00:27:48,560
Speaker 12: things like stable coin.

560
00:27:50,119 --> 00:27:52,400
Speaker 3: That has been an area that clearly you saw coming

561
00:27:52,440 --> 00:27:55,240
Speaker 3: you lean into and a stable coin ability.

562
00:27:55,320 --> 00:27:57,200
Speaker 2: I think we just had a few tech issues with Katie.

563
00:27:57,200 --> 00:27:58,679
Speaker 2: We'll get back to you in a minute. There we are.

564
00:27:58,960 --> 00:28:02,480
Speaker 3: I think the stable coin area has been something that

565
00:28:02,640 --> 00:28:05,440
Speaker 3: clearly you've seen work with M and A and portfolio

566
00:28:05,520 --> 00:28:09,639
Speaker 3: companies being bought by really institutional adopters who are now

567
00:28:09,760 --> 00:28:11,920
Speaker 3: trying to embrace I think of the likes of masscard,

568
00:28:11,960 --> 00:28:14,840
Speaker 3: for example. But what's happening in terms of the AI

569
00:28:14,920 --> 00:28:18,080
Speaker 3: adjacency for those who've been hidden away from How crypto

570
00:28:18,280 --> 00:28:20,840
Speaker 3: is now thinking of itself as a future of AI agents.

571
00:28:21,000 --> 00:28:21,800
Speaker 2: How does that work?

572
00:28:22,720 --> 00:28:25,640
Speaker 12: Well, if you think about a world where financial products

573
00:28:25,680 --> 00:28:28,520
Speaker 12: and services are really being built for an end user

574
00:28:28,840 --> 00:28:31,840
Speaker 12: that's not necessarily a human but might also soon be

575
00:28:31,920 --> 00:28:34,400
Speaker 12: an agent or a computer, that's a really different world.

576
00:28:34,480 --> 00:28:36,719
Speaker 12: I mean, if you think about agents, what are one

577
00:28:36,800 --> 00:28:37,600
Speaker 12: thing we humans do?

578
00:28:37,760 --> 00:28:38,240
Speaker 11: We stop.

579
00:28:38,320 --> 00:28:40,280
Speaker 12: We have a finite period of time that we work

580
00:28:40,400 --> 00:28:42,960
Speaker 12: during the day, So we might be okay with a

581
00:28:43,040 --> 00:28:45,160
Speaker 12: bank that's closed on a weekend or that has a

582
00:28:45,240 --> 00:28:49,240
Speaker 12: wire cutoff or deadline or bankers hours. But of course

583
00:28:49,320 --> 00:28:53,200
Speaker 12: AI agents are powered twenty four to seven. They are globally.

584
00:28:53,400 --> 00:28:55,880
Speaker 12: They work globally from day one, and they're always on

585
00:28:56,120 --> 00:28:58,520
Speaker 12: and so I think that there's a lot of opportunity

586
00:28:58,640 --> 00:29:01,800
Speaker 12: there in what we're calling the finance sector. But you

587
00:29:01,880 --> 00:29:04,960
Speaker 12: also mentioned Caroline stable coins, and I think that's another

588
00:29:05,120 --> 00:29:08,320
Speaker 12: area where we've seen the digital asset space grow, and.

589
00:29:08,360 --> 00:29:10,040
Speaker 11: We're seeing it grow ever more.

590
00:29:10,120 --> 00:29:13,680
Speaker 12: Of course, now we're at a point where stable coins

591
00:29:13,720 --> 00:29:16,280
Speaker 12: and you mentioned BV and K, which just exited to

592
00:29:16,400 --> 00:29:18,480
Speaker 12: MasterCard for one point eight billion dollars.

593
00:29:18,520 --> 00:29:20,280
Speaker 11: By the way, that was Mastercard's third.

594
00:29:20,200 --> 00:29:24,720
Speaker 12: Largest ever acquisition, and I think it's reflective of that

595
00:29:24,880 --> 00:29:27,920
Speaker 12: you now have double digit trillion dollars in stable coins,

596
00:29:28,000 --> 00:29:30,000
Speaker 12: and this is an innovation that didn't even exist a

597
00:29:30,080 --> 00:29:33,480
Speaker 12: decade ago. And if you can tokenize a dollar, it

598
00:29:33,560 --> 00:29:35,720
Speaker 12: turns out you can tokenize other things. So we see

599
00:29:36,000 --> 00:29:40,280
Speaker 12: institutional players like black Rock and fintech giants like Robinhood

600
00:29:40,320 --> 00:29:44,000
Speaker 12: and coinbase start to tokenize stocks, and it turns out

601
00:29:44,040 --> 00:29:46,800
Speaker 12: you can tokenize all kinds of other products and services.

602
00:29:47,560 --> 00:29:51,760
Speaker 3: For that to really be adopted is of course a

603
00:29:51,920 --> 00:29:54,880
Speaker 3: future where the regulatory environment has been far more warm,

604
00:29:55,000 --> 00:29:57,840
Speaker 3: shall we say, towards crypto and these innovations and that's

605
00:29:57,880 --> 00:30:00,360
Speaker 3: where you sit at this intersection, Katie. That's I mean

606
00:30:00,400 --> 00:30:03,680
Speaker 3: bron Elmstrong himself, someone that you've helped oversee the company

607
00:30:03,760 --> 00:30:06,880
Speaker 3: of of coinbase before a sixteen Z. What was so

608
00:30:06,960 --> 00:30:09,080
Speaker 3: interesting about you is also you sat on the DOJ

609
00:30:09,280 --> 00:30:12,040
Speaker 3: side of things. You understand government, You can talk to

610
00:30:12,160 --> 00:30:13,760
Speaker 3: both sides of the community.

611
00:30:14,160 --> 00:30:15,920
Speaker 2: What is the regulatory environment like right now?

612
00:30:16,520 --> 00:30:19,240
Speaker 12: Yeah, Look, I've been following the flow of assets my

613
00:30:19,440 --> 00:30:22,840
Speaker 12: entire career. I started as I started my career actually

614
00:30:22,880 --> 00:30:25,320
Speaker 12: at the Supreme Court as a law clerk to Justice Kennedy,

615
00:30:25,760 --> 00:30:28,720
Speaker 12: and then spent over a decade at the Justice Department.

616
00:30:29,280 --> 00:30:30,880
Speaker 12: And what I can tell you is this is one

617
00:30:30,920 --> 00:30:34,120
Speaker 12: of the most transformational periods in technology and finance that

618
00:30:34,160 --> 00:30:37,000
Speaker 12: I've really ever witnessed. You mentioned regulatory Caroline, and I

619
00:30:37,040 --> 00:30:39,520
Speaker 12: think that's a part of it, but also the infrastructure

620
00:30:39,600 --> 00:30:41,240
Speaker 12: is a part of it. And let's also be honest,

621
00:30:41,280 --> 00:30:44,160
Speaker 12: the institutional story is a part of it. As far

622
00:30:44,200 --> 00:30:47,880
Speaker 12: as regulatory environment, I think people often also overlook what

623
00:30:48,000 --> 00:30:50,560
Speaker 12: the courts have been involved in the regulatory and shaping

624
00:30:50,640 --> 00:30:54,000
Speaker 12: the regulatory environment. And this has been happening kind of

625
00:30:54,040 --> 00:30:56,960
Speaker 12: in the background over the last several years. Now we

626
00:30:57,120 --> 00:31:00,400
Speaker 12: have something coming up, which is the Crypto Markets Structure Bill,

627
00:31:00,680 --> 00:31:02,160
Speaker 12: and so everyone's eyes are on that.

628
00:31:02,360 --> 00:31:04,800
Speaker 11: And of course we had the Genius Act pass last year.

629
00:31:05,600 --> 00:31:09,680
Speaker 3: There are still lawmakers anny convincing Okatie. I think of

630
00:31:09,960 --> 00:31:13,080
Speaker 3: Elizabeth Warren, who's worried about perhaps one of your new

631
00:31:13,240 --> 00:31:17,160
Speaker 3: and really well many would say, the exciting startup that

632
00:31:17,280 --> 00:31:19,680
Speaker 3: has been co founded by Palmer Lucky. Now you're in

633
00:31:20,080 --> 00:31:22,280
Speaker 3: a company that is Airbor, which is all about I

634
00:31:22,360 --> 00:31:23,840
Speaker 3: think I'm pronouncing it correctly right.

635
00:31:24,120 --> 00:31:24,760
Speaker 11: Arabar is.

636
00:31:25,040 --> 00:31:26,880
Speaker 2: Airbor is this new sort of bank.

637
00:31:26,920 --> 00:31:29,520
Speaker 3: It's just had occ sign off that it's able to

638
00:31:29,600 --> 00:31:31,480
Speaker 3: go out there, and after it gone an application and

639
00:31:31,560 --> 00:31:35,040
Speaker 3: granted a preliminary application at least for approval to become

640
00:31:35,080 --> 00:31:37,840
Speaker 3: a bank. But Elizabeth Warren is like, that's happened all

641
00:31:37,880 --> 00:31:39,480
Speaker 3: too fast, and it seems to be that they're close

642
00:31:39,480 --> 00:31:42,880
Speaker 3: to the administration. How do you get comfortable that these

643
00:31:43,080 --> 00:31:45,280
Speaker 3: companies are being vetted in the way that you want

644
00:31:45,320 --> 00:31:46,160
Speaker 3: to see them being vetted?

645
00:31:46,640 --> 00:31:49,280
Speaker 12: Sure, well, we always look at the founding team. Whenever

646
00:31:49,400 --> 00:31:51,920
Speaker 12: we're looking for an opportunity to make an investment, we

647
00:31:52,000 --> 00:31:54,720
Speaker 12: look at the founding team. And you've alluded to part

648
00:31:54,760 --> 00:31:56,680
Speaker 12: of the founding team here. So we think this founding

649
00:31:56,760 --> 00:32:00,720
Speaker 12: team of Airbor is incredibly strong. And actually the Palmer

650
00:32:00,800 --> 00:32:03,960
Speaker 12: Lucky's co founder is a founder that we had backed

651
00:32:04,040 --> 00:32:06,280
Speaker 12: in our first fund, so we have a long history

652
00:32:06,400 --> 00:32:08,880
Speaker 12: going back with him and have seen him over the years,

653
00:32:09,360 --> 00:32:11,840
Speaker 12: and we are actually the second largest investor, I believe

654
00:32:11,840 --> 00:32:14,840
Speaker 12: at this point in Arabor, And I think the exciting

655
00:32:14,920 --> 00:32:18,640
Speaker 12: thing about Arabor so it's also the product market fit

656
00:32:18,960 --> 00:32:21,640
Speaker 12: and they just crossed a billion dollars in deposits, and

657
00:32:21,720 --> 00:32:23,960
Speaker 12: it's also the size of the opportunity and that's where

658
00:32:23,960 --> 00:32:26,520
Speaker 12: I think Airbor and companies like it really shine.

659
00:32:26,880 --> 00:32:30,000
Speaker 11: I mean, it's really built for the future.

660
00:32:30,120 --> 00:32:33,360
Speaker 12: And if you think about it, it opened on a Sunday, Caroline,

661
00:32:33,680 --> 00:32:35,680
Speaker 12: and I think, who's ever heard of a bank opening

662
00:32:35,720 --> 00:32:38,360
Speaker 12: on a Sunday? Now, I think that for the digitally

663
00:32:38,480 --> 00:32:43,560
Speaker 12: native generations, and certainly for the AI native generations, whire

664
00:32:43,760 --> 00:32:45,480
Speaker 12: cutoffs are going to be a thing of the past.

665
00:32:45,520 --> 00:32:46,840
Speaker 12: It will be kind of like when you see a

666
00:32:47,000 --> 00:32:49,560
Speaker 12: payphone booth on the corner and you're like, what is

667
00:32:49,640 --> 00:32:51,760
Speaker 12: that for in a world where everyone's now on their

668
00:32:51,800 --> 00:32:52,320
Speaker 12: cell phones.

669
00:32:53,720 --> 00:32:56,800
Speaker 3: Very briefly, Katie, you've already had success with exits on

670
00:32:56,800 --> 00:32:58,640
Speaker 3: the M and a side of things you personally have

671
00:32:58,840 --> 00:33:01,240
Speaker 3: vetted in some investment. Some of the most exciting companies

672
00:33:01,240 --> 00:33:04,440
Speaker 3: were anticipating IPOs from SpaceX. I know they were in Andreil,

673
00:33:04,480 --> 00:33:07,800
Speaker 3: another parmoniaking business. You're an open AI. Is the market

674
00:33:07,880 --> 00:33:08,880
Speaker 3: feeling solid right now?

675
00:33:10,120 --> 00:33:10,280
Speaker 13: You know?

676
00:33:10,480 --> 00:33:13,280
Speaker 12: I think right now what we're seeing is we're seeing

677
00:33:13,320 --> 00:33:17,680
Speaker 12: a period of transformation and tremendous opportunity. And I think

678
00:33:17,760 --> 00:33:22,040
Speaker 12: this is something I've been alongside the unfolding of transformational

679
00:33:22,120 --> 00:33:23,640
Speaker 12: technology my entire career.

680
00:33:23,960 --> 00:33:25,840
Speaker 11: And there will be ups and there will be downs.

681
00:33:25,880 --> 00:33:28,280
Speaker 12: And one thing I've noticed is that there are periods

682
00:33:28,280 --> 00:33:30,360
Speaker 12: of irrationality on the way up, and there are periods

683
00:33:30,360 --> 00:33:31,240
Speaker 12: of irrationality on.

684
00:33:31,280 --> 00:33:31,720
Speaker 11: The way down.

685
00:33:31,800 --> 00:33:35,240
Speaker 12: And our job is long term venture investors who are investing,

686
00:33:35,280 --> 00:33:38,720
Speaker 12: by the way, Caroline over a ten year decade. Although

687
00:33:38,760 --> 00:33:42,000
Speaker 12: your colleague Natasha reported that we had already returned capital

688
00:33:42,040 --> 00:33:42,640
Speaker 12: four years.

689
00:33:42,480 --> 00:33:44,880
Speaker 11: In to some of our LPs around the world from

690
00:33:44,920 --> 00:33:46,240
Speaker 11: our first pair of funds.

691
00:33:46,840 --> 00:33:49,200
Speaker 12: We're looking at what the world looks like in ten years,

692
00:33:49,440 --> 00:33:51,840
Speaker 12: not what it looks like right now. And we think

693
00:33:52,960 --> 00:33:57,360
Speaker 12: at bottom, it's a period of tremendous opportunity, generational opportunity.

694
00:33:57,720 --> 00:34:00,280
Speaker 3: Natasha and Mascaronis did that great story well, talking about

695
00:34:00,280 --> 00:34:03,400
Speaker 3: how you were able to lean into dislocations in the

696
00:34:03,480 --> 00:34:06,360
Speaker 3: market and beaten up areas of crypto. More broadly, to

697
00:34:06,400 --> 00:34:09,040
Speaker 3: return those funds. To LP's Kato Hahn, it's great to

698
00:34:09,120 --> 00:34:11,080
Speaker 3: hear about the new rais the CEO and founder of

699
00:34:11,120 --> 00:34:14,080
Speaker 3: harn Venture's congratulations on the latest one billion that has

700
00:34:14,120 --> 00:34:16,200
Speaker 3: been putting to work in two funds. Meanwhile, coming up,

701
00:34:16,520 --> 00:34:19,880
Speaker 3: we're going to be live from Milkin Institute Global Conference

702
00:34:20,080 --> 00:34:22,200
Speaker 3: to speak the Scott Turner, his US Secretary of Housing

703
00:34:22,239 --> 00:34:22,960
Speaker 3: and Urban Development.

704
00:34:23,239 --> 00:34:24,200
Speaker 2: This is blue bed Tech.

705
00:34:35,320 --> 00:34:37,600
Speaker 3: And hear earnings they're out after the market cloth is

706
00:34:37,640 --> 00:34:40,799
Speaker 3: later today. So far today shares in the AI firm

707
00:34:40,960 --> 00:34:43,120
Speaker 3: is up one and a half percent, outperforming the rest

708
00:34:43,160 --> 00:34:45,360
Speaker 3: of the market. But they haven't outperformed the rest of

709
00:34:45,400 --> 00:34:48,560
Speaker 3: the market since they peaked back at the end of October,

710
00:34:48,840 --> 00:34:51,560
Speaker 3: losing a significant amount of market capitalization as they got

711
00:34:51,640 --> 00:34:53,400
Speaker 3: caught up in perhaps the software.

712
00:34:53,040 --> 00:34:55,400
Speaker 2: Anxiety and sell off. Is that right that it is?

713
00:34:55,560 --> 00:34:57,800
Speaker 3: Let's talk about what to expect the Bloombergs Lazette Chapman

714
00:34:58,280 --> 00:35:01,400
Speaker 3: fundamentals first, know, there's far works when it comes to

715
00:35:01,440 --> 00:35:03,160
Speaker 3: Doctor carp is that but what are we expecting in

716
00:35:03,239 --> 00:35:04,280
Speaker 3: terms of growth of the business?

717
00:35:05,320 --> 00:35:10,800
Speaker 14: Right well, Endless are expecting another massive quarter of a

718
00:35:10,880 --> 00:35:15,040
Speaker 14: lot of growth, seventy four percent revenue spike, a doubling

719
00:35:15,080 --> 00:35:18,839
Speaker 14: of profits from the same period last year they've been.

720
00:35:19,200 --> 00:35:22,719
Speaker 14: This is pretty consistent with past quarterly growth that they've

721
00:35:22,719 --> 00:35:26,440
Speaker 14: been that they continually set the bar high and ask

722
00:35:26,560 --> 00:35:31,640
Speaker 14: Palenteers to deliver. There's you know, a history of Palenteer

723
00:35:31,719 --> 00:35:36,319
Speaker 14: meeting or beating those expectations. So well, uh, that's that's

724
00:35:36,360 --> 00:35:37,680
Speaker 14: what a lot of people are looking for. That's what

725
00:35:37,960 --> 00:35:39,680
Speaker 14: some of the betting markets are looking at as well

726
00:35:39,719 --> 00:35:40,160
Speaker 14: this morning.

727
00:35:40,520 --> 00:35:40,640
Speaker 11: Ah.

728
00:35:40,719 --> 00:35:42,480
Speaker 3: I like that you're fielding in some of the vetting

729
00:35:42,600 --> 00:35:46,520
Speaker 3: or at least different ways of predicting which way the

730
00:35:46,600 --> 00:35:48,239
Speaker 3: market's going to go. And is that the market if

731
00:35:48,280 --> 00:35:50,480
Speaker 3: you're looking at analysts, think that the price target is

732
00:35:50,560 --> 00:35:52,160
Speaker 3: much higher than where we currently trade.

733
00:35:52,680 --> 00:35:55,600
Speaker 2: So is there sort of a vibe shift that we

734
00:35:55,640 --> 00:35:56,640
Speaker 2: can get from Doctor Corp.

735
00:35:56,680 --> 00:35:58,840
Speaker 3: As well as clearly the growth that they continue to

736
00:35:58,920 --> 00:36:00,560
Speaker 3: deliver from the bottom line on top.

737
00:36:01,680 --> 00:36:06,400
Speaker 14: Right, He will definitely be speaking with analysts today. Typically

738
00:36:06,760 --> 00:36:09,719
Speaker 14: issues some type of shareholder letter as well, where he

739
00:36:10,160 --> 00:36:13,440
Speaker 14: outlines everything that you just kind of alluded to with

740
00:36:13,520 --> 00:36:17,239
Speaker 14: the Vibe shift, trying to distance Palenteer from the other

741
00:36:17,560 --> 00:36:21,400
Speaker 14: AI software stocks and also to position it.

742
00:36:21,920 --> 00:36:25,880
Speaker 13: As a type of company that is.

743
00:36:25,960 --> 00:36:32,279
Speaker 14: Going to support US policy no matter how controversial or

744
00:36:32,840 --> 00:36:35,719
Speaker 14: or difficult. And there's also a lot of focus right

745
00:36:35,760 --> 00:36:40,360
Speaker 14: now on what they've done to UH support efforts in

746
00:36:40,719 --> 00:36:45,520
Speaker 14: UH you know, Iran, also in Israel and with you know,

747
00:36:45,800 --> 00:36:47,920
Speaker 14: US Department of War as well as many of our allies,

748
00:36:48,200 --> 00:36:49,960
Speaker 14: So there's going to be a big focus on He

749
00:36:50,200 --> 00:36:54,000
Speaker 14: usually speaks to that topic as well, and that's what

750
00:36:54,120 --> 00:36:56,239
Speaker 14: many will be looking for for him to continue with

751
00:36:56,280 --> 00:36:56,960
Speaker 14: that vibe.

752
00:36:56,880 --> 00:36:59,239
Speaker 3: Blue meg Intelligence analyst man I'm seeing is talking about

753
00:36:59,239 --> 00:37:01,600
Speaker 3: the government segment and how it continues to benefit from

754
00:37:01,600 --> 00:37:04,960
Speaker 3: the company's exposure to these increased US defense spending on

755
00:37:05,520 --> 00:37:08,840
Speaker 3: products such as maven amid the war in Iran, But

756
00:37:08,960 --> 00:37:12,280
Speaker 3: the commercial side that really has been an area of growth.

757
00:37:12,320 --> 00:37:15,319
Speaker 3: Are we expecting what's expecting to see that pick up,

758
00:37:15,440 --> 00:37:18,040
Speaker 3: and particularly if it's just US bound or whether we

759
00:37:18,080 --> 00:37:19,400
Speaker 3: see more international adoption.

760
00:37:20,320 --> 00:37:22,160
Speaker 14: That's a great question, and I think that's something that

761
00:37:22,239 --> 00:37:23,759
Speaker 14: a lot of people are going to be looking at

762
00:37:24,000 --> 00:37:27,360
Speaker 14: if they've been able to drive it internationally. US commercial

763
00:37:27,400 --> 00:37:31,840
Speaker 14: growth has been on a blockbuster tear for you know,

764
00:37:31,960 --> 00:37:35,640
Speaker 14: at least the last year plus since they introduced AI AIP,

765
00:37:36,600 --> 00:37:39,320
Speaker 14: and so they're looking at growth rates for you know,

766
00:37:40,000 --> 00:37:42,279
Speaker 14: about you know, in the ninety percent or so for

767
00:37:42,400 --> 00:37:45,120
Speaker 14: commercial growth, and for the government growth they're looking around

768
00:37:45,160 --> 00:37:48,720
Speaker 14: fifty nine percent. Again, government is about half of the revenue,

769
00:37:49,000 --> 00:37:51,760
Speaker 14: it's about half and half, and slowly commercial is starting

770
00:37:51,840 --> 00:37:54,440
Speaker 14: to you know, build up. They haven't been in this

771
00:37:54,560 --> 00:37:58,759
Speaker 14: commercial is they haven't been in commercial as long or

772
00:37:58,760 --> 00:38:01,399
Speaker 14: as strong as government. That's an area that a lot

773
00:38:01,480 --> 00:38:04,520
Speaker 14: will be looking at, specifically here in the US, whether

774
00:38:04,560 --> 00:38:06,239
Speaker 14: they can gain traction abroad as well.

775
00:38:06,719 --> 00:38:11,359
Speaker 3: And then there's the man, the myth that some would

776
00:38:11,360 --> 00:38:13,920
Speaker 3: say the legend himself, Dot Carp, the way he speaks

777
00:38:14,000 --> 00:38:18,279
Speaker 3: to his own loyalists when it comes to shareholders, he's

778
00:38:18,320 --> 00:38:21,560
Speaker 3: often quite rude to the analyst community. And then we'll

779
00:38:21,600 --> 00:38:24,440
Speaker 3: street more broadly, but he's had some thoughtful insight as

780
00:38:24,480 --> 00:38:27,160
Speaker 3: to the future of the workforce and where humanities takes

781
00:38:27,239 --> 00:38:29,640
Speaker 3: us in terms of an area of study, of expecting

782
00:38:29,680 --> 00:38:33,080
Speaker 3: any sort of philosophical perspective coming today, I.

783
00:38:33,200 --> 00:38:36,000
Speaker 13: Think that that would be a pretty good guess that

784
00:38:36,040 --> 00:38:36,879
Speaker 13: would land well.

785
00:38:37,520 --> 00:38:41,560
Speaker 14: He and CTO Sham Sankar have been on this quest,

786
00:38:41,640 --> 00:38:44,920
Speaker 14: as you say, to kind of you know, mobilize the

787
00:38:45,560 --> 00:38:49,320
Speaker 14: you know, not just the software and the bits, but

788
00:38:49,840 --> 00:38:51,560
Speaker 14: or not not just the bites but also the bits,

789
00:38:51,600 --> 00:38:56,080
Speaker 14: and so you know, they are both looking for, you know,

790
00:38:56,200 --> 00:38:58,719
Speaker 14: to kind of establish that and kind of continue that

791
00:38:58,880 --> 00:39:02,920
Speaker 14: narrative that now only Alex Carr wrote about in Technological Republic,

792
00:39:02,960 --> 00:39:05,239
Speaker 14: but you know, Seam wrote about in his new book

793
00:39:05,280 --> 00:39:09,960
Speaker 14: about mobilizing the techno industrial workforce and reshoring a lot

794
00:39:10,000 --> 00:39:13,120
Speaker 14: of the industrial and manufacturing capacities that are you know,

795
00:39:13,320 --> 00:39:16,520
Speaker 14: traditionally been abroad that they're looking to bring back on

796
00:39:16,640 --> 00:39:19,160
Speaker 14: shore here in the United States. They had a commercial

797
00:39:19,920 --> 00:39:24,000
Speaker 14: software wind recently with Cleveland Cliffs to use their AI

798
00:39:24,160 --> 00:39:26,600
Speaker 14: software to assist with the steelmaking capacity.

799
00:39:26,719 --> 00:39:28,839
Speaker 13: So it's it's a pretty good bet.

800
00:39:29,000 --> 00:39:31,000
Speaker 14: Like you said, Carolyn, you've been watching these for these

801
00:39:31,040 --> 00:39:33,359
Speaker 14: earnings for a long time as well, that he will

802
00:39:33,400 --> 00:39:36,879
Speaker 14: continue with that and talk really more about the big

803
00:39:37,640 --> 00:39:39,320
Speaker 14: changes to American society.

804
00:39:39,360 --> 00:39:43,320
Speaker 13: Writ large that Palenteer and its software is looking to enforce.

805
00:39:43,320 --> 00:39:45,319
Speaker 3: Well We're lucky to have you watching them for us tonight.

806
00:39:45,320 --> 00:39:48,719
Speaker 3: Blim Boz, Lazette, Chapman, thank you very much. Indeed, coming up,

807
00:39:48,880 --> 00:39:51,120
Speaker 3: we're largely the Milk and Institute Global Conference. We're gonna

808
00:39:51,120 --> 00:39:52,920
Speaker 3: be speaking with Scott Turner. He's the US Secretary of

809
00:39:53,000 --> 00:40:00,239
Speaker 3: Housing and Urban Development. This is Blue Meg Tech head

810
00:40:00,239 --> 00:40:02,439
Speaker 3: out to the Milkan Institute. Balance of Power. Co host

811
00:40:02,520 --> 00:40:04,160
Speaker 3: Joe Matthew standing by with a.

812
00:40:04,160 --> 00:40:05,280
Speaker 2: Special guest, Joe.

813
00:40:07,640 --> 00:40:08,280
Speaker 15: That Caroline.

814
00:40:08,320 --> 00:40:08,560
Speaker 16: Thank you.

815
00:40:08,760 --> 00:40:13,200
Speaker 15: The Secretary of Housing and Urban Developments is with me

816
00:40:13,320 --> 00:40:16,400
Speaker 15: right now, live in Los Angeles at the Milkan Global Conference.

817
00:40:16,560 --> 00:40:18,880
Speaker 15: Secretary Turner, it's great to see you. Welcome to lumber.

818
00:40:19,160 --> 00:40:19,400
Speaker 8: Thank you.

819
00:40:20,160 --> 00:40:22,480
Speaker 15: Questions about the housing market on this day that the

820
00:40:22,520 --> 00:40:25,600
Speaker 15: thirty year treasury tops five percent, This is a big

821
00:40:25,640 --> 00:40:27,320
Speaker 15: deal for our audience. It's a big deal for a

822
00:40:27,360 --> 00:40:29,560
Speaker 15: homeowner or anyone looking to buy a home. How much

823
00:40:29,960 --> 00:40:32,520
Speaker 15: will interest rates be a challenge to what you're trying

824
00:40:32,560 --> 00:40:34,759
Speaker 15: to do in increasing access to affordable housing?

825
00:40:34,840 --> 00:40:36,160
Speaker 16: Well, thank you so much. You know, I think you

826
00:40:36,320 --> 00:40:38,440
Speaker 16: see you know the President Trump is layers of focus

827
00:40:38,520 --> 00:40:42,000
Speaker 16: on house and affordability. He's focused on keeping our country safe,

828
00:40:42,080 --> 00:40:44,400
Speaker 16: you know from a regime having a nuclear weapon, but

829
00:40:44,480 --> 00:40:47,440
Speaker 16: also layers of focus here domestically to make sure that

830
00:40:47,520 --> 00:40:50,239
Speaker 16: the Americans can achieve their American dream. And so as

831
00:40:50,280 --> 00:40:53,040
Speaker 16: we see the fluctuation and interest rates, we're also you know,

832
00:40:53,120 --> 00:40:55,719
Speaker 16: looking at the regulatory environment to bring down burn some

833
00:40:55,880 --> 00:40:58,920
Speaker 16: regulations to make it easier for builders to build and

834
00:40:59,000 --> 00:41:01,640
Speaker 16: for buyers to buy. So I'm grateful for the President's leadership,

835
00:41:01,680 --> 00:41:04,759
Speaker 16: and at HUD we're following that and encouraging localities to

836
00:41:04,840 --> 00:41:05,239
Speaker 16: do the same.

837
00:41:05,400 --> 00:41:08,840
Speaker 15: You were pointing specifically to your recision of the i

838
00:41:09,520 --> 00:41:14,360
Speaker 15: e C and Energy Efficiency requirement that the Biden administration

839
00:41:14,480 --> 00:41:17,240
Speaker 15: put in place that you say added over thirty thousand

840
00:41:17,280 --> 00:41:18,839
Speaker 15: dollars to building a home.

841
00:41:18,920 --> 00:41:21,279
Speaker 16: Yes, sir, so this is the final determination for twenty

842
00:41:21,360 --> 00:41:24,920
Speaker 16: twenty four during the Biden administration. Really it's the International

843
00:41:25,120 --> 00:41:28,040
Speaker 16: Energy Conservation Code and it added up to thirty thousand

844
00:41:28,080 --> 00:41:32,000
Speaker 16: dollars per project when builders are already building to these

845
00:41:32,200 --> 00:41:34,279
Speaker 16: energy code and so we were scinded that to make

846
00:41:34,320 --> 00:41:36,800
Speaker 16: it easier for builders to build, which will make it

847
00:41:36,920 --> 00:41:39,400
Speaker 16: better for buyers to buy. On top of that, you know,

848
00:41:39,520 --> 00:41:43,800
Speaker 16: one hundred thousand dollars and regulation and regulatory fees is

849
00:41:43,880 --> 00:41:46,080
Speaker 16: added to the final price of a single family home

850
00:41:46,160 --> 00:41:48,640
Speaker 16: that's not sustainable in our country. So we've been very

851
00:41:48,719 --> 00:41:51,880
Speaker 16: focused on bringing down the regulatory environment, making it easier

852
00:41:51,960 --> 00:41:54,680
Speaker 16: for builders to build, better for buyers to buy, and

853
00:41:54,840 --> 00:41:56,160
Speaker 16: raising a supply in our country.

854
00:41:56,239 --> 00:41:59,080
Speaker 15: We're having a big conversation in America right now about affordability.

855
00:41:59,120 --> 00:42:00,640
Speaker 15: We talk about it on the air all day, whether

856
00:42:00,680 --> 00:42:03,160
Speaker 15: it's four dollars a gallon gas, although where we are

857
00:42:03,320 --> 00:42:06,960
Speaker 15: you've probably seen, mister Secretary, it's above six dollars in California,

858
00:42:07,000 --> 00:42:09,759
Speaker 15: which is pretty wild. But the cost of everything from

859
00:42:09,840 --> 00:42:14,640
Speaker 15: food it's a gas is an issue for Americans, making

860
00:42:14,719 --> 00:42:18,040
Speaker 15: your mission that much more urgent but also more difficult.

861
00:42:18,120 --> 00:42:18,200
Speaker 3: Now.

862
00:42:18,560 --> 00:42:20,360
Speaker 16: Well, you know, like I said before, the President and

863
00:42:20,400 --> 00:42:23,319
Speaker 16: his layers were focused on domestic policy from the time

864
00:42:23,400 --> 00:42:25,880
Speaker 16: he was campaigning until the time he came into office.

865
00:42:25,920 --> 00:42:28,400
Speaker 16: He said, we're going to make it more affordable in

866
00:42:28,480 --> 00:42:31,080
Speaker 16: American I know personally being in the cabinet and knowing

867
00:42:31,120 --> 00:42:33,640
Speaker 16: the President working with him that to be able to

868
00:42:33,840 --> 00:42:36,680
Speaker 16: help Americans to afford to buy a home, to buy grocers,

869
00:42:36,760 --> 00:42:39,760
Speaker 16: to buy medications, it's top of mind for the President.

870
00:42:39,760 --> 00:42:42,200
Speaker 16: And so you see the actions that have been taken

871
00:42:42,239 --> 00:42:46,600
Speaker 16: the recision of these regulatory environments that taken down burdens

872
00:42:46,640 --> 00:42:50,040
Speaker 16: and regulations to help American people is a great priority

873
00:42:50,080 --> 00:42:52,200
Speaker 16: for the President and myself. And so while it may

874
00:42:52,280 --> 00:42:55,120
Speaker 16: seem to be difficult, we've made great strides, but there's

875
00:42:55,120 --> 00:42:56,040
Speaker 16: still a lot of work to do or.

876
00:42:56,040 --> 00:42:58,120
Speaker 15: At a time, mister secretary, but how many houses can

877
00:42:58,160 --> 00:42:59,880
Speaker 15: you build if you stay with President Trump for the

878
00:43:00,160 --> 00:43:03,080
Speaker 15: remainder of this term, how many affordable units can you

879
00:43:03,160 --> 00:43:04,040
Speaker 15: add in this country?

880
00:43:04,080 --> 00:43:07,520
Speaker 16: Well, we're going to add many, many, in particular opportunity designs.

881
00:43:07,520 --> 00:43:09,600
Speaker 16: There's already been four hundred thousand, so we want to

882
00:43:09,640 --> 00:43:11,000
Speaker 16: do potated and do even more.

883
00:43:11,120 --> 00:43:13,120
Speaker 15: It's great to see you, Good luck and thanks for

884
00:43:13,200 --> 00:43:15,640
Speaker 15: being with us. Thank you, Secretary Scott Turner with us

885
00:43:15,680 --> 00:43:17,040
Speaker 15: live from Los Angeles, Caroline.

886
00:43:17,040 --> 00:43:19,520
Speaker 3: Back to you, Joe Matthew. So good to hear from

887
00:43:19,560 --> 00:43:22,040
Speaker 3: you on the other coast. Right now, West Coast. All

888
00:43:22,120 --> 00:43:25,600
Speaker 3: Things Milkan will be throughout the day and the week

889
00:43:25,719 --> 00:43:27,560
Speaker 3: here on Bloomberg TV. But now that does it for

890
00:43:27,640 --> 00:43:30,359
Speaker 3: this edition of Bloomberg Tech. Don't forget to check out

891
00:43:30,360 --> 00:43:31,839
Speaker 3: our podcast you can find on the terminal as well

892
00:43:31,840 --> 00:43:33,680
Speaker 3: as online on Apple, Spotify.

893
00:43:33,360 --> 00:43:34,040
Speaker 2: And iHeart.

894
00:43:34,360 --> 00:43:37,120
Speaker 3: We return to the markets which have seen some geopolitical

895
00:43:37,160 --> 00:43:40,120
Speaker 3: anxiety around them. Today we currently see we're off by

896
00:43:40,160 --> 00:43:42,680
Speaker 3: three tens percent on the nasdak nows that one hundred

897
00:43:42,760 --> 00:43:46,080
Speaker 3: are under pressure as we see once again missile threats

898
00:43:46,400 --> 00:43:50,280
Speaker 3: For the UAE, the semi indexes are by six tens percent,

899
00:43:50,360 --> 00:43:52,759
Speaker 3: down from a record high. Brent crude up to one

900
00:43:52,840 --> 00:43:56,200
Speaker 3: hundred and fourteen dollars a barrel. We're seeing yields move higher,

901
00:43:56,560 --> 00:43:59,560
Speaker 3: particularly in the world of the debt markets. Bitcoin though

902
00:44:00,000 --> 00:44:01,759
Speaker 3: seventy nine thousand. That's a Blue Bay Tech