WEBVTT - Investors Question AI Valuations 0:00:04.280 --> 0:00:08.680 Bloomberg Tech is alive from coast to coast with Caroline 0:00:08.760 --> 0:00:11.920 Hide in New York and ev Low in sentrances go. 0:00:14.920 --> 0:00:16.480 This is Bloomberg Tech coming up. 0:00:16.520 --> 0:00:20.360 Palenteer shares form concerns about the company's valuation and the 0:00:20.440 --> 0:00:22.800 sustainability of the AI rally. 0:00:22.960 --> 0:00:26.160 Thus we'll break down more tech earnings, Spotify, Uber grab 0:00:26.200 --> 0:00:28.560 all out with results as well, and we push ahead 0:00:28.560 --> 0:00:29.880 to am D tonight. 0:00:30.480 --> 0:00:34.479 And the world's largest sovereign wealth fund vote against Tesla's 0:00:34.520 --> 0:00:37.880 proposed pay package for CEO E Long. Musk will discuss 0:00:37.920 --> 0:00:39.840 the impact on the company's shares. 0:00:39.840 --> 0:00:42.640 But first we check out what's happening in these markets 0:00:42.840 --> 0:00:44.879 more broadly. In and I'm looking at and now's that 0:00:44.920 --> 0:00:47.560 one hundred that is under pressure. Look, we're only down 0:00:47.840 --> 0:00:51.240 to levels well that we've seen this month, and indeed 0:00:51.320 --> 0:00:53.840 it's the worst sell off since all Thursday. So this 0:00:53.880 --> 0:00:57.120 isn't seismic, but there is a tension here about some 0:00:57.200 --> 0:01:00.360 of the levels of valuations in certain people speaking out 0:01:00.520 --> 0:01:03.640 about putting on some short bearish bets. I'm looking at Bitcoin, though, 0:01:03.680 --> 0:01:05.720 has been under far more pressure. It's the lowest level 0:01:05.720 --> 0:01:07.200 that we've seen since June. 0:01:06.959 --> 0:01:07.440 Of this year. 0:01:07.440 --> 0:01:09.600 Off by another three point three percent amid the risk 0:01:09.680 --> 0:01:12.240 of tension. You're looking at some big movers underneath the herd. 0:01:13.000 --> 0:01:14.720 Yeah, Tesla's down two point eight percent. 0:01:14.760 --> 0:01:17.600 It had been down four percent of the open Norway's 0:01:17.680 --> 0:01:21.560 Sovereign Wealth funds, Tessa's ninth largest shareholder voting against the 0:01:21.600 --> 0:01:23.080 bait package. We're going to head out to Europe in 0:01:23.120 --> 0:01:25.199 a minute and get more on that. And then there's 0:01:25.240 --> 0:01:30.039 Palenteer strong beat in the third quarter, raising annual outlook 0:01:30.360 --> 0:01:34.319 for revenue. But the cell side and investors and the 0:01:34.400 --> 0:01:37.520 internet all going to valuation as a pointed discussion carro 0:01:38.080 --> 0:01:42.160 commercial growth and government growth. But this isn't about fundamentals, 0:01:42.200 --> 0:01:42.840 or maybe it is. 0:01:43.520 --> 0:01:46.479 Let's talk about both fundamentals and valuations and talk about 0:01:46.520 --> 0:01:49.880 Palenteer's earnings and the sustainability of these numbers. Of Marianna 0:01:49.960 --> 0:01:52.440 Perez Mora, she has an aerospaceed defense analyst that be 0:01:52.480 --> 0:01:55.120 Evasecurities with a BI rating two ondred and fifteen dollars 0:01:55.120 --> 0:01:57.800 price target for Palenteer. More broadly, and I think you're 0:01:57.840 --> 0:02:01.800 even upping it to two five five. Tell us about 0:02:01.840 --> 0:02:06.880 why Palenteer is just outperforming. It is peerless in your perspective. 0:02:06.720 --> 0:02:09.000 So first, thank you so much for having me here. 0:02:09.120 --> 0:02:12.880 I'm happy to share this with you too. And I 0:02:12.919 --> 0:02:17.400 think Polunteers has proven that has been the winner of 0:02:17.520 --> 0:02:22.160 this AI implementation. And I mean not only about like investment, 0:02:22.320 --> 0:02:26.240 but actually the growth they are unlocking the customers actually 0:02:26.240 --> 0:02:28.840 go into them because they can prove that they can 0:02:28.919 --> 0:02:33.239 actually extract value from these AI implementations. And it doesn't 0:02:33.240 --> 0:02:37.600 only stop with those customers, but also other software peers 0:02:37.800 --> 0:02:40.639 that are partnering with Palenteer because they also want to 0:02:40.680 --> 0:02:43.280 be part of this. They have like really good software, 0:02:43.560 --> 0:02:46.160 but they are still struggling to actually make that software work. 0:02:46.360 --> 0:02:51.160 And Polunteering is like from a fundamental perspective, actually proving 0:02:51.200 --> 0:02:53.960 that they can extract value from those implementations. 0:02:54.200 --> 0:02:56.520 Your note is such a joy to read because you're 0:02:56.600 --> 0:02:59.680 using wonderful analogies going back to the matrix, whether you're 0:02:59.680 --> 0:03:01.440 going to be where you're going to red pell But 0:03:01.480 --> 0:03:04.400 what's interesting is you're thinking that ultimately the red pillar 0:03:04.520 --> 0:03:07.640 is there with Paneteer, and they are unlike the ninety 0:03:07.680 --> 0:03:11.120 five percent of failed pilots that MIT drew a focus on, 0:03:11.480 --> 0:03:14.440 they're managing to make AI work. But why what is 0:03:14.440 --> 0:03:18.160 it different about dot cart Daddy Carp however you see 0:03:18.240 --> 0:03:21.520 him and indeed the go to market focus that they have. 0:03:22.520 --> 0:03:25.640 I think what is different first is that they have 0:03:25.760 --> 0:03:29.320 been working on this infrastructure that is actually what makes 0:03:29.360 --> 0:03:34.200 AI be operationable for more than twenty years. This is 0:03:34.240 --> 0:03:37.600 something that today has more value than anything because of 0:03:37.640 --> 0:03:40.440 like the acceleration and AI and the new software that 0:03:40.480 --> 0:03:43.120 we have, but like this ontology that they have that 0:03:43.280 --> 0:03:46.240 is like the data integration that can actually unlock value 0:03:46.280 --> 0:03:50.120 from all these different like data parts and like have 0:03:50.240 --> 0:03:54.640 the human to be able to interoperate with that that 0:03:55.120 --> 0:03:57.120 has been in the works for more than twenty years, 0:03:57.320 --> 0:04:00.840 and that's why they are a real winner. And from 0:04:00.880 --> 0:04:04.680 a customer perspective, you have to take into account that 0:04:04.720 --> 0:04:06.880 they work with the US government and they have worked 0:04:06.880 --> 0:04:10.200 with the uscrment for so long, so they know how 0:04:10.240 --> 0:04:13.440 to do complex operations and they are translating all that 0:04:13.640 --> 0:04:16.560 know how into the commercial world. That is why I 0:04:16.600 --> 0:04:18.359 think their winner. They were prepared for this. 0:04:20.080 --> 0:04:20.560 Marianna. 0:04:20.600 --> 0:04:22.640 A part of the pressure on the stock this morning, 0:04:22.640 --> 0:04:25.080 and we need to acknowledge it is that Michael Berry 0:04:25.600 --> 0:04:28.440 of the Big Short fame or Sian Asset Management his 0:04:28.520 --> 0:04:35.159 firm have disclosed some various wages, including on Palenteer put options. 0:04:35.800 --> 0:04:40.039 It's the form that they've taken, but there's clearly some 0:04:40.160 --> 0:04:43.720 bigger picture worry about valuation and are we or are 0:04:43.760 --> 0:04:45.440 we not in an AI bubble. The way that you 0:04:45.480 --> 0:04:48.000 put it in your note is to discern what is 0:04:48.080 --> 0:04:50.560 real and what is not real. What is it you 0:04:50.600 --> 0:04:54.320 see in Palenteer that gives you the conviction it is real. 0:04:56.240 --> 0:04:59.800 What makes me convinced about being real is what when 0:04:59.839 --> 0:05:02.560 you hear about the customers and the transformation they are 0:05:02.560 --> 0:05:08.080 seeing from implementing polunteers product. They are like actually saving money, 0:05:08.120 --> 0:05:14.040 They are doing things faster, cheaper, better, smarter. Those real 0:05:14.120 --> 0:05:16.440 changes are the ones that make me optimistic about it. 0:05:16.520 --> 0:05:21.280 And we have said this over time. I'm really convinced 0:05:21.320 --> 0:05:25.120 that even if THEI bubble were to burst, Polenteer will 0:05:25.160 --> 0:05:30.080 survive because it's the structure to actually extract that value 0:05:30.279 --> 0:05:33.279 and do more with AI, AI agents or whatever is 0:05:33.400 --> 0:05:36.960 next from a stochastic models or anything in software and 0:05:37.000 --> 0:05:38.040 computing and everything. 0:05:39.160 --> 0:05:43.280 You're right that seeing is believing, Marianna. I've attended quite 0:05:43.279 --> 0:05:46.200 a few AIP cons and what happens is you had 0:05:46.200 --> 0:05:50.000 these customers go on stage and demo how they actually 0:05:50.080 --> 0:05:51.960 use palented, Like, there are so many people out there 0:05:51.960 --> 0:05:53.800 that are like, what does palenteer even too? 0:05:54.240 --> 0:05:55.000 Do you know? 0:05:55.279 --> 0:05:57.120 I've seen the demo and you get a sense for 0:05:57.160 --> 0:05:59.600 how it works. So then that takes me to the 0:05:59.640 --> 0:06:02.440 commercial growth one hundred and twenty one percent growth here 0:06:02.480 --> 0:06:05.320 on year in the US. The nervousness out there is 0:06:05.320 --> 0:06:09.240 that it's only the US that commercial business isn't growing internationally. 0:06:11.480 --> 0:06:14.320 I think when you think about international, you have to 0:06:14.360 --> 0:06:17.000 take into account two things. Number One, there are larger 0:06:17.040 --> 0:06:20.200 customers there that like, we're already hardly like a lot 0:06:20.240 --> 0:06:24.800 of penetrated, and that palenttary is putting their focus in 0:06:24.839 --> 0:06:28.680 the US. So it's also demand is like amazing for 0:06:28.800 --> 0:06:31.040 AI in general, and we see that with all the 0:06:31.120 --> 0:06:35.039 capits being invested. But if you have to actually catch 0:06:35.080 --> 0:06:37.560 up with that demand and execute on that, you have 0:06:37.600 --> 0:06:39.320 to take into account where you put your efforts on 0:06:39.400 --> 0:06:41.560 your resources, and I think it's aligned with that the 0:06:41.720 --> 0:06:45.240 Palantear is putting most of their commercial resources focused in 0:06:45.279 --> 0:06:45.760 the US. 0:06:47.480 --> 0:06:51.440 Mariana perez More Bank of America Securities price target up 0:06:51.440 --> 0:06:53.839 to two hundred and fifty five dollars, reiterating a buy 0:06:53.920 --> 0:06:56.400 on Palenteer, appreciate it. That's get a lot of the 0:06:56.440 --> 0:06:59.960 top story in Tesla shares down after the world's largest 0:07:00.000 --> 0:07:04.279 sovereign wealth fund voted against Tesla's stock award proposal for 0:07:04.360 --> 0:07:07.800 CEO Ela Musk, the biggest show of opposition yet by 0:07:07.839 --> 0:07:11.760 a major shareholder in London, Bloomberg's Auto Zar crag Trudell 0:07:12.080 --> 0:07:14.840 joins us as more, we're trying to tabulate in tally 0:07:15.080 --> 0:07:20.520 who's voted no so far ahead of November sixth. Norway's 0:07:20.520 --> 0:07:24.920 sovereign wealth fund is the ninth largest Tesla shareholder, I believe, 0:07:24.960 --> 0:07:27.960 hence why we're saying this is the biggest no vote 0:07:28.000 --> 0:07:28.360 so far. 0:07:29.920 --> 0:07:32.280 Yeah, that's right. And they were pretty diplomatic about it. 0:07:32.320 --> 0:07:36.720 They praised the value that Musk has has created over 0:07:36.760 --> 0:07:39.480 the years. They refer to him as, you know, having 0:07:39.520 --> 0:07:42.520 played a visionary role. And yet they're concerned just about 0:07:42.560 --> 0:07:46.120 this sort of magnitude of of this award, about dilution 0:07:46.840 --> 0:07:49.800 and also about the issue of sort of key man risk. 0:07:50.320 --> 0:07:52.520 This is something that has been has come up time 0:07:52.560 --> 0:07:56.360 and again with Musk. You know, the moment that he 0:07:56.400 --> 0:07:59.520 has had someone who's emerged as sort of you know 0:07:59.720 --> 0:08:02.520 who's sort of looks like a number two that person 0:08:02.520 --> 0:08:06.720 doesn't seem to last very long. So in Tesla's defense, 0:08:06.760 --> 0:08:08.880 I think the board has tried to take some steps 0:08:09.280 --> 0:08:12.000 with this package to try and mitigate some of that 0:08:12.160 --> 0:08:15.960 risk and sort of have Musk play a role in 0:08:15.960 --> 0:08:19.960 in you know, succession, But the planning for that still 0:08:20.000 --> 0:08:23.720 seems to be, you know, pretty much you know, sort 0:08:23.760 --> 0:08:26.040 of to the side, as they really sort of focus 0:08:26.080 --> 0:08:29.440 as a board on retaining him and on incentivizing him. 0:08:30.360 --> 0:08:34.240 Can you take us to how they have voted in 0:08:34.360 --> 0:08:39.079 prior votes on pay for Tesla or the relationship between 0:08:39.200 --> 0:08:42.040 the Norwegian Weld Fund and Elon Musk going forward what 0:08:42.120 --> 0:08:44.760 that means for well, really the retail base, which is 0:08:44.760 --> 0:08:46.120 the big push here for many. 0:08:47.520 --> 0:08:51.040 Yeah, I think as much as this no vote is concerning, 0:08:51.080 --> 0:08:53.920 if if you want to see this measure pass, you know, 0:08:54.000 --> 0:08:56.680 we only have to go back to last year to 0:08:56.880 --> 0:09:00.400 an example of when this fund voted against a Musk 0:09:00.440 --> 0:09:03.679 pay package. This was the vote on reratifying the twenty 0:09:03.720 --> 0:09:07.360 eighteen award that a judge in Delaware threw out. And 0:09:07.840 --> 0:09:10.400 there's there's kind of a juicy story to that in 0:09:10.440 --> 0:09:13.839 that the CEO of this wealth fund, you know, kind 0:09:13.880 --> 0:09:16.120 of got raked over the coals by Musk. We found 0:09:16.120 --> 0:09:19.560 out later for the way that the fund voted on 0:09:19.640 --> 0:09:24.160 that pay package. There was a freedom of information requests 0:09:23.960 --> 0:09:27.720 for messages between the head of the fund, Nikolai Tangen 0:09:27.880 --> 0:09:31.920 and Elon Musk, and Musk, you know, refer to this 0:09:32.040 --> 0:09:34.680 notion that he needed to quote make amends for the 0:09:34.679 --> 0:09:38.440 way that the fund voted. So there is a backstory here. 0:09:38.559 --> 0:09:41.320 And as much as you know, this is maybe a 0:09:41.320 --> 0:09:44.200 negative signal again if you want this to pass. We've 0:09:44.240 --> 0:09:47.240 seen that it's been the case that even when this 0:09:47.360 --> 0:09:50.959 fund has opposed a measure that the board has wanted 0:09:50.960 --> 0:09:53.720 to see through, the board has managed to get its 0:09:53.760 --> 0:09:55.960 way with its you know, in part thanks to its 0:09:56.000 --> 0:09:57.760 very substantial retail investor base. 0:09:57.960 --> 0:10:00.959 Great context is always pretty most creted out, so appreciate 0:10:01.000 --> 0:10:03.840 you joining coming up. Grab well it Boost is early 0:10:03.880 --> 0:10:06.319 forecast for the year. We speak with the CFO P 0:10:06.480 --> 0:10:08.880 t Ui about the company's latest results as have been 0:10:08.920 --> 0:10:21.360 their tech AI is headed for the grocery aisle. Instacart 0:10:21.400 --> 0:10:24.240 is launching new AI tools, including an assistant they can 0:10:24.280 --> 0:10:27.200 make product recommendations. As it really leans the e commerce 0:10:27.240 --> 0:10:30.280 business into more profitable software those Natalie Lung joins us 0:10:30.280 --> 0:10:31.960 to talk us through it, tell us a little bit 0:10:31.960 --> 0:10:34.720 about how these actual instacar AI tools are working. 0:10:35.960 --> 0:10:39.200 So instacart is building this AI chadboard as a white 0:10:39.280 --> 0:10:43.199 label service for groceries, so they can actually have a 0:10:43.320 --> 0:10:47.280 chatboard within let's say Kroger's own iOS app or the 0:10:47.320 --> 0:10:49.120 Sprout's website app. 0:10:50.960 --> 0:10:53.120 Natalie, let's head out to Uber, one of the big 0:10:53.160 --> 0:10:58.160 decliners ride share good delivery, good, profit, not good. 0:10:58.440 --> 0:11:00.520 What's the story then, Yes. 0:11:00.640 --> 0:11:04.360 So Uber sort of reported some disappointing operating income and 0:11:04.400 --> 0:11:07.559 adjusted EBITDA this morning out of the third quarter, as 0:11:07.559 --> 0:11:11.160 well as some disappointing forecasts earning this forecast for the 0:11:11.640 --> 0:11:15.160 four Q and so it's the profit has not been 0:11:15.200 --> 0:11:18.720 catching up with some of the growth recovery. We're seeing 0:11:18.760 --> 0:11:22.840 their growth reaccelerated to more than twenty percent on the 0:11:22.880 --> 0:11:27.240 top line growth spookingymetric. And this is sort of attestament 0:11:27.320 --> 0:11:32.080 to their strategy to go into new products, some of 0:11:32.120 --> 0:11:34.440 which may not be proudable at the beginning, such as 0:11:34.480 --> 0:11:38.520 autonomous investments, which they have been doing a lot of recently. 0:11:40.040 --> 0:11:41.920 Most Natalie Lung, thank you very much. 0:11:42.200 --> 0:11:45.679 Food delivery and right hailing company Grab raised its earnings 0:11:45.679 --> 0:11:49.000 forecast for the year after carely profit top testaments. The 0:11:49.000 --> 0:11:53.200 Singapore based Grab introduced new products like group food orders 0:11:53.400 --> 0:11:57.480 and less expensive shared rights that helped drawing customers. Here 0:11:57.520 --> 0:12:01.640 to discuss Peter Uey grabs CF. That's so interesting, right, 0:12:01.640 --> 0:12:04.400 you just heard Natalie talking about Uber bringing in new 0:12:04.400 --> 0:12:08.720 products that hurts profitability. Your strategy seems to me to 0:12:08.800 --> 0:12:13.040 be like more affordable products for a wider audience based 0:12:13.120 --> 0:12:15.720 customer base, but you're doing it in a way that 0:12:16.000 --> 0:12:18.199 is accreative to your bottom line. 0:12:18.240 --> 0:12:20.880 How have you done that? Let's try it. 0:12:21.360 --> 0:12:24.600 We've been on point in terms of strategy making our 0:12:24.679 --> 0:12:28.160 product more affordable and we really widened the top of 0:12:28.200 --> 0:12:30.520 the funnel for us. If you look at the third quarter, 0:12:30.920 --> 0:12:34.600 we have now forty eight monthly transacting users on our platform, 0:12:34.640 --> 0:12:37.840 which is another rerecord for us. And we're also seeing 0:12:37.920 --> 0:12:41.280 more you use spending on the platform at the same time, 0:12:41.320 --> 0:12:44.360 so that it affordability also is pushing the average spend 0:12:44.360 --> 0:12:47.839 also on our platform because they're transacting more on the platform. 0:12:48.040 --> 0:12:50.360 If you look at the number of transactions on our platform, 0:12:50.360 --> 0:12:53.400 we've grew twenty seven percent, which was actually growing faster 0:12:53.440 --> 0:12:56.200 than our GMB also at the same time. So what 0:12:56.200 --> 0:12:58.640 we're seeing is a number of things. One is people 0:12:58.679 --> 0:13:01.720 are engaging on the platform. We're also cross selling more 0:13:01.760 --> 0:13:04.720 also as they're coming in into certain funnels that we 0:13:04.800 --> 0:13:07.960 have on the affordable side, they're also trying other products 0:13:08.000 --> 0:13:10.400 that we have, whether it's the group order that you 0:13:10.520 --> 0:13:14.480 just mentioned, whether it's the dine out features that we 0:13:14.559 --> 0:13:16.640 have also for them to be able to go to restaurants. 0:13:16.920 --> 0:13:18.880 So there's a lot more products that we've actually been 0:13:18.960 --> 0:13:21.400 monetizing and that's producing some of the results that you've seen. 0:13:22.360 --> 0:13:25.559 If you have a strategy where group food orders and 0:13:25.640 --> 0:13:29.920 shared rides are a driver of demand, do you need 0:13:30.080 --> 0:13:34.400 big volume in order to make this a profitable exercise? 0:13:34.440 --> 0:13:34.920 For grab? 0:13:37.720 --> 0:13:41.400 Obviously, scale is important. The more scale that we have, 0:13:42.040 --> 0:13:44.679 the more users using the platform, the more we can 0:13:44.800 --> 0:13:48.160 actually leverage the cost structure of our business and also 0:13:48.240 --> 0:13:51.320 scale the big driver base that we have also at 0:13:51.320 --> 0:13:53.960 the same time. So it does play a role, and 0:13:54.040 --> 0:13:56.640 hence what you've been seeing is that now over a 0:13:56.720 --> 0:14:01.319 third of our user base, especially in deliveries now are 0:14:01.400 --> 0:14:05.040 coming into what we call more the affordable product stack, 0:14:05.480 --> 0:14:07.840 and it's a great entry point for them to use. 0:14:08.520 --> 0:14:12.520 You're looking at over twenty five million monthly transacting users 0:14:12.600 --> 0:14:15.400 just interacting in those affordable products, just on the food 0:14:15.440 --> 0:14:18.320 delivery side of the business. And that's a great way 0:14:18.360 --> 0:14:21.440 for us because it enables us for those users who 0:14:21.440 --> 0:14:23.600 are a little bit more price sensitive to try the 0:14:23.680 --> 0:14:26.520 product first, get a taste of it. Also, they're a 0:14:26.560 --> 0:14:28.800 little bit more price sensitive on the delivery fee, and 0:14:28.840 --> 0:14:31.000 we've managed to be able to lower the delivery fee 0:14:31.040 --> 0:14:33.760 for them. But they also get to experience the platform, 0:14:33.880 --> 0:14:36.240 and once they've experienced the platform, they get to also 0:14:36.280 --> 0:14:39.360 experience other products like grocery delivery, which is still a 0:14:39.440 --> 0:14:41.520 very nascent business for us. It's about ten percent of 0:14:41.560 --> 0:14:44.560 out delivery GMB. And at the same time, also we're 0:14:44.560 --> 0:14:47.040 cross selling them to other products like dine now for 0:14:47.040 --> 0:14:49.160 an example, for them to be able to go to restaurants. 0:14:49.360 --> 0:14:51.960 At the same time, it's interesting that you also for 0:14:52.000 --> 0:14:53.440 fintech as well and loans. 0:14:53.680 --> 0:14:55.880 But I've just got to target. 0:14:55.960 --> 0:14:57.720 The ennefit in the room is that we hear all 0:14:57.760 --> 0:15:01.000 these growth stories, we see analyst raising price target on you, 0:15:01.080 --> 0:15:03.240 but the shares are down on the day, Peter, and 0:15:03.560 --> 0:15:06.320 from the conversations you had with investors and analysts. What 0:15:06.440 --> 0:15:08.600 was it that perhaps was a little bit of concern. 0:15:08.320 --> 0:15:12.440 About I would say any of concern. A lot of 0:15:12.480 --> 0:15:16.440 the investors are really focused on how we are going 0:15:16.480 --> 0:15:19.000 to finish the quarter, and I've reiterated them that were 0:15:19.000 --> 0:15:21.600 on track to finish a very strong quarter. If anything, 0:15:21.640 --> 0:15:24.080 that reflects on the guidance that we've given out. Also, 0:15:24.280 --> 0:15:27.760 we've increased the EBD guidance now to four hundred and 0:15:27.840 --> 0:15:31.320 ninety million dollars to five hundred and that's there also 0:15:31.400 --> 0:15:34.120 shows that our confidence in terms of how we're exiting 0:15:34.200 --> 0:15:36.520 the quarter. I've also told them that in terms of 0:15:36.560 --> 0:15:39.840 our GM we growth, we're continuing to sustain this growth 0:15:39.880 --> 0:15:43.840 acceleration in our business today. So we are looking to 0:15:43.920 --> 0:15:46.520 finish strong in the quarter. One of the areas that 0:15:46.560 --> 0:15:49.880 we're focusing also is the fintech business. We've given out 0:15:49.920 --> 0:15:52.880 a one billion dollar loan outstanding by the end of 0:15:52.920 --> 0:15:54.920 the year and we're on target to hit that also, 0:15:55.040 --> 0:15:57.720 so all the different parts of the business are on 0:15:57.840 --> 0:15:59.680 track for us to have a very strong finish of 0:15:59.720 --> 0:16:00.000 the year. 0:16:00.240 --> 0:16:03.080 What's also on track is early twenty twenty six Robotaxi 0:16:03.200 --> 0:16:06.240 Chinese robotaxi company we Ride. You've been partnering there. How 0:16:06.280 --> 0:16:08.520 are you seeing av as the key area of focus 0:16:08.640 --> 0:16:09.560 just briefly. 0:16:10.240 --> 0:16:13.480 Yeah, we're leaning it into av it the biggest platform 0:16:13.520 --> 0:16:16.920 in Southeast Asia. We're leaning into the rarest part of 0:16:17.240 --> 0:16:20.440 investments that were making. One is across learning the tech 0:16:20.520 --> 0:16:22.720 and whether it's the wee Right partnership that we have 0:16:22.800 --> 0:16:26.040 in Singapore. We're hoping to have the cast deployed on 0:16:26.080 --> 0:16:28.280 the street in the first quarter to be able to 0:16:28.320 --> 0:16:31.200 take on public passengers with the safety driver. And also 0:16:31.240 --> 0:16:34.240 we're looking at US technology such as main Mobility. We 0:16:34.280 --> 0:16:37.120 made an announcement we're honering with main Mobility also, So 0:16:37.120 --> 0:16:39.200 we're looking at all the different tech and taking the 0:16:39.200 --> 0:16:41.600 best of it and really bringing it to Southeast Asia. 0:16:42.480 --> 0:16:43.320 Peter quickly. 0:16:43.560 --> 0:16:45.840 You know, across the jurisdictions you operate in, do you 0:16:45.880 --> 0:16:49.880 recognize one that is a better regulatory environment to deploy 0:16:49.960 --> 0:16:50.720 robotaxi in. 0:16:52.600 --> 0:16:55.920 You know, in all the countries, especially when we're studying 0:16:55.920 --> 0:16:59.880 in Singapore, because really Singapore, when it comes to the 0:17:00.000 --> 0:17:03.600 government regulations that the standard are very high here and 0:17:03.680 --> 0:17:05.879 a lot of the other Southeast Asian countries tend to 0:17:05.920 --> 0:17:09.119 look to Singapore as a proxy, So we've been working 0:17:09.240 --> 0:17:12.320 very closely with them, and that's around safety, which is 0:17:12.359 --> 0:17:18.880 really important, and also the customer adoption of autonomous vehicle itself. 0:17:19.040 --> 0:17:20.920 But at the same time, also we're leaning it in 0:17:21.040 --> 0:17:23.880 terms of how we can rescale the existing driver base 0:17:23.920 --> 0:17:27.040 that we have here also, so we identifying new opportunities 0:17:27.040 --> 0:17:30.320 for driver base where they become safety drivers, that become 0:17:30.359 --> 0:17:34.399 remote drivers, fleet operators, etc. Which is really important. So 0:17:34.640 --> 0:17:37.280 the way we're approaching AV is working with the government 0:17:37.480 --> 0:17:40.280 but also working with the driver community and also the 0:17:40.400 --> 0:17:43.440 end user also to be able to adopt these new technologies. 0:17:43.520 --> 0:17:45.680 I mean, the labor impact of AI as front center. 0:17:45.720 --> 0:17:49.080 It's interesting that you're really leaning into that, Peter, the 0:17:49.160 --> 0:17:52.359 prioritization of innovation. How much you were able to do 0:17:52.440 --> 0:17:55.919 that while still driving the bottom line because profitability is 0:17:55.960 --> 0:17:56.600 being asked of you. 0:17:57.920 --> 0:18:01.120 Yeah, we'll Actually AI is something which is very core 0:18:01.680 --> 0:18:02.399 to grab itself. 0:18:02.440 --> 0:18:03.159 It's not something new. 0:18:03.200 --> 0:18:05.600 Also, we've been focusing a lot on AI about four 0:18:05.640 --> 0:18:08.560 or five years ago. We've developed our own models actually 0:18:08.640 --> 0:18:11.960 very early on. We now have over one thousand models 0:18:11.960 --> 0:18:14.640 in production that we're running here. And the way we've 0:18:14.640 --> 0:18:17.359 been operating in the last eighteen months since the technology 0:18:17.400 --> 0:18:20.680 has advanced so much is really internally we're also using 0:18:20.720 --> 0:18:22.679 a lot of AI of a ninety eight percent of 0:18:22.720 --> 0:18:25.879 our engineers today use some sort of AI code assist. 0:18:26.600 --> 0:18:29.840 What also we started to deploy is the products to 0:18:29.920 --> 0:18:33.560 our customers. Also, we have voice activation now for the 0:18:33.680 --> 0:18:37.080 visually impaired where they can actually just speak to our 0:18:37.119 --> 0:18:39.399 app and able to order a food or order a 0:18:39.520 --> 0:18:44.040 ride for an example. And also we've deployed copilot equivalent 0:18:44.080 --> 0:18:47.200 to our driver base where they could really rely as 0:18:47.280 --> 0:18:50.320 on with a really effective a pilot to be able 0:18:50.320 --> 0:18:53.160 to navigate throughout their day. And also with the merchant 0:18:52.960 --> 0:18:55.520 or merchant bot actually that we have also they can 0:18:55.560 --> 0:18:57.720 interact with our merchants. 0:18:57.480 --> 0:18:59.719 Staying up late for us. We so appreciate it you 0:18:59.720 --> 0:19:03.440 do of grab the Chief Financial Officer. It's election day 0:19:03.440 --> 0:19:05.439 in the US and millions of Americans heading to the 0:19:05.480 --> 0:19:08.320 polls to cast ballots in local and state races. In 0:19:08.359 --> 0:19:10.960 New York, the meyoral contest is in the spotlight Zauraen 0:19:11.000 --> 0:19:15.640 Mamdani Andrew Cuomo Curtis leewa battle for city Hall, an 0:19:15.640 --> 0:19:18.560 outcome that could have major implications of big tech footprint 0:19:18.640 --> 0:19:20.600 right here in the city. Let's get the latest on 0:19:20.640 --> 0:19:22.840 an extraordinary race for Miles Miller. What are you watching 0:19:22.840 --> 0:19:23.119 out for? 0:19:26.040 --> 0:19:28.560 Yeah, you know, this is going to be a race 0:19:28.680 --> 0:19:32.520 that really is going to be either a landslide and 0:19:32.560 --> 0:19:36.199 a mandate or a squeaker with Andrew Cuomo. But the 0:19:36.240 --> 0:19:38.640 one thing that I think the tech community is looking 0:19:38.640 --> 0:19:42.040 out for is if Mamdani is to win, will these 0:19:42.080 --> 0:19:44.959 tech firms stay in New York. And the answer that 0:19:45.000 --> 0:19:48.280 he's given is yes. He says that in a city 0:19:48.320 --> 0:19:51.679 that is more affordable, tech firms will be able to 0:19:51.720 --> 0:19:55.800 recruit and retain much quicker. And what he has said 0:19:55.960 --> 0:19:58.560 is that that is what will be born out of 0:19:58.600 --> 0:20:03.240 some of his big proposals, talking about everything from free childcare, 0:20:03.320 --> 0:20:07.200 discounted childcare, to free buses, and he's saying that that'll 0:20:07.240 --> 0:20:10.879 have a measurable effect on the tech community. You know, 0:20:11.000 --> 0:20:14.920 as I speak to folks like Jeff blau At related 0:20:14.960 --> 0:20:17.880 in some other real estate firms, they say that tech 0:20:18.000 --> 0:20:22.400 is really starting to continue to work and stay in 0:20:22.440 --> 0:20:25.199 New York. And you know, those were some of the 0:20:25.200 --> 0:20:29.320 people who were backing Eric Adams and Andrew Cuomo's campaign. 0:20:29.720 --> 0:20:33.679 Will they be able to move over and work with Mamdanni. 0:20:33.720 --> 0:20:37.840 Mamdanni thinks yes if he is elected, because he will 0:20:38.080 --> 0:20:41.639 have this affordability message and that will bore true. We 0:20:41.720 --> 0:20:44.199 also know that if Andrew Cuomo were elected, you know, 0:20:44.240 --> 0:20:48.160 he spent ten years as governor and really worked very 0:20:48.160 --> 0:20:51.560 well with the tech community, and that's what he is 0:20:51.640 --> 0:20:52.920 making his pitch as as well. 0:20:53.600 --> 0:20:55.600 Bloomberg's Miles Miller, thank you very much. 0:20:55.640 --> 0:20:55.720 Me. 0:20:55.760 --> 0:20:58.119 While voters in New Jersey and Virginia are heading to 0:20:58.119 --> 0:21:01.520 the polls and key gubinatorial races, contests that could shape 0:21:01.560 --> 0:21:05.600 house states approached big tech, artificial intelligence, and data center development, 0:21:05.600 --> 0:21:08.359 Bloomberg's remain bostic in New Jersey with the latest and 0:21:08.359 --> 0:21:11.240 remain whether a Republican win or a Democratic win, the 0:21:11.320 --> 0:21:13.080 considerations are very clear. 0:21:12.880 --> 0:21:17.480 Here, yeah, ed. And in fact, this has actually become 0:21:17.520 --> 0:21:20.320 a bit of a sleeper issue in this campaign. Remember 0:21:20.400 --> 0:21:22.399