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Speaker 1: From the heart of where innovation, money and power Colli

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Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

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Speaker 1: Emily Jay I'm only tagging New York and this is

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Speaker 1: Bloomberg Technology. Coming up the next hour, Snap plunges more

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Speaker 1: after posting its slowest quarterly sales growth since going public.

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Speaker 1: This could spell trouble ahead for Twitter and meta results.

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Speaker 1: We will discuss plus, are people working more but getting

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Speaker 1: less done? That's what Ariana Huffington thinks, But new studies

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Speaker 1: show productivity is best if employees have flexibility over when

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Speaker 1: they work, not necessarily where. And artificial intelligence is creating

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Speaker 1: a new type of artists with the explosion of apps

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Speaker 1: like Dolly. Later this hour, oh, we've got the founder

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Speaker 1: of the world's first talent agency for AI artists. For

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Speaker 1: more on Snap in the future of social media, let's

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Speaker 1: bring into Economy founder and editor in chief David Kirkpatrick,

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Speaker 1: as well as our own Kurt Wagner. So, David, big picture,

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Speaker 1: what are your takeaways here? Well? I think the big

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Speaker 1: picture is that the economy is getting worse faster than

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Speaker 1: most of us had hoped, and in fact Snap is

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Speaker 1: the first prominent victim. Unfortunately, we'll probably see more in

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Speaker 1: the near future, Kurt, you know, walk us a little through,

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Speaker 1: a little more through the numbers. You know, what are

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Speaker 1: you seeing in here, and how does this compared to

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Speaker 1: what we've seen in the previous quarters. It was the

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Speaker 1: slowest uh, you know, year over year revenue growth that

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Speaker 1: we've ever seen from Snap, which is never never a

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Speaker 1: sentence you want to say when you're talking about earnings.

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Speaker 1: But I think the issue is that, you know, the

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Speaker 1: it wasn't that far off of the streets expectations, but

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Speaker 1: I think those have already been depressed. Right There was

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Speaker 1: already this feeling that it had been a really tough

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Speaker 1: summer that a lot of the issues the war in Ukraine,

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Speaker 1: certainly the Apple iOS changes had, you know, had a

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Speaker 1: serious impact on the business. So I think this was

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Speaker 1: considered a low bar for Snap to clear, which they

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Speaker 1: didn't do. And as David just mentioned, this is a

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Speaker 1: really terrible sign for sort of the rest of the

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Speaker 1: digital advertising industry, which hasn't yet reported earnings, will in

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Speaker 1: the next couple of weeks. You know. It's just a

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Speaker 1: sign that anyone who is trying to make money from

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Speaker 1: UH digital ads right now and use your attention. They're

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Speaker 1: really struggling for a number of reasons, and Snap, of

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Speaker 1: course is the first that have to go. It's interesting, David,

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Speaker 1: because you could look at what's happening with Meta trying

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Speaker 1: to make this big pivot and Twitter in the middle

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Speaker 1: of this legal drama as an opportunity for Snap, and

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Speaker 1: it's interesting that it hasn't necessarily been well. You know,

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Speaker 1: Snap has the benefit of having a brilliant CEO who's

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Speaker 1: at least very focused on the actual business he has,

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Speaker 1: unlike Meta, and I have a lot of confidence in

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Speaker 1: Evan Spiegel's ability to sort of surf this wave. On

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Speaker 1: the other hand, it's it's like a tsunami that's hitting

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Speaker 1: him in a way that he didn't expect um And

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Speaker 1: you know it's weird because user growth was good, uh,

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Speaker 1: revenue wasn't good, but you know, they still lost three

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Speaker 1: hundred and sixty million dollars. This company has never made money,

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Speaker 1: and it's it's not I don't even know why they

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Speaker 1: would do a share by back when they they're going

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Speaker 1: to have to conserve cash going into this situation. Can

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Speaker 1: you remind us of some of the innovative things that

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Speaker 1: Evan Spiegel has been trying Kurt over the last year,

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Speaker 1: you know, and he also has a sort of anti

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Speaker 1: meta view on the metaverse, which is informing his strategy. Well,

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Speaker 1: I'm with David in the sense that I think Evan

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Speaker 1: is a really smart person. Uh, and I think that

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Speaker 1: as a product thinker, he's one of the best, right,

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Speaker 1: I mean, he has been routinely copied by Mark Stuckerberg

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Speaker 1: over at Facebook and Meta and and you know, he's

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Speaker 1: constantly kind of coming up with new things. And he

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Speaker 1: is also focused on augmented reality, similar to Mark Zuckerberg,

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Speaker 1: but in a very different way. Right, He's trying to

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Speaker 1: build that kind of stuff into the camera, into uh,

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Speaker 1: something that people already have in their hands, versus sort

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Speaker 1: of like a metaverse idea that's still years off. But

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Speaker 1: you know, some of the stuff they tried to do,

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Speaker 1: they tried to build a subscription product, right, so they're

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Speaker 1: not quite as reliant on advertising, kind of give people

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Speaker 1: early access to new features. You know, they've talked about uh, Emily,

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Speaker 1: you remember they've done spectacles. They're they're kind of building

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Speaker 1: other augmented reality glasses that are that are not here

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Speaker 1: yet but are coming. So you know, those are the

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Speaker 1: types of projects. I wonder if they'll continue to invest

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Speaker 1: in They have started to pull back on anything that

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Speaker 1: isn't directly related to revenue and user growth, and I

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Speaker 1: think a r you know, while it's certainly something he's

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Speaker 1: been passionate about for years, it does make me wonder

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Speaker 1: if if they can continue to invest in that in

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Speaker 1: the way he would like to, given everything that's going

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Speaker 1: on at the company right you know. Meantime, Meta had

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Speaker 1: another another high profile executive leaving today, the vice president

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Speaker 1: of corporate Development. And obviously, David, You've chronicled so many

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Speaker 1: years of Meta and clearly we're moving into a new

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Speaker 1: phase that I trust suit you know, surrounding the within

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Speaker 1: unlimited deal. Um you know, you know you you you

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Speaker 1: used to see more kind of M and A in

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Speaker 1: the social media space when there was turmoil and and uh,

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Speaker 1: you know resizing if you will like this, but maybe

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Speaker 1: in this environment we won't. Right if you're the M

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Speaker 1: and A guy at Meta Facebook, you know, what are

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Speaker 1: you gonna do right now if the government won't let

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Speaker 1: you do anything of substance. Plus, I think it's it's

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Speaker 1: increasingly the case that employees throughout Meta, including a lot

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Speaker 1: of the senior leaders are feeling somewhat disenchanted. I don't

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Speaker 1: know if this is an example of that, but an

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Speaker 1: awful lot of senior people have left that company and

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Speaker 1: it must be very disheartening to work for a company

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Speaker 1: with three and a half billion users whose CEO is

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Speaker 1: thinking about something else. I gotta believe that is a

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Speaker 1: problem for everybody at that company. Meantime, Kirk, can you

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Speaker 1: give us an update on the Twitter situation. We did

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Speaker 1: hear a little bit I'm Elon Musk yesterday on the

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Speaker 1: Tesla earnings call. You know, Twitter, Twitter's earnings, A car

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Speaker 1: coming up pretty soon? How's that gonna work? Um? You know,

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Speaker 1: give us the latest. Well, we think they're coming up soon.

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Speaker 1: They haven't said an earnings date yet. I'm I'm wondering

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Speaker 1: if they're just hoping that this whole thing gets closed

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Speaker 1: before that they have to go through with that, right,

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Speaker 1: because not only are they already projected I believe I

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Speaker 1: saw I start projecting a revenue decline for them as well,

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Speaker 1: but you saw what just happened with Snap, Right. The

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Speaker 1: last thing they want to do is have to to

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Speaker 1: go through something like that publicly while they're still waiting

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Speaker 1: for this deal to close. But as you mentioned, Elon

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Speaker 1: Musk yesterday on Tesla's earnings, in my opinion, he said

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Speaker 1: some stuff that that made me think this deal is

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Speaker 1: going to happen, right he was Normally when he talks

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Speaker 1: to the deal, he does so in this way where

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Speaker 1: he's like, well, you know, if if this thing finally happens,

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Speaker 1: maybe this not not yesterday. Yesterday he seemed to say

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Speaker 1: he was excited about the deal. He even said I'm

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Speaker 1: over paying for the deal. But you know, it wasn't that. Um.

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Speaker 1: It was suggesting that he's, you know, already done this thing.

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Speaker 1: I don't know. I just got the sense when I

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Speaker 1: listened to it that I walked away that he feels

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Speaker 1: this thing is done. And if he feels it's done,

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Speaker 1: of course, well that makes me think it's going to

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Speaker 1: get done as well. David, what do you think? I mean, Gosh,

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Speaker 1: we're about to enter a very new era. Well, the

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Speaker 1: eras are just cascading in on us in so many ways.

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Speaker 1: I I don't know what it's going to be to

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Speaker 1: have Twitter owned by Elon Musk. I'm not sure it's

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Speaker 1: all bad. You know, Elon Musk is the ultimate you

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Speaker 1: know cipher because he's so brilliant and so important as

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Speaker 1: an innovator and so crazy, and putting those two things

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Speaker 1: together is extremely difficult, especially predicting the future. But do

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Speaker 1: you think there's going to be a huge brain train

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Speaker 1: or maybe maybe there'll be an influx of of people

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Speaker 1: going to Twitter who want to work for him, And

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Speaker 1: there's certainly going to be a time of transition, and gosh,

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Speaker 1: what happens to the platform in the middle of this

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Speaker 1: transition experience. A bunch of top people are definitely going

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Speaker 1: to leave because he's insulted them in the course of

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Speaker 1: this this process. For one thing, I think he does

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Speaker 1: have people who want to work with him. I mean,

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Speaker 1: he he is a brilliant manager and and maybe that's

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Speaker 1: an asset. I I one of the things that he

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Speaker 1: always talks about, which I really like, is genuine identity

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Speaker 1: for Twitter users. If they were to do that, it

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Speaker 1: would fundamentally change the platform. And I would love to

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Speaker 1: watch that because I don't like anonymous social media myself. Kurt,

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Speaker 1: I see smiling. You know where are you on this?

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Speaker 1: Where Twitter employees on this? Well, I'm smiling because I'm

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Speaker 1: a green with what David said. I think, um both

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Speaker 1: that there will be a brain drain. And at the

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Speaker 1: same time that there are plenty of people who would

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Speaker 1: love to work with Elon Musko will be lining up

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Speaker 1: and and throwing their resumes at Twitter if if he

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Speaker 1: gets this company. So I think it will sort of

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Speaker 1: be maybe a changing of the guard if you will

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Speaker 1: um at the company soon. And as David said, I

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Speaker 1: you know, I am thinking that the biggest change is

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Speaker 1: going to be around the content policy, right, and all

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Speaker 1: this stuff Twitter has been trying to do to make

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Speaker 1: itself less terrible, less toxic for years, Right, We've been

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Speaker 1: talking about this, They've been putting all these rules and

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Speaker 1: policies in place, and it get the sense that he

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Speaker 1: just wants to rip those out. He wants to gut that.

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Speaker 1: And so, you know, it'll be interesting to see what

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Speaker 1: the culture on Twitter feels like a year from now

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Speaker 1: if he takes over, because it may feel very much

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Speaker 1: like it did in than it does today. Change coming indeed,

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Speaker 1: all right, Kurt Wagner, thank you to Economy is David Kirkpatrick.

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Speaker 1: Always good to see you and here in person to

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Speaker 1: appreciate it. Supply, chain pain is still wreaking havoc in

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Speaker 1: our post pandemic world, a wake up call about the

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Speaker 1: inherent precariousness of global trade and maybe even globalization itself.

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Speaker 1: That is the topic of a new book, Homecoming, The

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Speaker 1: Path to Prosperity in a Post global World, author and

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Speaker 1: Financial Times calling this, Rona fu Hard joins us. Now

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Speaker 1: for more on this. So, Rana, you know we've heard

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Speaker 1: about supply chain issues, but you take it a step

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Speaker 1: further are here and argue that maybe we're too dependent

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Speaker 1: on other countries, too dependent on globalization. Are you saying

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Speaker 1: we need to completely rethink supply chains, Well, I'm saying

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Speaker 1: we need to rethink more than that. Actually, you know,

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Speaker 1: for the last half century, we've had a process of

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Speaker 1: what I would call neoliberal globalization, which is, you know

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Speaker 1: about the idea that capital goods people can move wherever

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Speaker 1: they want and that they're always gonna land wherever it's

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Speaker 1: most productive. And that worked really well for capital um

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Speaker 1: and the biggest beneficiaries have been multinational companies and the

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Speaker 1: Chinese state. It's the chief capital for cheap labor bargain

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Speaker 1: between the US and Asia. But now that is just

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Speaker 1: fundamentally shifting, and it's been happening for a while. But

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Speaker 1: I think the pandemic and war in Ukraine were really

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Speaker 1: almost like a scrim that was pulled up and suddenly

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Speaker 1: people thought, oh, maybe it's not a good idea to

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Speaker 1: get our energy from an autocrat, or gosh, maybe it's

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Speaker 1: not such a safe thing. If the high end chips

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Speaker 1: in the world are produced in one island, that's um,

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Speaker 1: you know, maybe to be blockaded or even taken over

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Speaker 1: by China. So I think that these are things that

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Speaker 1: are now in the felt experience of most people. But

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Speaker 1: even before the decoupling that was about geopolitics, which we

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Speaker 1: all know is happening, there was a lot of regionalization

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Speaker 1: and even localization happening in supply chains for all kinds

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Speaker 1: of reasons, one of which is wages had risen in Asia.

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Speaker 1: You know, that whole arbitrage between productivity, wages, energy costs

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Speaker 1: was changing. You know a lot of companies were starting

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Speaker 1: to say, oh, you know, the low margin stuff, we

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Speaker 1: don't really want to tote it a long way through

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Speaker 1: the South China seas. Maybe we'll do it regionally. UM. Now,

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Speaker 1: I think with E s G concerns with energy prices

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Speaker 1: with their Europe, China and the US in different ways,

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Speaker 1: But all kind of pushing in the same direction towards

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Speaker 1: um If not a price on carbon, at least some

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Speaker 1: sort of accountability for carbon, those long supply chains will

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Speaker 1: become even harder. And then finally, we've got one more

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Speaker 1: really important tailwind, which is high tech manufacturing. I mean,

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Speaker 1: we're about to see I believe what we saw when

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Speaker 1: the iPhone came out in the consumer space, just that

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Speaker 1: boom in the app economy, and all kinds of growth

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Speaker 1: that's now coming into the industrial space through decentralized technologies

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Speaker 1: like three D printing or vertical farming. I mean, we

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Speaker 1: are really about to go through a massive technological change.

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Speaker 1: It's just gonna make it a lot more um efficient

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Speaker 1: and resilient to hub production and consumption more closely together.

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Speaker 1: Is more localization or the pendulum swinging back that way? Though?

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Speaker 1: Could that also be seen as a step backwards. Is

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Speaker 1: there a healthy middle? Well, for sure, there is a

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Speaker 1: healthy meddal I'm so glad you said that, because oftentimes

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Speaker 1: when you have the globalization debate, you know, on the

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Speaker 1: one hand, you've got people to say we got to

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Speaker 1: go back to the nineties, and then on the other hand,

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Speaker 1: you say, oh my gosh, we gotta go back to

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Speaker 1: the nineties. It's gonna be nineties. No, We're in a

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Speaker 1: whole new era. You know. I think economic pendulums always

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Speaker 1: swing throughout history. You know that's true. You go back

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Speaker 1: to eighteen century mercantilism that worked until it didn't, and

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Speaker 1: then you've got loss Affair, and then you've got Kenzie

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Speaker 1: in his him, and and then you know, we've had

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Speaker 1: now a half century or so of neoliberalism, you know,

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Speaker 1: most recently in the form of the Reagan Thatcher Revolution,

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Speaker 1: which maybe with the collapse of the list trust is

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Speaker 1: government and the disaster that is trusts and nomics, we

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Speaker 1: may see this as the apex and and the kind

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Speaker 1: of end of that old era before we move into

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Speaker 1: something new. How do you see the relationship between the

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Speaker 1: US and China evolving, especially with the actions that the

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Speaker 1: Bidens administration has taken on chips and what we heard

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Speaker 1: from s jamping over the weekend. Yeah, for sure. So

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Speaker 1: the US is reacting basically to China. I mean, as

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Speaker 1: we all know, China is always very clear about its

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Speaker 1: five year plans. It lays them out, they're available for

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Speaker 1: people to read. Um she is you know, uh adds

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Speaker 1: another layer of complexity. The nationalism, the populism that's gone

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Speaker 1: along with him is a little bit off piece for China,

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Speaker 1: which tends to produce more sort of middle of the

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Speaker 1: road technocratic leaders. But I think that it's been clear

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Speaker 1: for some time that China wants to do couple from

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Speaker 1: US technology. It wants to have what it calls a

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Speaker 1: dual circulation and commune, which essentially means the same thing regionalism,

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Speaker 1: hubbing production and consumption. They've got enough rich consumers now

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Speaker 1: they want to keep some of their uh, you know,

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Speaker 1: their their factory production at home. They don't want to

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Speaker 1: be the factor of the world anymore. They also want

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Speaker 1: to become less coupled with the dollar, which is a

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Speaker 1: whole another part of this. I mean, what we've seen

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Speaker 1: so far is shifts in supply chains and trade. What

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Speaker 1: we've made now start seeing is shifts in the financial

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Speaker 1: markets as China tries to do more digital R and

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Speaker 1: B business. Um, you know, you see, the weaponization of

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Speaker 1: the dollar was sanctioned, so there's there's decoupling and financial

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Speaker 1: markets too. Before we go, I have to get your

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Speaker 1: quick thoughts on Liz trust resigning today. Obviously a fierce

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Speaker 1: neoliberal advocate, which in the end certainly didn't work out.

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Speaker 1: So well. Are we witnessing a major ideological shift here? Uh,

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Speaker 1: it's hard to look at what's happened. Um, you know,

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Speaker 1: Liz Trust comes in and says, hey, we've got a

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Speaker 1: growth problem. Let's cut taxes on the very wealthiest even

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Speaker 1: as we spend on energy subsidies. And wow, the markets

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Speaker 1: didn't like that. You know, we've had about twenty years,

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Speaker 1: i would say, in this country, in the Anglo American

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Speaker 1: world in general, where it's been pretty clear that trickle

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Speaker 1: down wasn't working until the recent bout of inflation, and

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Speaker 1: there are other reasons for that. Wages for most Americans

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Speaker 1: have been flat since um, you know, the last twenty years.

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Speaker 1: The same has been true in the UK. Cutting taxes

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Speaker 1: on the rich is not the solution. The Reagan Thatcher

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Speaker 1: era is over. We don't have a sort of you know,

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Speaker 1: um postgame strategy yet completely, but we have some ideas

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Speaker 1: about where to go, and trickle down is not it.

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Speaker 1: So look, where do you see the world going, Like

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Speaker 1: five years from now, how much more localized will the

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Speaker 1: economy be? Will the economy be in better shape? I mean,

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Speaker 1: we're about to go through what could potentially be a

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Speaker 1: two to three year downturn. Yes, so let me let

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Speaker 1: me raise one issue first, and I'll kind of put

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Speaker 1: the caveat to my own thesis, which is inflation. Um,

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Speaker 1: we're moving towards world of more redundancy of supply, more

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Speaker 1: resiliency of supply, and that's inflationary, right. Cheap is not cheap.

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Speaker 1: People are gonna have to pay more for stuff. That's

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Speaker 1: an issue. Are they going to want to do that?

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Speaker 1: And then are we going to go back kind of

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Speaker 1: be pushed back into the old model? I don't think so,

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Speaker 1: because I think that geopolitics have fundamentally changed and ultimately,

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Speaker 1: after you know what, maybe a bumpy five years or so,

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Speaker 1: I think we're going to come back into a better

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Speaker 1: place in this country because making things has always been important.

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Speaker 1: You know, everybody that has ever spent time in a

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Speaker 1: factory floor and I did. I grew up and then

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Speaker 1: my dad ran factories kind of knows that that's an

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Speaker 1: important part of innovation and iteration. So I think having

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Speaker 1: an economy that's based on something aside from you know,

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Speaker 1: finance and software, uh, and it's more diverse and inclusive

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Speaker 1: in this country is going to be a good thing,

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Speaker 1: all right, Ron for our congrats on the book Financial

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Speaker 1: Times calumnist and awful of the author of Homecoming. Good

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Speaker 1: to have you. Now, speaking of China and supply chain issues,

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Speaker 1: the country has been struggling with containing COVID cases in

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Speaker 1: recent weeks, and now officials are said to be debating

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Speaker 1: whether to reduce the amount of time people entering the

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Speaker 1: country must spend and quarantine. They're talking about setting the

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Speaker 1: period to two days in a hotel, then five days

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Speaker 1: at home, versus the current seven days in a hotel

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Speaker 1: three days at home. The country's COVID zero policy leaving

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Speaker 1: it increasingly isolated from the rest of the world. Gotta

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Speaker 1: have much more coming up after the break. Let stay

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Speaker 1: with us. This is Bloomberg. Texas sued Google overclaims that

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Speaker 1: it's illegally capturing the biometric data of users without their consent.

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Speaker 1: This is the latest in a series of lawsuits by

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Speaker 1: the state against tech companies over online privacy. According to

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Speaker 1: Texas Attorney General Can Paxton, Google has collected millions of

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Speaker 1: biometric identify irs from Texas residents, including voice prints and

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Speaker 1: records of face geometry, through products like Google Photos and

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Speaker 1: Google assistant. Netflix's top executives continue to battle that out

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Speaker 1: over releasing more of its original movies theaters. The Wall

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Speaker 1: Street Journal reporting some arguing Netflix is leaving hundreds of

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Speaker 1: millions in box office receipts on the table by showing

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Speaker 1: select movies in just a few theaters for a few weeks,

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Speaker 1: while others feel theater showings create us for the streaming service.

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Speaker 1: Welcome back. We've got some breaking news now coming out

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Speaker 1: of the Washington Post that Elon Musk plans to cut

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Speaker 1: Twitter's workforce by seventy five percent. The Post reporting on

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Speaker 1: documents detailing these plans to allegedly cut Twitter's workforce. Um,

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Speaker 1: of course, we've been talking about whether or not Musk

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Speaker 1: would make big changes, especially when it comes to staffing. Now.

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Speaker 1: Of course, the deal is not done yet, still waiting

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Speaker 1: for that October deadline for a deal to happen. But

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Speaker 1: if Elon Musk does indeed close this deal to buy Twitter,

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Speaker 1: does indeed cut seventy of the workforce, you're talking about

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Speaker 1: thousands of people. Um. Twitter's workforce is currently at about

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Speaker 1: seven thousand, five hundred people, so that is a significant cut.

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Speaker 1: We're gonna continue to follow this story and bring you

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Speaker 1: more headlines as we have them. Meantime, I want to

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Speaker 1: talk a little bit about workplace trends. The pandemic, of course,

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Speaker 1: has brought about many changes, one of them being hybrid work,

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Speaker 1: but it's not the only metric that matters. And we're

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Speaker 1: going to talk about this all with Arianna Hoffington, founder

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Speaker 1: and CEO of Thrive Global. Ariana, so great to have

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Speaker 1: you back. Um. As always, you know, we've been hearing

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Speaker 1: this term quiet quitting over and over again, which speaks

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Speaker 1: to this idea of employees deciding not to go above

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Speaker 1: and beyond their listed responsibilities. Why do you think that

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Speaker 1: is so? I really great to be with you. I'm

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Speaker 1: here at the Masters of Scale Conferdence at Reid Hoffman

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Speaker 1: and the wide want more organizing and quite quitting, the

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Speaker 1: great resignation, the great break up for women have been

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Speaker 1: big themes of the conference. And what is interesting about

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Speaker 1: quite quitting is that it's really a rejection of the

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Speaker 1: hussle culture that we've all been bemoaning. But also it's

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Speaker 1: like a false choice between hussle culture and burnout and

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Speaker 1: giving up on having an engaged job that you love

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Speaker 1: and brings you joy in a sense of purpose and meaning,

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Speaker 1: and so a lot of the conversation here has been

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Speaker 1: about how to recognize that we don't have to buy

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Speaker 1: this false choice, that we can be engaged in our

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Speaker 1: jobs and set boundaries. And also, if you look at

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Speaker 1: the great breakup that the Mackensey Leaning Report talked about

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Speaker 1: with them many more women living in the workplace because

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Speaker 1: of burnout compared to men forty three versus thirty one,

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Speaker 1: and you see that burnout is at the top of

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Speaker 1: the conversation everywhere. Well, and I wondered, two women and

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Speaker 1: underrepresented minorities have the luxury of quiet quitting or is

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Speaker 1: this something that you know more men have the luxury

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Speaker 1: of doing. Well, it's not just quite witting for women.

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Speaker 1: They're just leaving the workspace in unprecedented numbers. And that's

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Speaker 1: all the bad news. And Emily, the good news is

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Speaker 1: that these conversations are no longer just the province of

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Speaker 1: the HR departments. And Satia and Natala spoke here yesterday morning,

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Speaker 1: and he spoke not just of the digital revolution and

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Speaker 1: AI breakthroughs, but about the need for leaders to acquire

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Speaker 1: soft skills and not just to demand that their employees

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Speaker 1: returned to the office, but to become like event organizers,

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Speaker 1: he called it, where he gives them a reason to

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Speaker 1: return to the office, where leaders acknowledged that people come

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Speaker 1: for people and not because of mandated policy. Also, he

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Speaker 1: talked about the productivity paradox of leaders think they're doing

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Speaker 1: enough to prevent burnout and promote well being, and percent

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Speaker 1: of of employees feel burned out and white a lot

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Speaker 1: of their managers in their slacking off. So there is

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Speaker 1: theurmoil in the workplace. But frankly, Emily, a lot of

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Speaker 1: these things have been happening before the pandemic, and now

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Speaker 1: everything has come to the service and we have an

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Speaker 1: opportunity to redefine how we work and live. I have

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Speaker 1: to ask you about this Twitter nuwi since it just broke,

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Speaker 1: and I can imagine a few people have probably been

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Speaker 1: quiet quitting a Twitter over the last few months. Now

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Speaker 1: we're learning from this Washington Post report that Elon Musk

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Speaker 1: plans to cut seventy of the workforce. Elon Musk, you know,

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Speaker 1: has also come out in favor of in person work.

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Speaker 1: But you know, what's your reaction to this. Well, first

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Speaker 1: of all, there's been so many rumors about this Twitter deal.

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Speaker 1: We don't know what it's true and what isn't. And

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Speaker 1: also I'm wondering how much Elon Musk is regretting this

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Speaker 1: impulsive decision to buy Twitter. It's been a huge destruction.

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Speaker 1: It's definitely affected the test last talk, because shareholders obviously

428
00:23:41,480 --> 00:23:48,600
Speaker 1: don't like the CEO being so destructed by a major

429
00:23:48,760 --> 00:23:51,920
Speaker 1: deal that's in the news every day. You know, as

430
00:23:52,359 --> 00:23:55,800
Speaker 1: someone who you know has played such a prominent role

431
00:23:56,320 --> 00:23:59,560
Speaker 1: in media, do you like the idea of Elon Musk

432
00:23:59,600 --> 00:24:04,800
Speaker 1: owning Twitter or what concerns you about the idea of

433
00:24:04,840 --> 00:24:06,200
Speaker 1: you on must go on Twitter? What do you think

434
00:24:06,200 --> 00:24:10,000
Speaker 1: is gonna change? I mean, it's get really dramatically change

435
00:24:10,400 --> 00:24:13,840
Speaker 1: how a lot of us get our news. Well, if

436
00:24:13,840 --> 00:24:17,439
Speaker 1: you look at them, the power of TikTok and the

437
00:24:17,480 --> 00:24:21,520
Speaker 1: incredible popularity of TikTok and the city of TikTok is

438
00:24:21,600 --> 00:24:25,000
Speaker 1: here and talking to him, it's clear that there is

439
00:24:25,080 --> 00:24:30,600
Speaker 1: real moderation there. And they have twelve rules around moderation,

440
00:24:30,840 --> 00:24:37,280
Speaker 1: including preventing and and rejecting violence and pornography. A lot

441
00:24:37,320 --> 00:24:41,360
Speaker 1: of it is moderated through AI, but there is also

442
00:24:41,520 --> 00:24:43,919
Speaker 1: human moderation. So the idea that you can have a

443
00:24:44,000 --> 00:24:47,080
Speaker 1: free for all in the name of quote and quote

444
00:24:47,080 --> 00:24:52,480
Speaker 1: free speech is definitely troubling because there's so much mus representation,

445
00:24:53,400 --> 00:25:03,200
Speaker 1: and it's impossible to have a functioning democracy without moderation.

446
00:25:04,160 --> 00:25:08,600
Speaker 1: So clearly, you know the Twitter and Elama's case isn't

447
00:25:08,840 --> 00:25:13,680
Speaker 1: is a unique story in itself. We are going through

448
00:25:14,000 --> 00:25:16,760
Speaker 1: what could be a very prolonged economic downturn. There are

449
00:25:16,800 --> 00:25:21,720
Speaker 1: all of these rapidly shifting workplace trends. As you discuss,

450
00:25:22,080 --> 00:25:25,120
Speaker 1: what's your advice to employers right now, what's your advice

451
00:25:25,160 --> 00:25:31,160
Speaker 1: to businesses about how they should rethink their workplace policies

452
00:25:31,560 --> 00:25:35,480
Speaker 1: and what they expect of their employees. Well, the priority,

453
00:25:35,640 --> 00:25:39,760
Speaker 1: Emily has to be to recognize that investing in the

454
00:25:39,880 --> 00:25:42,720
Speaker 1: well being and mental health of their employees it's not

455
00:25:42,880 --> 00:25:47,240
Speaker 1: the warm and fuzzy HR benefit. It's a business strategy.

456
00:25:47,400 --> 00:25:52,399
Speaker 1: It's a necessity in order to prevent attrition, improved productivity,

457
00:25:53,040 --> 00:25:58,040
Speaker 1: and and actually reduce healthcare costs. I mean, you saw

458
00:25:58,119 --> 00:26:05,000
Speaker 1: the lead document two days ago that Amazon is losing

459
00:26:05,119 --> 00:26:09,760
Speaker 1: eight billion dollars a year because of attrition. So the

460
00:26:09,840 --> 00:26:13,280
Speaker 1: connection between well being and mental health and attrition is

461
00:26:13,440 --> 00:26:16,320
Speaker 1: very clear. We have a lot of data here, so

462
00:26:17,359 --> 00:26:22,080
Speaker 1: leaders are recognizing more and more that this is the

463
00:26:22,160 --> 00:26:26,600
Speaker 1: moment to redefine the importance of the importance of human

464
00:26:26,680 --> 00:26:30,159
Speaker 1: capital invest in the well being of their employees in

465
00:26:30,280 --> 00:26:33,440
Speaker 1: the workflow. Embedded in the workflow. It can't just be

466
00:26:33,680 --> 00:26:38,120
Speaker 1: a mental health day here or a yoga studio there.

467
00:26:38,520 --> 00:26:42,520
Speaker 1: It has to be embedded in the daily work so

468
00:26:42,560 --> 00:26:45,840
Speaker 1: that people can actually take these little breaks that prevent

469
00:26:46,040 --> 00:26:50,480
Speaker 1: stress from becoming cumulative and from becoming burnout. And there's

470
00:26:50,480 --> 00:26:54,000
Speaker 1: been so much focus on where we're working and how

471
00:26:54,040 --> 00:26:58,040
Speaker 1: that impacts productivity, but now there's new research that shows

472
00:26:58,080 --> 00:27:02,640
Speaker 1: maybe it's when working that has a greater impact on productivity.

473
00:27:02,640 --> 00:27:06,200
Speaker 1: What do you think, yes, and all the new research

474
00:27:06,320 --> 00:27:09,639
Speaker 1: that shows that what actually leads to more productivity is

475
00:27:09,760 --> 00:27:13,560
Speaker 1: not having to be at work nine to five, but

476
00:27:13,720 --> 00:27:17,600
Speaker 1: being able to work when it's more convenient for you

477
00:27:17,680 --> 00:27:20,560
Speaker 1: if you have children to take to school and parents

478
00:27:20,600 --> 00:27:24,520
Speaker 1: to take care of. So there's no way, Emily that

479
00:27:24,600 --> 00:27:27,040
Speaker 1: we are going to go to a normal nine to

480
00:27:27,200 --> 00:27:31,720
Speaker 1: five five day in the office reality, but there is

481
00:27:31,760 --> 00:27:35,160
Speaker 1: a lot we have to do to rebuild the social

482
00:27:35,280 --> 00:27:38,359
Speaker 1: capital that we are losing when we are working remote.

483
00:27:38,600 --> 00:27:41,920
Speaker 1: All right, Arianna, thank you so much for always trying

484
00:27:41,920 --> 00:27:44,160
Speaker 1: to get us to think about the important things. Ariana

485
00:27:44,200 --> 00:27:48,240
Speaker 1: Huffington's founder and CEO of Thrive Global. It's always good

486
00:27:48,240 --> 00:27:50,560
Speaker 1: to have you here. Appreciate it. Thank you how much,

487
00:27:50,560 --> 00:27:56,240
Speaker 1: Emily Okay. Coming up, Defy is dealing with a major

488
00:27:56,280 --> 00:27:59,639
Speaker 1: problem financial packing. We're going to talk about that in

489
00:27:59,640 --> 00:28:14,600
Speaker 1: our to report. Coming up next, this is Bloomberg. The

490
00:28:14,640 --> 00:28:17,439
Speaker 1: crypto industry is reeling from a new threat to the

491
00:28:17,480 --> 00:28:21,880
Speaker 1: decentralized financial system, and that is hacking. For more on this,

492
00:28:22,000 --> 00:28:25,480
Speaker 1: let's bring in Bloomberg Shanali Bostic. So what exactly is

493
00:28:25,560 --> 00:28:28,200
Speaker 1: happening Shale. Well, it's not the hacking you would think of.

494
00:28:28,240 --> 00:28:31,560
Speaker 1: This is not people attacking code and then taking money

495
00:28:31,640 --> 00:28:35,360
Speaker 1: out of a protocol or token. This is financial hacking,

496
00:28:35,400 --> 00:28:39,080
Speaker 1: which is really debated very heavily. This is people buying

497
00:28:39,400 --> 00:28:43,800
Speaker 1: certain assets using stable coins on swap, inflating those assets

498
00:28:43,840 --> 00:28:45,920
Speaker 1: and then using them as collateral to take out loans.

499
00:28:46,080 --> 00:28:49,120
Speaker 1: Sounds very complicated, not an easy maneuver to do, but

500
00:28:49,240 --> 00:28:52,280
Speaker 1: people have figured out these D five protocols have the

501
00:28:52,320 --> 00:28:55,520
Speaker 1: ability to um you know, some people call it market

502
00:28:55,560 --> 00:28:58,120
Speaker 1: manipulation instead of hacking. You know, so is it illegal?

503
00:28:58,200 --> 00:29:00,520
Speaker 1: Is it not illegal? Is a gray area, But in

504
00:29:00,560 --> 00:29:03,000
Speaker 1: a lot of places people just call it trading. So

505
00:29:03,120 --> 00:29:06,200
Speaker 1: that's the debate we're talking about here. There's nothing necessarily

506
00:29:06,200 --> 00:29:08,280
Speaker 1: wrong with it legally, it's a lot of gray area

507
00:29:08,720 --> 00:29:11,600
Speaker 1: for a market that is being defined as we speak

508
00:29:11,960 --> 00:29:15,600
Speaker 1: and explain how this is technically possible and also why

509
00:29:15,600 --> 00:29:18,360
Speaker 1: are we so surprised that this is happening. Shouldn't this

510
00:29:18,400 --> 00:29:20,920
Speaker 1: be expected? It should be expected, especially with all that

511
00:29:20,960 --> 00:29:23,960
Speaker 1: we've seen throughout the entire year when it comes to defy,

512
00:29:24,040 --> 00:29:26,280
Speaker 1: when it comes to who's borrowing, when it comes to

513
00:29:26,360 --> 00:29:31,760
Speaker 1: instabilities and prices, because now so many new financial products loans, swaps,

514
00:29:31,800 --> 00:29:35,240
Speaker 1: and other products are being created around the initial tokens themselves.

515
00:29:35,440 --> 00:29:37,840
Speaker 1: Interestingly enough to the most recent one we've been talking

516
00:29:37,840 --> 00:29:40,960
Speaker 1: about is Mango is governed by a doo as well.

517
00:29:41,000 --> 00:29:43,160
Speaker 1: So you have a whole community of people here who

518
00:29:43,200 --> 00:29:45,840
Speaker 1: are being affected and have to vote on how they

519
00:29:45,880 --> 00:29:50,560
Speaker 1: retrieve money from this financial hack or trading strategy, whatever

520
00:29:50,560 --> 00:29:52,880
Speaker 1: you wanna call it, that is being conducted. How are

521
00:29:52,920 --> 00:29:56,880
Speaker 1: crypto experts reacting. I think one interesting thing to look

522
00:29:56,920 --> 00:29:59,560
Speaker 1: at here is Sam Bankman Freeds framework he created for

523
00:29:59,560 --> 00:30:01,880
Speaker 1: this kind the thing, Because again, you can't stop people

524
00:30:01,920 --> 00:30:04,920
Speaker 1: from doing this. This is essentially a way to find

525
00:30:04,960 --> 00:30:07,120
Speaker 1: a hole in the system and then profit from it.

526
00:30:07,360 --> 00:30:08,960
Speaker 1: And so what you're seeing is he's saying that the

527
00:30:09,000 --> 00:30:11,760
Speaker 1: hacker should keep five percent of the taking funds and

528
00:30:11,800 --> 00:30:14,640
Speaker 1: this should be a community wide rule. But he's also

529
00:30:14,840 --> 00:30:18,400
Speaker 1: saying that the community and the customer must be made

530
00:30:18,400 --> 00:30:21,160
Speaker 1: whole first. If that doesn't happen, then the hacker, the

531
00:30:21,160 --> 00:30:23,640
Speaker 1: hacker doesn't get back the funds, and they have twenty

532
00:30:23,640 --> 00:30:25,920
Speaker 1: four hours to return those funds. He calculates that the

533
00:30:25,960 --> 00:30:29,200
Speaker 1: impacts of the hacks can be reduced by if this

534
00:30:29,240 --> 00:30:31,320
Speaker 1: were to happen. Now, I also want to hedge this

535
00:30:31,360 --> 00:30:32,840
Speaker 1: by saying in his blog post that he said he

536
00:30:32,880 --> 00:30:36,760
Speaker 1: feels very uncertain that this is the standard to have. However,

537
00:30:37,360 --> 00:30:40,000
Speaker 1: it is one proposal. He's open to suggestions. I would

538
00:30:40,000 --> 00:30:42,760
Speaker 1: be interesting to also hear what those suggestions are as

539
00:30:42,800 --> 00:30:45,800
Speaker 1: people try to figure out how to change the market

540
00:30:45,840 --> 00:30:48,880
Speaker 1: and the rules around it. For really, what's not a

541
00:30:48,920 --> 00:30:52,320
Speaker 1: technical hack. It is a different way of trading different

542
00:30:52,320 --> 00:30:54,800
Speaker 1: products around strategy that is losing a lot of people

543
00:30:54,800 --> 00:30:56,920
Speaker 1: some money. All right, Well, thank you for breaking down

544
00:30:57,000 --> 00:30:59,800
Speaker 1: a very complex topic for us. Yet again, you are

545
00:31:00,040 --> 00:31:02,160
Speaker 1: very good at that Jounal I always going to see you.

546
00:31:02,240 --> 00:31:13,080
Speaker 1: Good to see you here in person. Artificial intelligence is

547
00:31:13,160 --> 00:31:16,800
Speaker 1: driving a new era of artistic talent. Apps that generate

548
00:31:16,880 --> 00:31:20,280
Speaker 1: images from simple text descriptions are growing more popular as

549
00:31:20,320 --> 00:31:23,680
Speaker 1: a source for people with little artistic ability to create

550
00:31:23,760 --> 00:31:25,840
Speaker 1: unique work for more honest, I want to bring in

551
00:31:25,920 --> 00:31:29,200
Speaker 1: MG Evans, founder and CEO of Tasai, the world's first

552
00:31:29,400 --> 00:31:34,680
Speaker 1: talent agency for AI artists. So explain how an AI

553
00:31:34,800 --> 00:31:38,680
Speaker 1: artist talent agency works. Are you representing the humans using

554
00:31:38,680 --> 00:31:42,640
Speaker 1: the AI to create art or are you representing the

555
00:31:42,800 --> 00:31:47,240
Speaker 1: AI itself? So the answer is probably a little scary

556
00:31:47,280 --> 00:31:50,920
Speaker 1: for most people, um because we are representing the AI

557
00:31:51,000 --> 00:31:56,400
Speaker 1: brains that are on their own creating art without input

558
00:31:56,480 --> 00:32:00,120
Speaker 1: from humans. So it's slightly different from you know, the

559
00:32:00,240 --> 00:32:02,560
Speaker 1: programs that most people have probably heard of where you

560
00:32:02,600 --> 00:32:05,040
Speaker 1: input some words and then you get a painting. We're

561
00:32:05,040 --> 00:32:08,720
Speaker 1: talking about ais that are creating their own artworks out

562
00:32:08,800 --> 00:32:12,000
Speaker 1: of their own brains whenever they want and however they want.

563
00:32:12,040 --> 00:32:15,520
Speaker 1: So who creates the AI though? So there are developers

564
00:32:15,600 --> 00:32:19,120
Speaker 1: that create the AI brain and then the brain interacts

565
00:32:19,280 --> 00:32:22,800
Speaker 1: with different inputs and creates its own artistic style. What

566
00:32:22,880 --> 00:32:26,160
Speaker 1: do you think the potential is here. Um, I think

567
00:32:26,480 --> 00:32:31,320
Speaker 1: it's basically a creation of a new type of artists

568
00:32:31,320 --> 00:32:34,400
Speaker 1: and a new generation of artists that we can't really

569
00:32:34,440 --> 00:32:36,600
Speaker 1: imagine from where we sit right now, because all we

570
00:32:36,680 --> 00:32:39,160
Speaker 1: can imagine from where we sit right now is an

571
00:32:39,160 --> 00:32:41,680
Speaker 1: AI that needs you to tell it what to draw

572
00:32:41,800 --> 00:32:43,800
Speaker 1: and needs you to tell it what to paint and

573
00:32:43,800 --> 00:32:46,240
Speaker 1: when to do that. And actually that's not the future

574
00:32:46,280 --> 00:32:49,400
Speaker 1: of AI. The future of AI is much more autonomous

575
00:32:50,640 --> 00:32:54,200
Speaker 1: artificial intelligence beings than what we actually can see right now.

576
00:32:54,560 --> 00:32:57,960
Speaker 1: So what exactly do you do for the AI. So

577
00:32:58,080 --> 00:33:00,680
Speaker 1: each of these AI s at the moment is an

578
00:33:00,800 --> 00:33:04,360
Speaker 1: n f T on the blockchain, so they have technically

579
00:33:04,400 --> 00:33:06,960
Speaker 1: an owner. So at the moment they are owned by

580
00:33:07,000 --> 00:33:08,520
Speaker 1: somebody in the same way that an n f T

581
00:33:08,680 --> 00:33:11,080
Speaker 1: is owned. So we would interact with the owner and

582
00:33:11,160 --> 00:33:18,240
Speaker 1: represent their AI brain that they own. Um, how does

583
00:33:18,320 --> 00:33:20,760
Speaker 1: the AI then decide if the agency is doing a

584
00:33:20,760 --> 00:33:25,160
Speaker 1: good job. Well, that's a good question. I mean, Um,

585
00:33:25,600 --> 00:33:28,760
Speaker 1: at the moment, the the AI probably can't do that,

586
00:33:28,800 --> 00:33:30,520
Speaker 1: But that's not to say that in the very near

587
00:33:30,600 --> 00:33:32,640
Speaker 1: future they will be able to do that, and that

588
00:33:32,680 --> 00:33:35,720
Speaker 1: they will actually want representation, which is decision they can't

589
00:33:35,720 --> 00:33:38,600
Speaker 1: really make for themselves at the moment. Now, some of

590
00:33:38,680 --> 00:33:43,440
Speaker 1: this AI generated art is not so pleasing. In fact,

591
00:33:43,480 --> 00:33:47,960
Speaker 1: some of it is downright ugly or disturbing. How do

592
00:33:48,000 --> 00:33:51,800
Speaker 1: you think about that? Yeah, so I think, um, regular

593
00:33:51,920 --> 00:33:54,760
Speaker 1: art is not always pleasing. Regular art is always you know,

594
00:33:55,080 --> 00:33:57,440
Speaker 1: has the chance to be pleasing or disturbing depending on

595
00:33:57,480 --> 00:34:00,400
Speaker 1: who's looking. Um. I think the most important thing is

596
00:34:00,440 --> 00:34:04,400
Speaker 1: to make the designation between art that is original, which

597
00:34:04,440 --> 00:34:07,400
Speaker 1: most people don't think AI art can be original, And

598
00:34:07,400 --> 00:34:11,200
Speaker 1: that's what we're trying to change, because if you follow

599
00:34:11,200 --> 00:34:13,160
Speaker 1: you think about AI art is that it comes from

600
00:34:13,160 --> 00:34:16,200
Speaker 1: an algorithm and it can't possibly come from any kind

601
00:34:16,239 --> 00:34:19,480
Speaker 1: of creative process that's similar to what humans undergo. Then

602
00:34:19,520 --> 00:34:22,600
Speaker 1: you'll never appreciate it. Whether whether it's disturbing or beautiful

603
00:34:22,719 --> 00:34:24,640
Speaker 1: or not, you will never appreciate it. But when you

604
00:34:24,680 --> 00:34:27,399
Speaker 1: do appreciate that it comes from a unique AI brain,

605
00:34:27,480 --> 00:34:29,520
Speaker 1: then you might actually grow to appreciate it, and that

606
00:34:29,560 --> 00:34:31,799
Speaker 1: goes to value as well. It will develop its own

607
00:34:31,880 --> 00:34:34,120
Speaker 1: value in the marketplace. All Right, we've got some quick

608
00:34:34,160 --> 00:34:36,600
Speaker 1: breaking news just you want to report that the Biden

609
00:34:36,600 --> 00:34:41,000
Speaker 1: administration is exploring now the possibility of new export controls

610
00:34:41,040 --> 00:34:43,839
Speaker 1: that would limit China's access to some of the most

611
00:34:43,880 --> 00:34:47,759
Speaker 1: powerful emerging computing technologies. According to people familiar with the matter,

612
00:34:47,840 --> 00:34:50,600
Speaker 1: these potential plans, which are in an early stage, are

613
00:34:50,640 --> 00:34:54,279
Speaker 1: focused on the still experimental field of quantum computing as

614
00:34:54,280 --> 00:34:58,920
Speaker 1: well as artificial intelligence software. Speaking of that, industry experts

615
00:34:58,960 --> 00:35:01,920
Speaker 1: are weighing in on how to set the parameters of

616
00:35:01,960 --> 00:35:05,200
Speaker 1: the restrictions on this technology. And of course this um

617
00:35:05,400 --> 00:35:08,040
Speaker 1: is an extension of what we've seen the Biden administration

618
00:35:08,120 --> 00:35:11,720
Speaker 1: doing on chips when it comes to supply chains as well.

619
00:35:11,719 --> 00:35:14,080
Speaker 1: This is a developing story that we're going to continue

620
00:35:14,080 --> 00:35:17,480
Speaker 1: to follow. Actually, speaking of China energy, how do you

621
00:35:17,680 --> 00:35:21,040
Speaker 1: see the role of China in the artificial intelligence and

622
00:35:21,239 --> 00:35:23,920
Speaker 1: f T space. I mean, obviously we're the U s

623
00:35:24,000 --> 00:35:26,319
Speaker 1: is very concerned about it's its ability to compete with

624
00:35:26,400 --> 00:35:31,520
Speaker 1: China on technology. Where is China in your world? I think,

625
00:35:31,920 --> 00:35:34,440
Speaker 1: you know, one of the things that makes us unique

626
00:35:34,600 --> 00:35:36,600
Speaker 1: in you know, what we like to think of as

627
00:35:36,600 --> 00:35:40,279
Speaker 1: a liberal democracy is that we actually really value creativity.

628
00:35:40,400 --> 00:35:42,960
Speaker 1: And I understand that that's one of the issues that

629
00:35:43,160 --> 00:35:46,359
Speaker 1: some artists have been having. But when you compare us

630
00:35:46,360 --> 00:35:49,440
Speaker 1: to China, for example, I mean we have a completely

631
00:35:49,520 --> 00:35:52,759
Speaker 1: open world of expression here, and I think if we

632
00:35:52,800 --> 00:35:56,000
Speaker 1: can offer that also in the AI space, then that

633
00:35:56,520 --> 00:35:58,960
Speaker 1: also gives us a leg up on China in terms

634
00:35:58,960 --> 00:36:01,520
Speaker 1: of our creative because the world is heading in an

635
00:36:01,560 --> 00:36:05,000
Speaker 1: AI direction, So whoever is more creative in that space

636
00:36:05,080 --> 00:36:08,640
Speaker 1: is going to be far ahead. How do you respond

637
00:36:08,719 --> 00:36:12,480
Speaker 1: to those who say that the idea of AI R

638
00:36:12,800 --> 00:36:16,520
Speaker 1: belittles natural human artistry? Yeah, I mean, look, as you know,

639
00:36:16,600 --> 00:36:18,960
Speaker 1: I haven't I have an art background, so I'm completely

640
00:36:19,000 --> 00:36:22,359
Speaker 1: sympathetic to people who feel that way. Um, but I

641
00:36:22,440 --> 00:36:26,920
Speaker 1: don't think we will ever lose our desire for human creativity.

642
00:36:27,160 --> 00:36:29,759
Speaker 1: You know, it's just you. You can't say that one

643
00:36:29,800 --> 00:36:33,240
Speaker 1: replaces the other. But I think also you can't say

644
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Speaker 1: that an AI brain can't have a creative process in

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Speaker 1: the way that a human brain has a creative process.

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Speaker 1: One artist doesn't cancel out another. So it's really so,

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Speaker 1: what do you say that the folks who whose mind

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Speaker 1: just goes to a very scary place? I think in

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Speaker 1: talking about I would light of those people. It's a

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Speaker 1: little terrifying. It's amazing, but terrifying. It's terrifying. But I

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Speaker 1: think we all have to start embracing that really scary

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Speaker 1: place because we're going in that direction. So you're either

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Speaker 1: gonna kind of stick your head in the sand and

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Speaker 1: just you know, stick your fingers in your ears and

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Speaker 1: be like, I don't want to go there. I don't

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Speaker 1: want to go there, or you're going to figure out

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Speaker 1: a way that you can maybe interact with that place

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Speaker 1: and maybe you could even wind up having collaboration with

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Speaker 1: an AI artist if you If you don't start thinking

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Speaker 1: about that, the world is just going to leave you behind.

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Speaker 1: So you have to start thinking about well, thank you

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Speaker 1: for starting to open our eyes to this. N. G. Evans,

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Speaker 1: founder and CEO of two Sigh, the world's first AI

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Speaker 1: artist talent agency. Good to see you, And that does

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Speaker 1: it for this edition of Bloomberg Technology. Don't forget to

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Speaker 1: check out our podcast wherever you get your podcast. I'm

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Speaker 1: Emily Chang in New York. This is Bloomberg