WEBVTT - Steve Cohen, Bally’s Picked to Run Casinos in NYC 

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<v Speaker 2>Three casinos are coming to the New York City market.

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<v Speaker 2>One of them includes Steve Cohen, the New York Mets

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<v Speaker 2>owner Hughes one approval to operate a casino next to

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<v Speaker 2>City Field. Remember, Steve Cohen again owns the Mets this stadium,

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<v Speaker 2>and so that is big for Queens Random. Williams Joints

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<v Speaker 2>is here is at US sports business reporter for Bloomberg News,

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<v Speaker 2>joining us from Indianapolis via that Zoom thing. So this

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<v Speaker 2>is a big deal for that part of Queen's random

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<v Speaker 2>because again it looks like Steve Cohen wants to build

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<v Speaker 2>a big, big, multi use kind of area there, hotels, gaming,

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<v Speaker 2>the Mets, oh yeah, the US Tennis centers there as well.

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<v Speaker 3>What do we know it's going to be. If he's

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<v Speaker 3>able to fulfill his vision, it's going to probably be magnificent.

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<v Speaker 3>And the reason I say that is because this is

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<v Speaker 3>a sports owner's dream. If you have a team there,

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<v Speaker 3>you have hotels, you have a casino there, then of

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<v Speaker 3>course this has becomes similar to a resort life. You

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<v Speaker 3>can go and catch a Mets game in the summertime,

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<v Speaker 3>then you can go and gamble, and you can go

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<v Speaker 3>and go to the hotels, at the pools and things

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<v Speaker 3>like that. So if he's able to do everything that

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<v Speaker 3>he wants to do, and he has more than enough

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<v Speaker 3>money to do it, then I'm sure that there's going

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<v Speaker 3>to be a lot of people that are going to

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<v Speaker 3>enjoy this.

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<v Speaker 4>Randall, can you please walk us through the timeline here?

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<v Speaker 4>When is this going to be fulfilled? And what do

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<v Speaker 4>you've see in terms of perhaps the job creation that

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<v Speaker 4>this might cause.

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<v Speaker 3>I think there's going to be a lot of job

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<v Speaker 3>creation just because of the sheer construction, all of the

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<v Speaker 3>you know, the tech stuff that's going to have to

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<v Speaker 3>happen with the gambling machines that he's going to be

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<v Speaker 3>buying as well as you know, you think about the pools,

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<v Speaker 3>you think about all of the the potential things that

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<v Speaker 3>he's going to be building. In terms of the time frame,

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<v Speaker 3>I think it's to be determined. And the reason I

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<v Speaker 3>say that is because a lot of these hotels, a

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<v Speaker 3>lot of these different facilities that are often they put

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<v Speaker 3>up they say, oh, we're going to be done by

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<v Speaker 3>twenty thirty and then it's twenty thirty two. Rarely ever

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<v Speaker 3>do these things get done on time.

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<v Speaker 2>And again, this is just one of three projects that

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<v Speaker 2>will approved. The other two projects are the Genting Group's

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<v Speaker 2>Resorts World, which proposes to expand the casino next to

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<v Speaker 2>the Aqueduct racetrack in Queen, so another good day for Queens,

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<v Speaker 2>and Bally's, which plans to operate a gaming facility at

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<v Speaker 2>the site of a Bronx golf course. So again more

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<v Speaker 2>gambling coming to the City of New York. What's the

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<v Speaker 2>Are there any financial contingencies here? We know Steve Cohen's

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<v Speaker 2>got a lot of money, but for what he wants

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<v Speaker 2>to build here, it's going to be really expensive. Do

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<v Speaker 2>we know if he has partners here or how's we

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<v Speaker 2>know anything about that yet? Not just yet.

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<v Speaker 3>I think that, like you said, Steve Cohen is almost

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<v Speaker 3>a perfect person to do this. Or several other bids

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<v Speaker 3>that came in hoping to do similar things. There was

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<v Speaker 3>a bid that included jay Z and Times Square and

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<v Speaker 3>so put that in mind. I think Cohen, like you said,

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<v Speaker 3>has a lot of money. I think that you know,

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<v Speaker 3>when people have a lot of money that it can

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<v Speaker 3>potentially lead some guardrails and some hurdles that are in

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<v Speaker 3>front of most people. But when you can have money

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<v Speaker 3>move people out of the way, then I think that

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<v Speaker 3>Steve Cohen could could very easily make this look a

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<v Speaker 3>lot easier than it could be with someone else.

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<v Speaker 4>Randell, you touched on this already. But Steve Cohen, hedge

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<v Speaker 4>fund manager, Mets owner, what's in it for him to

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<v Speaker 4>build this casino? Now?

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<v Speaker 5>Too?

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<v Speaker 4>What does this ad for him?

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<v Speaker 3>It's a dream come true. I mean everyone that I've

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<v Speaker 3>talked to about sports gambling and marrying that with these

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<v Speaker 3>sports business if you can own a sports team and

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<v Speaker 3>a sports gambling in the exact same environment, then it

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<v Speaker 3>does create a playground of sorts. You know, I hear you.

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<v Speaker 3>But you know, from the business angle, there's going to

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<v Speaker 3>be a lot of people who are looking at this

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<v Speaker 3>and say, you just spend all day at the Mets

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<v Speaker 3>and at the US Open and all these different things.

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<v Speaker 3>If you can walk from one thing to the next,

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<v Speaker 3>to the next of the next and have a fabulous time,

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<v Speaker 3>then there are going to be plenty of people that

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<v Speaker 3>want to do that, So for him it's huge.

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<v Speaker 2>And Rando I kind of joked a little bit of

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<v Speaker 2>their tongue in cheek about what could go wrong. But

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<v Speaker 2>there was not a time very long ago, measured in

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<v Speaker 2>just a couple three four years, when professional sports leagues

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<v Speaker 2>would not want to get within a thousand feet of

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<v Speaker 2>anything related to gambling.

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<v Speaker 5>Boy.

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<v Speaker 2>Times of change, they yeah, they have.

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<v Speaker 3>And I think, you know, we just saw a baseball

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<v Speaker 3>investigation with the Feds and in revolving two Cleveland Guardians pitchers.

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<v Speaker 3>I think that this sort of thing is something that

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<v Speaker 3>sports owners where they sports owners are going to seek

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<v Speaker 3>where they can marry their sports business with the casino

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<v Speaker 3>and the hotels and all of those things. We see

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<v Speaker 3>some of that in Dallas without the casinos and the gambling.

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<v Speaker 3>You know, Jerry whirled down with the Cowboys. He has

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<v Speaker 3>several real estate properties around there, and in Minnesota they

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<v Speaker 3>have something similar several other properties as well. But this

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<v Speaker 3>one is going to be probably bigger and random than

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<v Speaker 3>anything that we've seen yet.

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<v Speaker 2>Stay with us. More from Bloomberg Intelligence coming up after this.

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<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

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<v Speaker 1>weekdays at ten am Eastern on Apple Coarclay, and Android

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<v Speaker 1>Auto with the Bloomberg Business App. Listen on demand wherever

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<v Speaker 2>Sam Fazzelli joins us here. He's a Bloomberg Intelligence Director

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<v Speaker 2>of Research for Global Industries. Not sure what that means,

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<v Speaker 2>senior pharmaceutical jiannals I know what that means. He's kind

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<v Speaker 2>of one of the top guys in the business on

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<v Speaker 2>big pharma and on the biotechs here, Sam, what do

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<v Speaker 2>investors think of just the broad healthcare space here? Given

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<v Speaker 2>this administration and its views on maybe just broader healthcare

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<v Speaker 2>policy issues, whether it's vaccine or other other issues, how

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<v Speaker 2>are investors kind of thinking about that?

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<v Speaker 5>So?

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<v Speaker 6>I think K Paul, if you look to the share

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<v Speaker 6>prices of pharma companies you generally seem to you would

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<v Speaker 6>be able to see that there is a upward momentum

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<v Speaker 6>in the past few weeks, a few months, and that's

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<v Speaker 6>all because there's been some more clarity. Particularly the thing

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<v Speaker 6>that really worried people was this pharmaceutical tariffs, and in

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<v Speaker 6>fact today we heard that the UK and the US

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<v Speaker 6>have agreed on it framework that doesn't apply any tariffs,

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<v Speaker 6>although a lot of companies have also done individual deals

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<v Speaker 6>with the administration where it delays any tariffs by three

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<v Speaker 6>years and then who knows what happens then. So that's

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<v Speaker 6>all fine. Share prices have moved according to that. The

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<v Speaker 6>issues of most favorite nation has gone, or at least

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<v Speaker 6>it's there, but it seems to be manageable. So what's

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<v Speaker 6>left here is regulatory worries, and we see some of that,

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<v Speaker 6>particularly for vaccines, and I'm wondering, we're all wondering whether

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<v Speaker 6>there's going to be a few situations where standard drugs,

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<v Speaker 6>biologics or drugs for cancer could end up in those

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<v Speaker 6>kind of difficult situations. But vaccines seem to be bearing

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<v Speaker 6>the brunt of the pressure from the health authorities at

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<v Speaker 6>the moment.

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<v Speaker 4>Sam. When I think healthcare, I think GLP ones. They

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<v Speaker 4>are the hottest drugs on the market right now. And

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<v Speaker 4>there's some news today that Eli Lilly is cutting prices again,

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<v Speaker 4>a heating up competition with Novo Nordisks. Does that kind

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<v Speaker 4>of cement its place as one of the winners in

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<v Speaker 4>this space?

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<v Speaker 6>Yeah? I mean so the data that the companies are

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<v Speaker 6>presented so far suggests that the Eli Lily drug, zet

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<v Speaker 6>Bound is more active or more effective when it comes

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<v Speaker 6>to weight loss than Nova noticed drug, although these are

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<v Speaker 6>always trials that are designed by one company trying to

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<v Speaker 6>show that their drugs better, and I'm sure some other

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<v Speaker 6>trial will show that someone else's drug is better, but

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<v Speaker 6>that is where we are today. Zep Bound seems to

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<v Speaker 6>be more effective based on the data that we have

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<v Speaker 6>in hand. And so what these companies are now doing

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<v Speaker 6>is trying to fit with getting more and more people

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<v Speaker 6>onto their formulas, onto their drug and these early these

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<v Speaker 6>price cuts for their first doses or the starting doses, etc.

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<v Speaker 6>Or a vile versus the pen are designed to try

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<v Speaker 6>and get the patients onto the drugs and then hopefully

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<v Speaker 6>they lose some weight and they enjoy it and they

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<v Speaker 6>keep buying and moving up to the next doses which

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<v Speaker 6>are more expensive.

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<v Speaker 2>So, Sam, where where are we just in this whole

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<v Speaker 2>GLP one game in terms of the addressable market for

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<v Speaker 2>these medications? What percentage is taking the drug right now?

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<v Speaker 2>It feels like it's still really early.

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<v Speaker 6>Potentially, Yeah, we very very few. I mean if you

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<v Speaker 6>look at the numbers, we're in the low percentages still,

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<v Speaker 6>So you don't need a particularly massive number of a

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<v Speaker 6>percentage of people who would benefit from these drugs to

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<v Speaker 6>take them to get into the one hundred billion number.

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<v Speaker 6>Ten percent of patients would easily get you there, depending

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<v Speaker 6>on the price. Of course, you keep dropping the price.

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<v Speaker 6>You need to push the volume up to get to

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<v Speaker 6>that total addressable market number. But the deals that they've

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<v Speaker 6>been doing, the data that we're getting from the drugs

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<v Speaker 6>in terms of the other effects that they have sleep apnea,

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<v Speaker 6>cardiovascular disease, et cetera, they all support the idea that

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<v Speaker 6>these drugs should be used by people who need them.

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<v Speaker 6>Of course, we all hear stuff about people who don't

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<v Speaker 6>actually need them. They just want to have it look

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<v Speaker 6>like they've got a nice six pack. You know. That's

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<v Speaker 6>a different conversation to have. But they are very beneficial

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<v Speaker 6>for people who are genuinely overweight or obese and cannot

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<v Speaker 6>control their weight with the standard way of most people doing,

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<v Speaker 6>which is dropping eating and increasing exercise. It's not easy

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<v Speaker 6>for everybody.

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<v Speaker 4>What about finding other use cases for these drugs. We

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<v Speaker 4>had no ver Nordisk with its Alzheimer's trial that wasn't successful.

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<v Speaker 4>Do you expect companies to find other areas of use

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<v Speaker 4>or continue these trials that are often very costly for them.

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<v Speaker 6>They are, but I think the things that are related

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<v Speaker 6>to obesity, so cardiovascular risk, kidney function, sleep apnea is

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<v Speaker 6>one of them, I think those are the ones that

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<v Speaker 6>are clearly working. One could question whether the trial that

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<v Speaker 6>Novo did was it's good enough. The drug that they

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<v Speaker 6>use was obviously oral, some maglutide, and you wonder if

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<v Speaker 6>there's enough drug there to have had an effect on

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<v Speaker 6>Alzheimer's or whether these drugs just won't help Alzheimer's patients

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<v Speaker 6>at all. I think there'll be more data coming. I'm

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<v Speaker 6>pretty sure this is not over in the discussion about

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<v Speaker 6>GLP one function in a role in treating or preventing

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<v Speaker 6>or reducing the risk of Alzheimer's disease.

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<v Speaker 2>Stay with us. More from Bloomberg Intelligence coming up after this.

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<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

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<v Speaker 1>weekdays at ten am Eastern on Applecarplay and Android Auto

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<v Speaker 1>with the Bloomberg Business App. Listen on demand wherever you

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<v Speaker 2>Through air Bus, I'm taking a look at Airbus here

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<v Speaker 2>some continued reports about some quality issues at their eight

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<v Speaker 2>three to twenty plane, which is kind of their backbone plane.

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<v Speaker 2>So let's see what's happening with that stuff. We kind

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<v Speaker 2>of became used to that type of news as it

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<v Speaker 2>relates to Boeing in their seven thirty seven maxes over

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<v Speaker 2>the last several years. But now it seems like Airbus

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<v Speaker 2>maybe having some headwinds, to say the least. Here George Ferguson,

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<v Speaker 2>senior Airspace, Defense and Airlines analysts for Bloomberg Intelligence Joints,

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<v Speaker 2>is here, George, what's going on at Airbus? They've been

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<v Speaker 2>able to kind of fly under the radar quality concern

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<v Speaker 2>issue wise till just recently.

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<v Speaker 7>Yeah. I mean, I think they've also had their challenges

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<v Speaker 7>in the supply chain along the way. Just Boeing challenges

0:11:32.840 --> 0:11:36.000
<v Speaker 7>were so much greater that they stole the spotlight, if

0:11:36.040 --> 0:11:39.439
<v Speaker 7>you will. But I mean, look, the aerospace supply chain

0:11:40.040 --> 0:11:41.800
<v Speaker 7>is a bit thin, right. It doesn't have the same

0:11:41.840 --> 0:11:45.040
<v Speaker 7>redundancy as like you'd get in an auto supply chain,

0:11:45.640 --> 0:11:47.520
<v Speaker 7>and so when you just have some little problem at

0:11:47.520 --> 0:11:50.840
<v Speaker 7>one of your suppliers, you know, it can really interrupt

0:11:50.880 --> 0:11:53.480
<v Speaker 7>your ability to deliver airplanes. And I think right now

0:11:54.120 --> 0:11:56.680
<v Speaker 7>what you're seeing is that Airbus already has a really

0:11:56.720 --> 0:12:00.520
<v Speaker 7>tall order to meet the something like eight hundred twenty

0:12:00.559 --> 0:12:05.120
<v Speaker 7>airplane guidance or delivery guidance they've got for this year.

0:12:05.800 --> 0:12:07.480
<v Speaker 7>We don't think they're going to make it. I think

0:12:07.480 --> 0:12:11.560
<v Speaker 7>they need seventy plus a three twenties in the last

0:12:11.559 --> 0:12:14.160
<v Speaker 7>two months of the year November December. We haven't seen

0:12:14.200 --> 0:12:18.079
<v Speaker 7>Novembers numbers yet, but we'll see them soon. We think

0:12:18.080 --> 0:12:21.079
<v Speaker 7>that's pretty hard given they've kind of delured fifty five

0:12:21.440 --> 0:12:25.920
<v Speaker 7>ish most months of in the last couple, you know,

0:12:26.040 --> 0:12:30.360
<v Speaker 7>for months, and so I think a quality problem here

0:12:30.840 --> 0:12:34.520
<v Speaker 7>probably really places in doubt their ability to make that guidance,

0:12:35.080 --> 0:12:37.000
<v Speaker 7>and that's going to hurt their profitability for the year.

0:12:37.040 --> 0:12:38.679
<v Speaker 7>So I think you've seen in the market react to that.

0:12:39.440 --> 0:12:43.240
<v Speaker 4>George, you mentioned that really ambitious target for eight hundred

0:12:43.240 --> 0:12:45.760
<v Speaker 4>and twenty aircraft deliveries by the end of this year.

0:12:45.840 --> 0:12:48.920
<v Speaker 4>How disappointed could investors get if it fails to meet

0:12:48.960 --> 0:12:52.200
<v Speaker 4>that target on top of the headwinds that this company

0:12:52.240 --> 0:12:52.960
<v Speaker 4>is already facing.

0:12:53.880 --> 0:12:55.840
<v Speaker 7>Well, I mean, so I think you're starting to see,

0:12:56.040 --> 0:12:59.719
<v Speaker 7>you know, the disappointment here. Again, I'd be surprised if

0:12:59.760 --> 0:13:05.160
<v Speaker 7>most investors weren't already concerned that the target was too high.

0:13:05.200 --> 0:13:07.160
<v Speaker 7>I think Airbus has really put out a bunch of

0:13:07.280 --> 0:13:12.360
<v Speaker 7>very ambitious build rate targets, right. I think our latest

0:13:12.400 --> 0:13:13.960
<v Speaker 7>number in A three twenty is that we would be

0:13:14.040 --> 0:13:17.880
<v Speaker 7>going to something like seventy five a month, and that's

0:13:17.920 --> 0:13:21.520
<v Speaker 7>consistently throughout the entire year, right by the end of

0:13:21.559 --> 0:13:24.959
<v Speaker 7>twenty twenty six, which to us just seems far too high.

0:13:25.000 --> 0:13:28.040
<v Speaker 7>And I feel like Airbus keeps trying to lead the

0:13:28.120 --> 0:13:32.199
<v Speaker 7>supplier base by pushing these higher numbers out and trying

0:13:32.240 --> 0:13:35.240
<v Speaker 7>to pull the supplier base along, and then over time

0:13:35.360 --> 0:13:38.880
<v Speaker 7>lowers some of these expectations. So look, I think anything

0:13:38.880 --> 0:13:42.240
<v Speaker 7>they miss now isn't going away. It gets pushed into

0:13:42.280 --> 0:13:44.599
<v Speaker 7>the next year and the next year, and again, I

0:13:44.640 --> 0:13:48.599
<v Speaker 7>think the bigger challenge here is investors have to ask themselves,

0:13:48.960 --> 0:13:51.760
<v Speaker 7>are a lot of these Airbus targets for delivery rates?

0:13:51.840 --> 0:13:54.319
<v Speaker 7>Are they just too ambitious? And don't we have to

0:13:54.320 --> 0:13:57.079
<v Speaker 7>sort of knock them down when we build our consensus

0:13:57.080 --> 0:13:58.439
<v Speaker 7>for what we think the company's going to be able

0:13:58.440 --> 0:13:58.719
<v Speaker 7>to do.

0:13:58.880 --> 0:14:01.720
<v Speaker 2>Because George, I mean a number of like seventies seems

0:14:01.760 --> 0:14:04.240
<v Speaker 2>really high to me, Because when we talk about Boeing,

0:14:04.280 --> 0:14:06.120
<v Speaker 2>it's like, Gee, I hope they can get the forty

0:14:06.520 --> 0:14:09.800
<v Speaker 2>maybe to fifty. Is that Dore's Boeing typically run that

0:14:09.960 --> 0:14:14.079
<v Speaker 2>far behind on a production schedule than a Airbus.

0:14:14.600 --> 0:14:17.280
<v Speaker 7>So I would say that if you would consider normal

0:14:17.920 --> 0:14:20.600
<v Speaker 7>the end of the last decade when both were building

0:14:20.600 --> 0:14:24.960
<v Speaker 7>and Boeing wasn't having the problems with mcass, Airbus was

0:14:25.600 --> 0:14:28.320
<v Speaker 7>up in the higher sixties and Boeing was in the

0:14:28.400 --> 0:14:32.760
<v Speaker 7>higher fifties, and so we have traditionally seen Airbus be

0:14:32.760 --> 0:14:36.440
<v Speaker 7>able to put out more airplanes than Boeing. I think

0:14:36.480 --> 0:14:39.560
<v Speaker 7>they're supply base maybe a little bit more robust, and

0:14:39.600 --> 0:14:43.840
<v Speaker 7>I think they have sort of multiple final assembly areas

0:14:44.360 --> 0:14:47.080
<v Speaker 7>around the world. I think those are some of the

0:14:47.120 --> 0:14:50.600
<v Speaker 7>reasons why Airbus can just has the infrastructure to put

0:14:50.640 --> 0:14:53.840
<v Speaker 7>out more airplanes, more narrowbody airplanes per month.

0:14:54.880 --> 0:14:58.040
<v Speaker 2>Stay with us more from Bloomberg Intelligence coming up after this.

0:15:01.920 --> 0:15:05.640
<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

0:15:05.720 --> 0:15:09.080
<v Speaker 1>weekdays at ten am Eastern on Applecarclay, and Android Auto

0:15:09.200 --> 0:15:12.280
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0:15:12.320 --> 0:15:15.720
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0:15:16.160 --> 0:15:19.080
<v Speaker 2>Oday. One of the more competitive businesses that I've seen

0:15:19.120 --> 0:15:21.800
<v Speaker 2>out there's at telecom business, particularly the wireless business. You

0:15:21.800 --> 0:15:23.600
<v Speaker 2>think about the three big carriers that we all have

0:15:23.680 --> 0:15:26.200
<v Speaker 2>a choice from, and then there's some other carriers out there.

0:15:26.200 --> 0:15:29.920
<v Speaker 2>But boy, it is just price competitive, like you wouldn't

0:15:29.920 --> 0:15:33.120
<v Speaker 2>believe in the Churn of customers is a big, big

0:15:33.160 --> 0:15:35.760
<v Speaker 2>issue for all the carriers. So we want to get

0:15:35.800 --> 0:15:38.520
<v Speaker 2>a sense of what's going on in the world of telecoms, satellites,

0:15:38.560 --> 0:15:40.680
<v Speaker 2>all that kind of stuff. John Butler's our go to

0:15:40.720 --> 0:15:43.280
<v Speaker 2>a personare senior telecom manel some Bloomberg Intelligence.

0:15:43.480 --> 0:15:43.720
<v Speaker 5>John.

0:15:43.760 --> 0:15:46.240
<v Speaker 2>I know you Bloomberg Intelligence analysts. This is the time

0:15:46.280 --> 0:15:48.720
<v Speaker 2>of year where you guys publish your twenty twenty six

0:15:48.800 --> 0:15:53.560
<v Speaker 2>outlooks what's key in your space of telecoms and satellites.

0:15:55.080 --> 0:15:57.640
<v Speaker 5>So I think the big thing to keep in mind here, Paul,

0:15:57.800 --> 0:16:00.800
<v Speaker 5>is as we roll into twenty two twenty six, I

0:16:00.840 --> 0:16:04.560
<v Speaker 5>think we're going to see price promotion take a modest

0:16:04.600 --> 0:16:08.960
<v Speaker 5>step up. The bullets are really flying in wireless right now,

0:16:09.000 --> 0:16:12.400
<v Speaker 5>As you suggested, I think part of it is AT

0:16:12.480 --> 0:16:17.080
<v Speaker 5>and T and Verizon both have new CEOs. Both CEOs

0:16:17.120 --> 0:16:19.160
<v Speaker 5>are going to want to make their mark. I think

0:16:19.200 --> 0:16:26.160
<v Speaker 5>the one to watch is Dan Shulman at Verizon He

0:16:26.680 --> 0:16:30.320
<v Speaker 5>is very focused on volume. He wants to get Verizon

0:16:30.520 --> 0:16:34.080
<v Speaker 5>back to subscriber growth, and I think the only way

0:16:34.120 --> 0:16:36.480
<v Speaker 5>to do it is going to be by promoting a

0:16:36.520 --> 0:16:39.200
<v Speaker 5>little bit more aggressively than they have in the past.

0:16:40.360 --> 0:16:44.280
<v Speaker 4>John, Where do you see these strongest incremental demands coming from.

0:16:44.320 --> 0:16:46.360
<v Speaker 4>Is it going to be mobile data? Is it going

0:16:46.400 --> 0:16:47.280
<v Speaker 4>to be broadband?

0:16:48.920 --> 0:16:52.720
<v Speaker 5>I think two areas Alex One, as you touched on,

0:16:52.920 --> 0:16:56.480
<v Speaker 5>is broadband. That's a real growth factor for the telecoms.

0:16:56.960 --> 0:17:00.920
<v Speaker 5>If you look at fixed wireless access, which is delivering

0:17:01.000 --> 0:17:04.479
<v Speaker 5>broadband over a wireless link into the home, that has

0:17:04.600 --> 0:17:08.159
<v Speaker 5>proven to be exceptionally popular with people. So I think

0:17:08.359 --> 0:17:12.440
<v Speaker 5>the all three telcodes are going to lean into broadband

0:17:13.000 --> 0:17:17.199
<v Speaker 5>in order to supplement the slowdown in wireless growth. But

0:17:17.280 --> 0:17:20.080
<v Speaker 5>the one area I'm watching as we move into next

0:17:20.200 --> 0:17:24.760
<v Speaker 5>year is satellite. Starlink is partnered with T Mobile. The

0:17:25.600 --> 0:17:30.280
<v Speaker 5>two of them are already offering limited texting service on

0:17:30.440 --> 0:17:35.520
<v Speaker 5>a nationwide basis. It's sort of early stages. They are

0:17:35.560 --> 0:17:39.400
<v Speaker 5>early innings, if you will, for them. Verizon, an AT

0:17:39.520 --> 0:17:42.959
<v Speaker 5>and T are partnered with ast Space Mobile, which is

0:17:43.000 --> 0:17:47.200
<v Speaker 5>in the process of launching its constellation. Now they actually

0:17:47.280 --> 0:17:53.119
<v Speaker 5>have more better satellites than starlink, and so the space

0:17:53.240 --> 0:17:55.359
<v Speaker 5>race is on. As I like to say, it's going

0:17:55.440 --> 0:17:59.159
<v Speaker 5>to be really interesting to see once for Verizon and

0:17:59.320 --> 0:18:02.800
<v Speaker 5>AT and T are able to launch services early next year,

0:18:03.320 --> 0:18:05.480
<v Speaker 5>how that market segment unfolds.

0:18:05.680 --> 0:18:08.960
<v Speaker 2>So the wireless operators that the verizons of the world atts, John,

0:18:09.000 --> 0:18:12.280
<v Speaker 2>there are they they're partnering with some of these space

0:18:12.480 --> 0:18:13.440
<v Speaker 2>satellite services.

0:18:14.480 --> 0:18:16.679
<v Speaker 5>Yeah, I mean, I think the way to think about it,

0:18:16.760 --> 0:18:20.680
<v Speaker 5>Paul is it's almost like cell sites in space at

0:18:20.680 --> 0:18:24.040
<v Speaker 5>this point yep. So the major carriers have partnered with

0:18:24.119 --> 0:18:29.320
<v Speaker 5>starlink and AST to provide that infrastructure and the transmission

0:18:29.400 --> 0:18:33.520
<v Speaker 5>capability up in space to be able to provide coverage

0:18:34.080 --> 0:18:38.159
<v Speaker 5>outside the range of terrestrial networks now, so essentially that

0:18:38.400 --> 0:18:43.280
<v Speaker 5>concept of coverage everywhere is going to become a reality

0:18:43.320 --> 0:18:45.080
<v Speaker 5>as we move through next year.

0:18:46.160 --> 0:18:47.879
<v Speaker 4>I will say it was getting a new iPhone and

0:18:47.960 --> 0:18:51.440
<v Speaker 4>T Mobile. I'm still grandfathered into my father's plan. Very

0:18:51.520 --> 0:18:53.680
<v Speaker 4>luck he's still paying for my cell phone. But they

0:18:53.720 --> 0:18:56.480
<v Speaker 4>immediately aught on comment by the way, to get Wi

0:18:56.480 --> 0:18:59.040
<v Speaker 4>Fi with them with T Mobile, So it's really interesting

0:18:59.080 --> 0:19:01.639
<v Speaker 4>and a new offering from them, as you mentioned, John,

0:19:02.440 --> 0:19:03.119
<v Speaker 4>So what's next?

0:19:04.520 --> 0:19:05.560
<v Speaker 5>Sorry, Well, go ahead.

0:19:05.720 --> 0:19:07.679
<v Speaker 2>Is there a six G out there? Because we I

0:19:07.680 --> 0:19:09.679
<v Speaker 2>think I've grown up and we've had three G, four G,

0:19:09.800 --> 0:19:12.040
<v Speaker 2>five G. Is there a six G out there?

0:19:13.119 --> 0:19:13.760
<v Speaker 1>Not yet.

0:19:13.920 --> 0:19:16.359
<v Speaker 5>I think six G is going to move onto the

0:19:16.400 --> 0:19:19.919
<v Speaker 5>horizon probably as we move through next year. It's a

0:19:20.080 --> 0:19:25.200
<v Speaker 5>development process by the industry, and so that standard, if

0:19:25.200 --> 0:19:29.480
<v Speaker 5>you will, is getting developed now by industry committees. It

0:19:29.520 --> 0:19:32.920
<v Speaker 5>will then move into tests probably in twenty twenty eight,

0:19:33.320 --> 0:19:37.800
<v Speaker 5>and become a reality for us by twenty thirty. Right now,

0:19:37.840 --> 0:19:40.640
<v Speaker 5>we're mid cycle with five GS. So if you think

0:19:40.720 --> 0:19:44.600
<v Speaker 5>back to when four G was originally launched, it was

0:19:44.800 --> 0:19:48.600
<v Speaker 5>much lower speed than it is today. So that standard

0:19:48.600 --> 0:19:53.280
<v Speaker 5>those generations of mobile evolve over what are typically ten

0:19:53.359 --> 0:19:57.520
<v Speaker 5>year cycles. So we're mid cycle with five G. Expect

0:19:57.600 --> 0:20:00.680
<v Speaker 5>better speeds and better performance there as we move through

0:20:00.720 --> 0:20:04.720
<v Speaker 5>the next five years, and then ultimately sixty will appear,

0:20:04.840 --> 0:20:07.439
<v Speaker 5>probably again in the twenty thirty timeframe.

0:20:08.760 --> 0:20:13.440
<v Speaker 1>This is the Bloomberg Intelligence podcast, available on Apple, Spotify,

0:20:13.640 --> 0:20:17.120
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0:20:21.000 --> 0:20:24.560
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0:20:24.960 --> 0:20:27.880
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0:20:28.280 --> 0:20:31.359
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