Speaker 1: From Mahard where Innovation, Money and power Collie in Silicon
Speaker 1: Vallet NBN.
Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed lud Love.
Speaker 3: I'm Caroline hide A Bloomberg's World headquarters in New York
Speaker 3: and Ludlow He's off.
Speaker 4: This is Bloomberg Technology coming up.
Speaker 3: Twitter becomes X in a musk, makes some overnight changes
Speaker 3: to the look of the social network.
Speaker 4: What's the vision for the company?
Speaker 3: We discuss, plus Apple planning to keep shipments steady for
Speaker 3: the latest iPhone fifteen. Will break down why the company
Speaker 3: is still so confident with eighty five million being targeted
Speaker 3: despite the decline in the smartphone market. And Sam Altman's
Speaker 3: other project, world coin saws on the first day of trading.
Speaker 3: We'll dig into the details of the token and the
Speaker 3: project from the open AIICEO. First, let's I can in
Speaker 3: the broader markets. Well, some pretty downbeat economic days to globally.
Speaker 4: Abagail did to.
Speaker 5: Them there certainly is, especially in Germany, pretty shocking and
Speaker 5: maybe suggesting that maybe some sort of a global economic
Speaker 5: slowdown could be ahead.
Speaker 4: But here in the US we do have the.
Speaker 5: S and P five hundred climbing for a second day
Speaker 5: What makes this interesting is the fact that you have
Speaker 5: the cebo Vix, that volatility index also hire. Typically when
Speaker 5: stacks go hired, that goes lower. So it suggests that
Speaker 5: maybe in this week, as big tech earnings really kick
Speaker 5: off in Earnest, that we could have some fireworks ahead. Now,
Speaker 5: one stock that's doing really quite well today, Apple, of course,
Speaker 5: on this report that the company has ordered enough parts
Speaker 5: to think that they are going to be they're basically
Speaker 5: holding their iPhone shipment plan for this year of eighty
Speaker 5: five million units, flat.
Speaker 4: To last year.
Speaker 5: The stock being hired suggests that investors may be relieved
Speaker 5: that it's flat, that it's not a decline. As for
Speaker 5: the year, well, it's been all about this big tech rally.
Speaker 5: The first half was the best half on record. Right
Speaker 5: now that nazak one hundred forty one percent on the year.
Speaker 5: It's only July this earning season, though, Caroline, it's going
Speaker 5: to be a real nail bier. We of course, tomorrow
Speaker 5: have Microsoft in alphabet. On Wednesday we have Meta, so
Speaker 5: lots and lots of stocks moving to the upside and
Speaker 5: the downside Meta. It's interesting just to note that at
Speaker 5: this point off of its lows, but down about eight
Speaker 5: tens of one percent. That's going to be a big
Speaker 5: one Caroline. As you know, on Wednesday, everybody looking for
Speaker 5: the year of efficiency, their new Twitter competition, plus the
Speaker 5: stock last week up one hundred and fifty percent of
Speaker 5: the year, will the numbers justify?
Speaker 4: It's something to keep in mind.
Speaker 5: It's still a mid single digit growth number that they're
Speaker 5: looking for. It's going to be an interesting report for sure.
Speaker 3: Yeah, and I'll go be calling it Twitter for that
Speaker 3: much longer, certainly.
Speaker 4: Not a calling to Elon Musk.
Speaker 3: Let's get back to what apagail was just starting with
Speaker 3: the Apple biggest points contributor to the SMP today, let's
Speaker 3: talk about why I'm very pleased to say Mark Germans
Speaker 3: here with the latest reports according to people familiar, and
Speaker 3: they are sticking to eighty five million as their target
Speaker 3: for sales to the iPhone fifteen, which is pretty resilient
Speaker 3: if you think about the economy.
Speaker 6: That's right, So eighty five million units flat through the
Speaker 6: rest of the year for these next generation iPhones, four
Speaker 6: new models, two new iPhone fifteen Pro models to standard
Speaker 6: iPhone fifteen models. That means that the shipments that Apple's
Speaker 6: targeting are going to be flat for the third year
Speaker 6: in a row.
Speaker 7: Now, that's pretty good given everything.
Speaker 6: Going on economically, if you look at the Android market
Speaker 6: for smartphones, if you look at the larger consumer electronics market,
Speaker 6: flat is a good thing.
Speaker 7: Now.
Speaker 6: But let's give some context, some comparison here, right, the
Speaker 6: last two iPhone models, the iPhone thirteen line and the
Speaker 6: iPhone fourteen line, those were pretty basic upgrades.
Speaker 7: Not a lot new there, right.
Speaker 6: But the iPhone fifteen Pro models as well as the
Speaker 6: lower and iPhone fifteen models, they're actually going to be
Speaker 6: quite significant upgrades. They're going to have a redesign on
Speaker 6: the high end, they're going to be switching from stainless
Speaker 6: steel to titanium. They're going to be changing the charger
Speaker 6: from lightning to USBC, which is.
Speaker 7: The industry standard.
Speaker 6: You're going to see the dynamic island, the feature you're
Speaker 6: showing right now on TV on the lower end iPhone
Speaker 6: fifteen models. Big camera upgrades on both, even a bigger upgrade,
Speaker 6: particularly for zooming in on photos and videos on the
Speaker 6: highest and iPhone the fifteen Pro macs. You may see
Speaker 6: a little bit of a price increase internationally across the
Speaker 6: four model, so big iPhone upgrades this year. While flat,
Speaker 6: in my opinion, it's a little bit more nuanced. It's
Speaker 6: flat in a major iPhone upgrade cycle. All things considered,
Speaker 6: still fairly positive though, marg You've.
Speaker 4: Always got the nuance.
Speaker 3: And one of the nuances also that Apple doesn't really
Speaker 3: want us talking about these numbers anyway. They want us
Speaker 3: to think about the subscriptions. They want us to think
Speaker 3: about overall direction of travel rather than the intricacies of
Speaker 3: how many iPhones they sell. But on the top end
Speaker 3: of the bottom end, what's more important. Are they still
Speaker 3: really a luxury item that can charge us more?
Speaker 6: You know, I think it's interesting Apple made a change
Speaker 6: I believe it was five years ago now, four or
Speaker 6: five years ago now where they stopped reporting unit sales
Speaker 6: for their individual products like the iPhone, the iPad, etc.
Speaker 7: And they move to revenue only now.
Speaker 6: At the time, they did that because unit sales were slowing,
Speaker 6: so in terms of overall units, those were going.
Speaker 7: Down in terms of how many they were selling.
Speaker 6: But at the same time, revenue is going up because
Speaker 6: of the pricing creases, right, So they do want us
Speaker 6: to focus on the revenue because that is what is increasing.
Speaker 6: And in terms of the devices being a luxury item,
Speaker 6: I would say somewhat right. Phone prices overall across the
Speaker 6: entire market have been going up. You're seeing a lot
Speaker 6: of Android phones, Google phones getting in that pricing tier.
Speaker 6: Apple at this point doesn't even sell the most expensive
Speaker 6: phone in the market. Those would be the foldable phone
Speaker 6: sold by Samsung, Google and some of the Chinese players.
Speaker 7: But I think Apple will get there, right.
Speaker 6: If they're continuing to increase storage, add new camera capabilities.
Speaker 6: Next year actually is going to be another iPhone upgrade.
Speaker 6: Of note, they're going to increase the screen sizes marginally, right,
Speaker 6: That could add some pricing.
Speaker 7: Pressure there as well.
Speaker 6: So clearly I would say they're luxury item, but they're
Speaker 6: not at the very very high end.
Speaker 7: But they'll get there.
Speaker 4: Marc German, we thank you for breaking down what is.
Speaker 3: The key story because it is the most valuable company
Speaker 3: more than three trillion dollars currently being added at the
Speaker 3: moment to its market cap. Three point zero three seven
Speaker 3: is where we stand. And remember, look, Apple is not
Speaker 3: going to give us its earnings. It's juicy details until
Speaker 3: next week August the third, But boy.
Speaker 4: Have we got a lot to be digesting this week.
Speaker 3: Alphabet Snap Microsoft, Mega names, Mega about a market capitalization
Speaker 3: going to be coming through with transparencies to whether they
Speaker 3: live up to those valuations. Let's get it to it
Speaker 3: with Liz Young therefore, head of Investment Strategy over As.
Speaker 3: So far, it's a big week, and it feels as
Speaker 3: though all eyes on some of these AI focused names,
Speaker 3: the Microsofts and indeed the alphabets.
Speaker 8: Yeah, it's a huge week, fed week, and all of
Speaker 8: these earnings coming in. It's really feeling like this is
Speaker 8: when the rubber hits the road for a lot of
Speaker 8: these companies that have seen so much optimism and multiple
Speaker 8: expansions so far in twenty twenty three. The common carry
Speaker 8: out of earnings is going to be hugely important because
Speaker 8: if you look ahead to the end of twenty twenty
Speaker 8: three and into twenty twenty four, earnings expectations are pretty
Speaker 8: high just across the board for the index. So companies
Speaker 8: are going to have to be able to justify the
Speaker 8: multiples that these stocks are trading at with their own
Speaker 8: expectations of what the next twelve months look like.
Speaker 1: So it's going to be.
Speaker 8: A really sticky situation if they can't justify that some
Speaker 8: of the AI enthusiasm. My concern has been that when
Speaker 8: you have a new theme and a new innovation that
Speaker 8: is supposed to take the world by storm or just
Speaker 8: even change the marketplace a little bit, themes usually take
Speaker 8: two to three years to really materialize, and they go
Speaker 8: through a price discovery phase along the way. So I'm
Speaker 8: not sure that we're going to get justification and gratification
Speaker 8: of this AI theme in the next six to twelve months,
Speaker 8: and that's something that these companies will have to grapple
Speaker 8: with in the market.
Speaker 3: I'm just thinking about price discovery of his last week,
Speaker 3: the Microsoft got to push higher in terms of its
Speaker 3: record market cap for itself because well, they're starting to
Speaker 3: outline how they're going to price for some of the
Speaker 3: add ons that we're getting with the big chat features,
Speaker 3: and it looked pretty toppy. People were impressed by the
Speaker 3: amount that they think they can charge. Ultimately, you've been
Speaker 3: impressed by the market capitalizations more broadly, do you think
Speaker 3: that we have moved.
Speaker 4: Too far too fast?
Speaker 3: We hold on to the level of outperformance and tech
Speaker 3: stocks that we saw on the first half of the year.
Speaker 8: Well, when you've got an index like the Nasdaq one
Speaker 8: hundred up forty five percent year to date, that's an
Speaker 8: outlier as far as performance goes, and I would say
Speaker 8: it's probably due for a little bit of steam coming
Speaker 8: out just because of how quickly things have run up.
Speaker 8: Expectations haven't changed too much from a fundamental perspective, So
Speaker 8: when you see that big dislocation, not only among different
Speaker 8: sized companies, you've got large caps that really outpaced small
Speaker 8: caps maybe until just recently, and when you've got certain
Speaker 8: sectors that handily outpaced other sectors, there usually is a
Speaker 8: little bit of mean reversion or just kind of closing
Speaker 8: that gap. Those big divergences don't last forever, so they
Speaker 8: do need to come back to a more rational place. Now,
Speaker 8: that doesn't necessarily mean that everything has to come crashing down.
Speaker 8: There's still an argument to be had, which a lot
Speaker 8: of the bulls will tell you, which is that the
Speaker 8: rest of the market can catch up rather than those
Speaker 8: big names having to come down. That being said, given
Speaker 8: the environment, given that we are on the precipice of
Speaker 8: what's expected to be another FED hike, it just doesn't
Speaker 8: quite make sense, especially for those what we would call
Speaker 8: long duration equities, to be trading at such lofty valuations
Speaker 8: when we haven't really finished the tightening cycle. Yet usually
Speaker 8: the market hits the skids a little bit when that
Speaker 8: tightening cycle stops.
Speaker 3: Of course, today was the day we're meant to see
Speaker 3: the NASDAT one hundred rebalancing.
Speaker 4: It's occurred, maybe a.
Speaker 3: Little bit of volatility in the run up, but did
Speaker 3: it make much changes for you? Do you think ultimately
Speaker 3: the NaSTA one hundred is a bench malt that can
Speaker 3: really be used for diversification.
Speaker 4: I think it can be used.
Speaker 8: I mean I don't know that it's something that necessarily
Speaker 8: is the epitome of diversification, given how top heavy it
Speaker 8: becomes at certain times, but that's just the nature of
Speaker 8: a market cap weighted index.
Speaker 4: The rebalancing.
Speaker 8: The actual day of rebalancing obviously isn't having too much
Speaker 8: of an effect. I think a lot of that probably
Speaker 8: got baked in when the announcement was made. You can
Speaker 8: extrapolate what's going to happen, but over time, as things
Speaker 8: change and as prices move, that's just always going to
Speaker 8: be the case with a market cap weighted index, which
Speaker 8: is why sometimes it becomes more of a risk not
Speaker 8: to own some of those names because you're under exposed
Speaker 8: to what's really driving broad markets.
Speaker 1: And driving investor sentiment.
Speaker 3: Yeah, a lot of those actively managed mutual funds have
Speaker 3: been under pressure, according to the likes of Gold and Sacks.
Speaker 4: Lastly, is I mean what about protection?
Speaker 3: If you all worried that we've gone too far, too fast,
Speaker 3: is it in any way well advantageous to be protecting
Speaker 3: the downside right now?
Speaker 7: Sure?
Speaker 8: Well, you know, I've been one of those people who
Speaker 8: is skeptical of this rally all the way up and
Speaker 8: have felt very very wrong all the way up. But
Speaker 8: that being said, it is always good to have protection
Speaker 8: in the portfolio. I would say it's even better to
Speaker 8: have it in the portfolio when you have valuations above
Speaker 8: the five, ten, and fifteen year averages, and when you
Speaker 8: have a VIX that seems pretty asleep at the wheel, that's.
Speaker 4: When it's kind of prime to spike.
Speaker 8: So although it feels like a ball and chain, it
Speaker 8: can feel like cement boots. To put protection in the
Speaker 8: portfolio in the midst of a rally, that's really the
Speaker 8: time when protection is going to pay off more Because
Speaker 8: maybe it's not under such strong demand. You can get
Speaker 8: it at a cheaper price, and then it's there if
Speaker 8: and when you need.
Speaker 3: It helps you sleep a bit better, maybe, Liz Young,
Speaker 3: SOI fi get some rest ahead of what is going
Speaker 3: to be a monumental week. We thank you so much
Speaker 3: for spending some time with us today. Remember, the end
Speaker 3: of last week we saw that seven leading AI companies
Speaker 3: in the United States agree to voluntary safeguards Linear Technologies Development,
Speaker 3: Amazon and Google, Inflection, Meta, Microsoft, Open EIE, all formerly
Speaker 3: making their commitment to new standards for safety, for security,
Speaker 3: and as well as trust. Was in a meeting with
Speaker 3: the President Biden at the White House on Friday afternoon. Now,
Speaker 3: the Biden administration has already been vowing to manage the
Speaker 3: risks of new tools even as they compete over the
Speaker 3: potential of artificial intelligence joining us. Now, I'm pleased to
Speaker 3: say someone who is at the meeting been thinking about
Speaker 3: safety for a long time, Anthropic president and co founder
Speaker 3: Daniella m Oday. And Daniella, these safeguards voluntary as they
Speaker 3: are a step in the right direction for you.
Speaker 7: Hi.
Speaker 9: First of all, thank you so much for having me
Speaker 9: here on the program today. And yes, we were very
Speaker 9: grateful to be invited to the conversation at the White
Speaker 9: House on Friday. Our CEO, Dario, my brother was there
Speaker 9: and had the opportunity to speak with the President and
Speaker 9: with the other industry leaders, and yes, you know, I
Speaker 9: think this is an incredible first step towards really making
Speaker 9: sure that we are working together at the industry level,
Speaker 9: with government, with civil society in thinking about how to
Speaker 9: develop these systems in ways that are safe, that are secure,
Speaker 9: that are trustworthy, and so we were very happy to
Speaker 9: be part of that conversation on Friday.
Speaker 3: Of course, many have sort of tried to understand how
Speaker 3: really authentic some leaders in AI are about sort of
Speaker 3: being regulated, about being overseen. How deeply do you think
Speaker 3: that runs when actually everyone's also just trying to race
Speaker 3: to ensure that they are the first to innovate.
Speaker 9: You know, I think that these two things, you know,
Speaker 9: really don't have to be intention And one of the
Speaker 9: things that I think Andthropic has really sort of built
Speaker 9: kind of our ideas around is this concept that you
Speaker 9: can develop these very transformative systems in ways that are
Speaker 9: robustly safe. With the launch of Claude two that we had,
Speaker 9: you know, just a couple of weeks ago, one of
Speaker 9: the things we really emphasized and focused on was sort
Speaker 9: of this commitment to making the models, you know, as
Speaker 9: safe as possible and really working to improve on things
Speaker 9: like helpfulness, honesty, and harmlessness. And so I think this
Speaker 9: kind of industry discussion as a whole around how to
Speaker 9: you know, move forward with this innovative technology, but also
Speaker 9: really ensure that it's done in a way that is
Speaker 9: you know, safe and secure is so important.
Speaker 3: Claude too, of course, is meant to be less susceptible
Speaker 3: to manipulation than other chapel So you really are thinking
Speaker 3: about safety kindness, but how how do you go about
Speaker 3: building that into a model.
Speaker 9: Yes, so you know, of course, you know, no model
Speaker 9: on the market is one hundred percent you know immune
Speaker 9: from you know, jail breaks or is perfectly safe. But
Speaker 9: really our goal has been to try and provide a
Speaker 9: model that's as safe as possible today, and we do
Speaker 9: that through you know, a few different techniques. One of
Speaker 9: them is something called constitutional and this is really a
Speaker 9: process of training the model with kind of guidelines around
Speaker 9: how to be you know, safe and helpful to users,
Speaker 9: really trying to maximize the honesty and also harmlessness of
Speaker 9: the model, so making sure it doesn't output you know,
Speaker 9: negative biased, toxic content or you know, making it harder
Speaker 9: to you know, assist a human in doing harm.
Speaker 3: You can course, taking your time in releasing product updates,
Speaker 3: has that in any way been attention with your own
Speaker 3: back as you've raised a lot of money, if people
Speaker 3: wanted you to be faster, or have they understood that
Speaker 3: time is necessary if you're going to be focused on safety.
Speaker 9: So again, you know, I really think of this as
Speaker 9: kind of, you know, a balancing act.
Speaker 7: Right.
Speaker 9: We have had Claude internally and we've been using it
Speaker 9: and testing it for some time, and we also really
Speaker 9: just wanted to make sure that the model that we're
Speaker 9: putting out onto the market, right, that Claude dot ai
Speaker 9: was as safe as possible, right, so that not just
Speaker 9: businesses but individuals are kind of signing up to play
Speaker 9: around with it that you know, it's hopefully you know,
Speaker 9: as safe as possible and certainly safer than you know
Speaker 9: claud one, you know, our previous model that was on
Speaker 9: the market.
Speaker 3: I meanwhile, being able to analyze, summarize vast quantities of
Speaker 3: information give us the productivity gains the rule looking for
Speaker 3: I'm interested as to when you're thinking about developing not
Speaker 3: only the models internally, but doing them safely and within
Speaker 3: future regulation. How do you look at what Europe's up
Speaker 3: to in terms of trying to set the rules of
Speaker 3: the road.
Speaker 9: Yeah, so, you know, I think this is a really
Speaker 9: again kind of important conversation that we have been having,
Speaker 9: you know, both with US policymakers and future regulators, but
Speaker 9: really abroad as well. Right, I think so much of
Speaker 9: what we've seen in the past you know, six to
Speaker 9: twelve months, is that artificial intelligence is becoming this kind
Speaker 9: of worldwide phenomenon, Right, It's not just something that's the
Speaker 9: province of you know, specific country or countries. And so
Speaker 9: I think obviously the conversations that are having you know
Speaker 9: here but also in the EU are just incredibly important
Speaker 9: from a data privacy and uh you know, security and
Speaker 9: safety perspective, and a conversation you know, we've really been
Speaker 9: actively a part of as well.
Speaker 3: Of course, prior to Anthropic and helping co found it,
Speaker 3: you were at open AI. You're also at STRIPE as
Speaker 3: a risk manager. How do you compare the way in
Speaker 3: which regulation is top of mind full the focus on
Speaker 3: AI visa v. Fintech visa V. I mean we will
Speaker 3: think about the blow up a crypto for example.
Speaker 9: Yeah, I mean I really think that this Uh, really
Speaker 9: just this concept that I kind of come back to
Speaker 9: around this kind of public private kind of partnership or
Speaker 9: you know, communication norms I think are just incredibly important,
Speaker 9: and I think that those are you know, some of
Speaker 9: the lessons learned from kind of previous industries. Right is
Speaker 9: really having you know, communication early and often.
Speaker 4: Right.
Speaker 9: I think at Anthropic we view part of our role
Speaker 9: in industry as helping to give policymakers and civil society
Speaker 9: and academics access to our information. Right So we've published
Speaker 9: more than fifteen safety papers. Anyone can read them on
Speaker 9: our website, and we develop policy briefings because we really
Speaker 9: view this as part of our role. Right is helping
Speaker 9: to inform people more broadly about potential safety, safety topics
Speaker 9: and questions.
Speaker 4: Daniela Amade, great to have some time with you. Thank you.
Speaker 3: Anthropic President Anna d co founder, whose brother had been
Speaker 3: there at the meeting with the White House on Friday. Meanwhile,
Speaker 3: coming up, Albenheimer, was that your weekend, Well, it was
Speaker 3: many people's weekend. It sent shot ways to the box
Speaker 3: office and we got all the numbers for you. Next
Speaker 3: come New York. This is roombag technology. Let's talk about
Speaker 3: what was hot this weekend movies. Parently, Bobby Oppenheimen brought
Speaker 3: out movie fans in their droves, making this weekend's box
Speaker 3: office revenue.
Speaker 4: All in double from a year ago.
Speaker 3: Joining us really about the business uplift from Babenheimer preveig
Speaker 3: intelligence is Geita Raganathan and either I mean, wow, Warner
Speaker 3: Brothers must be pleased, so too must be some of
Speaker 3: the cinema chain Cinney World and AMC. But ultimately, is
Speaker 3: this as amazing as it seems to be.
Speaker 2: It's absolutely amazing. It's unprecedented. I mean, you know, this
Speaker 2: kind of foot traffic Caroline is something that you would
Speaker 2: reserve for let's say a Marble or a Star Wars
Speaker 2: kind of a phenomenon, right, and then to have two
Speaker 2: movies like this, which which are really polar opposites, you know,
Speaker 2: it's such a fantastic, clever piece of counterprogramming that both
Speaker 2: these studios kind of put together on the same date.
Speaker 2: And the fact that they were able to kind of
Speaker 2: tap into this whole social you know, cultural like it
Speaker 2: really kind of became this pop culture moment, and they
Speaker 2: both appted into it so aggressively and so beautifully. It
Speaker 2: ended up boosting the box office for both movies, and
Speaker 2: it's just created this whole positive, upbeat conversation now for
Speaker 2: the industry, which has come really at such an opportune
Speaker 2: moment I think.
Speaker 3: I mean, considering that the entire conversation around the industry
Speaker 3: was about writers strikes, about acting strikes. How much is
Speaker 3: that going to be a concern going forward or can
Speaker 3: they reap the rewards of the production that's available to
Speaker 3: be distributed now.
Speaker 2: Yeah, So as we came into this summer box office
Speaker 2: a season, you know, obviously there was a lot more content.
Speaker 2: So last year what we were kind of looking at
Speaker 2: was there was just not enough content out in the theaters.
Speaker 2: People were willing to come. The demand was there, but
Speaker 2: the supply wasn't. And this year we have thirty percent higher,
Speaker 2: so thirty percent more titles versus last year. But we
Speaker 2: saw that a lot of these even high profile titles,
Speaker 2: right whether you looked at an Indiana Jones or Elemental,
Speaker 2: you know, the Flash, all of these kind of underperformed.
Speaker 2: They didn't live up to expectations. And so that kind
Speaker 2: of brought us back to this question about, you know,
Speaker 2: can we ever go back to pre pandemic levels and
Speaker 2: then add to that the added complexity from the writer's
Speaker 2: strike and you know, the actors strike that's kind of
Speaker 2: shut down production. I don't think we're necessarily going to
Speaker 2: see anything any major delays as far as twenty twenty
Speaker 2: three is concerned. But then you get into twenty twenty
Speaker 2: four and twenty twenty five and things start to look
Speaker 2: a little bit hazy because you know a lot of
Speaker 2: the titles that we were expecting to come out then
Speaker 2: now could be pushed back.
Speaker 3: Keep a keen eye on some of those other stocks
Speaker 3: you're looking at AMC therefore, on the back of this,
Speaker 3: but we always love all your analysis across all the
Speaker 3: stocks you watch. Kathy Braganath and of course of Blombag Intelligence,
Speaker 3: thank you so much. Meanwhile, coming up, we'll talk about
Speaker 3: the debate around the viability of blockchain's utility. This is
Speaker 3: Bloombag Technology. Welcome back to bloue meg Technology. I'm Karen
Speaker 3: Hyde right here in New Yor. Let's check in on
Speaker 3: these markets because actually the rebalancing has occurred, then that's
Speaker 3: that one hundred meant to be taking away some of
Speaker 3: that overall well dominance of the key five, six seven
Speaker 3: players that have so rode the wave of AI euphoria
Speaker 3: this year, we see it just gaining about a tenth
Speaker 3: percent as that comes to an end the overall rebalancing.
Speaker 3: Many have traded ahead of that as to whether we
Speaker 3: see a downplay in the likes of Meta and Video
Speaker 3: and some of the stocks that are really outperformed this year,
Speaker 3: but all country world indext managing to stay afloat up
Speaker 3: three tens percent, even though we saw some pretty ugly
Speaker 3: data PMI data coming out of Europe in particular, just
Speaker 3: showing that maybe these central banks are going to have
Speaker 3: to look at the tension between growth and interest.
Speaker 4: Rate hikes that much more.
Speaker 3: Is inflation still on the eyes of the ECB in particular,
Speaker 3: but remember they've got to be able to support the
Speaker 3: economy too. Bitcoin on the downside three a half percent lower.
Speaker 3: Maybe no real catalyst here, just a lack of clarity
Speaker 3: as to whether or not we do get some of
Speaker 3: those spot bitcoin ETFs coming to the market and indeed
Speaker 3: where regulation goes. That's moving on to the individual names
Speaker 3: that are moving this market. Because Apple is really helping
Speaker 3: support the likes of Then now is that one hundred
Speaker 3: and indeed the benchmarks today up six percent most valuable stock.
Speaker 3: Why well, then Lally to be selling well eighty five
Speaker 3: million as we understand how many phones they want to
Speaker 3: be made for the next upcoming iPhone fifteen. So actually
Speaker 3: people thinking that looks pretty strong given the overall economic environment,
Speaker 3: and video on the upside, Mazouhu going long this stock,
Speaker 3: saying really there's still opportunity to buy despite the significant
Speaker 3: outperformance of this chip stock and all eyes on AI.
Speaker 3: Remember we've got a bit of time to wait for
Speaker 3: their earnings later in August. Guilliad Science is your worst
Speaker 3: performer really on major benchmarks today, off by four and
Speaker 3: a half percent. Sadly, HR high risk MDS is something
Speaker 3: that they're not going to be able to be combating
Speaker 3: with a really cocktail or some of their drugs.
Speaker 4: They were doing some testing.
Speaker 3: The phase three is having to be wound down. We're
Speaker 3: off by four and a half percent. Let's go back
Speaker 3: though to the crypto news. I was just looking at
Speaker 3: bitcoin under pressure and look it's three years and multiple
Speaker 3: digital asset market dislocations one hundreds of millions of dollars,
Speaker 3: but an eyeball scanning crypto project and as world coin
Speaker 3: its officially launched for more, we're joined by Bluemost Kaylee Lines.
Speaker 3: And what's so interesting about this project is is kind
Speaker 3: of managing to that perfect hype of AI and crypto
Speaker 3: and indeed some Altman too.
Speaker 10: Yeah, exactly, spearheaded by Sam Altman, who has in many
Speaker 10: ways become synonymous with AI Caroline. And you're right to
Speaker 10: point out just how long this took. Since Bloomberg first
Speaker 10: reported about this project back in June of twenty twenty one,
Speaker 10: Bitcoin has gone from around thirty two thousand dollars up
Speaker 10: to sixty seven thousand dollars back down to thirty thousand dollars.
Speaker 10: So there's been a lot of change leading up to
Speaker 10: this debut. But what at debut it has been. The
Speaker 10: initial price Caroline for this token was one dollar and
Speaker 10: seventy cents. Currently, according to pricing on coin marketcap dot com,
Speaker 10: we're at two dollars and twenty eight cents, so that's
Speaker 10: up roughly thirty seven percent on this day. About one
Speaker 10: hundred and forty three million coins have been allocated in
Speaker 10: this launch, and this is very much about the fervor
Speaker 10: around AI. Is this bridge between AI and crypto. Is
Speaker 10: what world Coin does is it has this small device
Speaker 10: called an orb which scans the eyeball of an individual
Speaker 10: and creates a digital identity, giving that person what this
Speaker 10: company is calling proof of per personhood. They essentially build
Speaker 10: this as essential in a world where it's very hard
Speaker 10: to tell what is generated in terms of content by
Speaker 10: a human and what is not what is generated by AI.
Speaker 10: So clearly you are seeing some of that excitement showing
Speaker 10: up in the price action today. It is worth noting, though,
Speaker 10: that this can't be traded everywhere. It cannot be traded
Speaker 10: currently here in the US because of the regulatory environment,
Speaker 10: and Sam Altman spoke to Bloomberg about this about the
Speaker 10: uncertainty around regulations here in the US. He told Bloomberg
Speaker 10: that he hopes the US will be able to get
Speaker 10: to a quote rational place in terms of crypto regulation.
Speaker 10: So limited here as to how you can interact with
Speaker 10: world Coin, but consider it elsewhere. It seems to be
Speaker 10: getting quite the reception.
Speaker 3: Kay, brilliant as always, We thank you, of course, the
Speaker 3: co host of the most crypto shows. So, as you know,
Speaker 3: it's a fair thing or two about the overall speculation
Speaker 3: of this market, well, hyper reality, let's stick with that,
Speaker 3: and indeed some of the over use cases that's what
Speaker 3: everyone has wanted, identity being a key one for the
Speaker 3: world coin.
Speaker 4: What about blockchain?
Speaker 3: How do they remain that underlying technology relevant and applications.
Speaker 4: Well, there's a tool to check it out. It's called
Speaker 4: the Value Proposition. It's a website.
Speaker 3: Database demonstrating the positive impact, they say of blockchain applications
Speaker 3: on any network. Website is powered by Polygon Labs and
Speaker 3: launched just over about a month ago. Let's bring in
Speaker 3: Polygon's chief legal and policy officer, Rettig. It is great
Speaker 3: to have some time with you, Rebecca, and interesting that
Speaker 3: we're just talking about identity as a key area that
Speaker 3: blockchain technology can be a real use case. Just tell
Speaker 3: us a little bit about the value problem the other
Speaker 3: opportunities we're seeing blockchain technology be applied and used.
Speaker 1: Thanks so much.
Speaker 11: The Value prop is an interactive website that allows you
Speaker 11: to go in and see all of.
Speaker 1: The positive use cases for a blockchain.
Speaker 11: It answers the question, as you said, is there a
Speaker 11: fundamental value to blockchain?
Speaker 1: We've seen it asked by the.
Speaker 11: White House, by reporters, by policymakers around the world, and
Speaker 11: this interactive website is really meant to answer the question
Speaker 11: and the affirmative. Yes, so it showcases from as you said,
Speaker 11: identity with world cooin that's on the value prop, but
Speaker 11: also things that we've seen from Starbucks and other and
Speaker 11: Sports Illustrated and other major companies that have launched blockchain
Speaker 11: based applications as well.
Speaker 3: Yeah, we're looking at some of those companies now Starbucks,
Speaker 3: you mentioned, Disney, Coca Cola, and Nike, even well chargeable
Speaker 3: elements like UNICEF. What is perhaps the is it all
Speaker 3: about financial applications? Is it's about loyalty? What are you
Speaker 3: really seeing companies' willingness to embrace at the moment the
Speaker 3: world of web three when it hasn't exactly been loved
Speaker 3: from a regulartry perspective.
Speaker 11: I think finance is one part of blockchain and it's
Speaker 11: gotten a lot of attention, but there are forty two
Speaker 11: disparate use cases on the value prop that range from
Speaker 11: consumer loyalty to identity, to gaming to social impacts.
Speaker 4: And there are.
Speaker 11: Over four hundred and thirty applications that fall within those
Speaker 11: forty two different use cases. So I think what we're
Speaker 11: going to see as we continue on this blockchain journey
Speaker 11: is something that expands well beyond the finance use case
Speaker 11: into things like democratizing all of the ways we use
Speaker 11: the Internet, such as social media, consumer loyalty, and even
Speaker 11: something like the California DMV government is looking at ways
Speaker 11: to use.
Speaker 1: Blockchain based applications as well.
Speaker 3: Okay, let's look about the government a little bit, because you,
Speaker 3: of course, the reason Polygon is there, and the use
Speaker 3: case in many ways is about building the infrastructure of
Speaker 3: Web three, making it easier, faster, cheaper to be transacting
Speaker 3: on ethereum in particular. How much are you seeing your
Speaker 3: own use case being well elevated at the moment?
Speaker 4: Are we stagnating in any way?
Speaker 11: I do think that the infrastructure and the scaling infrastructure
Speaker 11: in particular is really getting a lot of attention and
Speaker 11: in terms of making blockchains much more available and widespread
Speaker 11: and faster, cheaper, easier to use. Or is it not
Speaker 11: a use case in particular, as you, it's just the
Speaker 11: infrastructure that allows all of these various use cases to
Speaker 11: be built on top in an open and permissionless way
Speaker 11: and democratizes all the ways that the Internet is being used,
Speaker 11: whether it's by governments or by people through consumer loyalty
Speaker 11: programs as well.
Speaker 3: You'll token matic well, the SEC has decided that perhaps
Speaker 3: it is a security How have you managed to deal
Speaker 3: with that? I know you've recently taken on the legal
Speaker 3: part of the role that you now have on top
Speaker 3: of policy.
Speaker 4: How are the conversation's going.
Speaker 11: Well, the matic allegations were in allegations against Binance and
Speaker 11: coinbase to third parties, which which we have no affiliation,
Speaker 11: and those cases are progressing forward. But more than that,
Speaker 11: I do sort of echo what mister Altman said, which
Speaker 11: is I hope, especially given what we've seen as to
Speaker 11: different types of decisions coming out of US district federal
Speaker 11: courts about the ways that crypto can be used, I
Speaker 11: hope we do have sensible regulation and that really brings
Speaker 11: clarity and allows businesses in the US to continue doing
Speaker 11: business and get back to the business of doing business
Speaker 11: as well.
Speaker 3: Do you Man committed to the US? Do you think
Speaker 3: this is tolk of talent moving overseas?
Speaker 1: So Polygon Labs is an international company.
Speaker 11: But I do think that people view the in the
Speaker 11: people in the crypto space in general view the US
Speaker 11: as a particularly important place and a place where technology
Speaker 11: has really thrived for a long time. And I think
Speaker 11: that many in the industry are really committed to seeing
Speaker 11: legislation move forward that puts really safeguardrails around the industry
Speaker 11: and the way that users interact both with technology and
Speaker 11: with tokens as well. Other countries around the world have
Speaker 11: already done that. The EU has had MECA in place
Speaker 11: now for a few months, and there are rules and
Speaker 11: rides being built out by the European Banking Authority and
Speaker 11: by ZMA, which is the Securities Authority to really implement
Speaker 11: MEKA in a practical way. The UK has put out
Speaker 11: a very compelling crypto asset consultation about building a regulatory
Speaker 11: regime there, and other countries around the world have had
Speaker 11: cryptoregulations in plays, particularly for these centralized exchanges for many years.
Speaker 11: So I do hope and think that people are hopeful
Speaker 11: that the USA, it's long been a tech center, really
Speaker 11: catches up and takes the same type of approach.
Speaker 3: And I'm sure in many ways this is exactly why
Speaker 3: the value prop has been put forward, is to try
Speaker 3: to discuss that this isn't just always speculation, but this
Speaker 3: is actually real tangible use cases of the underlying technology.
Speaker 3: How much do you think that that's the flight that
Speaker 3: you have to have or is it better if we
Speaker 3: start to see the Larry Finks the other key players
Speaker 3: in this world start to push for bitcoin spot ETFs
Speaker 3: than like that will actually change hearts and minds.
Speaker 11: Well, I think the value prop is really something that
Speaker 11: can change hearts and minds because it really allows people
Speaker 11: to go in and search by use case and the
Speaker 11: things they care about the most and see how blockchain
Speaker 11: is powering that in a very positive way. But I
Speaker 11: think this is a group effort that I do hope
Speaker 11: that Larry Think and others in the traditional financial world
Speaker 11: who are really coming around to the compelling use case
Speaker 11: that bitcoin and other types of crypto assets may have.
Speaker 1: They're an important voice.
Speaker 11: And for people who've been working in the industry behind
Speaker 11: the scenes as builders and lawyers and others who believe
Speaker 11: in this technology, there's.
Speaker 1: An important voice there as well.
Speaker 11: So I do hope that this is a group effort
Speaker 11: over time for the value proposition of blockchain to really
Speaker 11: come to the fore.
Speaker 3: Well, thanks for being the voice on this show today,
Speaker 3: Rebecca Retti. I appreciate it. Putagon chief Legal and policy Officer,
Speaker 3: We thank you. Meanwhile, coming up, let's talk about well,
Speaker 3: it's been a well and true slump in M and A,
Speaker 3: of course, in many ways spearheaded by a collapse of
Speaker 3: Credit Suite or some of the concerns and agitations within
Speaker 3: the banking sector interest rates. More broadly, what is it
Speaker 3: doing for Wall Street giants? What does it mean for
Speaker 3: your technology companies in the venture backspace actually eventually going public?
Speaker 3: More on that next. This is putting back technology time
Speaker 3: now for talking tech. First up, Ali Barbara has decided
Speaker 3: not to sell any part of its one third stake
Speaker 3: in Ant during the Chinese fintech leader's imminent share buyback.
Speaker 3: The e commerce company says it wants to maintain its
Speaker 3: life of an important partner.
Speaker 4: Won't take partner.
Speaker 3: Ant's planned to buy back as much as seven point
Speaker 3: six percent of its stock, while others are indeed selling out. Meanwhile,
Speaker 3: soft Bank is setting up an AI powered warehousing joint
Speaker 3: venture with Symbotic.
Speaker 4: Both companies are investing a combined one hundred million dollars to.
Speaker 3: Establish the deal, which will be called green Box Systems
Speaker 3: LLC plus. Tesla delivered more electric vehicles in the first
Speaker 3: half of this year than Volkswagen BMW and Mercedes Benz combined.
Speaker 3: German carmakers are struggling as software issues delay key models
Speaker 3: and contribute to waning sales, particularly in China.
Speaker 4: Meanwhile, let's talk.
Speaker 3: More broadly about risk taking in this sector because high
Speaker 3: boring costs, geobolitical tensions.
Speaker 4: And well the threat of a global.
Speaker 3: Recession just some of the factors that have led to
Speaker 3: a slump in mergers and acquisitions. In turn, Wall Street
Speaker 3: titans have kind of reshuffled their M and A leadership
Speaker 3: this year. Some firms have gone on hiring spree, while
Speaker 3: others are still there hoping that M and A boom
Speaker 3: cycler is just around the corner.
Speaker 4: It's a great story.
Speaker 3: It's today's big take, and Bloomberg's at Crystal c is
Speaker 3: one of the reporters behind it.
Speaker 4: And I hadn't thought.
Speaker 3: About this angle that even though M and AS kind
Speaker 3: of felt on ice, even though we keep talking about
Speaker 3: Microsoft and Activision. Basically, people are all moving decks at
Speaker 3: the moment.
Speaker 4: Why why a bank is moving?
Speaker 12: Yeah, I mean a lot of what you're seeing, like
Speaker 12: Microsoft Activision, it indicates a high regulatory hurdle when it
Speaker 12: comes to deal making, right, So what that really means
Speaker 12: is that it takes much longer for deals to clothes
Speaker 12: and the bonus doesn't really hit that year you do
Speaker 12: that deal. So a lot of people are moving around
Speaker 12: trying to pick up guarantee packages to see if they
Speaker 12: can get a one new guarantee or like a second
Speaker 12: year on an eurnout to see if that can subsidize
Speaker 12: them of their income. And that obviously it isn't the
Speaker 12: main reason. The main reason is the Credit Suez ubs
Speaker 12: merger that really left so many bankers trying to find
Speaker 12: jobs all at the same time, and coupled that with
Speaker 12: not so good M and A performances last year, like
Speaker 12: not very good bonus performances, that just all led to
Speaker 12: everyone wanting to get a new job in a new environment.
Speaker 3: You sort of talk about some of the regulatory concerns
Speaker 3: and many have felt that it's a big tech regulatory concern.
Speaker 3: But is it more m and a more broadly and
Speaker 3: what does that mean for you know, the venture investors
Speaker 3: out there who are looking for some sort of exit
Speaker 3: because he used to cover IPOs and that's been pretty
Speaker 3: much shut too.
Speaker 12: Yeah, IPO has been non existent for almost a year
Speaker 12: until pretty much this month. Right we are not seeing
Speaker 12: any like big boom of IPO coming either. But what
Speaker 12: you're describing in the regulatory herd. It really is an
Speaker 12: industry at noss issue. We're seeing that in consumer you
Speaker 12: see Alberson's Kroger running into problems. You're seeing in healthcare,
Speaker 12: Mgen Horizon Therapeutic is also in courts. So you're seeing
Speaker 12: these issues everywhere. And for venture capital firms it may
Speaker 12: not be immune neither, because you're seeing some private equity
Speaker 12: firms are being looked at for antitrust issues. So all
Speaker 12: in all, regulation is a bigger problem in every single sector,
Speaker 12: and especially in tech.
Speaker 3: But then a few are moving thinking they'll be a
Speaker 3: pick up what would be the catalyst to there being
Speaker 3: some ple to pick up at M and A.
Speaker 12: So some of the investment banks are thinking that if
Speaker 12: they can pick up talent right now and when the
Speaker 12: boom comes back, they are well positioned for it. And
Speaker 12: we see a lot of newcomers in this market. Actually,
Speaker 12: especially in the US, you're seeing some European comers Santander
Speaker 12: Atlantra are making big hires in the US and with
Speaker 12: big prices as well. A lot of the credit spee
Speaker 12: people actually moved over to a Santender as a curt
Speaker 12: see two point zero and a lot. You see that
Speaker 12: and you kind of wonder what happened here because that
Speaker 12: had happened before with HSBC coming over, with like Nomura
Speaker 12: coming over. So this is an interesting time and could
Speaker 12: history repeat itself? Very much could, But we've not seen
Speaker 12: this kind of scale and this kind of scope of
Speaker 12: people moving around in a long time.
Speaker 4: This is a global story in nature.
Speaker 3: We were just hearing about and financial and anabab But
Speaker 3: I mean, is that the sort of name that we
Speaker 3: need to see starting to kickstart at least some.
Speaker 4: Of the spin offs, some of the activity.
Speaker 3: How much is this a US European bank story or
Speaker 3: is this a global Asian flank story too?
Speaker 12: So the players in Asia are slightly different. When I
Speaker 12: was in Hong Kong, you see a lot of Chinese
Speaker 12: banks being very very active players in M and A
Speaker 12: and EC refund raising. A lot of the IPO may
Speaker 12: have like a Morgan, Stanley and Goldman at the very top,
Speaker 12: but they will have ten Chinese banks supporting the listing.
Speaker 12: So it's it's a slightly different player composition out there.
Speaker 12: But this particular story, I would say describes more so
Speaker 12: what happens in Europe and in the US. You see
Speaker 12: that similar like moving around musical chair out in Asia
Speaker 12: as well, but more so in places like as the
Speaker 12: management where foreign players are still more dominant, and if
Speaker 12: you need if you're talking about a more relationship based
Speaker 12: business out in Asia, it's very much still local players
Speaker 12: having that advantage.
Speaker 4: Truly global story. We thank you for it, Christiss.
Speaker 3: She's been everywhere covering everything and we thank her for it.
Speaker 4: Wow, we discussed it earlier earlier.
Speaker 3: Let's dig in X going viral being Twitter's new logo
Speaker 3: of course, replacing the signature bluebird, as part of Elo
Speaker 3: Musk's vision of transforming what is a seventeen year old
Speaker 3: service into what is everything app here with more is
Speaker 3: Bloomberg's Asha counts.
Speaker 4: And even though we knew back in April the holding
Speaker 4: company been changed names.
Speaker 3: We knew the obsession with x or started well back
Speaker 3: when PayPal was first formed.
Speaker 4: It sort of felt overnight in the way that it occurred.
Speaker 4: It did in a lot of ways.
Speaker 13: Right Elon Musk sent a tweet and was saying, if
Speaker 13: I get a good logo for X We're going to
Speaker 13: run with it starting tonight. So it did seem fast,
Speaker 13: although it's been a slow development. As you mentioned, they
Speaker 13: started adding more of the features. He's talked about it
Speaker 13: a lot, He's been really vocal, but now the bird
Speaker 13: logo is slowly disappearing. If you go on the site,
Speaker 13: you don't see the bird in the top left corner anymore.
Speaker 13: So it does feel pretty fast in that regard.
Speaker 3: Immediately, we sort of felt that, even though his CTO
Speaker 3: and executive chairman, the CEO Linda Yacarino getting on board,
Speaker 3: sort of supporting the change, trying to illustrate where the
Speaker 3: overall everything out goes, and it seems to be very
Speaker 3: much payments alongside what video content, audio as well.
Speaker 13: All of those things right, and we've seen some movement
Speaker 13: towards those things. Musk has been testing out live video
Speaker 13: a lot. Know that the Tucker Carlson Show is on Twitter,
Speaker 13: so adding those capabilities to do longer form videos. Audio
Speaker 13: obviously has always been a thing with Twitter spaces, they've
Speaker 13: been doing more of those. Must have been involved in
Speaker 13: a lot of those. And then he's talked a lot
Speaker 13: about payments. We haven't seen the full fledged version of
Speaker 13: that yet, but even just thinking about subscriptions, how you
Speaker 13: can subscribe to people's tweets. Now they're paying creators a
Speaker 13: share of ad revenue. So all of those things have
Speaker 13: been steps towards this vision and we'll see what that
Speaker 13: sort of next step is to fully realize it.
Speaker 3: And it feels kind of shocking. But look, I mean
Speaker 3: Facebook recently did it with Meta. We know that Google
Speaker 3: became alphabet as a parent company. Is it tried to
Speaker 3: sort of diversify its moonshots a bit? This isn't unheard of.
Speaker 3: But what sort of brand damage can it do? How
Speaker 3: much are advertisers, indeed consumers users is.
Speaker 4: Going to be kind of upended by this.
Speaker 1: I mean, that's a good question.
Speaker 13: And even in the examples you've mentioned, right, you go
Speaker 13: on Facebook and you still see that blue f Right,
Speaker 13: you still kind of see some of the brand, But
Speaker 13: it almost feels like Twitter is moving away from even
Speaker 13: having the blue bird logo, And so I think that
Speaker 13: is a bit different. And look, it's a question, right,
Speaker 13: That's something that we're going to be asking people as
Speaker 13: we're having conversations this week, is how much was the
Speaker 13: Twitter brand worth and how much will they sort of
Speaker 13: lose in moving away from that? Now, you could argue
Speaker 13: that the rebranding is also a way to move away
Speaker 13: towards some of the challenges Twitter has faced over the
Speaker 13: past six seven months in terms of the content and
Speaker 13: just the perception amongst advertisers. So it could be helpful
Speaker 13: in that regard, But I don't know how much is
Speaker 13: the brand worth. It is something that we've all sort
Speaker 13: of known for so many years. Even to tweet has
Speaker 13: become a verb. What happens to that? If it's now X,
Speaker 13: there's all these sorts of questions that lay in front
Speaker 13: of it.
Speaker 4: Yeah, I mean, I'm thinking it. One was lost over
Speaker 4: the weekend.
Speaker 3: What is it if you retweet because you reacting kind
Speaker 3: of kissing. I like to see an ex as a kiss.
Speaker 3: But ultimately are you Are we starting to see it
Speaker 3: come to its fruition, particularly on the mobile apt because
Speaker 3: I haven't seen much change there as much as the
Speaker 3: web for example.
Speaker 4: Yeah, it's not as much.
Speaker 13: Again, the top left, at least on desktop you can
Speaker 13: see the X. If you go to Elon Musk's profile,
Speaker 13: you'll see it says he works for X, and X
Speaker 13: has the page and the affiliates and all the employees
Speaker 13: and things like that.
Speaker 7: So there are there have been movements.
Speaker 1: It's not full fledgedet.
Speaker 7: We haven't gotten there.
Speaker 1: But I mean it's been pretty fast.
Speaker 3: I mean he's got a sun called X I think
Speaker 3: along with a few other letters.
Speaker 4: He's got space x X.
Speaker 3: Definitely, he does love it, can't take it away from him. Meanwhile,
Speaker 3: Asia Count's brilliant. Thank you for synthesizing it all down
Speaker 3: for us. I meanwhile, that does it for this addition
Speaker 3: of blie med technology, do not forget to check out
Speaker 3: our podcast find out on the terminal and go online
Speaker 3: on Apple, Spotify and iHeart from New York.
Speaker 4: This is bloie meg Technology.