Speaker 1: From Mahart.
Speaker 2: We're Innovation, Money and Power Collie in Silicon Valley, NBN.
Speaker 3: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 4: I'm Caroline Hyde at Bloomberg's world headquarters in New York.
Speaker 4: Ed Ludlow is at Google Io and joins us shortly.
Speaker 5: This is Blombag Technology coming up.
Speaker 4: Full earnings coverage ahead, we have Airbnb suffering its worst
Speaker 4: day ever as a public company, and an interview with
Speaker 4: the Akama CEO on its report. Details they follow. Plus
Speaker 4: we'll cover the world of electric vehicles from Rivian earnings
Speaker 4: to the conversation with CEO of Blink Charging.
Speaker 5: We've got you covered.
Speaker 4: And we cover the latest in artificial intelligence with the
Speaker 4: CEO of Scale AI and go live of course to
Speaker 4: Google Io event. Our our own Ed Ludlow is on
Speaker 4: the gram. At first, let's check in on these markets
Speaker 4: as we assess a little bit of a mood shift today,
Speaker 4: money moving into tech stocks. Why because the inflationary pressure
Speaker 4: dials down a bit CPI print coming in below that
Speaker 4: five percent handle. We therefore have NASDAC of course interest
Speaker 4: straight sensitive tech stocks on the up seven tenths of
Speaker 4: a percent two year yield on the down as we expect,
Speaker 4: maybe the Federal Reserve won't have to hike so hard
Speaker 4: going forward.
Speaker 5: Maybe a pause is on the agenda.
Speaker 4: We're off by almost eight basis points on the two
Speaker 4: year yield the front end of the curve. The US
Speaker 4: dollar index also drops on that view that we get
Speaker 4: a more dubbish tone going forward.
Speaker 5: Move it on, and.
Speaker 4: Let's have a little look at what's happening in the
Speaker 4: world of crypto, because we are indeed seeing dollar lower,
Speaker 4: so crypto on the upside, we're up by one point
Speaker 4: nine percent on the OG that is Bitcoin twenty eight
Speaker 4: thousand is currently where we trade. Though it's interesting that
Speaker 4: we're still seeing some of the moon music around crypto
Speaker 4: just being on the dour side, Let's stick with it.
Speaker 4: Jane Street Group Jump Crypto two of the world's top
Speaker 4: market making firms. They're actually pulling back from trading digital
Speaker 4: assets here in the United States. That's as regulators crack
Speaker 4: down on the industry. Look, Jane Street is going even further.
Speaker 4: It's scaling back at scrypto ambissions globally because regulatorly uncertainty
Speaker 4: has made it difficult for the firm to operate the
Speaker 4: business so much in the world of crypto, so much
Speaker 4: in the world of tech handings. More broadly, let's get
Speaker 4: to it, because Airbnb shares wow volatility there worst day
Speaker 4: in fact on record as after reporting pretty muted Outlook,
Speaker 4: let's get the inside track with Tom White's DA Davidson's
Speaker 4: senior research analyst, And do you think what we heard
Speaker 4: from the company in terms of its forwardlooking guidance vindicates
Speaker 4: the plunge in the share price today?
Speaker 6: Yeah?
Speaker 7: Look, I think you know Airbnb is it's a stock
Speaker 7: that's got a premium valuation relative to its peers, and
Speaker 7: with a premium valuation typically you get elevated expectations, particularly
Speaker 7: around Coraly or ningx prints. So look, we're not surprised
Speaker 7: to see the stock sell off a bit today, you know.
Speaker 7: I think the debate around the shares now is whether
Speaker 7: the guidance, which shows basically increased marketing investment relative to
Speaker 7: what the street was expecting, you know, whether that increase
Speaker 7: spend is really just a timing related issue and just
Speaker 7: sort of a pull forward of marketing from later in
Speaker 7: the year to the beginning of the year, or if
Speaker 7: it's something more structural, so you know, near term numbers
Speaker 7: are going down. You know, that's why the staff is
Speaker 7: going down a bit. But you know, we still see
Speaker 7: value and share of Airbnb over a longer term time horizon.
Speaker 4: I mean overall, when you put together all the analyst
Speaker 4: recommendations and price targets are still they think it's going
Speaker 4: to go high.
Speaker 5: One hundred and thirty two dollars.
Speaker 4: The general price target was seeing seventeen buyers, only fourteen
Speaker 4: cells on the stock overall, and from your perspective, when
Speaker 4: you have a by rating one hundred and twenty seven dollars,
Speaker 4: it is in one hundred and forty dollars price target. Tom,
Speaker 4: What do you make of the macro environment. We're just
Speaker 4: hearing about inflation, the pressure rolling over, But it looks
Speaker 4: as though airline prices are coming down, hotel prices are
Speaker 4: coming down.
Speaker 5: Is that good or bad for Airbnb?
Speaker 7: Well, look, I think any kind of pressure on the consumer,
Speaker 7: any pressure on discretionary spending, is not good for travel
Speaker 7: spending overall. What we've seen though, over the course of
Speaker 7: you know, prior downturns, is that leisure travel spending is
Speaker 7: is quite a resilient category, particularly if you look on
Speaker 7: a global basis. You know, even when times are tough,
Speaker 7: people still like to get away. I still like to
Speaker 7: take vacations.
Speaker 8: You know.
Speaker 7: I think in some ways, Airbnb's recent announcement of their
Speaker 7: Airbnb Rooms offering, it's maybe a little bit of a
Speaker 7: way to kind of get get ahead of that. Airbnb
Speaker 7: Rooms is sort of an example of Airbnb kind of
Speaker 7: disrupting itself a little bit by offering a significantly lower
Speaker 7: priced offerings in single rooms in people's homes or apartments.
Speaker 7: I think they said last night, eighty percent of that
Speaker 7: inventory is less than one hundred dollars per night. So,
Speaker 7: you know, we think overall travel is going to be resilient,
Speaker 7: and we think Airbnb, because of the variety of the
Speaker 7: listings it has, is probably going to be more resilient
Speaker 7: than other online travel assets.
Speaker 4: Interesting, what about the market share that seems to being
Speaker 4: eked out a little bit by booking dot Com, by vlbo,
Speaker 4: by some of the competitors out there, not to mention
Speaker 4: the old hotel industry as well.
Speaker 7: Yeah, look, I think, you know, talking about marketing shares
Speaker 7: right now is a little bit tricky just because of
Speaker 7: the comps, the differences in the comps. Right you know,
Speaker 7: Airbnb is camping you know, over the last few years
Speaker 7: has had explosive growth. Right during the pandemic, they were
Speaker 7: sort of the only game in town. People didn't feel
Speaker 7: comfortable going to big cities or going into hotels where
Speaker 7: they had.
Speaker 9: To you know, mingle with other folks.
Speaker 7: Airbnb's comps are relatively tougher now, whereas the traditional kind
Speaker 7: of OTAs or the hotel industry comps are a little
Speaker 7: bit easier. So just looking at the growth rates kind
Speaker 7: of you know, this quarter, next quarter, I think doesn't
Speaker 7: tell you know, kind of the entire story. You know,
Speaker 7: the bottom line is is a lot of these online
Speaker 7: travel assets all continue to grow, you know, significantly quickly.
Speaker 7: I think, you know, discussions about market share you know,
Speaker 7: need to be looked at in sort of a longer
Speaker 7: term perspective.
Speaker 4: Well said, it's great to have some time Tony, Tom.
Speaker 4: Thank you so much, Tom White of DA Davidson, as
Speaker 4: we say, the biggest drop on records of the Airbnb,
Speaker 4: but still got a seventy to seventy three billion dollar
Speaker 4: market capitalization.
Speaker 5: Let's talk about the.
Speaker 4: Macro environment, which BMB is currently well working within inflation data,
Speaker 4: as we said, without today showing signs of actually a
Speaker 4: bit of a cooling CPI rising just by four point
Speaker 4: nine percent on a year on year basis. But let's
Speaker 4: go into the insight of how you and I are spending.
Speaker 4: Are we looking at luxury? Are we holding back our
Speaker 4: purchases Rackaton President, I'm pleased to say, Kristin gull is
Speaker 4: with us and Rakuton is an online shopping platform partners
Speaker 4: in thousands of stores to provide data, expertise, technology both
Speaker 4: businesses and consumers. And also you give cash back, and
Speaker 4: that's a key draw Kristin. What are you seeing in
Speaker 4: consumers desire to be spending right now, particularly on the
Speaker 4: luxury side of things.
Speaker 3: We were very worried coming into this year that with
Speaker 3: all of the inflation pressure, that consumers were going to
Speaker 3: spend significantly less than they'd spent last year. And actually,
Speaker 3: on the contrary, we've seen a relatively stable spending environment,
Speaker 3: both on the lower end and the world of marketplaces
Speaker 3: and in the world of mid tier department stores. But
Speaker 3: luxury has been booming, and really that luxury thread carried
Speaker 3: throughout the pandemic and has continued into this year in
Speaker 3: a significant strength. And how people are spending despite the
Speaker 3: fact that the economy makes them a little nervous.
Speaker 4: So all day in some ways buying on the luxury
Speaker 4: en because it's deemed an investment in some way if
Speaker 4: I'm thinking of actual, real tangible goods.
Speaker 5: That's exactly what it is.
Speaker 3: We have a lot of data that's telling us that
Speaker 3: people are spending differently now, and there's two ways that
Speaker 3: they're spending differently. Number one, buying less but making it
Speaker 3: count more. Number two dealing with things like sustainability, where
Speaker 3: they want to buy fewer items with less impact on
Speaker 3: the environment. And what that leads to is people investing
Speaker 3: in either resale or luxury, and investing in luxury is
Speaker 3: something that increasingly younger and younger audiences are playing in.
Speaker 3: We are seeing a lot of data that gen Z
Speaker 3: is buying luxury at a significantly earlier age than other generations,
Speaker 3: and I think that really points to people changing the
Speaker 3: way that they spend.
Speaker 4: But also there's different offerings of the way in which
Speaker 4: they spend. How much you seeing a competitive threat from
Speaker 4: well the real reel or eBay or web paces you
Speaker 4: can go and buy, se can hand or pre used
Speaker 4: luxury items as an investment. Where do you see that
Speaker 4: focus from Rackington in the moment.
Speaker 3: I think right now that is a massive area of
Speaker 3: growth in the retail industry is the world of resale,
Speaker 3: and I think for a lot of these younger consumers
Speaker 3: that was what brought them into into the luxury fold
Speaker 3: in the first place. I think the interesting thing is
Speaker 3: now luxury companies are trying to get in on this
Speaker 3: volume and get in on that relationship. So you have
Speaker 3: people like Gucci offering their own resale world on their
Speaker 3: website right now, and basically what it means is that
Speaker 3: they want to own the customer in a way that
Speaker 3: isn't disintermediated by resale sites. So that's something that I
Speaker 3: see as part of a massive growth story in retail
Speaker 3: is resale overall, but not just on resale platforms, but
Speaker 3: by brands.
Speaker 4: How do you keep your market share in this environment
Speaker 4: we're all talking about oltificial intelligence, We're all thinking about
Speaker 4: how we can interact with a consumer more swiftly productively.
Speaker 4: How are you looking at updating recuteon and what your
Speaker 4: offering looks like when we're interfacing the e commerce platform.
Speaker 3: At the end of the day, our job is to
Speaker 3: drive growth for our retail partners, and we're doing that
Speaker 3: in a number of different ways. The first is by
Speaker 3: increasing the number of players on our site that appeal
Speaker 3: to consumers, things like resale, things like more luxury players
Speaker 3: are really really important to us. The second is there's
Speaker 3: a level of personalization that becomes important. We give cash
Speaker 3: back to our consumers for shopping at our retailers. That
Speaker 3: cash back is increasingly personalized to do things like incentivize
Speaker 3: you to try stores that you've never tried before, to
Speaker 3: incentivize you to make a second purchase at a retailer
Speaker 3: that you've experienced before.
Speaker 5: That level of value.
Speaker 3: That we drive, not only is it valuable to our retailers,
Speaker 3: but it's also really valuable to our consumers.
Speaker 4: So when you say at the moment, you keep a
Speaker 4: real loyal customer, in many ways, you say when a
Speaker 4: retailer leaves, quite often the shopper remains on seventy five
Speaker 4: percent of the time. Here, what is your dream new customer?
Speaker 4: From a client perspective, From a retailer perspective, you're just
Speaker 4: talking about Gucci there. Who do you want to lure
Speaker 4: onto the platform that you haven't got yet?
Speaker 3: Yeah, I think increasingly there is a younger consumer that
Speaker 3: we're going after. The sort of younger millennial audience and
Speaker 3: gen Z is really important to us. A lot of
Speaker 3: what we've been doing over the last few years is
Speaker 3: bringing on a lot of direct to consumer brands that
Speaker 3: are more important to that audience and that generation, and
Speaker 3: then to your point, expanding our luxury environment overall on
Speaker 3: the platform. We have played really, really hard in luxury
Speaker 3: department stores for a long time. Individual brands is the
Speaker 3: next thing I'd love to tackle because that does actually
Speaker 3: drive a lot of value for that younger millennial and
Speaker 3: gen Z.
Speaker 4: Consumer or someone who brings a lot of experience to
Speaker 4: the role, having been well with Recuten as a general
Speaker 4: manager since twenty eighteen, plenty of other places before that.
Speaker 4: So Kris Single, we thank you so much for spending
Speaker 4: some time with us with Q ten president there Now
Speaker 4: from luxury spending to what's going on in the world
Speaker 4: of Mountain View, California right now, ed and manner luxury.
Speaker 5: You're covering Google though developers conference all day for us.
Speaker 5: What's the key themes?
Speaker 10: Yeah, Look, artificial intelligence just at the heart of everything here.
Speaker 10: Thousands of people as Shoreline mountain View, two hundred and
Speaker 10: thirty thousand union worldwide. And remember when Google introduced Barred
Speaker 10: in February. It was always billed as a creative companion,
Speaker 10: not a replacement for the core search product. So that's
Speaker 10: the question. What are we going to find out today
Speaker 10: about how you integrate the large Language Model the LM
Speaker 10: into a next generation search engine. What does that functionality
Speaker 10: look like? And what about Google's other software offerings. And
Speaker 10: that's before we even get to hardware.
Speaker 4: Caroline, Yeah, we'll address that a little bit later with you.
Speaker 5: Brilliant to have you on the ground there.
Speaker 4: You're going to be back with us and later in
Speaker 4: the hour, but we're also going to be there throughout
Speaker 4: the day.
Speaker 5: We thank you so much. Let's go back to the earnings.
Speaker 4: Let's look at Acamai Technologies shares actually having their best
Speaker 4: day since twenty twenty after it reported first all results
Speaker 4: that meat expectations. It gave a fullier forecast that was
Speaker 4: ahead of the AMAS consensus. Let's talk about it all
Speaker 4: with the CEO of Acami, Tom Nayton. Doctor Layton, it's
Speaker 4: great to have some time with you. Strong given challenging
Speaker 4: macroheadwinds and the pricing pressure, what do you make of
Speaker 4: the economic environment which you're currently managing to weather better
Speaker 4: than some had anticipated.
Speaker 2: It is a challenging environment. You know, customers are trying
Speaker 2: to cut back on costs. There are a couple of
Speaker 2: ways that help us mitigate that though.
Speaker 7: You know.
Speaker 9: The first is folks are really.
Speaker 2: Concerned about security and reliability, especially in the financial sector. Now,
Speaker 2: the last thing a major bank wants is to have
Speaker 2: an outage with the concern that people will think something's wrong,
Speaker 2: you get a run and that's a big challenge and
Speaker 2: we're the you know, the best provider when it comes
Speaker 2: to reliability and security.
Speaker 9: So that's been you know, helpful for us.
Speaker 2: Also, as companies need to cut cost we can help them.
Speaker 9: With our compute solution.
Speaker 2: You know that's now integrated into our delivery platform. And
Speaker 2: you know we are the biggest when it comes to
Speaker 2: delivery and have a very economical platform for doing that,
Speaker 2: and so we can help customers reduce their costs access
Speaker 2: to cloud computing and delivery.
Speaker 4: What about your buildout though, Tdcowen saying that they are
Speaker 4: longer term a bit more cautious on your stock given
Speaker 4: the capital expenditure intensity that's needed to build out the
Speaker 4: compute part.
Speaker 5: How are you managing those as a costs?
Speaker 2: Yeah, so We are investing this year to you know,
Speaker 2: jumpstart the base platform, and that will largely be done
Speaker 2: by the end of Q three, and then going forward
Speaker 2: from there, the buildout expense is proportional to the revenue.
Speaker 2: So if we get a lot of revenue growth, which
Speaker 2: is what we're hoping and is a good news story,
Speaker 2: then there'll be more capital expense. And you know, if
Speaker 2: it's a more modest growth on revenue, then you know,
Speaker 2: there won't be all that much capex to worry about,
Speaker 2: so that'll be pretty much, you know, done with by
Speaker 2: the end of Q three. We just turned on our
Speaker 2: first new data center and we have fourteen more planned
Speaker 2: over the next couple of quarters.
Speaker 5: You really do.
Speaker 4: Sound optimistic about the client still spending in this economic environment,
Speaker 4: particularly on security. Just push back therefore on analysts over
Speaker 4: at Guggenheim who are saying your low double digit guidance
Speaker 4: in terms of security growth, they actually say it's somewhat
Speaker 4: implausible because of this macro environment and the sharp acceleration
Speaker 4: that's needed a new business. Why do you think that
Speaker 4: this is plausible even though you've got some worrying about it.
Speaker 2: Well, we have the market leading solutions for web at firewall,
Speaker 2: you've got to have that market leading solution for bot management,
Speaker 2: market leading solution for ransomware and defending against that, you know,
Speaker 2: And and think about some of the older attacks that
Speaker 2: are maybe you think of them as old news, like
Speaker 2: denial of service. You know, we just in the last
Speaker 2: few months you have the killnet coordinated d DOS attacks
Speaker 2: against you know, the nation's leading medical centers for goodness sake,
Speaker 2: and so security is still very much needed, and you know,
Speaker 2: when you're the market leader in these solutions like akamie is,
Speaker 2: I'm very optimistic about low double digit growth this year
Speaker 2: for our security business. And of course now we're adding
Speaker 2: API security, and as you know, that's very much in
Speaker 2: the news with all the API attacks that have taken
Speaker 2: place recently.
Speaker 4: Yes, exactly, let's talk from API to AI as well
Speaker 4: more broadly, doctor Layton, because I mean, you're a man
Speaker 4: of fifty patents to your name in terms of content
Speaker 4: delivery and Internet protocols. But I'm pretty sure you're thinking
Speaker 4: the way in which artificial intelligence is increasing some of
Speaker 4: those security attacks as we mentioned, but ultimately upending many
Speaker 4: a business model. Right now, Is there anyway in which
Speaker 4: you're thinking that you can harness that or that you're
Speaker 4: worrying about it.
Speaker 2: You know, we use a and a lot of our products,
Speaker 2: particularly in security for anomaly detection, detecting attackers really you know,
Speaker 2: very important.
Speaker 9: We don't sell AI products per se.
Speaker 2: Now, I think there's been some very interesting advances recently
Speaker 2: an AI generative AI, and you know, one thing about
Speaker 2: that is it's compute intensive, and so there is the
Speaker 2: prospect of a lot more need for compute cycles and
Speaker 2: that's something that you know, we could ultimately benefit us
Speaker 2: with our compute platform. In fact, you know, there's early
Speaker 2: work going on now that would you know, using algorithms
Speaker 2: in scientific methods, uh, make it more affordable so that
Speaker 2: you could do a lot of the work on inference
Speaker 2: engines using CPUs instead of GPUs, which.
Speaker 9: Is a lot more efficient.
Speaker 2: So I think there's a lot of exciting results to
Speaker 2: come there and ultimately, you know, good for business.
Speaker 4: And it really is interesting that we've had from other
Speaker 4: security software companies out there, thinking at ten with a
Speaker 4: revenue forecast that was a bit lackluster cloud flair, we
Speaker 4: have had this worry that people aren't going to invest
Speaker 4: in much as much in securing themselves in this environment.
Speaker 4: So is there any sign from any of your clients
Speaker 4: that they're just going to have to pull back in
Speaker 4: that area or none at all from you.
Speaker 2: It does slow down sales cycle some you know, in
Speaker 2: our growth rate, even in the low double digits, is
Speaker 2: less than it was last year. That said, we had
Speaker 2: a strong bookings quarter in security, and in fact, you know,
Speaker 2: we ended up you know, taking business away from you know,
Speaker 2: some of the companies that you mentioned, particularly in the
Speaker 2: financial sector where you know, the leading financial institutions just
Speaker 2: can't have an outage or an incident or have an
Speaker 2: attack be successful in this environment. And so there's a
Speaker 2: I think they turned to Akami more now so where
Speaker 2: you might see some company struggling a bit, it's on
Speaker 2: balance within this environment.
Speaker 4: Good for Akami, doctor Ayton, Tom Layton, Akam, I see
Speaker 4: and we thank you for your winning us. We need
Speaker 4: spelling out the environment in which we currently find ourselves. Meanwhile,
Speaker 4: we're also watching other companies that actually are not performing
Speaker 4: as well on the day as Zachameayas. Just check out
Speaker 4: on internet infrastructure company Twilio falling in terms of sixteen percent.
Speaker 5: On the day.
Speaker 4: This is really is struggling to find its growth right now,
Speaker 4: we overall see the company posting numbers that did show
Speaker 4: a growth slowdown overall, and this is a business that's
Speaker 4: trying to find it's footing amid the macro weak macro
Speaker 4: that Jefferies are saying a small beat overall in this quarter,
Speaker 4: but it really is the margin turnaround, and this particular
Speaker 4: company is being overshadowed by a weak macro picture going forward.
Speaker 4: So deterioration its net revenue retention rate in the outlook
Speaker 4: for the second quarter points to more difficult days ahead
Speaker 4: coming up. Look, let's talk about days ahead in the
Speaker 4: race to compete with the likes of Chatchepete. More on
Speaker 4: how Softbag s getting in on the action US next
Speaker 4: as a bloomberg time now for Talking Tech and first
Speaker 4: up monthly sales and Taiwan inconduct of Manufacturing TSMC fell
Speaker 4: for a second month as his consumer demand for electronics
Speaker 4: just slows sales.
Speaker 5: And made to order chips.
Speaker 4: They're down fourteen percent from a year earlier, signaling that
Speaker 4: the chip sectors slump skeet to bottom. Meanwhile, also over
Speaker 4: in Asia, soft Banks Mobile Unit is building a Japanese
Speaker 4: version of You Guessed at Chatchipt, joining the already intense
Speaker 4: race to create the next generation AI. The telecoms company
Speaker 4: is actually setting up a new entity in March to
Speaker 4: develop the technology. The CEO didn't elaborate on the project's
Speaker 4: goals or progress so far. And let's look at content
Speaker 4: right now, because Tucker Carlson says that he's turning to
Speaker 4: Twitter to launch a new show as after, of course,
Speaker 4: being fired from Fox News last month, Carlson posted a
Speaker 4: three minute video online saying like he would bring a
Speaker 4: new version of his Fox News program, although says.
Speaker 5: He hasn't signed any sort of deal.
Speaker 4: But let's dig into this with plans not send and Stone,
Speaker 4: what would a program actually look like on a platform
Speaker 4: like Twitter? And one of the concerns around content moderation,
Speaker 4: Felix Jillett is with us.
Speaker 5: Is flomby News interesting.
Speaker 4: That many would say he left Fox or was pushed
Speaker 4: out a Fox his advertisers were uncomfortable, So what makes
Speaker 4: how does is it subscription based this time around?
Speaker 11: It's kind of hard to say, because, yeah, advertisers were
Speaker 11: uncomfortable with Tucker Carlson the show on Fox. They've been
Speaker 11: uncomfortable with Elon Musk's version of Twitter. So do you
Speaker 11: take two negatives, does it make a positive. It's hard
Speaker 11: to imagine that happening. You know, Elon Musk has been
Speaker 11: trying to get more subscription money for Twitter, getting people
Speaker 11: to sign up for Twitter Blue. That's been a struggle.
Speaker 11: So maybe getting some very die hard Tucker Carlson fans
Speaker 11: to sign up and subscribe to a show.
Speaker 1: It's all a little bit hard to imagine.
Speaker 11: I mean, if you think about like video on Twitter.
Speaker 11: I was thinking about what's the most successful video on
Speaker 11: Twitter over the years, I would have to say it's Vine,
Speaker 11: which was six second loops of comedians and people talking.
Speaker 11: And you're going to take an hour long show and
Speaker 11: somehow put it on this platform that has no real
Speaker 11: history of TV shows.
Speaker 5: This show used to stream on Twitter.
Speaker 4: But there is an interesting viewpoint overall about just the
Speaker 4: way in which we consume as well. I mean, how
Speaker 4: much is there a vindication that people will want three
Speaker 4: minute long pieces of information indeed shows anywhere you go,
Speaker 4: Because is there anything that resembles another social media network
Speaker 4: that's done content delivery, done shows like this in a
Speaker 4: decent manner.
Speaker 11: I mean, you know, Snapchat, YouTube, Facebook, like, people have
Speaker 11: experimented with different links and different kinds of shows, political
Speaker 11: shows on social media platforms. Yeah, and you know, Tucker,
Speaker 11: he has these home studios that he built during the pandemic.
Speaker 11: He's got a very robust and loyal audience. So you know,
Speaker 11: how is that going to be monitored. It's hard to imagine,
Speaker 11: but it does give him a voice in the platform
Speaker 11: to keep himself relevant during the political campaign that's coming up,
Speaker 11: as opposed to just being on the sidelines until he
Speaker 11: finds a new cable network that would take.
Speaker 4: Him rumble shares. On that note, we're on the down
Speaker 4: side after the news. Felix Jenette always great to get
Speaker 4: his take on all these things. We thank him. Welcome
Speaker 4: back to BlueBag Technology. I'm Caroline Hide in New York.
Speaker 4: Let's have a quick check on your markets because we've
Speaker 4: actually seen a reprieve in tech stocks again on the
Speaker 4: back of inflation data that shows maybe this pricing pressure
Speaker 4: is cooling. Of course, interest rates sensitive tech stocks do well,
Speaker 4: and then as like one hundred more than seven ten
Speaker 4: percent as inflation comes in sub five percent year on year,
Speaker 4: we're looking at ten year yield getting a bid. That's
Speaker 4: as we maybe anticipate the Fed will maybe be able
Speaker 4: to take that pause in its hiking cycle. We're down
Speaker 4: seven basis points. Bitcoin does higher as the dollar goes lower.
Speaker 4: We're up more than two percent.
Speaker 5: Flick it on.
Speaker 4: Let's go into some of the individual names, though, because
Speaker 4: we've had mixtra amount of earning still to be digesting.
Speaker 4: A firm on the higher side up more than four percent,
Speaker 4: even there was some caution after the numbers dropped about
Speaker 4: overall by now pay later the overall headwinds in this
Speaker 4: macro environment of consumer but many an analyst thinking that
Speaker 4: this is a stock that can weather.
Speaker 5: Can perform at the moment. So we're up more than
Speaker 5: four percent.
Speaker 4: Data Dog, it's a local company, New York based up
Speaker 4: six percent. Guess what's gone. An integration with open ai
Speaker 4: and people like it, the fact that it's gonna be
Speaker 4: checking in on how companies interact with chatchibt and like
Speaker 4: product products. So Data Dog on the upside. Airbnb very
Speaker 4: much on the downside, having its worse fall as a
Speaker 4: publicly traded company after its forward looking guidance was a
Speaker 4: little bit weak. Let's talk about other earnings, because there
Speaker 4: are more they can fast in the EV space. In particular,
Speaker 4: Blink Charging just reported revenue for the first quarter nook.
Speaker 4: It missed some analystsessiments out there, but it's still more
Speaker 4: than doubling revenues. The ev Charging Stations Company is really
Speaker 4: continuing to transition to an in house manufacturing model. Gross
Speaker 4: margin profile is expected to improve throughout twenty twenty three
Speaker 4: and the next year. Let's talk about it all with
Speaker 4: the relative we knew recently appointed CEO, Brendan Jones.
Speaker 5: Of course you were other business.
Speaker 4: Already and now taking the CEO mantel Brendan and just
Speaker 4: talk to us about the revenue drivers here. Who is
Speaker 4: wanting to get their hands on these charging stations across
Speaker 4: the United States?
Speaker 6: Absolutely so, this space is on fire.
Speaker 8: As more and more states start to adopt provisions that
Speaker 8: say that internal combustion engines can no longer be sold
Speaker 8: past twenty thirty five, we're seeing an increasing emphasis on
Speaker 8: charging and who's.
Speaker 6: Asking for it.
Speaker 8: You've got everything from municipalities to private ownerships, to big
Speaker 8: real estate groups, to state parks that want to have
Speaker 8: charging for new sport utility vehicles that are EVY, and.
Speaker 6: Of course the federal government. We're very proud to have
Speaker 6: been one.
Speaker 8: The United States Post Office Service put out a bid
Speaker 8: for four thousand for forty five thousand chargers. We won
Speaker 8: part of that deal and we've already began to install
Speaker 8: those chargers with USPS. So the goal right now is
Speaker 8: to make sure that we can get as many chargers
Speaker 8: out there to service the ED buying public and blink
Speaker 8: right now.
Speaker 6: As you saw, we're on digit.
Speaker 8: Double digit growth between last year and this year, and
Speaker 8: we see that trend continuing for the foreseeable future.
Speaker 4: How does the US stack up versus Europe, Asia, Latin America.
Speaker 4: I know these are all markets that you're analyzing and
Speaker 4: in yes.
Speaker 8: So what you see in Europe is a little bit
Speaker 8: progression of the model. So they're much further ahead on
Speaker 8: both the car sales and the penetration of chargers in
Speaker 8: the public space. So US is following right behind that.
Speaker 8: So while there a little ahead, we see ourselves as
Speaker 8: catching up.
Speaker 6: Now.
Speaker 8: A lot in Europe is policy driven to mandate charging
Speaker 8: and mandate the purchase of electric vehicles. We have some
Speaker 8: policy initiatives that make it easy to adopt, and then
Speaker 8: we have the federal funding for the Nevy program, the
Speaker 8: two billion dollars from the Biden administration to accelerate infrastructure.
Speaker 6: So the US is more show US. But I'll tell
Speaker 6: you the autoims they are bringing out the cars today.
Speaker 8: You have some of the most versatile, sexiest high speed
Speaker 8: cars on the market.
Speaker 6: That all drives.
Speaker 5: What do you happen?
Speaker 8: So I transitioned just recently out of Audietron, which is
Speaker 8: a beautiful car, you know, full ev all the way,
Speaker 8: but all everything you expected in a luxury car. Now
Speaker 8: I'm looking at a couple of different models, some domestic
Speaker 8: and some meat overseas as well.
Speaker 6: So my goal in life was always on a Mustang.
Speaker 8: So I'm not hitting that it might be a monkey,
Speaker 8: but I'm definitely leading that direction.
Speaker 4: What about the inside focus on where you're buying? But
Speaker 4: what about the innovation that blinks doing at the moment
Speaker 4: as well?
Speaker 5: Because yes, it would.
Speaker 4: Be lovely, of course to have the infrastructure there that
Speaker 4: we can all pull up and be able to speedily
Speaker 4: charge our cars, But what about if you're on the move,
Speaker 4: what about if you've been breaking down you're having I mean,
Speaker 4: I know you had a whole host of different kind
Speaker 4: of options on array at CS this one.
Speaker 8: Yeah, and absolutely what we want to do is service
Speaker 8: the pallethor of charging needs for the public. And that
Speaker 8: means you've got to have fast chargers on the highway
Speaker 8: that can fuel a vehicle in under thirty minutes or
Speaker 8: in some cases under fifteen depending on the speed of
Speaker 8: the battery.
Speaker 6: Then you also have to havet home based charging.
Speaker 8: When we look at McKinsey data, it tells us that
Speaker 8: ninety percent of the charging that's going to take place
Speaker 8: globally is what we call level two charging, and then
Speaker 8: the other ten percent is going to be DC fast charging,
Speaker 8: which is the faster must have charging. But also, as
Speaker 8: you point it out, there's this need for what we
Speaker 8: call a rescue charger. So if you run out of charge,
Speaker 8: just like you run out of gas, we also have
Speaker 8: products to satisfy that market, so.
Speaker 6: We can charge you up on the go and get
Speaker 6: you back to a charger as soon as possible.
Speaker 8: So our job is to cover the home, to cover
Speaker 8: the public, to cover the municipalities, and to cover the
Speaker 8: highway with charging and make sure we have options and
Speaker 8: innovative products to serve the general the general needs out there.
Speaker 4: Are you growing that and innovating organically or I know
Speaker 4: that you make quite a lot of acquisitions as well.
Speaker 4: Do you want to do bolt on us to be
Speaker 4: able to add that sort of level of offering.
Speaker 8: Yeah, So we continue to be an inquisitive company. So
Speaker 8: where acquisitions make sense, we will pursue them. We just
Speaker 8: acquired a car sharing company called Envoy, who basically has
Speaker 8: people engage with them on a car by car basis.
Speaker 8: They get it, they're all evs, They get it for
Speaker 8: a day, for an hour, etc.
Speaker 6: They charge on our charging stations, and then we have.
Speaker 8: Blue La, which is our mobility program in Los Angeles,
Speaker 8: and under Blue La, we have two hundred stations that
Speaker 8: have two to three cars on them and the general
Speaker 8: public comes in there, takes a car for a day,
Speaker 8: gets a chance to be in an EV and they
Speaker 8: serve both the general public and the underserved communities simultaneously.
Speaker 6: And we do both the cars and the charging.
Speaker 4: Brendan, what's the regulatory environment for you thanking thesels of
Speaker 4: acquisitions at the moment. I know you're not a big
Speaker 4: cat player yet at the moment, but what are the
Speaker 4: concerns about making acquisitions of other companies.
Speaker 8: Well, you have to make sure that these acquisitions, when
Speaker 8: we're looking at.
Speaker 6: Them, you have a high degree of synergies.
Speaker 8: If you don't, it doesn't make sense because the acquisition
Speaker 8: of the in and of itself has to fit into
Speaker 8: our business models. If it doesn't, we're going to pass
Speaker 8: because the synergies of which makes that very valid. And
Speaker 8: when you look at acquisitions in general and you benchmark
Speaker 8: other companies, you see where they failed was they didn't
Speaker 8: get the synergies. So we put a lot of money.
Speaker 8: We work with McKenzie to outline, set a path, and
Speaker 8: set a timeline associated to bid revenue sentergies, g anda sentergies,
Speaker 8: and then product synergies across the board.
Speaker 6: Without that, we're not going to do any acquisitions.
Speaker 8: We need that to be efficient and to really get
Speaker 8: to global scale.
Speaker 4: Well, thank you giving us the global perspective link CEO
Speaker 4: Friend and Jones. And look, let's just focus on M
Speaker 4: and A a little bit more in the world of
Speaker 4: tech because Bloomberg research has found that US government's current
Speaker 4: aggressive stance on anti trust it's actually really chilling merger
Speaker 4: activity among the country's biggest companies for some deals never
Speaker 4: making it past the boardroom. Let's bring in and peace
Speaker 4: to say right here in Neil Leah Nyland, who's over
Speaker 4: from Washington to break it all down, and this story
Speaker 4: really showing just how much of a chilling effect. Just
Speaker 4: can you paint the picture of where we've been and
Speaker 4: where we've come to because of the action of the administration.
Speaker 12: Yeah, so the Biden administration really came in strong on
Speaker 12: anti trust. They really felt that the past administrations were
Speaker 12: a little too easy on mergers and letting big deals
Speaker 12: go through with only settlements or maybe like challenging only
Speaker 12: a couple of the bigger ones. But the Biden administration
Speaker 12: has been really aggressive on this so far. Since the
Speaker 12: anti trust enforcers came in in July of twenty twenty one,
Speaker 12: they have challenged seventeen cases in court, but they've also
Speaker 12: raised anti trust concerns about another twenty six. So those abandoned,
Speaker 12: those deals were abandoned before they even made it to court.
Speaker 12: So they have quite a record of, you know, killing
Speaker 12: off deals so far.
Speaker 5: How much are they ultimately tech savvy.
Speaker 4: We know that the FTC that got a very much
Speaker 4: a leaderly A Khan, who's focused on the world of technology,
Speaker 4: did a lot of work within big tech. But there
Speaker 4: is a talk now about AI being a new area
Speaker 4: in which we get competitive overreach and monopolistic capabilities. How
Speaker 4: much of those of the conversations you're having, is it
Speaker 4: all about big tech and stifling there or just this
Speaker 4: go cross industry.
Speaker 12: It goes across industry, as if you look at a
Speaker 12: lot of the deals that they have blocked, You've seen
Speaker 12: a lot in the healthcare sector, you see some in
Speaker 12: you know, brick and mortar industries like concrete and cement,
Speaker 12: But the big tech ones are definitely ones that are
Speaker 12: they're paying a lot of attention to.
Speaker 5: You know.
Speaker 12: The big case that the FTC challenged last year was
Speaker 12: the one between meta platforms and Within, which was actually
Speaker 12: just a small stirred up focused on virtual reality. One
Speaker 12: of the anecdotes in our story was actually about Google
Speaker 12: abandoning an acquisition because they had some concerns about the
Speaker 12: antitrust problems.
Speaker 5: That it could raise.
Speaker 12: And both of the leaders of the antrus agencies right now,
Speaker 12: that's Lena Khan at the FTC and Jonathan Kanter at
Speaker 12: the Justice Department, have said that they're actually looking really
Speaker 12: closely at AI because they're very concerned that some of
Speaker 12: the biggest companies, the Microsofts, the Googles, the Amazons of
Speaker 12: the world, really have the resources to devote to AI,
Speaker 12: and they're really concerned that they might try, you know,
Speaker 12: buying up a lot of the people who are really
Speaker 12: focused on that and sort of dominating the AI market
Speaker 12: and the way that they have really been able to
Speaker 12: dominate the web.
Speaker 5: What's interesting is some would say.
Speaker 4: FTC Action, for example, hasn't actually been that successful. Yeah,
Speaker 4: does that give companies speaking to a bit more resilience
Speaker 4: and optimism they can get these deals through? Or they
Speaker 4: look more what the UK's up to with Microsoft and
Speaker 4: they think, okay.
Speaker 12: No, it really depends. You know, companies that are more
Speaker 12: risk averse aren't really going to want to put the
Speaker 12: time and the money into this because so the increase
Speaker 12: any trust really is dragging some of these things out.
Speaker 12: But really big deals like Microsoft Activision, they're still going forward,
Speaker 12: even in the face of regulatory scrutiny. So that one
Speaker 12: the UK has blocked the FTC has brought litigation against
Speaker 12: it that's supposed to go to trial later this year.
Speaker 12: We're still waiting on the EU to make a decision.
Speaker 12: It will later this month, but it's unclear if that
Speaker 12: one's going to go through, just because when you get
Speaker 12: that many lawsuits against a deal, it becomes really hard
Speaker 12: to move forward.
Speaker 4: Nana and it's great to have you right here in
Speaker 4: New York. Appreciate it. We thank her for that great story.
Speaker 4: And Ashley, we were just talking about the worries around
Speaker 4: AI dominance. Well, coming up, we've got a great conversation
Speaker 4: to have in the world degenerative AI with a leader.
Speaker 4: Scale AI is deploying new tools to help its clients
Speaker 4: safely and responsibly integrate the technology into their systems. We're
Speaker 4: going to have a conversation with the founder, the CEO,
Speaker 4: Alexandra Wang.
Speaker 5: But let's talk about.
Speaker 4: Potential monopolies building in the space, or want to be monopolies.
Speaker 4: Because panenteer up another day after its earnings came out
Speaker 4: and they talked about the unprecedented demand for its own
Speaker 4: AI offering. The CEO alex cart get this saying that
Speaker 4: they just want to take the whole market.
Speaker 5: That's a strategy for AI apparently from New York. This
Speaker 5: a Bloomberg.
Speaker 4: Scale AI as a leader in creating generative AI systems
Speaker 4: and it's launching two new platforms tell its customers apply
Speaker 4: AI systems within their networks. Joining now is Alexander Wang,
Speaker 4: the founder and CEO of Scale AI, and alex at
Speaker 4: the moment, I'm trying to wade through Panenteer that was
Speaker 4: to take the whole market. We had salesforce on interjecting
Speaker 4: chat GPT within its offerings or Slack, and for Tableau
Speaker 4: we've got IBM with Watson X. What exactly are you
Speaker 4: offering that's kind of different from the others.
Speaker 13: Yeah, So at Scale we've been in the AI industry
Speaker 13: for more than seven years now. We've been quietly powering
Speaker 13: much of the modern revolution in generative AI. And what
Speaker 13: we're seeing today is a lot of AI tourists pretending
Speaker 13: to be AI natives. You know, there's a lot of
Speaker 13: companies who are not selling solutions. They're ultimately just selling
Speaker 13: vaporware and our products, you know, they aren't coming soon.
Speaker 13: They're in the hands of customers today, from the Fortune
Speaker 13: five hundred to the US Department of Defense, and we
Speaker 13: don't see many other platforms that can say that.
Speaker 1: So today we're proud.
Speaker 13: To introduce our two new generative AI platforms, Scale Donovan
Speaker 13: and Scale EGP to unlock the power of AI for
Speaker 13: every industry, from the US government to global enterprise. Our
Speaker 13: Donovan product is our platform, which is the first large
Speaker 13: language model deployed on a classified network for the US
Speaker 13: government and with our war fighters connect in minutes instead
Speaker 13: of weeks. And our customers today include the US Army's
Speaker 13: eighteen Airborne Corps, the DoD's CDAO and the Joint All
Speaker 13: Demand Command and Control Effort in particular, and the Marine
Speaker 13: Corps University School of Advanced Warfighting.
Speaker 4: So just to go back, are you saying that palenteer
Speaker 4: with its machine learning and it's already integration with the
Speaker 4: Defense Partment, for example, that's an AI tourist.
Speaker 13: So, you know, I think the key thing to look
Speaker 13: at with any one of these platforms is whether or
Speaker 13: not they have customers that are live with the technology.
Speaker 1: Today or are using it actively.
Speaker 13: And you know, I think there are plenty of platforms
Speaker 13: that are touting huge announcements but that do not have
Speaker 13: any live customers and any activity today, and they have
Speaker 13: oftentimes coming soon as sort of the headline on their homepages.
Speaker 13: So I think that's one of the key things to
Speaker 13: look at. You know, we at scale we've worked with
Speaker 13: open AI since twenty nineteen, or you have much of
Speaker 13: the technology that's undergirded chat, GPT and other technologies work
Speaker 13: with much of the rest of the ecosystems such as Microsoft,
Speaker 13: meta working folks like Stability, adept, carper cohere, and so
Speaker 13: this is you know, we've been in this industry. We
Speaker 13: have we're one of the companies with the greatest amount
Speaker 13: of experience in generative AI, and we're excited to actually
Speaker 13: bring that expertise to the enterprise, EMPTO government customers.
Speaker 4: And to the White House in terms of evaluating platforms.
Speaker 5: Right, just remind us.
Speaker 4: That is it going to be your platform that they're
Speaker 4: using at Defcon thirty one to be able to basically
Speaker 4: test and understand how hugging Face and topic Google actually work.
Speaker 1: Yeah, exactly.
Speaker 13: So we are Switzerland, we are not behold into any
Speaker 13: one platform, and in fact, we've been quietly partnering with
Speaker 13: most of the AI industry. As a result, we're the
Speaker 13: perfect partner to work with the White House and with
Speaker 13: Defcon in using our platform to actually evaluate all of
Speaker 13: these models that are being built and understand what the
Speaker 13: implications and safety implications of these models are. You know,
Speaker 13: we believe that progress and foundation models needs to have
Speaker 13: been hand in hand and alongside progress and model evaluation
Speaker 13: and safety, and that's really what we've built our platform
Speaker 13: to help enable and why our platform is going to
Speaker 13: be the one that's used again in partnership with White House,
Speaker 13: in partnership with Defcon to help understand these models.
Speaker 4: What do you think you'll find, Alex, Do you think
Speaker 4: you'll find safe and solid space is being crafted for
Speaker 4: new models or you're a little bit more worried, you know.
Speaker 13: I think broadly within the industry. One of the things
Speaker 13: that's happened. One of the things that's happened is these
Speaker 13: models have all been released and have have been released
Speaker 13: down with the world before much of this testing has
Speaker 13: taken place out in the public, and so you know,
Speaker 13: I think invariably we're going to find some things that
Speaker 13: are that are going to be concerning. But I think
Speaker 13: we're also going to find that many of the builders
Speaker 13: of these models have actually put a huge amount of
Speaker 13: thought into the systems that they're developing, and so I
Speaker 13: think we'll see a range. You know, there will be
Speaker 13: some models that are significantly safer than others, and even
Speaker 13: the models that are safe, I think we'll continue to
Speaker 13: find things that you know, we need to work on,
Speaker 13: we need to improve, you know, our goal with this
Speaker 13: with this or in our work with the White Houns
Speaker 13: with defcon is really in releasing a platform that and
Speaker 13: a framework that can be used across for the rest
Speaker 13: of for the in perpetuity by the industry.
Speaker 1: We want to create an evaluation system that we can
Speaker 1: always use to.
Speaker 13: Evaluate the quality and performance of these models going forward.
Speaker 4: But does it matter if we put regulation on the
Speaker 4: United States or developed nations do when others many would
Speaker 4: say China, Russia don't. And what does that look like
Speaker 4: because technology doesn't have that many boundaries.
Speaker 13: Yeah, I think this is this is a really really
Speaker 13: important question, you know. I think that the topic of
Speaker 13: AI regulation is certainly an important one, and as we've
Speaker 13: seen with AI to date, the key to human centric
Speaker 13: responsible AI is really a solid data foundation, you know.
Speaker 1: For technology is transformed to this.
Speaker 13: I think it's very important to consider the questions on
Speaker 13: AI regulation and are what are the consumer impacts of
Speaker 13: this technology? One of the reasons why we're so excited
Speaker 13: about the work that we're doing with the White House
Speaker 13: and others. That being said, like you mentioned, our adversaries,
Speaker 13: our near peer competitors like Russia and China will not
Speaker 13: let regulation get in the way of their ambitions, and
Speaker 13: in fact, I think it's quite the opposite, they will
Speaker 13: use these tools to tighten their grip on you know,
Speaker 13: domestic social and political control.
Speaker 5: So you know, now we'll finish that thought.
Speaker 1: Yeah.
Speaker 13: So you know in China, you know, the the the
Speaker 13: content of their AI systems, you know, will need to
Speaker 13: reflect their socialist core values and avoid information that that
Speaker 13: undermines their state power, national unity. And so you know,
Speaker 13: you see intent from our near peer competitors to to use.
Speaker 1: This technology to for their ambitions.
Speaker 13: And again they won't, they won't overregulate to prevent the
Speaker 13: proliferation in spread of the technology.
Speaker 5: Very briefly, open source versus not? Where do you come
Speaker 5: down on order that?
Speaker 13: So our belief is that enterprises and government customers need as.
Speaker 1: Many options as possible.
Speaker 13: And so our view again as I mentioned we're Switzerland,
Speaker 13: we want to enable our customers to be able to
Speaker 13: use open source models as well as the best closed
Speaker 13: source models from nthropic, opening iico here, et cetera, to
Speaker 13: be able to achieve their ambitions. So I think it's
Speaker 13: really a question of choice, you know, I think the
Speaker 13: more options that there are in the ecosyst the better,
Speaker 13: and argles to enable as many of them as possible.
Speaker 4: Alex Wang, go to spend some time with your founder
Speaker 4: and CEO the scale AI. We've got to go back
Speaker 4: to our one on only andenel adlone mountain view at
Speaker 4: Google Io, which is about officially kick off, and I
Speaker 4: imagine a high host of conversation around barred and ultificial intelligence.
Speaker 10: Yeah, look, this is the developers conference, but it's all
Speaker 10: about AI, and really what we want to know is
Speaker 10: about a more conversational version of Google Search. So much
Speaker 10: emphasis on bard when it was released in February, but
Speaker 10: it was always meant to be a creative companion. So
Speaker 10: how have they taken their work on the large language
Speaker 10: models and moving the needle forward in terms of that
Speaker 10: core search product. That's the big question for the thousands
Speaker 10: of developers that are here but also worldwide virtually.
Speaker 4: What about the developers that want to be building on
Speaker 4: pieces of a hardware kit, the Google mans. Where are
Speaker 4: we seeing the iteration of the pixel?
Speaker 10: Yeah, so we expect them to unveil pixel fold, a
Speaker 10: large form factor folding smartphone and you ask, well, how
Speaker 10: does that relate to AI? But if you speak to
Speaker 10: developers or analysts, they say, well, look how big it is?
Speaker 10: Think about the processing power. What are the future on
Speaker 10: the inference side of AI use cases that you can
Speaker 10: do with a phone like that. Google has one percent
Speaker 10: of the smartphone market. Flip phones or folding phones are
Speaker 10: one percent of that market in itself. It's tiny, So
Speaker 10: how are they going to move the needle forward here?
Speaker 10: Grow their business and deeply integrate AI throughout all of
Speaker 10: their software and hardware offerings.
Speaker 4: Karrot ed great to have what's happening on the ground.
Speaker 4: Go run off to that next speech that you'll be
Speaker 4: listening to Ed Ludlow.
Speaker 5: We thank him.
Speaker 4: He's going to have so much more for you throughout
Speaker 4: the day on Bloomberg TV from Google Io. But that
Speaker 4: does it for this addition on Bloomberg Technology, Stay with
Speaker 4: us for an exclusive conversation from.
Speaker 5: Google Io, the head of Google Devices and Services. They
Speaker 5: want to miss it. This is a Bloomberg