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

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

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Speaker 1: Emily Jay. I'm Emily Check in San Francisco, and this

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Speaker 1: is Bloomberg Technology coming up in the next hour. Travel

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Speaker 1: is back and will continue to boom. This according to Airbnb,

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Speaker 1: out with an earnings beat that shows despite inflation and

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Speaker 1: global macro economic uncertainty, people are on the move. We

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Speaker 1: will break down their report, plus the leak heard across

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Speaker 1: the country, a draft opinion of the Supreme Court reveals

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Speaker 1: plans to overturn row versus Weight, hitting the US like

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Speaker 1: a bombshell. Some businesses are taking a stand, and how

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Speaker 1: do you use deep tech to tackle society's biggest problem?

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Speaker 1: Plus but can you solve climate change and still make

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Speaker 1: a profit? More on that later this hour. All of

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Speaker 1: that in a moment, But first we are watching Lift

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Speaker 1: and Airbnb and another volatile day for stocks. Investors waiting

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Speaker 1: for more clues about just what will happen if the

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Speaker 1: Fed raises rates later this week as expected. Are at

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Speaker 1: Ludlow here to break it all down. And yeah, we

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Speaker 1: swung between gains and losses on the NASDAC one hundred

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Speaker 1: multiple times, very tech heavy index ultimately close up just

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Speaker 1: a tenth of one percent. The other way looking at it,

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Speaker 1: it was the first back to back or two day

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Speaker 1: gains and then as that one since April nineteen, so

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Speaker 1: a couple of weeks. We're expecting a fifty basis point

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Speaker 1: hight from the FED on Wednesday, and we care. Why

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Speaker 1: are we talking about the FED and rate heights in

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Speaker 1: a tech show Because tech stocks that are judged on

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Speaker 1: their future growth future profits are more sensitive to hire

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Speaker 1: interest rates because it discounts that rate of future profits.

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Speaker 1: We're all eyes glued on the FED. It's been one

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Speaker 1: of the main pieces of psychological driver for the market,

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Speaker 1: at least around tech stocks. Also interesting see bitcoin drop

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Speaker 1: below thirty eight dollars per token on Tuesday. It's lowest

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Speaker 1: level since February and kind of caught up in this

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Speaker 1: kind of treading water moment we're in right now ahead

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Speaker 1: of that key FED meeting, but we're in the depths

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Speaker 1: of earning season. As you say, two key companies for

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Speaker 1: a read on the economy. The first lift down how

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Speaker 1: twenty as well a change quickly two in after hours. Frankly,

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Speaker 1: the number of riders that they reported were lower than expected.

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Speaker 1: Even if First Corner revenue beat analyst projections, they have

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Speaker 1: seventeen point eight million active riders in the quarter below

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Speaker 1: what the street was looking for. Important to note that

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Speaker 1: the CEO saying that they expect demand to pick up

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Speaker 1: in the second half of the year. A different story

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Speaker 1: with Airbnb. Airbnb giving a revenue projection for the current

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Speaker 1: quarter of two point zero three to two point one

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Speaker 1: three billion dollars, well above street expectations, but there's fighting

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Speaker 1: talk with the company saying that they're seeing substantial quote

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Speaker 1: demand going into key summer months. And all right, blood Law,

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Speaker 1: thank you. I want to stick with Airbnb and left

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Speaker 1: now and bring in Brentville of Jeffreys. Brent, great to

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Speaker 1: have you back with us. Want to get your headline

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Speaker 1: takeaway from Airbnb to start, I mean substantial drought travel

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Speaker 1: demand that Airbnb is seeing despite the fact that we're

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Speaker 1: in the middle of an ongoing war in Europe, for example,

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Speaker 1: we're facing global macronomics at macroeconomic uncertainty and forty year inflation.

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Speaker 1: What's your takeaway from that? Hey, Emily, We're tired of

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Speaker 1: being inside doing zooms. We all want to get out,

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Speaker 1: and I think the travel pent up demand from what

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Speaker 1: we can see at Jefferies is like no other, which

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Speaker 1: is we're shifting from you know, outfitting our home to

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Speaker 1: outfitting our outdoors in our life and the amount of

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Speaker 1: travel cross border, the return to cities, the actual return

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Speaker 1: to European travel is all ramping significantly. And if you

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Speaker 1: look at the number of trips that you know, we

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Speaker 1: just survey, uh that that you know, consumers are willing

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Speaker 1: or wanting to take the summer, obviously, it's it's incredible.

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Speaker 1: And so I think the cross borders combined with return

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Speaker 1: to cities is the biggest return and help for Airbnb.

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Speaker 1: And I think ultimately we've we've also shifted, you know,

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Speaker 1: to to quote Brian Chesky, their CEO, I mean, I

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Speaker 1: really do believe this, and we don't like like to

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Speaker 1: pair it with CEO say, but ultimately the world has

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Speaker 1: changed in the sense of how we work, where we work,

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Speaker 1: and and how productive we can be. And I'm an

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Speaker 1: affirm believer, uh that they're gonna participate uh in that.

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Speaker 1: So yeah, the big concern is as inflation hits and

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Speaker 1: we have less dollars in our pocket, is our mortgage

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Speaker 1: rates are highering our car payments are higher. You know,

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Speaker 1: does this pinch travel? I don't think it will in

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Speaker 1: the short term, because there's such pent up demand uh

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Speaker 1: to go and be out, be out, and right now,

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Speaker 1: no one wants to sit and have a summer like

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Speaker 1: we did last summer or the summer before. And you know,

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Speaker 1: that's that's only going to help them, uh in the

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Speaker 1: interim and and as business travel comes back to and

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Speaker 1: in some sense, you know, that will help the return

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Speaker 1: to cities and if you're going to uh, you know,

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Speaker 1: going if I'm going to New York and I'm going

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Speaker 1: to spend a week or two weeks with my team,

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Speaker 1: I don't want to stay in a hotel. So I

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Speaker 1: think that that also is going to help with the

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Speaker 1: return to to the office in some sense that it

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Speaker 1: helps uh, the the enterprise business over time, which is

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Speaker 1: obviously a smaller piece of the overall pie. I think

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Speaker 1: it's interesting too that travelers are booking further and further out.

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Speaker 1: They're not doing this last minute waiting to see what

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Speaker 1: pandemic or COVID restrictions are. We're seeing the same thing

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Speaker 1: potentially with lift also beating estimates. You know, what do

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Speaker 1: you think this says about the health of the consumer.

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Speaker 1: And I guess I wonder, you know, is this a

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Speaker 1: post pandemic pop and what happens later? Yeah, I mean

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Speaker 1: everyone is in more uber and lifts. I've been in

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Speaker 1: more uber and lifts in the last month than I

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Speaker 1: was in the last two years combined. So just look

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Speaker 1: at your own consumption personally and from a work perspective.

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Speaker 1: I think the challenge with Lift is their EBIT guide

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Speaker 1: for the next quarter is way below the street. You know,

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Speaker 1: the street was looking for eighty three million, the guy

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Speaker 1: to tend to twenty way below. So the stocks getting

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Speaker 1: hammered on the increase in investments, and I think this

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Speaker 1: is the challenge that we face in many of these

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Speaker 1: reopening trades is how much money is are these companies

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Speaker 1: willing to reinvest back in the business as they see

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Speaker 1: demand come back, to get drivers, to get consumers back

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Speaker 1: on the platform, to build the network out and and

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Speaker 1: as they said during the pandemic, right they bought it,

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Speaker 1: brought the cust structure to the studs. There was no

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Speaker 1: walls inside this house. It was studs. And they they

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Speaker 1: had that quote back in the middle of the pandemic.

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Speaker 1: And I think, you know, they've no right sized and

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Speaker 1: now they're they're feeling dollars back. The big worry for

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Speaker 1: investors on on Lift is just, you know, candace business

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Speaker 1: sustainably make money. And in my opinion, there's way better

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Speaker 1: opening trades than lift right Google. Uh sorry, yeah, Uber

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Speaker 1: is a global platform with with multiple applications that they

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Speaker 1: can benefit. It's a platform, not a point solution. Lift

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Speaker 1: is US only right share in the US only, and

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Speaker 1: they're really limited to to the US market. So I

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Speaker 1: think ultimately there's just better opening trades. So we at

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Speaker 1: Jeffreys like booking Airbnb. Uh, and I think Googer is

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Speaker 1: in a better position among some of the other tech

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Speaker 1: stocks to cover lift. Shairs are way down after hours, Brent.

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Speaker 1: Why do you think that is? Well, that's you know,

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Speaker 1: it goes back to the ebit dot guide. They just

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Speaker 1: they're ramping up the expenses and and ultimately to your

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Speaker 1: point on on inflation, look, we're all feeling it. It

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Speaker 1: doesn't matter who you are. Uh, you're gonna feel the

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Speaker 1: pinch of what's happening with the broader economy starting to slow.

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Speaker 1: So as that slows, are we going to see the

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Speaker 1: air brakes come on? You know? Consumer spend, and I

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Speaker 1: think there's a little bit of concern. I think the

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Speaker 1: bearer concern really is around is lift the best way

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Speaker 1: to play the opening trade air bbs uplift stocks down.

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Speaker 1: You know, there's other stories that are better. And then

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Speaker 1: you look at the BA dot guide it was it

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Speaker 1: was obviously terrible relative to what the street wanted, and

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Speaker 1: it fully they're just being conservative now obviously with the

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Speaker 1: new c th place that left. Alright, Brentville of Jeffrey

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Speaker 1: is always good to have your analysis here. Thank you

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Speaker 1: so much, Brett. This opinion is just off the wall,

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Speaker 1: and I'm really shocked fill Leader would have written it,

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Speaker 1: assuming you get this is not some fluke. This is

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Speaker 1: the result of a decade long campaign by extremists, extremist

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Speaker 1: Republicans to overturn rovers this way. I would be even

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Speaker 1: more shocked if the other justices um in the majority

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Speaker 1: will decide on to this. This is the issue that

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Speaker 1: can can decide elections, at least far as women are concerned.

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Speaker 1: There are people on both sides of this issue, and

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Speaker 1: you know, I think what we need to do, as

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Speaker 1: being good participants in a democracy is to listen, listen

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Speaker 1: to both sides. This will be a galvanizing issue in

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Speaker 1: the upcoming elections. Reaction there after a leak of unprecedented

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Speaker 1: proportions a draft opinion from the Supreme Court. That draft,

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Speaker 1: written by conservative Supreme Court Justice Samuel Alito and obtained

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Speaker 1: by political showed the Justice overturning the nineteen seventy three

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Speaker 1: ruling of Row versus Wade. I'm joined now by our

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Speaker 1: Washington correspondent Emory Horden for more on this extraordinary turn

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Speaker 1: of events for reaction from the White House, So Emery,

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Speaker 1: first of all, what do we know about this leak

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Speaker 1: so far? So there's really two parts of story, Emily.

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Speaker 1: First is the fact that this is an unprecedented leak,

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Speaker 1: and you actually have a lot of Republicans all day

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Speaker 1: pointing to the fact that this was a leak, and

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Speaker 1: this is going against really this institution that many believe

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Speaker 1: should be guarded in terms of how they have their

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Speaker 1: normal operating procedure. And then you have the Supreme Court

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Speaker 1: come out and saying they're going to go after the

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Speaker 1: leaker for this egregious act. Then, of course you have

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Speaker 1: the leak itself, the contents of that lead, and as

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Speaker 1: you outlined there, what this leak does show is that

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Speaker 1: the Supreme Court, as of February, this draft opinion would

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Speaker 1: be overturning the ninety three Row v. Wade and basically

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Speaker 1: saying that a woman's right to an abortion that constitutional right.

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Speaker 1: They would be striking that down and then this would

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Speaker 1: be up to the states to decide. And as you

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Speaker 1: can imagine, this has really set off fireworks in Washington,

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Speaker 1: d C. Tell us more about what President Biden had

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Speaker 1: to say in response to this today. President Biden has

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Speaker 1: made a number of comments today, first a written statement

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Speaker 1: and then he also brief reporters on his way to Alabama.

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Speaker 1: So he's talking about the fact that this would go

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Speaker 1: against basic fairness given the fact that this is about

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Speaker 1: a fifty year old law. Take a listen to a

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Speaker 1: little bit more about what he had to say, calling

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Speaker 1: it a rep it goes far beyond if it becomes

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Speaker 1: a law and if what is written is what remains

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Speaker 1: beyond the concern whether or not there is like to

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Speaker 1: choose to as Biden also pointed to the fact that

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Speaker 1: he did get a phone call saying that this draft

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Speaker 1: document was authentic, and the Supreme Court also said that

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Speaker 1: they said this draft document is real but does not

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Speaker 1: mean that that opinion will be upheld. So this is

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Speaker 1: basically how we're going into Potentially we're going to get

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Speaker 1: that opinion finalized and the unveiling of that in June.

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Speaker 1: The President also, emiline is written statement clearly pointed to

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Speaker 1: the fact that if this was to be overruled that

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Speaker 1: now it is up to elected officials and also voters

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Speaker 1: in America in November to go to the polls. So

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Speaker 1: now this has become a hot button election issue. Hot

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Speaker 1: button indeed Bloomberg's Emory Harder and thank you. I want

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Speaker 1: to continue this conversation and talk about how companies are

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Speaker 1: reacting to this news. I'm joined now by Laura Speakerman.

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Speaker 1: She is the co founder and chief revenue officer of Alloy,

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Speaker 1: which has been rather proactive and offering reprojective benefits to employees. So, Laura,

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Speaker 1: you made the decision back in January to cover legal

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Speaker 1: fees up to five thousand dollars if an employee or

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Speaker 1: a partner faces legal issues due to anti abortion laws.

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Speaker 1: You're also giving them a travel stipend medical cost stipend.

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Speaker 1: Why did you decide to do this? Yeah, that's right, only, Uh,

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Speaker 1: this was important to us for a lot of reasons,

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Speaker 1: but I think the two that will highlight today is

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Speaker 1: that Alloys Mission were a fintech company. Um, we we

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Speaker 1: really want to see equitable outcomes. Financial services industry plays

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Speaker 1: a big role in that for people, particularly people of color,

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Speaker 1: particularly women, and so this supporting this really aligned very

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Speaker 1: well with our values as a company and our mission

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Speaker 1: and vision as a company. The second reason, potentially more tangible,

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Speaker 1: is it supports our hiring and retention. We already have

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Speaker 1: tons of policies and benefits in place, as do many

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Speaker 1: companies that help us attract and retain the best talent possible,

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Speaker 1: and so this was an easy way to sort of say, look,

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Speaker 1: this just adds on to our medical benefits, are PTO policies,

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Speaker 1: all sorts of stuff, and so it was it was

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Speaker 1: to us a necessary thing we had to do to

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Speaker 1: remain competitive. Now, you told Blueberg News that reimbursing workers

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Speaker 1: for abortion related travel is the low bar of what

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Speaker 1: they can do. What more should companies be doing? Well, Look,

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Speaker 1: I think this is one piece of of how to

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Speaker 1: make life a little bit better for the poor, you know,

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Speaker 1: the people who have to go through this in their lives.

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Speaker 1: It's not something anyone wants to have to deal with.

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Speaker 1: It's just one piece of it. And so I think

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Speaker 1: our policy will evolve as we decide how how other

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Speaker 1: you know, other potential benefits we could offer, or sort

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Speaker 1: of evolving um what reproductive rights means even for for

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Speaker 1: our population at alloy and I hope other companies would

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Speaker 1: do the same. I think we're seeing that we it's

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Speaker 1: a really competitive talent industry, this is probably a low

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Speaker 1: ish bar, and that it's a relatively inexpensive set of

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Speaker 1: benefits related to you know, if you looked at what

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Speaker 1: we spent on healthcare, for example, all sorts of stuff

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Speaker 1: incredibly expensive. And so I think there's a lot more

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Speaker 1: there that we and other companies can do and probably

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Speaker 1: have to do, to fill in the gaps that the

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Speaker 1: government has left us with. Cheryl Samberg of Meta posted

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Speaker 1: today saying, this is a scary day for women across

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Speaker 1: our country. Every woman, no matter where she lives, must

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Speaker 1: be free to choose weather and when she becomes a mother.

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Speaker 1: A few things are more important to women's health and equality.

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Speaker 1: And I just want to underscore that this is a

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Speaker 1: draft opinion. It doesn't necessarily signal where the Supreme court

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Speaker 1: stands at this very moment. But we're seeing, you know,

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Speaker 1: a lot of criticism about how, you know, other companies

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Speaker 1: are handling reproductive benefits. For example, Amazon came out um

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Speaker 1: with their package earlier this week. There's some criticism there

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Speaker 1: that it doesn't cover contract workers, who are kind of

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Speaker 1: the lifeblood of keeping the trains running on time at Amazon.

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Speaker 1: Do you think their policy is lacking. I haven't looked

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Speaker 1: at that policy in detail. I would assume if it

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Speaker 1: does not cover contract workers, that does seem like a

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Speaker 1: big gap, considering that's a big part of their workforce. UM.

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Speaker 1: I think that's true of a lot of companies who

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Speaker 1: are probably contemplating this. That being said, we haven't seen

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Speaker 1: that many companies do this. I was really happy to

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Speaker 1: see yelp Uh, City Bank, Amazon do this all in

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Speaker 1: the last few days. Really, I think, um, I would

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Speaker 1: encourage Facebook Meta. If that's how they feel about women,

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Speaker 1: they should probably put something in place off for really

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Speaker 1: good benefits. We know they have a ton of money, uh,

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Speaker 1: sitting around ton of cash. This is a pretty easy

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Speaker 1: thing for them to implement. I would encourage any company

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Speaker 1: that has the luxury of doing that to do it now.

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Speaker 1: Alloy has a history of taking a public stance on

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Speaker 1: political issues. For example, Uh, you prohibit companies from using

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Speaker 1: Alloys products if they would deny customers access based on

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Speaker 1: their immigration or citizenship status. Have you found taking these

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Speaker 1: public political stands has hurt business at all? No, we haven't. UM,

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Speaker 1: I can't promise you it never will, and we'll have

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Speaker 1: to cross that bridge when we get there. We haven't.

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Speaker 1: I think, Uh, the benefits of what it has given,

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Speaker 1: sort of the the alignment between us, our values and

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Speaker 1: our team again and kind of keeping folks engage, getting

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Speaker 1: them on board, getting them excited about us in our mission,

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Speaker 1: has outweighed any potential negative impacts we've seen so far.

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Speaker 1: I don't think that there will be zero negative impacts.

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Speaker 1: We work with a bunch of banks which are historically

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Speaker 1: much more conservative, as you can imagine, so I would

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Speaker 1: anticipate some fallow at some point for us. There's been

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Speaker 1: basically no negative impacts thus far, and the moral imperative

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Speaker 1: as well as the business case I can make for

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Speaker 1: this really outweigh to me the risk that we're or

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Speaker 1: make the word risk very much worth it. I'm curious

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Speaker 1: what the internal reaction has been. You know often companies

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Speaker 1: don't want to take political stance because you know it,

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Speaker 1: you know it might impact their retention and recruiting efforts. Certainly,

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Speaker 1: not necessarily everyone agrees with your policies, even people who

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Speaker 1: work at your own company. What's been the reaction internally

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Speaker 1: so far? Really positive? UM. Again, there may be people,

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Speaker 1: I'm sure there are people who disagree with this who

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Speaker 1: work at alloy UM, and we are open to the

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Speaker 1: idea that you don't have to agree with every single

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Speaker 1: thing we do or everything I agree with their my

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Speaker 1: cobounders agree with to be at alloy UM. However, the

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Speaker 1: response I've seen has been unilaterally positive. I've gotten a

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Speaker 1: ton of messages and d m s from people both

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Speaker 1: when we announced the policy in January UM and today

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Speaker 1: when we put out a statement given the leak that

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Speaker 1: happened last night. UM. Just really positive feedback that this

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Speaker 1: is something that aligns with their values and that they're

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Speaker 1: proud to work here. UM. I got a message today

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Speaker 1: from someone in one of the states that I think

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Speaker 1: is the you know, going to be the most impacted.

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Speaker 1: UM who who just said, you know, they really appreciate

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Speaker 1: it and it means a lot to them. So that

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Speaker 1: was especially sort of haartning to hear all right, Laura Speakerman,

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Speaker 1: co founder of Ali, thanks for joining us to thank you.

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Speaker 1: Ammution coming up between supply constraints and COVID lockdowns, why

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Speaker 1: Apple's third quarter forecast has analysts worry at is next?

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Speaker 1: This is Bloomberg. Apple investors and Wall Street analysts were

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Speaker 1: initially excited when Apple reported its second quarter earnings. The

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Speaker 1: company said it generated nine billion dollars in revenue, with

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Speaker 1: fifty billion of that coming from the iPhone and another

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Speaker 1: twenty billion coming from a very strong services quarter, but

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Speaker 1: the jubilation was short lived. After announcing the results for

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Speaker 1: Q two, Apple said that Q three would be a challenge.

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Speaker 1: Apple said it's expecting a four billion dollar to eight

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Speaker 1: billion dollar negative hit to revenue due to COVID related lockdowns,

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Speaker 1: the ongoing chip shortage, and global issues like the war

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Speaker 1: in Ukraine. That means with Apple reports Q three results

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Speaker 1: in ju Law, the overall remedy number will be up

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Speaker 1: to eight billion dollars less than it could have been.

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Speaker 1: This led to questions from analysts to CEO Tim Cook,

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Speaker 1: such as should the Apple supply chain be shifted to

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Speaker 1: avoid these ongoing issues? In China and the chip problems.

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Speaker 1: Cook of course defended his infrastructure, but said that Apple

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Speaker 1: is always looking at making tweaks. Analysts are still pegging

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Speaker 1: a year or a year revenue increase for the current quarter,

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Speaker 1: a number around eighty four billion dollars that of course

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Speaker 1: remains fluid. Several Apple suppliers and assembly partners were temporarily

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Speaker 1: closed in April amid China's ongoing crackdown on COVID cases.

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Speaker 1: So far, that's led this some delays the high end

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Speaker 1: versions of the Maple pro and supply problems for the iPad.

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Speaker 1: Apple's intense warning, however, indicates that consumers may just have

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Speaker 1: a hard time finding other Apple products in the coming

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Speaker 1: weeks and months, including the iPhone and Apple Watch. I'm

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Speaker 1: Mark Erman. This is power On. Don't forget. You can

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Speaker 1: subscribe to marks weekly power On newsletter at Bloomberg dot

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Speaker 1: com and seeking with Apple. Bloomberg has learned the tech

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Speaker 1: giant has hired someone who helped lead safety efforts and

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Speaker 1: vehicle engineering at for This assigned that the iphonemaker is

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Speaker 1: once again ramping up development of an electric car. Desi

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Speaker 1: Wakashchevitch worked it forward since, most recently serving as its

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Speaker 1: global director of Automotive Safety Engineering. A bipartisan group of

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Speaker 1: US senators wants to loosen Google's grip on the digital

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Speaker 1: ad market. Bloomberg has learned they planned to introduce legislation

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Speaker 1: that would force Google to sell off parts of its

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Speaker 1: lucrative ad tech business. The measure could also have implications

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Speaker 1: for Amazon and Facebook parent Meta and the SEC is

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Speaker 1: beefing up its crypto enforcement team. The Wall Street Regulator

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Speaker 1: adding twenty staffers to its unit focused on policing crypto

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Speaker 1: market abuses from new coin offerings and crypto exchanges to

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Speaker 1: defy platforms and n f t s. The office has

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Speaker 1: brought more than eight enforcement actions since launching in love.

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Speaker 1: More on that in our crypto report later this hour.

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Speaker 1: Welcome back to bloomber Technology. I'm emily checking San Francisco.

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Speaker 1: Let's get back to Elon Musk's evolving a vision for Twitter,

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Speaker 1: taking the company private but not blocking out the possibility

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Speaker 1: of becoming public again in the future. Are Ed Ludlow

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Speaker 1: here to discuss. We're getting some new information in a

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Speaker 1: report from dal Jones. What now So? Dal Jones is reporting,

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Speaker 1: according to their sources, that Elon Musk is telling potential

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Speaker 1: co investors, because remember he's still trying to line up

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Speaker 1: the equity portion of this deal that he could eventually

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Speaker 1: take Twitter public again, and he could, according to dal

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Speaker 1: Jones sources, do that within a three year time frame,

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Speaker 1: which is interesting because he's trying to take Twitter private. So,

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Speaker 1: you know, talk to us more about what he has said,

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Speaker 1: what clues we have about you know, his you know,

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Speaker 1: how he plans to evolve Twitter and how it would

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Speaker 1: then ultimately make four for stands for it to be

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Speaker 1: a public company again. Eventually. I mean, in the letter

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Speaker 1: to Twitter's board when he first made the offer for

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Speaker 1: the company, said these changes which I want to enact

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Speaker 1: can only be done if Twitter is private, and those

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Speaker 1: changes range from removing bots, open source and the algorithm

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Speaker 1: having a time limited edit button. He's talked about, you know,

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Speaker 1: he's talked in tweets, who was at the met gala

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Speaker 1: last night, saying Twitter can be the most inclusive, best

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Speaker 1: platform out there. It just needs to stick to the

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Speaker 1: principle of free speech. But he's also trying to line

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Speaker 1: up co financing, right, and a big question for investors

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Speaker 1: to get involved is how do we make money on

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Speaker 1: this in the long run? What's the timeline for him

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Speaker 1: to line up that final batch of equity. Well, so

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Speaker 1: remember the deal hasn't actually closed. Soft twenty cents a

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Speaker 1: share for each shareholder that has a share, and as

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Speaker 1: many shares as they have by year end, and the

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Speaker 1: expectation is that existing Twitter shore holders will vote for this,

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Speaker 1: They'll go for it, but who knows. Well, I'm sure

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Speaker 1: there'll be more dribbles of news all the way to

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Speaker 1: the bid. A bitter end, Ludlow, thank you. Meantime, the

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Speaker 1: world of one click checkout startups has been a race

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Speaker 1: to number one, but recently there have been a lot

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Speaker 1: of questions about viability. Most recently, Bolt Financial was sued

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Speaker 1: by its most prominent customer, which includes the parent company

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Speaker 1: of Forever twenty one, alleging that bull overstated his customers

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Speaker 1: and failed to deliver on promise technology leaned to a

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Speaker 1: one fifty million dollar loss in online sales. I want

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Speaker 1: to talk about this all with Albert Saneger. He is

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Speaker 1: the founder and CEO of Nate, a universal shopping app

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Speaker 1: with a one click checkout function. Albert, thank you for

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Speaker 1: joining us. So first I want to clarify you are

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Speaker 1: in the same sort of general business, but do something

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Speaker 1: different to what Bolt promises to do. Can can you

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Speaker 1: explain your one click checkout technology? Yes? Thank you, Emily,

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Speaker 1: I'm excited to be here. UM. So yes, need is

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Speaker 1: uh the world's first universal shopping up. You can downloading

431
00:23:59,760 --> 00:24:03,040
Speaker 1: and or your shipping and payment information once, and you

432
00:24:03,080 --> 00:24:06,840
Speaker 1: can skip the check out anywhere, pay now or pay later,

433
00:24:07,440 --> 00:24:10,560
Speaker 1: and share shopping lists with your friends. So Nate is

434
00:24:10,600 --> 00:24:16,159
Speaker 1: a consumer business. We don't sell software to retailers. So

435
00:24:16,240 --> 00:24:19,720
Speaker 1: what's your take on the controversy surrounding Bolt, which in

436
00:24:19,800 --> 00:24:23,360
Speaker 1: turn has trying to spotlight on the space. I mean,

437
00:24:23,840 --> 00:24:28,680
Speaker 1: there are some people who think that Bolt is hiding

438
00:24:28,680 --> 00:24:32,919
Speaker 1: shoddy business fundamentals um, and that maybe is you know,

439
00:24:33,040 --> 00:24:38,600
Speaker 1: grossly overvalued. Well look, UM, I can't speak about the

440
00:24:38,680 --> 00:24:42,760
Speaker 1: specifics of of Bolt. I know that every company is

441
00:24:42,760 --> 00:24:46,880
Speaker 1: different and every management team is different. UM I'll tell

442
00:24:46,920 --> 00:24:51,840
Speaker 1: you that. UM. Broadly speaking, when you're building a payments business,

443
00:24:52,440 --> 00:24:55,320
Speaker 1: you have a choice to make, and the choice is

444
00:24:55,400 --> 00:24:59,000
Speaker 1: who is your customer? Is your customer the retailer? Where

445
00:24:59,000 --> 00:25:02,840
Speaker 1: is your customer the consumer? Much like in real estate?

446
00:25:02,920 --> 00:25:04,760
Speaker 1: Right do you represent the seller or do you represent

447
00:25:04,800 --> 00:25:08,880
Speaker 1: the buyer? And there are lots of really interesting software

448
00:25:08,920 --> 00:25:12,679
Speaker 1: companies that are selling software to retailers, and sometimes they

449
00:25:12,760 --> 00:25:15,399
Speaker 1: sell them. They sell them solve for for conversion upside

450
00:25:15,560 --> 00:25:17,679
Speaker 1: in the form of one click chuckot, or in the

451
00:25:17,720 --> 00:25:20,200
Speaker 1: form of point of sale financing, or in the form

452
00:25:20,280 --> 00:25:24,600
Speaker 1: of shipping in trance and those are great businesses, but

453
00:25:24,800 --> 00:25:27,520
Speaker 1: that is not what made us made. That is a

454
00:25:27,600 --> 00:25:30,800
Speaker 1: consumer business. I want to talk to you a little

455
00:25:30,800 --> 00:25:34,400
Speaker 1: bit more about Ryan Breslow, the founder of Bolts specifically though,

456
00:25:34,440 --> 00:25:38,400
Speaker 1: because he has been incredibly vocal and opinionated, for better

457
00:25:38,440 --> 00:25:41,440
Speaker 1: or for worse. He it seems like he was ousted

458
00:25:41,480 --> 00:25:45,480
Speaker 1: from the CEO spot. He's he's staying on as chair.

459
00:25:45,720 --> 00:25:51,840
Speaker 1: Do you think that the founders should be that outspoken? Uh?

460
00:25:52,920 --> 00:25:55,440
Speaker 1: I know. I know how hard it is to build

461
00:25:55,440 --> 00:25:58,480
Speaker 1: a business from scratch. I can tell you that firsthand.

462
00:25:58,960 --> 00:26:04,120
Speaker 1: And you know, different founders have different approaches to product development,

463
00:26:04,400 --> 00:26:08,119
Speaker 1: go to market, and team building. UM and I have

464
00:26:08,200 --> 00:26:11,080
Speaker 1: the autmost respect for those who are, you know, more

465
00:26:11,280 --> 00:26:15,639
Speaker 1: or less vocal about how they're building those things. UM

466
00:26:15,640 --> 00:26:20,480
Speaker 1: My style is more focused on um observing this new

467
00:26:20,520 --> 00:26:25,280
Speaker 1: generation of shoppers and building four consumers and letting the

468
00:26:25,320 --> 00:26:28,480
Speaker 1: rest of the other pieces fall into place. Then You

469
00:26:28,520 --> 00:26:31,720
Speaker 1: have another company in this space called Fast, which recently

470
00:26:32,200 --> 00:26:35,119
Speaker 1: shut its doors. So you know, there's this question about

471
00:26:35,280 --> 00:26:39,000
Speaker 1: you know, is this kind of technology really possible? Is

472
00:26:39,040 --> 00:26:44,080
Speaker 1: it overhyped? Um? I actually argue that one click check

473
00:26:44,119 --> 00:26:47,399
Speaker 1: out is a is a great feature, but it is

474
00:26:47,440 --> 00:26:53,080
Speaker 1: a feature nonetheless. And the question is if your customers

475
00:26:53,080 --> 00:26:57,200
Speaker 1: are retailers, then what are the other services that they

476
00:26:57,280 --> 00:27:00,400
Speaker 1: need in order to sort of build a compelling product.

477
00:27:00,840 --> 00:27:04,000
Speaker 1: In the case of our customers are consumers. And I

478
00:27:04,000 --> 00:27:06,919
Speaker 1: can tell you for sure without a doubt that consumers

479
00:27:07,000 --> 00:27:11,480
Speaker 1: want one click checkout, There's no doubt about that, UM.

480
00:27:11,520 --> 00:27:13,959
Speaker 1: But they want a few more things than one click checkout.

481
00:27:14,520 --> 00:27:18,119
Speaker 1: They want aggregation, the sort of aggregation that happened in

482
00:27:18,240 --> 00:27:22,680
Speaker 1: music with Spotify, it happened in food the door Dash,

483
00:27:23,119 --> 00:27:27,800
Speaker 1: it happened in transportation with Uber, and it's happening now

484
00:27:27,960 --> 00:27:32,720
Speaker 1: in e commerce with me. Consumers demand aggregation. Of these

485
00:27:32,880 --> 00:27:37,760
Speaker 1: two million retailers in the non names on economy, you've

486
00:27:37,760 --> 00:27:40,639
Speaker 1: got Bolt and Fast. Why is your company called Nate?

487
00:27:42,560 --> 00:27:47,119
Speaker 1: Uh So, Nate is um in a way, and assistant

488
00:27:47,119 --> 00:27:49,320
Speaker 1: that lives in the cloud, that does things on your behalf.

489
00:27:49,400 --> 00:27:52,520
Speaker 1: So we knew that we wanted to personify, and I

490
00:27:52,560 --> 00:27:56,480
Speaker 1: also wanted to make sure that UM, we didn't use

491
00:27:57,000 --> 00:28:00,480
Speaker 1: um a woman's name, because there are lots of assistance

492
00:28:00,480 --> 00:28:03,560
Speaker 1: out there to have associations with the word woman and

493
00:28:03,640 --> 00:28:06,560
Speaker 1: the warmth competence trap is real. So if we are

494
00:28:06,640 --> 00:28:09,359
Speaker 1: going to objectify a machine that does the heaven lifting

495
00:28:09,400 --> 00:28:12,679
Speaker 1: for us, might as well have a man's name. Although

496
00:28:12,720 --> 00:28:17,040
Speaker 1: we use it pronounced uh, Nates has no gender UM

497
00:28:17,119 --> 00:28:19,879
Speaker 1: and it was actually a play on the words native

498
00:28:19,920 --> 00:28:24,480
Speaker 1: commerce commerce that is naeded. All right, well, it sounds

499
00:28:24,520 --> 00:28:27,320
Speaker 1: like a very interesting play. We will continue to follow.

500
00:28:27,320 --> 00:28:31,600
Speaker 1: Albert Sandager, founder and CEO of Nate Thank You, Come

501
00:28:31,720 --> 00:28:33,920
Speaker 1: Up Coin by c O'Brien Armstrong, spoke at the Milk

502
00:28:33,920 --> 00:28:37,119
Speaker 1: and Global Conference about everything from crypto adoption to a

503
00:28:37,200 --> 00:28:40,320
Speaker 1: decentralized Twitter. We'll talk about all this and more with

504
00:28:40,520 --> 00:28:45,920
Speaker 1: the Web three company the graph up next to the schoolwork.

505
00:28:47,120 --> 00:28:49,440
Speaker 1: I think freedom in all forms is worth defending, and

506
00:28:49,840 --> 00:28:51,320
Speaker 1: you know, crypto is a lot of it is about

507
00:28:51,320 --> 00:28:54,040
Speaker 1: economic freedom, so freedom of speech is another version. I

508
00:28:54,040 --> 00:28:57,800
Speaker 1: do think there's an opportunity for Twitter to essentially embrace

509
00:28:58,400 --> 00:29:02,080
Speaker 1: UM using a decentralized protocol and UM just in the

510
00:29:02,080 --> 00:29:04,760
Speaker 1: way that you've probably heard of DEFY, which is decentralized finance.

511
00:29:05,000 --> 00:29:08,280
Speaker 1: There's another one UM called do so decentralized social media,

512
00:29:08,600 --> 00:29:26,080
Speaker 1: which is another emerging area coming up. If you look

513
00:29:26,120 --> 00:29:29,240
Speaker 1: at how crypto has grown over the last year or two,

514
00:29:30,040 --> 00:29:32,760
Speaker 1: it's growing faster than the Internet did in the early days.

515
00:29:33,160 --> 00:29:35,240
Speaker 1: And there's now about two million people in the world

516
00:29:35,280 --> 00:29:37,840
Speaker 1: who have crypto or have tried it, and so if

517
00:29:37,880 --> 00:29:40,480
Speaker 1: you just plot that curve out, it means that in

518
00:29:40,720 --> 00:29:42,840
Speaker 1: within this decade, we're going to have over a billion

519
00:29:42,880 --> 00:29:45,600
Speaker 1: people in the world using crypto, and to me, that's

520
00:29:45,600 --> 00:29:50,920
Speaker 1: just incredibly exciting. Going by CEO Brian Armstrong there at

521
00:29:50,920 --> 00:29:53,120
Speaker 1: the Milk and Global Conference, I want to dive into

522
00:29:53,160 --> 00:29:55,440
Speaker 1: all of this and more in our Crypto Report with

523
00:29:55,480 --> 00:29:59,640
Speaker 1: Ava Bylin, director of the Graph Foundation, which has a

524
00:29:59,720 --> 00:30:03,520
Speaker 1: miss in to allow for full stack decentralized applications or

525
00:30:03,680 --> 00:30:07,520
Speaker 1: depths with an indexing protocol for corying blockchains. Even thank

526
00:30:07,520 --> 00:30:08,840
Speaker 1: you so much for joining us. So what do you

527
00:30:08,880 --> 00:30:12,640
Speaker 1: think billion people using crypto in a decade will happen.

528
00:30:13,480 --> 00:30:15,720
Speaker 1: I think it will totally happen. And you know, really

529
00:30:15,720 --> 00:30:18,560
Speaker 1: the question is where these individuals coming from and what

530
00:30:18,600 --> 00:30:20,840
Speaker 1: are they going to do and I think we we

531
00:30:20,920 --> 00:30:23,520
Speaker 1: often think about crypto in this speculative nature, you know,

532
00:30:23,600 --> 00:30:26,480
Speaker 1: defies the center of attention. But really what crypto and

533
00:30:26,520 --> 00:30:30,440
Speaker 1: Web three enables is access, access to banking, access to content.

534
00:30:30,840 --> 00:30:34,000
Speaker 1: So you know, even echoing Brian Armstrong, things liked so

535
00:30:34,240 --> 00:30:37,160
Speaker 1: or decentralized Twitter are definitely in the works. Um. But

536
00:30:37,280 --> 00:30:39,080
Speaker 1: you know, even at the graph, you like to think

537
00:30:39,120 --> 00:30:42,320
Speaker 1: about this as the next step in iterating the gig economy.

538
00:30:42,680 --> 00:30:45,840
Speaker 1: So you know, people like to stake their tokens um,

539
00:30:45,880 --> 00:30:47,800
Speaker 1: you know, on Web three, and it's very similar to

540
00:30:47,880 --> 00:30:50,640
Speaker 1: holding an asset and expecting it to be useful, um,

541
00:30:50,680 --> 00:30:52,840
Speaker 1: you know in FIAT or Web two world. Um, but

542
00:30:52,960 --> 00:30:55,320
Speaker 1: here you actually get to work for a protocol. So

543
00:30:55,320 --> 00:30:57,280
Speaker 1: we're really excited to see what this looks like where

544
00:30:57,280 --> 00:31:00,479
Speaker 1: people actually start working for the technologies, putting the capital

545
00:31:00,520 --> 00:31:02,320
Speaker 1: to work and actually getting to earn a portion of

546
00:31:02,320 --> 00:31:05,240
Speaker 1: that revenue. Meantime, there's still a sort of wild West

547
00:31:05,360 --> 00:31:09,720
Speaker 1: feel about the crypto landscape. Coin bases also now cracking

548
00:31:09,760 --> 00:31:13,360
Speaker 1: down on the issue of people front running tokens based

549
00:31:13,400 --> 00:31:17,320
Speaker 1: on whether coin base might be about to list them.

550
00:31:17,320 --> 00:31:20,160
Speaker 1: What's your take on that. I think just like in

551
00:31:20,280 --> 00:31:22,840
Speaker 1: typical startup world, you're going to have nine out of

552
00:31:22,840 --> 00:31:26,280
Speaker 1: ten startups that don't succeed. And similarly, in crypto, you know,

553
00:31:26,360 --> 00:31:28,560
Speaker 1: the value of the token or the productivity of the

554
00:31:28,600 --> 00:31:31,000
Speaker 1: token and a protocol um you know, or the success

555
00:31:31,000 --> 00:31:33,040
Speaker 1: of a community is still going to be reflective of

556
00:31:33,040 --> 00:31:35,640
Speaker 1: its quality. So I think that we need to start

557
00:31:35,640 --> 00:31:38,040
Speaker 1: focusing a little bit more on which tokens and which

558
00:31:38,080 --> 00:31:41,160
Speaker 1: protocols are sustainable, which are going to actually provide real

559
00:31:41,280 --> 00:31:43,760
Speaker 1: value in the next decade or you know, two decades,

560
00:31:43,800 --> 00:31:46,200
Speaker 1: three decades, and which are the communities that are going

561
00:31:46,240 --> 00:31:49,720
Speaker 1: to sustain themselves. You know, one major difference between Web

562
00:31:49,800 --> 00:31:52,360
Speaker 1: three and Web two is the switching costs are much lower.

563
00:31:52,640 --> 00:31:55,360
Speaker 1: It's really really inexpensive for a user to start using

564
00:31:55,360 --> 00:31:58,600
Speaker 1: a different DAP or different protocol, whether it's just transferring

565
00:31:58,640 --> 00:32:01,760
Speaker 1: tokens to another wallet um or really just completely up

566
00:32:01,760 --> 00:32:04,280
Speaker 1: and moving. And so I think these product teams, these

567
00:32:04,280 --> 00:32:08,560
Speaker 1: communities have a lot more pressure to deliver high quality experiences. Meantime,

568
00:32:08,600 --> 00:32:13,000
Speaker 1: the SEC is adding twenty more people to its team

569
00:32:13,040 --> 00:32:17,560
Speaker 1: policing crypto markets. I'm curious does that signal more regulation,

570
00:32:17,680 --> 00:32:22,400
Speaker 1: more enforcement coming. You know, we've always been fairly open

571
00:32:22,480 --> 00:32:24,640
Speaker 1: that regulation is welcome. You know, it's not that the

572
00:32:24,680 --> 00:32:27,840
Speaker 1: crypto industry wants to be unregulated. We just want more clarity.

573
00:32:28,160 --> 00:32:30,600
Speaker 1: So you know, in general, this bodes well for having

574
00:32:30,600 --> 00:32:33,600
Speaker 1: more resources focused on our industry. And you know, our

575
00:32:33,640 --> 00:32:36,240
Speaker 1: our goal really is to have more folks that are

576
00:32:36,280 --> 00:32:38,920
Speaker 1: you know, applying the law and applying their policies in

577
00:32:38,960 --> 00:32:42,200
Speaker 1: a way that's conducive with innovation and not stifling growth. Um.

578
00:32:42,240 --> 00:32:44,640
Speaker 1: You know, as as is possible in this new wild

579
00:32:44,720 --> 00:32:49,040
Speaker 1: west of development. The industry is still scaling, still working

580
00:32:49,080 --> 00:32:52,040
Speaker 1: on interoperability, and there's a lot of work to do.

581
00:32:52,120 --> 00:32:55,280
Speaker 1: What's your role in that at the graph? Yeah, so

582
00:32:55,320 --> 00:32:58,000
Speaker 1: we as the graph. As you mentioned, we're an indexing protocol,

583
00:32:58,080 --> 00:32:59,880
Speaker 1: and really all that means is we're trying to make

584
00:32:59,880 --> 00:33:03,080
Speaker 1: it easy to organize data, making it easier for developers

585
00:33:03,120 --> 00:33:05,600
Speaker 1: to access that data. Um. You know, people will often

586
00:33:05,640 --> 00:33:08,040
Speaker 1: call us the Google of block chains, and so we're

587
00:33:08,080 --> 00:33:11,600
Speaker 1: really here to unite all developers, full stack back end

588
00:33:11,840 --> 00:33:14,600
Speaker 1: and make it easier for anyone to build across applications,

589
00:33:14,640 --> 00:33:17,960
Speaker 1: across chains and acting as a uniting layer where you know,

590
00:33:18,040 --> 00:33:20,120
Speaker 1: any a p I, any way that you can access

591
00:33:20,200 --> 00:33:22,800
Speaker 1: data should be open source, and anyone should be able

592
00:33:22,800 --> 00:33:24,600
Speaker 1: to do that and build on top of any protocol.

593
00:33:26,040 --> 00:33:29,000
Speaker 1: So I'm curious about your thoughts on open source and

594
00:33:29,000 --> 00:33:30,960
Speaker 1: how far that goes. What do you think about open

595
00:33:31,000 --> 00:33:34,960
Speaker 1: sourcing Twitter's algorithm. I think that's a great idea, you know,

596
00:33:35,000 --> 00:33:38,719
Speaker 1: I'm all for the decentralized movement, especially with something as

597
00:33:38,760 --> 00:33:42,280
Speaker 1: as useful as Twitter. My general stance with open source,

598
00:33:42,440 --> 00:33:44,920
Speaker 1: you know, versus closed sources, I think there's a lot

599
00:33:44,960 --> 00:33:48,480
Speaker 1: of fund around open source ruining business models. You know,

600
00:33:48,520 --> 00:33:50,840
Speaker 1: at the end of the day, sustainability is really what

601
00:33:50,920 --> 00:33:53,200
Speaker 1: matters when it comes to a good business or a product,

602
00:33:53,480 --> 00:33:56,320
Speaker 1: and if you can continue building, you know, to actually

603
00:33:56,360 --> 00:33:58,680
Speaker 1: continue building on a protocol, whether it's open source or

604
00:33:58,720 --> 00:34:01,520
Speaker 1: close source, is a chal lenge. And so the protocols

605
00:34:01,520 --> 00:34:03,360
Speaker 1: and depths that are more likely to succeed are the

606
00:34:03,400 --> 00:34:06,840
Speaker 1: ones that actually innovate on top of existing models rather

607
00:34:06,880 --> 00:34:10,160
Speaker 1: than just replicating and copying them and moving on. And

608
00:34:10,200 --> 00:34:14,279
Speaker 1: how do you see the ethereum merge impacting the broader landscape?

609
00:34:14,320 --> 00:34:17,160
Speaker 1: Just how sort of tectonic do you think that will be?

610
00:34:18,680 --> 00:34:20,640
Speaker 1: I think there's a few narratives here, So, you know,

611
00:34:20,680 --> 00:34:23,279
Speaker 1: on one hand, this is the first major blockchain that's

612
00:34:23,280 --> 00:34:25,000
Speaker 1: moving to proof of stake. You know, I think there

613
00:34:25,000 --> 00:34:27,680
Speaker 1: will be ripple effects and how does this impact other chains?

614
00:34:28,200 --> 00:34:31,000
Speaker 1: But more broadly, I think it's the first step for

615
00:34:31,160 --> 00:34:34,080
Speaker 1: you know, non technical people, non developers, to see what

616
00:34:34,120 --> 00:34:36,400
Speaker 1: it really means to have your assets put to work,

617
00:34:36,680 --> 00:34:40,200
Speaker 1: to have a utility token like ethere um ether and

618
00:34:40,239 --> 00:34:43,319
Speaker 1: being able to actually earn revenue and generate income as

619
00:34:43,320 --> 00:34:47,080
Speaker 1: an individual from participating in that blockchain. It's a completely

620
00:34:47,080 --> 00:34:50,040
Speaker 1: novel concept. You know, even the gig economy is fairly new,

621
00:34:50,360 --> 00:34:53,480
Speaker 1: but Web three enables this possibility that individuals can have

622
00:34:53,560 --> 00:34:56,120
Speaker 1: full sovereignty over their assets and the way they contribute

623
00:34:56,120 --> 00:35:00,800
Speaker 1: to technology. All right, dav Balan, director of the Graph,

624
00:35:00,920 --> 00:35:03,400
Speaker 1: thanks for joining us to share your view of the crypto.

625
00:35:03,800 --> 00:35:15,919
Speaker 1: D five future time for this week's Teconomics segment, and

626
00:35:15,960 --> 00:35:18,240
Speaker 1: we're speaking with Zach Vogue, co founder and managing partner

627
00:35:18,320 --> 00:35:20,040
Speaker 1: of d c v C, which has a mission to

628
00:35:20,160 --> 00:35:25,440
Speaker 1: back entrepreneurs solving trillion dollar problems to multiply the benefits

629
00:35:25,480 --> 00:35:29,800
Speaker 1: of capitalism for everyone, but all the while reduce costs

630
00:35:29,840 --> 00:35:33,399
Speaker 1: problems like climate change ZAC But what exactly does that mean?

631
00:35:33,719 --> 00:35:36,360
Speaker 1: Tell me about your mission. Sure, So we you know,

632
00:35:36,520 --> 00:35:39,480
Speaker 1: to pointed more concisely, we like to back entrepreneurs solving

633
00:35:39,520 --> 00:35:43,680
Speaker 1: trillion dollar problems computationally. These are hard problems in the climate,

634
00:35:43,960 --> 00:35:46,360
Speaker 1: these are hard problems in life sciences, hard problems in

635
00:35:46,680 --> 00:35:51,040
Speaker 1: transforming industry. Now, historically we've seen big venture capital fronts

636
00:35:51,120 --> 00:35:54,239
Speaker 1: like Climber Perkins for example, you know, dive into clean

637
00:35:54,280 --> 00:35:56,799
Speaker 1: tech investing and then pulled back because the returns just

638
00:35:56,880 --> 00:36:01,239
Speaker 1: weren't there, at least not in a you know, reasonable

639
00:36:01,239 --> 00:36:04,319
Speaker 1: time horizon. So why do you think you can make

640
00:36:04,320 --> 00:36:07,040
Speaker 1: it work? Now? Over the past handful of years, there's

641
00:36:07,080 --> 00:36:11,400
Speaker 1: been massive advances in computational approaches AI, machine learning, machine

642
00:36:11,480 --> 00:36:15,080
Speaker 1: vision that have massively, massively reduced the capital required to

643
00:36:15,120 --> 00:36:17,000
Speaker 1: solve some of these problems. Not all. Some of these

644
00:36:17,000 --> 00:36:20,960
Speaker 1: problems are still great for government. But there's companies like

645
00:36:21,000 --> 00:36:25,359
Speaker 1: my company, Pivot Bio that is replacing synthetic fertilizer nine

646
00:36:25,360 --> 00:36:28,440
Speaker 1: percent of global greenhouse gas emissions, replacing that with microbes.

647
00:36:28,880 --> 00:36:31,840
Speaker 1: So there's real, real possibility to make big changes in

648
00:36:31,840 --> 00:36:34,080
Speaker 1: this sector. So let's talk about some of the contributions

649
00:36:34,080 --> 00:36:36,400
Speaker 1: we've seen in this sector. We've seen alphabet just in

650
00:36:36,440 --> 00:36:39,200
Speaker 1: the last month. Alphabet Elon Musk and many more commit

651
00:36:39,320 --> 00:36:43,760
Speaker 1: more than two billions dollars to startups tackling climate change.

652
00:36:43,800 --> 00:36:46,480
Speaker 1: Talked to us about where you see the capital flowing

653
00:36:46,480 --> 00:36:51,799
Speaker 1: and what's most significant about it. So, yeah, those declarations

654
00:36:51,800 --> 00:36:53,879
Speaker 1: are great and we need much more of those. Those

655
00:36:53,920 --> 00:36:56,400
Speaker 1: type of things. We see money flowing into. Areas like

656
00:36:56,480 --> 00:37:00,000
Speaker 1: methane remediation, which is one of the lowest hanging fruit, UM,

657
00:37:00,120 --> 00:37:05,040
Speaker 1: industrial transformation, electrifying the grid, electrifying everything. Uh, just you know,

658
00:37:05,120 --> 00:37:08,440
Speaker 1: basic deep tech areas the lowest hanging fruit. Why do

659
00:37:08,480 --> 00:37:12,200
Speaker 1: you think that is? So? Methane is a relatively ephemeral gas,

660
00:37:12,640 --> 00:37:16,279
Speaker 1: and it's the largest source of greenhouse gas emissions for

661
00:37:16,320 --> 00:37:19,000
Speaker 1: the planet, and it's only is short lived in the

662
00:37:19,120 --> 00:37:23,000
Speaker 1: in the atmosphere. And our company in Kiros Aerospace helps

663
00:37:23,560 --> 00:37:26,200
Speaker 1: detect methane leaks and they've already had a bigger impact

664
00:37:26,239 --> 00:37:29,840
Speaker 1: than Tesla. Many people are surprised to hear that. But Tesla,

665
00:37:30,239 --> 00:37:32,840
Speaker 1: let's say that again. Which company has a bigger impact

666
00:37:32,840 --> 00:37:37,880
Speaker 1: than Tesla, Cairos Aerospace. Uh Tesla impact report five million

667
00:37:38,400 --> 00:37:43,680
Speaker 1: tons of CO two E prevented. UH Cairos was seven million.

668
00:37:43,760 --> 00:37:45,840
Speaker 1: It's only increased there for for Cairos, how did they

669
00:37:45,880 --> 00:37:48,879
Speaker 1: do that. They have sensors and they do basin wide

670
00:37:48,920 --> 00:37:52,160
Speaker 1: surveys of installed oil and gas infrastructure which is very leaky,

671
00:37:52,440 --> 00:37:55,000
Speaker 1: leaks methane, and they help pinpoint the leaks and help

672
00:37:55,040 --> 00:37:59,640
Speaker 1: the companies rapidly fix them. So the challenges ahead are

673
00:37:59,680 --> 00:38:03,799
Speaker 1: of course tremendous, but there's also a lot of macroeconomic uncertainty, inflation,

674
00:38:04,320 --> 00:38:06,920
Speaker 1: consumers under pressure, businesses under pressure. I mean, look what's

675
00:38:06,920 --> 00:38:10,239
Speaker 1: happening in the public markets. Does that concern you in

676
00:38:10,440 --> 00:38:13,719
Speaker 1: terms of you know, some you know funds that have

677
00:38:13,760 --> 00:38:17,640
Speaker 1: been pouring money into these spaces potentially pulling back. Absolutely,

678
00:38:17,680 --> 00:38:20,560
Speaker 1: So the public markets are in a risk off scenario

679
00:38:20,680 --> 00:38:22,680
Speaker 1: right now. We all know that. And obviously there's a

680
00:38:22,680 --> 00:38:25,440
Speaker 1: lot of bad stuff going on out there. Things have

681
00:38:25,520 --> 00:38:28,960
Speaker 1: slowed down. We've seen deals repricing for following deals of

682
00:38:28,960 --> 00:38:31,520
Speaker 1: our existing deals. We've also seen a lot more structure

683
00:38:31,520 --> 00:38:34,880
Speaker 1: coming into deals. So this has affected the whole market

684
00:38:34,920 --> 00:38:36,920
Speaker 1: and we're sort of taking a weight and see approach.

685
00:38:37,200 --> 00:38:40,279
Speaker 1: We're still doing good deals. Good deals are still getting done,

686
00:38:40,280 --> 00:38:42,239
Speaker 1: but I think everyone is taking a little bit of

687
00:38:42,239 --> 00:38:45,160
Speaker 1: a breather, and the pace of capital employment is slowing down.

688
00:38:45,239 --> 00:38:48,840
Speaker 1: Now you invest in deep tech, which takes time to

689
00:38:48,960 --> 00:38:53,720
Speaker 1: scale and to deliver these computational approaches. As you're talking about,

690
00:38:53,960 --> 00:38:57,000
Speaker 1: how do you ensure that companies hit their milestones and

691
00:38:57,400 --> 00:39:01,359
Speaker 1: still make a profit. Absolutely, these are problems that are

692
00:39:01,400 --> 00:39:03,960
Speaker 1: capital intensive a bit more. We've just heard that the

693
00:39:04,080 --> 00:39:06,880
Speaker 1: capital requirements are less if you can rely on computation.

694
00:39:07,400 --> 00:39:09,759
Speaker 1: Obviously you need great execution from the team to hit

695
00:39:09,800 --> 00:39:12,960
Speaker 1: their milestones. But they are solving trillion dollar problems. So

696
00:39:13,000 --> 00:39:16,880
Speaker 1: once they do solve them, they create giant, durable, capitalist,

697
00:39:16,920 --> 00:39:20,200
Speaker 1: successful companies that produce huge returns for investors. What kind

698
00:39:20,200 --> 00:39:22,120
Speaker 1: of how big are the returns? Let's talk about that,

699
00:39:22,760 --> 00:39:24,960
Speaker 1: um what what? What's a huge return? In your view?

700
00:39:25,600 --> 00:39:32,560
Speaker 1: Huge return is you know, creating the next trillion dollar company? Right?

701
00:39:32,600 --> 00:39:35,200
Speaker 1: And these you know the types of companies that you

702
00:39:35,239 --> 00:39:39,120
Speaker 1: can create with deep tech? Are you know fixing you

703
00:39:39,160 --> 00:39:41,440
Speaker 1: know the fertilizer industry. We heard pivot bio. That's a

704
00:39:41,480 --> 00:39:45,680
Speaker 1: two billion dollar industry acres of corn in the US

705
00:39:45,760 --> 00:39:50,399
Speaker 1: that can be transformed to this much less polluting industry. Um. So,

706
00:39:50,600 --> 00:39:53,800
Speaker 1: if you can solve that, you can create enormous durable businesses.

707
00:39:53,840 --> 00:39:56,640
Speaker 1: So are you saying the next let's say in a decade,

708
00:39:56,680 --> 00:39:59,719
Speaker 1: could the trillion dollar companies in a decade be the

709
00:39:59,719 --> 00:40:03,560
Speaker 1: next Apple and Google and Amazon and Facebook? Could they

710
00:40:03,600 --> 00:40:07,000
Speaker 1: be companies focused on tackling climate change? They will be

711
00:40:07,040 --> 00:40:09,200
Speaker 1: in Larry Fink of Black Rock obviously said that the

712
00:40:09,239 --> 00:40:13,719
Speaker 1: next fifty trillion dollars of fifty unicorns will be will

713
00:40:13,760 --> 00:40:17,640
Speaker 1: be these these companies. So, uh, what's gonna What's going

714
00:40:17,680 --> 00:40:20,240
Speaker 1: to make our break? Whether or not that happens, obviously,

715
00:40:20,280 --> 00:40:24,160
Speaker 1: the problem is real. But investors want returns, and the

716
00:40:24,320 --> 00:40:27,960
Speaker 1: question is will those returns happen fast enough. These companies

717
00:40:28,000 --> 00:40:31,800
Speaker 1: are more capital intensive, but there's going to be insatiable

718
00:40:31,840 --> 00:40:36,120
Speaker 1: demand for public, high quality public equities that are addressing

719
00:40:36,160 --> 00:40:38,680
Speaker 1: the climate. So our pathways, we're going to back these

720
00:40:38,680 --> 00:40:41,640
Speaker 1: companies at the early stages and ultimately get them public

721
00:40:41,920 --> 00:40:44,440
Speaker 1: and there will be huge demand for these stocks. Not

722
00:40:44,480 --> 00:40:46,600
Speaker 1: to mention, they will be profitable because they're solving these

723
00:40:46,640 --> 00:40:50,520
Speaker 1: trillion dollar problems. If the government giving these companies, this industry,

724
00:40:50,560 --> 00:40:53,719
Speaker 1: these industries enough support, the government can always be doing

725
00:40:53,760 --> 00:40:57,719
Speaker 1: a lot more. We don't back regulatory change or prospective

726
00:40:57,719 --> 00:41:01,160
Speaker 1: regulatory change. That's great. I want to be regulatory change,

727
00:41:01,280 --> 00:41:03,520
Speaker 1: but that's not something that we view as ventured backable.

728
00:41:03,840 --> 00:41:06,720
Speaker 1: We need back companies that have a working business model

729
00:41:06,760 --> 00:41:08,680
Speaker 1: with a real product that customers are willing to pay

730
00:41:08,719 --> 00:41:11,040
Speaker 1: money for. So this is very much a capitalistic endeavorent

731
00:41:11,080 --> 00:41:12,799
Speaker 1: that we are not a double bottom line fund. What

732
00:41:12,880 --> 00:41:15,400
Speaker 1: more could the government do? The government could put in

733
00:41:15,440 --> 00:41:19,120
Speaker 1: a carbon tax, for instance, which has been very pernicious.

734
00:41:19,200 --> 00:41:25,759
Speaker 1: They could also, um encourage uh, you know, more investment.

735
00:41:26,000 --> 00:41:29,240
Speaker 1: Right Obviously, some of the best technological breakthroughs have underpinnings

736
00:41:29,360 --> 00:41:32,360
Speaker 1: of government research. So those are two huge areas of

737
00:41:32,400 --> 00:41:36,440
Speaker 1: the government could have a big impact. Locally, the government

738
00:41:36,560 --> 00:41:40,080
Speaker 1: in California could keep Diable Canyon, are last functioning nuclear

739
00:41:40,120 --> 00:41:42,040
Speaker 1: power plant open, which would have a huge impact for

740
00:41:42,080 --> 00:41:44,560
Speaker 1: the climate. Interesting. All right, well we'll be washing to

741
00:41:44,680 --> 00:41:47,640
Speaker 1: see which is which is the first of those you

742
00:41:47,680 --> 00:41:51,399
Speaker 1: know companies to become the next trillion dollar company. UM.

743
00:41:51,480 --> 00:41:54,399
Speaker 1: Zack Bogue, co founder and managing partner of dc DC,

744
00:41:54,640 --> 00:41:56,319
Speaker 1: thank you for joining us. Good to have you back

745
00:41:56,320 --> 00:41:58,240
Speaker 1: on the show. And that does it. For the sedition

746
00:41:58,320 --> 00:42:01,440
Speaker 1: of Bloomberg Technology to or Ow, Airbnb c O Brien

747
00:42:01,520 --> 00:42:04,760
Speaker 1: Cheske will be here to talk about the company's earnings

748
00:42:04,800 --> 00:42:07,720
Speaker 1: results and the biggest change to AIRPNB, he says coming

749
00:42:08,040 --> 00:42:10,120
Speaker 1: in a decade. And also, don't forget to check out

750
00:42:10,239 --> 00:42:14,239
Speaker 1: our podcast. You can find it anywhere you get your podcasts.

751
00:42:14,320 --> 00:42:17,320
Speaker 1: I'm Emily checking in San Francisco. This is Bluebird