WEBVTT - Microsoft Gets Green Light to Buy Activision 0:00:01.480 --> 0:00:04.880 From the heart of where innovation, money and power Collie 0:00:05.080 --> 0:00:09.799 in Silicon Valley, NBN. This is Bloomberg Technology with Caroline 0:00:09.840 --> 0:00:22.400 Hide and Ed Ludlow. 0:00:25.079 --> 0:00:27.880 I'm Caroline Hide Bloomberg's melted quarters in New York. Ed Ludlow, 0:00:28.000 --> 0:00:31.040 He's an assignment in Sun Valley. This is Bloomberg Technology. 0:00:31.440 --> 0:00:34.159 Coming up. Microsoft wins us CORT approval to move. 0:00:34.000 --> 0:00:36.960 Forward with its sixty nine billion dollar deal for Activision Blizzard. 0:00:37.280 --> 0:00:38.839 We'll discuss the next steps of the. 0:00:38.840 --> 0:00:41.880 FTC face as a loss in blocking the biggest ever 0:00:41.960 --> 0:00:45.320 gaming deal plus Amazon Prime Day kicks off shop is 0:00:45.320 --> 0:00:48.320 expected to spend upwards of thirteen billion dollars or break 0:00:48.360 --> 0:00:50.839 down what to expect from the e commerce giants, and 0:00:51.000 --> 0:00:52.159 we go live to Ed. 0:00:52.200 --> 0:00:53.680 Ludlow in Sun Valley, Idaho. 0:00:53.920 --> 0:00:56.440 Billionaires also to send on the mountains for their annual 0:00:56.480 --> 0:00:59.840 gathering or break down what to expect as artificial intelligence, 0:01:00.040 --> 0:01:03.760 future streaming, and of course there's massive gaming deals dominate 0:01:03.960 --> 0:01:07.520 the conversation. Let's dig in on the Minushai to deal 0:01:07.600 --> 0:01:10.480 with Microsoft's court when here in the US we've got 0:01:10.600 --> 0:01:13.760 Bloomberg's Malati Nayak with us. Who's covering this trial day 0:01:13.840 --> 0:01:16.319 in day out for US and Malati. Before I start 0:01:16.319 --> 0:01:18.840 asking you about the UK, just dwell on what's happening 0:01:18.840 --> 0:01:21.360 in the United States right now, because it felt like 0:01:21.440 --> 0:01:23.760 you'd already called it that the judge seemed to be 0:01:23.959 --> 0:01:25.800 erring towards Microsoft and Activision. 0:01:26.800 --> 0:01:28.560 That's right. You know, we did see in the last 0:01:28.640 --> 0:01:30.839 round of questioning by the judge that she was really 0:01:31.319 --> 0:01:33.720 asking the FTC for a lot of evidence that they 0:01:33.720 --> 0:01:36.160 were unable to sort of come up with in court. 0:01:36.520 --> 0:01:38.959 So today we have a ruling with the judge has 0:01:39.040 --> 0:01:42.480 denied a preliminary injunction, which is basically a request by 0:01:42.560 --> 0:01:46.679 the agency to block the deal while the while it's 0:01:46.760 --> 0:01:50.440 longer in a challenge to the deal, is spending. But 0:01:50.560 --> 0:01:54.440 as we've seen, you know, something similar happened with Meta 0:01:54.640 --> 0:01:59.840 and Meta's acquisition within and that deal was also sort 0:01:59.880 --> 0:02:02.920 of a loss for the FTC at this stage, and 0:02:02.960 --> 0:02:05.680 the FTC backed out. So it's possible that you know, 0:02:05.760 --> 0:02:08.640 the FDC will back out because there is an administrative 0:02:09.680 --> 0:02:13.200 sort of a court case that the FDC still has 0:02:13.200 --> 0:02:16.799 spending against Microsoft, a sort of internal court case. That's 0:02:17.200 --> 0:02:19.560 that's you know, going to happen in the next couple 0:02:19.560 --> 0:02:20.119 of weeks. 0:02:20.400 --> 0:02:23.080 Okay, so it's not a full gone conclusion, but we 0:02:23.120 --> 0:02:26.760 anticipate and certainly the market anticipates that it's more likely 0:02:26.880 --> 0:02:30.120 to get done ultimately. How much of a knock is 0:02:30.160 --> 0:02:32.720 this to the FTC, as you say, they seem to 0:02:32.760 --> 0:02:35.040 be trying to take on really tough cases here. 0:02:36.040 --> 0:02:37.800 Yeah, you know, this has been a big test for 0:02:37.800 --> 0:02:40.839 the FTC's ability, especially when it comes to challenging big 0:02:40.919 --> 0:02:44.400 tech MNA deals. They really needed this win, you know, 0:02:44.480 --> 0:02:47.080 especially after what happened. This is coming, you know, just 0:02:47.400 --> 0:02:49.160 very close in the you know, on the heels of 0:02:49.200 --> 0:02:54.680 what happened with FTC and FTC challenge to Meta and within. 0:02:55.160 --> 0:02:57.880 So it just seems like even in speaking with a 0:02:57.919 --> 0:03:01.400 lot of folks who were in court the merger arb charges, 0:03:01.440 --> 0:03:03.959 they were very very closely watching this case because I 0:03:04.000 --> 0:03:06.320 think they were interested in seeing where the FTC might 0:03:06.360 --> 0:03:09.960 go moving forward. You know, is the FDC actually bringing 0:03:10.240 --> 0:03:14.959 some cases which are leading to this sort of losing streak. 0:03:15.000 --> 0:03:17.480 Do they have to sort of think perhaps carefully about 0:03:17.560 --> 0:03:21.440 battles that they want to sort of sort of enter 0:03:21.560 --> 0:03:23.840 and sort of win. So we'll have to see what 0:03:23.919 --> 0:03:27.640 happens next in terms of FTC moving forward with other deals, 0:03:27.639 --> 0:03:32.120 but we've seen already, you know, Chairman Lina Khan, She's 0:03:32.240 --> 0:03:36.240 just been one of the most aggressive tresbusters we've seen 0:03:36.280 --> 0:03:38.560 in the US in decades. So we'll have to see 0:03:38.600 --> 0:03:41.840 what the FTC decides to do next after this particular ruling. 0:03:42.000 --> 0:03:44.120 I'm sure Amazon is keeping a close eye as well. 0:03:44.200 --> 0:03:47.120 Alasin Naya, thank you so much for bringing us the expertise. 0:03:47.320 --> 0:03:49.720 Let's just get the Microsoft angle, an Andy, the International 0:03:49.720 --> 0:03:53.600 angle next to Bruemmegsdina Bass and Diana. I'm sure this 0:03:53.720 --> 0:03:56.120 is going to be joyous Forasati and Adela, and indeed 0:03:56.120 --> 0:03:58.880 Bobby Kotek, They're both going to be over there in 0:03:59.000 --> 0:04:01.880 Sun Valley. But there are still some stumbling blocks. What 0:04:01.920 --> 0:04:03.960 do you make of the headline around Microsoft and activision 0:04:04.000 --> 0:04:07.520 in the UKCMA, the Competition Markets Authority also perhaps pausing 0:04:07.520 --> 0:04:08.160 that litigation. 0:04:09.600 --> 0:04:10.480 Yeah, all eyes. 0:04:10.360 --> 0:04:13.600 Around the CMA right now. The minute that this ruling 0:04:13.640 --> 0:04:16.400 came out this morning, everybody's attention turned away from that 0:04:16.440 --> 0:04:19.200 courton in California and across the pond to the UK, 0:04:19.600 --> 0:04:22.520 which is the remaining stumbling block for this deal. Now 0:04:22.800 --> 0:04:25.960 the CMA has just in the last couple of minutes 0:04:25.960 --> 0:04:28.720 said that they are willing to consider any proposals for 0:04:28.839 --> 0:04:32.120 Microsoft to restructure the transaction in a manner that would 0:04:32.120 --> 0:04:36.040 address their concerns, and as a result, they and Microsoft 0:04:36.120 --> 0:04:38.400 and Activision have asked the court in the UK to 0:04:38.440 --> 0:04:42.080 pause the litigation so that they can focus on proposals. 0:04:42.600 --> 0:04:45.520 Microsoft has issued statement as well, saying that they still 0:04:45.520 --> 0:04:48.799 don't agree with the CMA's objections, but they are interested 0:04:48.800 --> 0:04:50.240 in trying to find a way to resolve them. 0:04:50.960 --> 0:04:56.359 Two the FTC's perspective, have they kind of won a 0:04:56.360 --> 0:05:00.760 little bit, or indeed, have competition authorities at least gleaned 0:05:00.839 --> 0:05:03.599 some sort of changes to the ultimate deal to ensure 0:05:03.600 --> 0:05:04.719 that that might be competition. 0:05:04.800 --> 0:05:06.720 Is this almost a win win on every side, Dina. 0:05:07.640 --> 0:05:09.080 So I don't know that the FTC will see it 0:05:09.120 --> 0:05:09.960 that way. We'd have to ask. 0:05:09.960 --> 0:05:12.960 The judge actually made that point in court at one point, 0:05:13.080 --> 0:05:15.960 saying that you know the fact that Microsoft had signed 0:05:16.000 --> 0:05:18.600 some of these agreements to put call of duty on 0:05:18.680 --> 0:05:20.720 other platforms and he was willing to sign on with 0:05:21.279 --> 0:05:23.440 Sony meant to the FTC on some level had already won. 0:05:23.480 --> 0:05:24.680 And you know, when you look. 0:05:24.560 --> 0:05:27.039 Through her ruling, it was one of the reasons that 0:05:27.080 --> 0:05:30.520 she found the FTC's case was not persuasive, you know, 0:05:30.640 --> 0:05:33.160 is that Microsoft had from the minute the deal was announced, 0:05:33.240 --> 0:05:36.000 it made it clear that they wanted to, you know, 0:05:36.040 --> 0:05:38.520 to put it on other platforms. She made similar arguments 0:05:38.560 --> 0:05:40.760 on some of the arguments the FTC was making on 0:05:41.080 --> 0:05:43.919 lack of you know, worse than the competitive picture and 0:05:43.960 --> 0:05:46.599 cloud gaming as well as gaming subscriptions, you know, in 0:05:46.640 --> 0:05:49.680 those areas. She seemed to find some of Microsoft's arguments 0:05:49.920 --> 0:05:51.440 more persuasive than the FTCs. 0:05:51.800 --> 0:05:56.920 How big a relief is this to Brasmith and Vestia now, well, again. 0:05:56.720 --> 0:05:58.560 They still to get through the CMA that you have 0:05:58.640 --> 0:06:01.080 to realize that if the judge ruled the opposite wave 0:06:01.200 --> 0:06:03.040 she had issued a preliminary injunction. 0:06:02.680 --> 0:06:03.880 The deal was on the dead. 0:06:04.240 --> 0:06:07.400 Bobby Kodik, while on the stand, said that, you know, 0:06:07.440 --> 0:06:09.960 if there was a preliminary injunction issued, his board was 0:06:10.080 --> 0:06:11.200 likely back away. 0:06:10.960 --> 0:06:11.479 From the deal. 0:06:12.200 --> 0:06:15.200 Microsoft made a similar point in their preliminary filings in 0:06:15.240 --> 0:06:18.960 the case there was really not a way forward for 0:06:19.040 --> 0:06:21.680 this deal if the judge had issued a preliminary injunction. 0:06:22.040 --> 0:06:24.400 They still have to get through the UK situation. 0:06:25.120 --> 0:06:27.000 As you say, all eyes on the UK now and 0:06:27.040 --> 0:06:29.520 the CMA Deana Bass, brilliant to have you on. Thank 0:06:29.560 --> 0:06:32.560 you so much for the latest on Microsoft's perspective to 0:06:32.600 --> 0:06:33.120 that ruling. 0:06:33.160 --> 0:06:35.080 Meanwhile, coming up, Amazon Prime. 0:06:34.920 --> 0:06:38.160 Day kicks off and Shop was prepared to spend millions. 0:06:38.440 --> 0:06:40.919 I'll get inside the head of Amazon W John Felton, 0:06:40.920 --> 0:06:45.840 I'm pleased to say, Amazon Senior vice president of worldwide Operations. Meanwhile, look, 0:06:46.080 --> 0:06:48.960 there are other deals that still are being assessed by 0:06:48.960 --> 0:06:49.920 certain authorities. 0:06:50.200 --> 0:06:51.960 And VMware is currently. 0:06:51.760 --> 0:06:53.360 Jumping more than five and a half percent as you 0:06:53.360 --> 0:06:56.160 can see session highs on an FT report that the 0:06:56.160 --> 0:06:59.880 EU is set to clear its own sixty nine billion 0:07:00.080 --> 0:07:04.800 dollar acquisition by Broadcom. So all eyes on these competition 0:07:04.839 --> 0:07:05.799 authorities at the moment. 0:07:06.240 --> 0:07:18.760 From New York, this is Bloomberg. I don't know if 0:07:18.760 --> 0:07:20.920 you noticed, but Amazon Prime Day is underweight. 0:07:21.080 --> 0:07:23.760 Shop is estimated to eclipse last year's spend of twelve 0:07:23.800 --> 0:07:26.480 billion dollars worldwide. For more on what we can expect, 0:07:26.520 --> 0:07:29.040 let's bring in Punum Goil from Bloomberg Intelligence right here 0:07:29.080 --> 0:07:29.480 in New York. 0:07:29.520 --> 0:07:31.240 So please to have you Punum here. 0:07:31.480 --> 0:07:34.720 I'm expecting consumers to be enticed as much as previous years. 0:07:34.760 --> 0:07:36.560 Is this going to be the biggest ever. It should 0:07:36.600 --> 0:07:37.320 be the biggest ever. 0:07:37.400 --> 0:07:38.040 It always is. 0:07:38.320 --> 0:07:40.720 Yeah, consumers are focused on value, right, so Prime Day 0:07:40.800 --> 0:07:44.000 just brings value back up front consumers. Mind, there are 0:07:44.000 --> 0:07:46.600 our deals, there have been deals all year, but I 0:07:46.600 --> 0:07:48.520 can tell you just from what I've been seeing all 0:07:48.600 --> 0:07:50.760 day is that the deals are bigger than they have 0:07:50.880 --> 0:07:54.320 been all year. They're rolling out lightning deals. Some things 0:07:54.320 --> 0:07:57.320 are already sold out, so I think consumers will just 0:07:57.360 --> 0:08:00.200 be watching and seeing a lot of consumers are saying 0:08:00.320 --> 0:08:03.000 that they have a list going into Prime Day, so 0:08:03.120 --> 0:08:06.080 clearly budget focused. And then there are many fifty percent 0:08:06.200 --> 0:08:08.760 according to our survey, that will just buy as they 0:08:08.840 --> 0:08:09.440 see deals. 0:08:10.280 --> 0:08:11.840 Okay, so looking for value. 0:08:12.480 --> 0:08:15.200 What about sort of the global perspective of this as well? 0:08:15.240 --> 0:08:18.040 How does the Prime Day offering vary? I'm looking at 0:08:18.040 --> 0:08:19.640 a US offering. What does it look like in the 0:08:19.720 --> 0:08:20.400 UK and Europe? 0:08:20.480 --> 0:08:22.320 Well, remember Prime Day? If you think about like just 0:08:22.440 --> 0:08:24.800 Prime members, right, one hundred and sixty million of the 0:08:24.800 --> 0:08:27.440 two hundred plus million members are in the US, so 0:08:27.600 --> 0:08:30.280 it is definitely largely a US event, but it is 0:08:30.320 --> 0:08:33.720 also international and everywhere across the world. I think everyone 0:08:33.760 --> 0:08:36.320 is crunched for cash right now. Infestrates are higher, there 0:08:36.360 --> 0:08:39.880 are macro economic tensions, your political tensions around the world, 0:08:40.120 --> 0:08:43.480 so the value proposition that Amazon offers on Prime Day 0:08:43.760 --> 0:08:46.320 will also be sought after abroad as well as here. 0:08:46.440 --> 0:08:48.600 And just remind us how important is to the overall 0:08:48.760 --> 0:08:51.079 company and indeed there for the investor, because what's interesting 0:08:51.080 --> 0:08:52.920 in the last few years, you've actually seen a bit 0:08:52.920 --> 0:08:54.880 of a sell off of sort of a fade into 0:08:55.040 --> 0:08:56.360 Prime Day from a stock perspective. 0:08:56.559 --> 0:08:58.559 I think it's important in it's eight percent of the 0:08:58.640 --> 0:09:02.640 quarter's sales and just two so clearly still very important 0:09:02.640 --> 0:09:05.320 for Amazon. But also it keeps Amazon top of mind, 0:09:05.400 --> 0:09:07.800 right so as you think about consumers shopping for the summer, 0:09:07.840 --> 0:09:09.800 for back to school and even the holidays. You know, 0:09:09.840 --> 0:09:12.000 we're hearing people are shopping for the holidays as early 0:09:12.040 --> 0:09:14.520 as right now. So it just keeps some relevant, It 0:09:14.600 --> 0:09:16.640 keeps some top of mind. It shows that we have 0:09:16.760 --> 0:09:19.600 everything here and you can buy it. But Amazon's not 0:09:19.760 --> 0:09:22.480 the only one offering deals today and tomorrow. If we've 0:09:22.520 --> 0:09:25.320 seen Target Circle Week, we've seen Walmart, you know, doing 0:09:25.360 --> 0:09:27.880 its Plus week, So there's a lot going on outside too. 0:09:28.200 --> 0:09:29.840 There's always a competition. Pun I'm Goyl. 0:09:29.880 --> 0:09:31.559 Thank you so much breaking it down from Blue Meg 0:09:31.600 --> 0:09:34.319 Intelligence and look, we can go straight to the horse's 0:09:34.320 --> 0:09:36.440 mouth right now. I'm very pleased to welcome John Felton, 0:09:36.520 --> 0:09:39.479 Amazon Senior vice president of worldwide Operations, who's. 0:09:39.400 --> 0:09:40.760 Probably having a pretty busy day. 0:09:40.840 --> 0:09:41.040 John. 0:09:41.120 --> 0:09:42.760 So we're appreciative if you're fitting us in. 0:09:42.800 --> 0:09:46.240 And I mean you have caused a sensation. Other companies 0:09:46.280 --> 0:09:48.200 do try to copy you on the same day at 0:09:48.200 --> 0:09:50.640 the same sort of a time. How do you set 0:09:50.640 --> 0:09:52.880 yourselves apart and keep people wanting to come back? 0:09:53.440 --> 0:09:55.600 Yeah, it's Christmas in July, and it's one of our 0:09:55.640 --> 0:09:58.320 favorite times a year. We're noppening into our ninth prime 0:09:58.400 --> 0:10:01.040 day and so really exciting about it. It has just become 0:10:01.120 --> 0:10:03.720 kind of its own events, which we love. This year, 0:10:03.760 --> 0:10:05.760 I do expect to be bigger than ever. We've got 0:10:05.760 --> 0:10:09.280 more deals than ever before. We've got millions and millions 0:10:09.320 --> 0:10:12.000 of deals. They're dropping every thirty minutes, and so we're 0:10:12.000 --> 0:10:14.760 really excited about what we're seeing so far and the 0:10:14.760 --> 0:10:16.880 things I'm thinking about. It's like, we got fifty percent 0:10:16.920 --> 0:10:19.640 off the top selling toys, percent off the top selling 0:10:19.679 --> 0:10:23.360 TVs was seventy five percent off amazonderleasss there really is 0:10:23.400 --> 0:10:23.959 a deal for. 0:10:23.960 --> 0:10:24.800 Everybody out there. 0:10:24.920 --> 0:10:27.200 I've even got friends who they use Prime Data kind 0:10:27.240 --> 0:10:29.200 of shop for their everyday essentials of kind of getting 0:10:29.200 --> 0:10:30.320 the tooth base, getting. 0:10:30.080 --> 0:10:32.240 The shampoo, and so it's a really big day. 0:10:32.320 --> 0:10:35.440 We're since society kind of thank Prime members for their loyalty, 0:10:35.640 --> 0:10:36.880 and the best way we know how to do that. 0:10:36.920 --> 0:10:38.760 Is give them value and give them savings. 0:10:39.000 --> 0:10:41.400 One stat that I still still think is amazing is 0:10:41.760 --> 0:10:45.000 last year Prime members saved one point seven billion dollars 0:10:45.080 --> 0:10:47.000 and we're hoping to explic the clips out this year 0:10:47.360 --> 0:10:47.840 and make. 0:10:47.720 --> 0:10:48.480 It more personal. 0:10:48.640 --> 0:10:51.240 How are you using technology in and of itself to 0:10:51.320 --> 0:10:53.319 try and make sure that I feel targeted in the 0:10:53.400 --> 0:10:53.800 right way. 0:10:54.559 --> 0:10:55.680 Yeah, that's a great question. 0:10:56.640 --> 0:10:58.920 A lot of our AI technology is really focused on 0:10:58.920 --> 0:11:02.280 the personalization. You'll even see it this year differently kind 0:11:02.280 --> 0:11:04.160 of when you look at the website for yourself, it's 0:11:04.200 --> 0:11:06.319 different than looking at it for your friends. We are 0:11:06.360 --> 0:11:09.440 working kind of day and night to keep improving a personalization, 0:11:10.280 --> 0:11:12.560 building kind of an AI technology to really help that. 0:11:12.760 --> 0:11:14.720 So we give you a really customized experience you can 0:11:14.760 --> 0:11:15.800 find the deals that work for you. 0:11:16.400 --> 0:11:18.440 And also using Alexa right not only you able to 0:11:18.440 --> 0:11:20.240 sort of buy the latest Alexa, but you can use 0:11:20.280 --> 0:11:20.920 it to shop too. 0:11:21.760 --> 0:11:24.120 Yeah, there's some great new Alextra features we have now. 0:11:24.160 --> 0:11:26.520 Is anything that's in your kind of your shopping cart 0:11:26.559 --> 0:11:29.080 right now? And and you're wishless? Anything unsaved for later 0:11:29.280 --> 0:11:31.400 if it goes on deal or Lexa will announce it 0:11:31.400 --> 0:11:33.040 to you and let you know, Hey, this just went 0:11:33.080 --> 0:11:33.680 on a great deal. 0:11:33.720 --> 0:11:34.440 Do you want to buy it? 0:11:34.480 --> 0:11:36.920 And so at Helping customers find the deal that's right 0:11:36.960 --> 0:11:39.160 for them, helping with their most excited core is really 0:11:39.200 --> 0:11:39.840 what's Fine Day. 0:11:39.760 --> 0:11:40.280 Is all about. 0:11:40.800 --> 0:11:43.280 Of course, we can see people behind you busily at work. 0:11:43.520 --> 0:11:46.240 How much of a logistical feat is that? How much 0:11:46.280 --> 0:11:48.520 work you have to put in? How ensuring are you 0:11:48.640 --> 0:11:51.160 that you're sort of as close to the customer as 0:11:51.200 --> 0:11:51.560 you can be. 0:11:52.360 --> 0:11:55.760 Yeah, let's see what we plan for months for Prime Day. 0:11:56.200 --> 0:11:58.319 And I've kind I'm here in Melville, New York, in 0:11:58.400 --> 0:12:00.880 a sub Same Day building, and they're just excited. The 0:12:00.880 --> 0:12:03.360 employees here are excited. They love Prime Day as much 0:12:03.400 --> 0:12:06.079 as Prime members do. And so you can feel the excitement. 0:12:06.120 --> 0:12:08.559 You can feel the buzz in here, and everyone's expended 0:12:08.559 --> 0:12:09.920 to go to deliver all the gifts we have. 0:12:10.200 --> 0:12:11.200 What about the robots. 0:12:12.240 --> 0:12:13.480 The robots are also behind me. 0:12:14.120 --> 0:12:17.160 There's now seven hundred and fifty thousand of them running around, 0:12:17.160 --> 0:12:18.959 so you can kind of see that the shelf kind 0:12:18.960 --> 0:12:21.079 of comes to the employee right now. And so that's 0:12:21.120 --> 0:12:23.120 what we felt kind of really good about kind of 0:12:23.160 --> 0:12:26.240 our robotic technology. It's how do we help our employees 0:12:26.320 --> 0:12:28.120 kind of do their jobs better, how do we help 0:12:28.160 --> 0:12:29.520 them do it safer, how do we help them do 0:12:29.559 --> 0:12:31.439 it more productively, and how do they kind of really 0:12:31.520 --> 0:12:34.000 enjoy the collaborative experience with the robots. 0:12:34.280 --> 0:12:37.200 Of course, with great success comes great responsibility, and there 0:12:37.240 --> 0:12:41.239 has been that focus on ensuring that the workforce labor. 0:12:41.040 --> 0:12:41.719 Is treated right. 0:12:41.840 --> 0:12:44.920 There's also it seems to be a focus on, well 0:12:44.920 --> 0:12:47.400 that you're supporting small business here. Just tell us, sister, 0:12:47.840 --> 0:12:50.160 why you're looking at that and why perhaps you don't 0:12:50.160 --> 0:12:52.319 want to seem like you're meeting everyone's lunch. 0:12:52.920 --> 0:12:55.640 Yeah, it's exactly right. Small business is incredibly for it. 0:12:55.640 --> 0:12:59.160 It's been powering Amazon for years. Sixty percent of everything 0:12:59.160 --> 0:13:02.360 we sell is from small businesses, and there's a lot 0:13:02.400 --> 0:13:04.200 of new features that we have on the website this year. 0:13:05.440 --> 0:13:07.439 We recently app launched the ability to kind of filter 0:13:07.520 --> 0:13:10.200 your surf results by small business results. I was actually 0:13:10.200 --> 0:13:12.600 playing around with this this morning, and we're doing hot sauce, 0:13:12.760 --> 0:13:14.440 and I was able to find kind of hot sauce 0:13:15.400 --> 0:13:18.640 than your small businesses that are supporting in logout where 0:13:18.679 --> 0:13:20.640 I'm at right now, and so really kind of helping 0:13:20.679 --> 0:13:21.960 small businesses be successful. 0:13:22.080 --> 0:13:24.160 Small businesses are kind of a lot of the drivers 0:13:24.160 --> 0:13:24.640 of the growth. 0:13:24.840 --> 0:13:26.800 They're getting more deals in ever of this Prime Day, 0:13:26.840 --> 0:13:28.680 and so we're really excited about how do we support them. 0:13:29.360 --> 0:13:32.920 Does the consumer ultimately not just talk the talk but 0:13:33.120 --> 0:13:35.480 walk the walk on that, Do they really care about 0:13:35.520 --> 0:13:37.600 small businesses? Do they really care about the fact that 0:13:37.640 --> 0:13:41.400 you're perhaps closer to them, so less of an environmental perspective. 0:13:41.440 --> 0:13:42.920 What do you see from the consumer? 0:13:44.480 --> 0:13:46.760 That's what we're seeing is consumers are having a great 0:13:46.800 --> 0:13:47.480 Prime day to day. 0:13:47.800 --> 0:13:49.280 One of the things I've been kind of happy with 0:13:49.440 --> 0:13:52.040 is I do think of the US consumer, even the 0:13:52.040 --> 0:13:55.240 global consumer. They've got high they're doing with high inflation, 0:13:55.440 --> 0:13:58.720 high interest rates, but they've been surprisingly resilient. They continue 0:13:58.760 --> 0:14:00.600 to kind of come back, but they are looking. 0:14:00.400 --> 0:14:01.839 For value, and that's what Prime Day is. 0:14:02.080 --> 0:14:04.640 How do we kind of bring them as much value, 0:14:04.920 --> 0:14:07.319 and this idea we can save them billions of dollars 0:14:07.400 --> 0:14:10.880 on Prime Day is just a tremendous dialareble to offer customers. 0:14:10.960 --> 0:14:13.000 And of course the reason they want value is because 0:14:13.280 --> 0:14:15.840 the economy is in a much tougher position, and Amazon 0:14:15.880 --> 0:14:18.280 itself has been having to ensure that it's focused much 0:14:18.320 --> 0:14:21.480 more on costs, having to make tough choices, laying off people. 0:14:21.920 --> 0:14:24.760 I'm interested as to really how optimistic you are going 0:14:24.800 --> 0:14:27.120 past Prime Day that the consumer is there to support 0:14:27.160 --> 0:14:27.680 your business. 0:14:29.080 --> 0:14:29.800 I'm optimistic. 0:14:29.840 --> 0:14:31.360 I still have a lot of optimism in the US 0:14:31.440 --> 0:14:32.680 economy and the US consumer. 0:14:33.040 --> 0:14:34.560 They continue to show up. I agree they are. 0:14:34.640 --> 0:14:36.880 They're they're looking for value, and we need to make 0:14:36.880 --> 0:14:39.480 sure we're able to kind of be best on price, 0:14:39.800 --> 0:14:42.560 best on speed. I'm in a sub same day building, 0:14:42.600 --> 0:14:45.080 so these items here are being able to delivered in four 0:14:45.160 --> 0:14:46.520 or five hours. So to be able to get your 0:14:46.520 --> 0:14:49.760 Prime Day order on the same day within four hours, 0:14:49.440 --> 0:14:52.800 it's an amazing feed. This business itself is subday same 0:14:52.880 --> 0:14:55.600 day business. We're over fifty percent in the first quarter, 0:14:56.040 --> 0:14:58.560 and so it's really resonating with consumers that they're looking 0:14:58.600 --> 0:15:01.040 for speed and convenience price. 0:15:01.200 --> 0:15:03.440 Jean Felton, busy day. We'll let you get back to it. 0:15:03.440 --> 0:15:06.680 Amazon the SVP for worldwide operations. We thank you for 0:15:06.720 --> 0:15:17.600 your time. Time now for talking tech. First Up, Tata 0:15:17.840 --> 0:15:19.480 is closing in on a deal to become the first 0:15:19.560 --> 0:15:21.920 Indian iPhone maker, and the company is set to buy 0:15:21.960 --> 0:15:24.320 an Apple Supplies factory as soon as August in an 0:15:24.320 --> 0:15:27.240 effort to increase the plant's employment and expand output, according 0:15:27.320 --> 0:15:31.440 to Bloomberg reporting. Meanwhile, Uber seeing its biggest ever executive 0:15:31.440 --> 0:15:34.480 departure since going public. Chief financial officer Neilson Chai is 0:15:34.480 --> 0:15:37.320 planning to leave the right hailing giant. Try informed CEO 0:15:37.360 --> 0:15:40.440 Dora Koslshahi of his intentions to move on, though a 0:15:40.560 --> 0:15:42.880 decision on timing hasn't yet been made. I was tapped 0:15:42.880 --> 0:15:45.680 by Koslshahi in twenty eighteen to lead the listing. 0:15:46.320 --> 0:15:49.160 Plus, an artificial intelligence researcher who co authored one of 0:15:49.160 --> 0:15:51.280 Google's most influential. 0:15:50.640 --> 0:15:53.040 Papers, is leaving the company to launch a startup. 0:15:53.200 --> 0:15:56.720 Employee who helped write the pioneering AI paper, Attention is 0:15:56.760 --> 0:15:59.440 All You Need confirm to Bloomberg that he will depart 0:15:59.560 --> 0:16:03.720 Google Japan later this month. Some of the biggest names. 0:16:03.760 --> 0:16:06.960 Meanwhile in technology, media and business, well guess where they 0:16:07.000 --> 0:16:10.320 are the Idahoo Mountains for the Allen and Coe Sun 0:16:10.400 --> 0:16:13.480 Valley Conference, also dubbed Look the Summer Camber Billionaires. The 0:16:13.520 --> 0:16:16.520 annual summit features a series of big picture panels, many 0:16:16.560 --> 0:16:18.560 of which will focus on the rise of art, traditional 0:16:18.600 --> 0:16:22.520 intelligence of course, also the future streaming and well m 0:16:22.560 --> 0:16:25.440 and a as it stands, a Red Ludlow, you're on site. 0:16:25.440 --> 0:16:27.680 You're in some valley, Idaho, and boy, they're all going to. 0:16:27.680 --> 0:16:29.640 Be talking about that sixty nine billion dollar deal. 0:16:29.560 --> 0:16:33.720 Right, yeah, yeah, we have news. It will be front 0:16:33.760 --> 0:16:36.080 and center. You know you were talking earlier in Bloombo 0:16:36.120 --> 0:16:38.640 Technology of Dina Bass. Imagine if the decision had gone 0:16:38.680 --> 0:16:41.520 the other way. But Bobby Kotik is here this week 0:16:41.560 --> 0:16:44.800 in some valley. I understand that Sacha and Adela will 0:16:44.840 --> 0:16:47.720 be here too, And what a blow this is to 0:16:47.800 --> 0:16:50.760 the FTC in CMA. When I touched down last night 0:16:51.200 --> 0:16:54.840 in between the mountains, the sun setting on the bluetiful landscape, 0:16:54.920 --> 0:16:57.360 I was thinking about Lee Na Kahan and the FTC 0:16:57.960 --> 0:17:01.760 because actually this year there's a real emphasis on the 0:17:01.840 --> 0:17:05.320 history of some value, which is Telecom's technology and media 0:17:05.560 --> 0:17:09.360 or TMT and deals, and last year there was only 0:17:09.400 --> 0:17:12.560 one story Elon Musk's purchase of Twitter. But all the 0:17:12.600 --> 0:17:16.199 breaking news of this morning puts the landscape for deals 0:17:16.200 --> 0:17:19.199 in this sector front and center for the attendees. We 0:17:19.280 --> 0:17:20.840 might see some more activity, now. 0:17:20.800 --> 0:17:21.399 Yeah, isn't it. 0:17:21.400 --> 0:17:23.680 It's not the only sixty nine billion dollar deal even. 0:17:23.720 --> 0:17:25.800 I mean the fact that Brawcom looks like it might 0:17:25.800 --> 0:17:28.680 get VMware according to the Fts, so some really big 0:17:28.760 --> 0:17:32.080 major chip steals. And indeed, as we've seen gaming deals, 0:17:32.119 --> 0:17:35.280 but talk to us about the world of streaming and indeed, 0:17:35.480 --> 0:17:39.240 well content really yeah, we're potentially seeing art mimic life 0:17:39.280 --> 0:17:40.480 a little bit with succession. 0:17:42.520 --> 0:17:45.560 I love that arc mimicking life. You know, the streaming 0:17:45.680 --> 0:17:48.960 story is also one of all of the names involved. 0:17:49.040 --> 0:17:51.040 You know, the top ranks of Netflix will be here, 0:17:51.720 --> 0:17:55.119 David'sarslove w Warner Brothers, Discovery, and I understand that in 0:17:55.160 --> 0:17:57.760 the last couple of minutes, Bob Iger has just walked 0:17:57.760 --> 0:18:00.359 through the front door of some valley. I think if 0:18:00.359 --> 0:18:02.320