Speaker 1: Bloomberg Audio Studios, podcasts, radio news from the heart of
Speaker 1: where innovation, money and power collide in Silicon Valley and beyond.
Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 2: Live from New York and San Francisco. This is Bloomberg
Speaker 2: Technology coming up. Open ai pays six and a half
Speaker 2: billion dollars in stock for Apple veteran Johnny I's AI
Speaker 2: device maker. We discussed the impact.
Speaker 3: Plus open ai works to develop a major data center
Speaker 3: in the United Arab Emirates, a big overseas expansion of
Speaker 3: its Stargate effort to build out AI infrastructure.
Speaker 2: Plus AT and T agrees to buy the consumer fiber
Speaker 2: operations of Lumen Technologies is.
Speaker 4: Five seventy five billion dollars.
Speaker 2: Will discuss the AT and T CEO, and let's just
Speaker 2: dig into how open ai is planning that push into hardware.
Speaker 2: Ed joining up, as you say, with the legendary Apple
Speaker 2: device designer Johnny I've the tie up came with well
Speaker 2: pretty hot promo video.
Speaker 5: I have a growing set that everything I over learned
Speaker 5: over the last thirty years has led me to this
Speaker 5: place and to this moment.
Speaker 2: I've, of course a creative mind, behind designs the Mac,
Speaker 2: the iPod, the iPhone, open Ai acquiring his device startup
Speaker 2: for nearly six and a half billion in an all
Speaker 2: stop deal. This could pair, of course, some frenemies with Apple.
Speaker 2: I've's former employer and an open ai partner. It's complex.
Speaker 2: We bring in Bloomberg opinions, Dave Lee, who you have
Speaker 2: a bit of cynicism around whether or not open Ai
Speaker 2: and Johnny Ive can really take on Apple to bring
Speaker 2: us AI in a physical form. But what do you
Speaker 2: make of a propotional video? What do you make of
Speaker 2: the impact?
Speaker 6: I mean, look, the video was incredible, wasn't it That
Speaker 6: the cafe they filmed it belongs to Francis Ford Coppoler
Speaker 6: And I was saying to a colleague, is almost like
Speaker 6: he directed it himself, right, It was so grand? Look
Speaker 6: love Johnny, I've yeah, I think it's obviously incredibly gifted man.
Speaker 6: I think this is an incredibly difficult thing for even
Speaker 6: him to achieve, because creating the kind of hardware which
Speaker 6: their stated aim really is to topple the iPhones as
Speaker 6: the leading device of joyce when it comes to interacting
Speaker 6: with computing, I think that's incredibly difficult, And I think
Speaker 6: for all the experience and talent that Johnny I've has
Speaker 6: and the team that he's assembled, which sam Oltman called,
Speaker 6: I think the most gifted talented team ever assembled in history,
Speaker 6: which kind of gives you an idea of the hyperbole
Speaker 6: he's working.
Speaker 7: With at the moment.
Speaker 4: Unite.
Speaker 6: Yeah, precisely. I just think it's an incredibly tall order.
Speaker 6: I think it's easier for Apple to solve AI than
Speaker 6: it is for open ai to create the new I phone.
Speaker 3: Put it that way, Okay, so they let me go
Speaker 3: back to basics on the story. What the the entity
Speaker 3: open ai and io is saying is that by the
Speaker 3: end of twenty twenty six they'll have a range of devices.
Speaker 3: But we don't know what form factor, right, We don't
Speaker 3: know smartphone or dare I say, you know, chunky brooch
Speaker 3: allah Humane. I just want to get the basics of
Speaker 3: that out there. But to me this seems like an
Speaker 3: aqua higher because what open ai is getting is not
Speaker 3: just Johnny Ive but a team of other former Apple
Speaker 3: designers and who are, according to the press release, remaining independence.
Speaker 6: Well, this is all about bringing in the expertise that
Speaker 6: open ai just just doesn't have. I mean, of course,
Speaker 6: look They've done incredibly well in creating a leading AI
Speaker 6: company and it's seen as being ahead of the pack
Speaker 6: still and Chad GBT has a huge market share in
Speaker 6: terms of people who are willing to go to a
Speaker 6: website to put an AI prompt in and get what
Speaker 6: they need. The problem is that over time, I think
Speaker 6: that way of interacting with AI gets a lot less
Speaker 6: useful than I think.
Speaker 7: We're seeing some that already.
Speaker 6: We've seen how Google are putting AI straight into their
Speaker 6: search engine in a big way, and that's a way
Speaker 6: to capitalize on a tool that people already have already
Speaker 6: use and they find AI that way. Open ai doesn't
Speaker 6: necessarily have that same vector. It doesn't have a device
Speaker 6: like Apple, doesn't have Amazon's reach of the cloud, it
Speaker 6: doesn't have a social network like Meto, it doesn't have
Speaker 6: a search engine like Google, and so they have to
Speaker 6: do something right. They have to create something that's going
Speaker 6: to be the place that people interact with open ai specifically,
Speaker 6: and a piece of hard way is the way to
Speaker 6: do that. This is a very good or bit expensive
Speaker 6: way to bring on their expertise, but then you know
Speaker 6: the complications will follow. I think next year's keynote if
Speaker 6: they desire to present it in this way of this
Speaker 6: new device or whatever it is. And there's been reporting
Speaker 6: this morning that it's perhaps like a third device in
Speaker 6: addition to your laptop and your phone, there'll be something else.
Speaker 6: I mean, that's going to be a very watched keynote.
Speaker 6: I think it's a big, big ask to expect people
Speaker 6: to add another device to their day, because we saw,
Speaker 6: like you mentioned, with some of those other wearables that
Speaker 6: people from the word go just weren't very impressed. I
Speaker 6: think Johnny I is probably going to be a better
Speaker 6: judge of making something people like than those companies perhaps were.
Speaker 6: But I still think he's asking a lot of people
Speaker 6: to get on board.
Speaker 2: With Johnny IV is pretty critical of Humane and others
Speaker 2: having tried AI hardware. What's interesting, though, was Eddie Q,
Speaker 2: the Apple executive, was giving evidence at that Google legal fight,
Speaker 2: saying in ten years time, we probably won't be using iPhones.
Speaker 2: We're going to discuss the Apple impact. But more broadly,
Speaker 2: do you think that this is a moment that we
Speaker 2: should be risk off with Apple?
Speaker 6: I think you know the context of those comments from
Speaker 6: MEDQ were in a competition hearing where it served the
Speaker 6: company very well for him to say there's a big
Speaker 6: threat against the iPhone. I do think what this is doing,
Speaker 6: at the very least is highlighting the fact that Apple
Speaker 6: has been caught very much on the back foot since
Speaker 6: Johnny I've left, I think it's almost six years ago.
Speaker 6: There hasn't been this sort of product visionary in the company.
Speaker 6: They haven't sort of hired behind him in a way
Speaker 6: that most people might have might have rated. So I
Speaker 6: do think it sort of highlights that Apple has just
Speaker 6: huge amounts of work to do.
Speaker 3: I want to go back to basics even further, Like
Speaker 3: I think about how I use chat GPT every day,
Speaker 3: and I use it through my iPhone frankly, either voice
Speaker 3: mode or for O text. How much of this story
Speaker 3: is about open AI thinking to itself that exact question,
Speaker 3: how are people going to use our software in the future.
Speaker 6: Yeah, I think that's a big, big, lingering concern I
Speaker 6: think for the entire company, particularly as you knows, as
Speaker 6: Caroline just mentioned, I mean this was Johnny Ivers has
Speaker 6: been quite outspoken about what he sees as legacy devices
Speaker 6: of the iPhone and of Mac just well just laptops
Speaker 6: in general. I guess you could say I do wonder
Speaker 6: what this announcement might do for open ais relationship with Apple. Incidentally,
Speaker 6: because obviously you can use chat gupt on the iPhone
Speaker 6: now as a sort of almost add on service. I
Speaker 6: wonder if Apple might be thinking a bit more carefully
Speaker 6: about how they manage that relationship. But yeah, I just
Speaker 6: think this is about bringing chat gy gp into a
Speaker 6: every day device in a way. There's going to be
Speaker 6: much more integrated right now, as you say, people use
Speaker 6: the app, But I don't think this is going to
Speaker 6: be something that people go to an app specifically for.
Speaker 6: I think it's going to be a tool that's within
Speaker 6: a toll they're using for something else, and that's.
Speaker 3: The games they have that focusing on Apple, you know,
Speaker 3: the point of your opinion piece this morning is that
Speaker 3: this is a bet by Ive and Altman that they
Speaker 3: might be able to kill the iPhone and that's what
Speaker 3: drove the market in yesterday session Bloomberg Opinions.
Speaker 8: Davely, thank you very much.
Speaker 3: Stick around for more open ai news as the company
Speaker 3: helps develop a major data center in the UAE. More
Speaker 3: on that later this hour With Chris Lane, chief Global
Speaker 3: Affairs officer at open Ai, I want to talk more
Speaker 3: about Apple. President Trump has taken a multiple times at
Speaker 3: the tech giant, most recently calling out a little problem
Speaker 3: with Tim Cook, asking the Apple CEO to stop building
Speaker 3: in India.
Speaker 7: For more on.
Speaker 3: Apple's political concerns, Bloomber's Ryan Vstellika joins us, And you know,
Speaker 3: the point in your market's piece is that headlines are
Speaker 3: not going in Apple's favor right now, but the stalk
Speaker 3: is underperforming as a consequence, Yes.
Speaker 9: Pretty dramatically underperforming, especially over the past month or so,
Speaker 9: where the NAZAQ one hundred is up double digits give
Speaker 9: or take, and Apple is you know, I think, down
Speaker 9: a couple of percentage points. So certainly just a negative
Speaker 9: political backdrop for Apple. This is just sort of the
Speaker 9: latest example of this. Obviously, it's not as dramatic as
Speaker 9: we saw at the start of April when the tariffs
Speaker 9: were first announced and Apple saw really historic levels of volatility.
Speaker 9: Since then, of course, we have seen some positive signs,
Speaker 9: like in exemptions for smartphones and other electronic categories, and
Speaker 9: of course we had the sort of the tent with
Speaker 9: China with respect to some of the tariff levels. But
Speaker 9: there's still you know, being in the attention like this
Speaker 9: is certainly a precarious position to be, and especially since
Speaker 9: people don't really see what Apple can do, especially in
Speaker 9: the short term, to sort of, you know, save some
Speaker 9: of the administrations you know, stated complaints about its global
Speaker 9: manufacturing foot.
Speaker 2: We're looking at a one year chart of Apple right now.
Speaker 2: It has come up significantly from its lows. We sold
Speaker 2: off hard because of tariff anxiety. We're now up seventeen
Speaker 2: percent in those lows. Ryan, as your story points out,
Speaker 2: But when you couple the ongoing worries of the Trump
Speaker 2: administration putting Apple and Tim Cook individually in the line
Speaker 2: of fire at the same time as open AI seems
Speaker 2: to be coming for its lunch when it comes to
Speaker 2: hardware with AI, none of this speaks well. And you
Speaker 2: talk about how under owned.
Speaker 9: Apple is, Yeah, so that was a Morgan Stanley study
Speaker 9: that was put out not too long ago. Looking at
Speaker 9: the first quarter, portfolio managers are underweight on Apple relative
Speaker 9: to its position within major benchmarks. Just assigned the sort
Speaker 9: of like overall cautiousness towards the company. Right now. You
Speaker 9: mentioned the AI position, it is very unclear how well
Speaker 9: they are going to be competing in that realm. In addition,
Speaker 9: we have to sort of long standing concerns about its valuation,
Speaker 9: about its overall levels of growth, especially you know, if
Speaker 9: people aren't as eager to be buying iPhones, and of
Speaker 9: course a new on top of that, at the political
Speaker 9: backdrop with tariffs, with you know, trade wars and just
Speaker 9: sort of all this stuff putting together, it's certainly a
Speaker 9: lot of stuff for Apple investors to be considering, you know,
Speaker 9: if they're looking at the stop right.
Speaker 2: Now, I'm Lastelica, really well read piece, Thank you so much.
Speaker 2: Now coming up AT and T CEO John Sankey's joining
Speaker 2: us next on the company's latest acquisition.
Speaker 4: It's at about Lumen.
Speaker 10: This will bring my technology.
Speaker 11: AI is becoming mission critical for every enterprise on the
Speaker 11: planet in order to compete, transform, innovate. And the second
Speaker 11: kind of major trend is really about consumer and wireless
Speaker 11: and fiber command.
Speaker 7: Curves are conversing, and you really need.
Speaker 4: Scale to compete in the fibers of.
Speaker 7: The home business.
Speaker 4: So we look at both of those trends and.
Speaker 11: Said we're going to double down where it makes the
Speaker 11: most amount of sense.
Speaker 2: That was Kate Johnson Lumann Technologies president and CEO. After
Speaker 2: AT and T agreed to buy its consumer fiber operations
Speaker 2: for five point seventy five billion dollars. Joining us now
Speaker 2: I'm Bloomberg to discuss all of the deal is AT
Speaker 2: and T CEO John Sankey. John, it is wonderful to
Speaker 2: have you joining us, and we heard from Kate, this
Speaker 2: converged customer that you've spoken to on your earnings. Is
Speaker 2: this the strategy behind beefing up when it comes to fiber.
Speaker 12: Yeah, Carolyn. As you know we've talked about before, we've
Speaker 12: believed there's going to be this demand for increased data
Speaker 12: consumption and workloads moving forward, especially upstream workloads. There's no
Speaker 12: better technology out there for Americans than fiber. And we've
Speaker 12: got a big lead on how we're building fiber in
Speaker 12: the United States today and this just accelerates it. And
Speaker 12: if you think about what we're doing here, you know
Speaker 12: we're effectively getting a little bit over a year's worth
Speaker 12: of build in this transaction. We managed to go into
Speaker 12: a footprint that because there isn't scale right now in
Speaker 12: the lumin operations, we can bring the AT and T
Speaker 12: scale behind it drive penetration of customers, which drives revenues up.
Speaker 12: And most attractive to us is that these are markets
Speaker 12: where we're kind of under share and wireless business as well,
Speaker 12: and we know that when we put fiber in, we win,
Speaker 12: and we have a good success record of putting customers together.
Speaker 12: Forty percent of our AT and T fiber customers use
Speaker 12: our wireless service, So we're really anxious to get a
Speaker 12: chance to get into these markets and start driving some
Speaker 12: wireless growth that maybe we wouldn't have seen otherwise.
Speaker 2: You bring customers together, John, you also bring infrastructure investment together.
Speaker 2: You've partnered before with black Rop when it comes to
Speaker 2: reinvesting and accelerating the infrastructure build out. You're talking about
Speaker 2: bringing in another partner in terms of investing in this
Speaker 2: in the future.
Speaker 4: Have you had interest already?
Speaker 12: Oh?
Speaker 7: Sure.
Speaker 12: Look, we've been really successful with our Gigapower joy and
Speaker 12: venture with Blackrock, and they've been a fantastic partner to
Speaker 12: work with. Credibly pleased with how that venture is maturing
Speaker 12: and where it's going. The right thing for us to
Speaker 12: do right now is to carry this through the regulatory
Speaker 12: process where we have control over doing that, and ultimately
Speaker 12: get this transaction closed. But we're really excited to bring
Speaker 12: an equity partner in with us under a very similar
Speaker 12: construct to what we did with Gigapower, and I wouldn't
Speaker 12: be surprised if Blackrock might be interested in continuing in
Speaker 12: that relationship. And if not them, we know there's others
Speaker 12: who like these kind of infrastructure plays, and I think
Speaker 12: we're viewed as a pretty attractive partner given our ability
Speaker 12: to build rapidly and what we've been able to show
Speaker 12: in terms of our market penetration and growth.
Speaker 3: John, who would that equity partner be.
Speaker 12: Well, it's to be determined. We'll ultimately close it first.
Speaker 12: That's our really important thing to do right now is
Speaker 12: make sure we get all regulatory approvals and then you know,
Speaker 12: we'll do the right things with the various folks out
Speaker 12: there to make sure that anybody who has an interest
Speaker 12: has a chance to talk to us about it. And
Speaker 12: I would expect is we've had a great relationship with
Speaker 12: Blackrock and if it's something they're interested in moving forward with,
Speaker 12: I'd certainly like to move forward with them. But that
Speaker 12: doesn't foreclose another option if for some reason this isn't
Speaker 12: right for them, and the timing.
Speaker 3: John, this deal and a number of other things that
Speaker 3: you've done really intensifies competition in broadband, particularly for Comcasts
Speaker 3: and Charter. Just thinking about our show Bloomberg Technology and
Speaker 3: all the people across America that watch it, why is
Speaker 3: that competition important?
Speaker 12: Well, look, I think what's important is that Americans walk
Speaker 12: away with great infrastructure and that communities have world class
Speaker 12: communications infrastructure that allows them to grow and have commerce
Speaker 12: and have jobs and people that want to locate to
Speaker 12: their areas. And the cities that we're going into and
Speaker 12: that we'll be picking up here have frankly been somewhat
Speaker 12: underinvested in fiber, and fiber is the best technology out there.
Speaker 12: It's better than anything that cable has on the market,
Speaker 12: and so our belief is is that this is going
Speaker 12: to be great for those local communities because not only
Speaker 12: are we buying these assets, but we're making a commitment
Speaker 12: to nearly double our fiber footprint by the time we
Speaker 12: get out of twenty thirty. That means we're going to
Speaker 12: be investing and growing in Denver, in Seattle, and Salt
Speaker 12: Lake City and Phoenix in Minneapolis Saint Paul, putting the
Speaker 12: best technology out there and employing local people who do
Speaker 12: the construction and hiring technicians that do the installation and houses.
Speaker 12: That's a great thing for communities, and it's a great
Speaker 12: thing for the United States because you're going to get
Speaker 12: world class fiber infrastructure. It's built for the AI revolution,
Speaker 12: that's got symmetrical speeds down and out of the house.
Speaker 12: That's going to be good for everybody.
Speaker 2: There seems to be M and A for everybody as well,
Speaker 2: John Man, it's you partnering with part buying that part
Speaker 2: of lumin when we've just had Charter and Cox. When
Speaker 2: it comes to broadband more broadly, are you going to
Speaker 2: be more active in the M and A space? Do
Speaker 2: you think?
Speaker 12: Well, Carolyn, I've said I think even when we've spoken
Speaker 12: before that my belief is that the communications in industry
Speaker 12: is going to go through a layer of consolidation over
Speaker 12: the next decade. And I've been pretty clear that AT
Speaker 12: and T has a unique position, and we start with
Speaker 12: a fantastic asset base as other companies are looking to
Speaker 12: bring capabilities together to meet the converged dynamic that customers
Speaker 12: want to buy from one company, and we have a
Speaker 12: lot of organic opportunities to invest in our business and
Speaker 12: we talked about that in our December analyst day. What's
Speaker 12: unique about this transaction is it accelerates the footprint and
Speaker 12: it's a make buy decision. Looks pretty straightforward. It looks
Speaker 12: like maybe in this case we should have bought instead
Speaker 12: of made. Look if there's other options that come up
Speaker 12: that are similar in the economic dynamics, where we can
Speaker 12: pick up footprint that accelerates us by a year or
Speaker 12: two and we're buying it at a price that's similar
Speaker 12: to what we can go out and invest in organically.
Speaker 12: I wouldn't be closed minded to that type of thing,
Speaker 12: but I'm not sure that there's going to be that
Speaker 12: many opportunities as a scale to do that. In fact,
Speaker 12: this particular transaction is a bit unique given its size,
Speaker 12: the markets, and the footprint, and I don't expect that
Speaker 12: there's going to be a lot more behind it.
Speaker 3: John, there had been reporting in April about a sort
Speaker 3: of lack of knowledge of the Trump administration's approach to,
Speaker 3: particularly in rural areas, broadband and fiber and perhaps not
Speaker 3: releasing funds from the prior administration. What was your communication
Speaker 3: with the President and the administration about this and how
Speaker 3: supportive are they of the kind of big picture that
Speaker 3: you outlined to me a moment ago of what you're
Speaker 3: trying to do for America.
Speaker 12: Well, certainly the administration would like to see investment, and
Speaker 12: the entire tax plan that they're putting forward is stimulating that.
Speaker 12: And if we get what has been passed by the
Speaker 12: House last night or this morning, I absolutely believe we'll
Speaker 12: be taking some of that benefit on the tax side
Speaker 12: and increasing our pace of fiber investment in our business
Speaker 12: and in some of these markets I just talked about.
Speaker 12: Our communication has been There's been a lot that's happened
Speaker 12: since BID was envisioned almost four years ago and the
Speaker 12: legislation was put in place, and the legislation that said
Speaker 12: it should be a technology neutral investment to build to
Speaker 12: these rural areas or places that aren't connected to the internet.
Speaker 12: And when you look at what the FCC said were
Speaker 12: the uncovered households last year, it was it was only
Speaker 12: about seven and a half million households. That's almost half
Speaker 12: as many households. Is when Congress passed the forty six
Speaker 12: million dollars for bead subsidy, the private industry, private markets
Speaker 12: and what other government funding has been out there has
Speaker 12: already solved half this problem. And so should we be
Speaker 12: taking a step back and thinking about how we're spending
Speaker 12: that money, and are we doing it the right way
Speaker 12: where maybe we use satellite technology to get to very
Speaker 12: expensive locations instead of building fiber out there. I think
Speaker 12: that's the right thing for the American taxpayer, and I
Speaker 12: think the administration is doing the right thing to reconsider that.
Speaker 2: Aight and TCO. It's been wonderful speaking to you on
Speaker 2: the deal. Really appreciate the time. Thank you very much. Indeed,
Speaker 2: when it comes to all things M and A, we're
Speaker 2: going to take a quick check on the broader markets
Speaker 2: right now at all things partnerships and ability to trade
Speaker 2: names outside of the United States. Want to be discussing
Speaker 2: how in Vidia and Tesla shares popped today. This is
Speaker 2: as we understand news that Well Backed Finance is going
Speaker 2: to be partnering with Kraken to enable you to trade
Speaker 2: these US names in a tokenized manner if you are
Speaker 2: based outside the United States. So if you are based
Speaker 2: in Europe and you want to be trading in Video
Speaker 2: or Tesla stock throughout the night on a twenty four
Speaker 2: hour basis, you can use a new tokenized basis for
Speaker 2: this particular stock. The person that's driving that is crack
Speaker 2: and Co CEO, and we speak to him now with
Speaker 2: Shannalie Basset standing by as well.
Speaker 13: Chanani take it away, Caroline, thank you so very much,
Speaker 13: and Argin it's good to have you. Of course, that
Speaker 13: is Argent set the joining us the Kracken's co CEO.
Speaker 13: This is big news in the world of tokenization. It's
Speaker 13: big news for Kraken. It's available to people who are
Speaker 13: outside of the United States. And my major major question
Speaker 13: really is how soon this could be brought on shore
Speaker 13: in terms of approvals on a regulatory basis to get
Speaker 13: this done.
Speaker 14: Thanks for having me. I think the way to sort
Speaker 14: of think about it is that token ied securities is
Speaker 14: the same way whish you should think about collateral. So
Speaker 14: collateral is a foundational trust layer. Is the way in
Speaker 14: which we want to be able to help enable and
Speaker 14: enumerate this worldwide. And so while we're launching this with
Speaker 14: fact and our other partners with Solana in Europe, in
Speaker 14: Latin America and Asia as sort of our first markets,
Speaker 14: we are going to work to bring this into the
Speaker 14: United States over a period of time. But I think
Speaker 14: what's more important is that you now for the first
Speaker 14: time have collateral that you can take with you. Twenty
Speaker 14: four to seven is permissionless. You don't have to ask
Speaker 14: anyone for it, and it's not part.
Speaker 7: Of a walled garden.
Speaker 14: And I think that's the key aspect of what it
Speaker 14: means to be able to tokenize an asset.
Speaker 13: One issue, though, Arjun and you could see it coming
Speaker 13: from a mile away, is if you bring it to
Speaker 13: the United States, how do the traditional exchanges behave This
Speaker 13: is not something that you can see the likes of
Speaker 13: a NASDAC readily allowing or not pushing back against as
Speaker 13: you go to the SEC to get this done in
Speaker 13: a bigger way.
Speaker 14: I think it's pretty natural for incumbents and what I
Speaker 14: call post World War two brick and mortar companies to
Speaker 14: always push back against what they might have a monopoly upon.
Speaker 14: And what does that really mean. It's a walled garden.
Speaker 14: It's hard to innovate, it's hard to build on top
Speaker 14: of it. So when you think about global liquidity, global developers,
Speaker 14: global access to capital, global access collateral, what do you
Speaker 14: want to build for and what do you want to
Speaker 14: build against it? I think these types of products it's
Speaker 14: not going to be just us, but anything that's happening
Speaker 14: in the crypto protocol ecosystem or decentralized. Is that we're
Speaker 14: letting people get access to be able to innovate on
Speaker 14: behalf of US customers in the long term, on behalf
Speaker 14: of European customers and.
Speaker 7: Rest of world customers.
Speaker 14: Is that you're able to finally, in one place, get
Speaker 14: access to global liquidity, access to more products, and not
Speaker 14: part of one again walled garden.
Speaker 4: So we're in exchange.
Speaker 14: Our whole goal is to be able to provide liquidity
Speaker 14: and to provide this innovation. But what you're now able
Speaker 14: to do is figure out ways in which the traditional industries,
Speaker 14: as you just mentioned, how can they be a part
Speaker 14: of the ecosystem rather than be sort of left out.
Speaker 2: Well, they need regulatory clarity. Argen great to have you look.
Speaker 2: Super State already acknowledge that they're doing this. They announced
Speaker 2: it earlier in the month. You're now doing it. But
Speaker 2: Larry Fink and Vlad Tene for robin Hood, they want
Speaker 2: clear reguidelines. Who in the United States? How briefly do
Speaker 2: you think that will occur? Thirty seconds.
Speaker 14: Look, I think with any of the regulators that are
Speaker 14: out there, from policy down to regulation, what we're really
Speaker 14: talking about is how do we innovate, how do we build.
Speaker 4: Of the folks at the SEC.
Speaker 14: Have been extremely promotive of these types of ideas around
Speaker 14: how do we bring this to everyday consumers, how do
Speaker 14: we bring this to every day investors?
Speaker 7: And so I'm.
Speaker 14: Pretty positive that like we'll get to a place where
Speaker 14: we can start thinking about how to launch this again,
Speaker 14: not just with one company or one customer, but across
Speaker 14: the board.
Speaker 3: That was Bloomberg shna Ali Bassik there with the cracking
Speaker 3: co CEO Arge and SETI thank you.
Speaker 2: Welcome back to BLOOMBG Technology. I'm Caroline hid to New.
Speaker 3: York and I ed Ludlow in San Francisco. I feel
Speaker 3: like there's a little bit about performance in technology shares.
Speaker 2: Car maybe a little after yesterday's pretty brutal sell off.
Speaker 2: We saw the bond market dictate trade yesterday. Maybe it's
Speaker 2: like resilient in the bond market today helps just galvanize
Speaker 2: some risk taking back in tech. We're up just three
Speaker 2: ten percent on the NASTAC one hundred, clawing back some
Speaker 2: of yesterday's losses. But as you say, big tech is
Speaker 2: in charge when it comes to some of those names.
Speaker 2: We've been looking at the NVIDIAs, the Tesla's, but look
Speaker 2: at what happening in terms of some of the earnings
Speaker 2: that also rang out and outperformance. When you think about
Speaker 2: what's happening with Snowflake up almost twelve percent on its numbers,
Speaker 2: they're basically seeing product revenue drive forward.
Speaker 4: Because of new AI products that.
Speaker 2: Are coming to bear. They're managing to drive at least
Speaker 2: in this fiscal quarter looking forward a billion dollars worth
Speaker 2: people liking that twenty five percent growth. Zoom also had
Speaker 2: showed the AI tools helping their revenue. They raise their forecast,
Speaker 2: but not enough to impress investors were of by one
Speaker 2: point four percent. But look what is not trading well
Speaker 2: on the back of AI now today we get a
Speaker 2: little bit more resilience in Apple, but not much for
Speaker 2: if tenths of a percent. We were lower by more
Speaker 2: than two percent yesterday. Where is their AI lead? Perhaps
Speaker 2: being taken by open ai ed? There is a concern,
Speaker 2: of course, with the deal with open Ai managing to
Speaker 2: bring on for six and a half billion dollars Johnny
Speaker 2: I's company, will they lead the charge in hardware of AI?
Speaker 2: But there's so much more news when it comes to open.
Speaker 10: Ai as well.
Speaker 7: Ed there is.
Speaker 3: But first, I've got some breaking news crossing the Bloomberg
Speaker 3: terminal Google. Alphabet, the parent of Google, is facing a
Speaker 3: Justice This Department probe and antitrust probe into its.
Speaker 8: Deal with character Ai.
Speaker 3: The Justice Departments looking into whether Alphabet violated antitrust law
Speaker 3: with its agreement to use the technology of the popular
Speaker 3: chatbot maker anti trust enforcers. Bloomberg is reporting citing sources
Speaker 3: have recently told Google that they're examining the structure of
Speaker 3: that agreement between Alphabet and between character Ai. The shares
Speaker 3: pairing a little bit of their gains. But as we've
Speaker 3: been talking about, there's been some momentum in the stock
Speaker 3: this week.
Speaker 7: Okay.
Speaker 3: Staying with AI, another big story, open ai is set
Speaker 3: to expand its Stargate AI infrastructure program internationally. The company's
Speaker 3: partnering on a five gigawa data center cluster in Apple
Speaker 3: DABI joining US now. Chris Lahane, he's the open AI's
Speaker 3: chief Global affairs officer. How did this come about? We
Speaker 3: know the details. This is a huge project. We can
Speaker 3: get into it. But there is a backstory here that
Speaker 3: any wants to know about. Who was involved from the UAE,
Speaker 3: who was involved from the administration on this side, and
Speaker 3: who is involved at open AI.
Speaker 15: Yeah, I think there's multiple sort of as you're alluding to,
Speaker 15: streams that have come together here. First of all, open
Speaker 15: AI has been talking about this concept of how do
Speaker 15: we build democratic area, how do we allow the fact
Speaker 15: that the US is leaning on the innovation to leverage
Speaker 15: that lead to begin to build democratic AI rails around
Speaker 15: the world.
Speaker 8: We've been having this conversation.
Speaker 15: For more than a year countries all around the world,
Speaker 15: including in the UAE. The new administration comes in, President
Speaker 15: Trump comes in, I think there's a real vision to
Speaker 15: have what I would sort of call a commercial diplomacy
Speaker 15: approach that includes both how we can use our technology
Speaker 15: again to build these democratic rails around the world, but
Speaker 15: also as part of that, to bring investment back into
Speaker 15: the US. And so with the President's trip last week
Speaker 15: to the Middle East, particularly into the UAE, I think
Speaker 15: that was really a catalyst, a moment to bring all
Speaker 15: of these different streams together.
Speaker 8: And you know, the administration was in the middle of
Speaker 8: really trying.
Speaker 15: To forage and facilitate all of this, and ultimately what
Speaker 15: we're announcing today, I think is really one of these
Speaker 15: win wins, Right, It's a win knowing that there are
Speaker 15: two countries in the world that can build aitscale the
Speaker 15: US and China. We win as many countries as possible
Speaker 15: building on US rails, or win they are and then
Speaker 15: win for the investment back.
Speaker 3: To the US, candy UA do it at scale. Five
Speaker 3: gigawats of electricity is an insane amount of power for
Speaker 3: a nation like the UE. I'm just going to read
Speaker 3: this because I couldn't believe it. The International Energy Agency
Speaker 3: and its data to show that the entire country generated
Speaker 3: one hundred and fifty five thousand gig or what hours
Speaker 3: of electricity in twenty twenty two. That's about seventeen point
Speaker 3: seven giga what's in total? In other words, this data
Speaker 3: center will consume one third of the entire country's energy.
Speaker 3: How on Earth are they going to supply it?
Speaker 15: So, you know, Sam Oltman or a CEO, has talked
Speaker 15: about the fact that as we move into this intelligence
Speaker 15: age being driven by AI like, there will be two
Speaker 15: compose is to really drive this access to electrons energy
Speaker 15: and then how the innovation moves forward. Those two things
Speaker 15: really move in concert. When you're talking about the UAE
Speaker 15: and we're talking about this particular facility, it's five gigawatts
Speaker 15: over a time period. Our particular piece, and what we're
Speaker 15: really anchoring on is that we're going to do one gigawat,
Speaker 15: and within that one gigawatt about two hundred megawats. I'm sorr,
Speaker 15: I'm getting a little bit of details, but two hundred
Speaker 15: megawatts coming online over the course of next year. So
Speaker 15: I think the way to think about this is it
Speaker 15: will likely go in a series of stages. What I
Speaker 15: think is really impressive and interesting about how we're thinking
Speaker 15: about this particular partnership is that we're going to bring
Speaker 15: AI to the entire nation. To the entire country, It's
Speaker 15: going to be accessible for its citizens. It's going to
Speaker 15: be used by the country to advance transportation, energy modernization, healthcare, education.
Speaker 15: So a really interesting way to think about it. And
Speaker 15: if you think of AI as almost a nation building tank,
Speaker 15: knowlogy right, Countries around the world understand that this is
Speaker 15: maybe our generation's equivalent of electricity. Again too, countries that
Speaker 15: can really provide it the US and China, and so
Speaker 15: there's an opportunity here to really work with these countries
Speaker 15: to create interesting models. We have Stargate in the US,
Speaker 15: which is our infrastructure projects here in the US. We
Speaker 15: now have stargate in the UAE, and you know, our
Speaker 15: hope and aspiration and plan is to begin to do
Speaker 15: this around the world, right got Jason Kon, our chief
Speaker 15: strategy officer, is heading off to Asia next week for
Speaker 15: a series of conversations to build on this.
Speaker 2: Are there one or two countries in Asia, Chris that
Speaker 2: you're focusing in on.
Speaker 15: I think when we look at Asia, right we've talked
Speaker 15: about sort of stage one or initial stage of this
Speaker 15: what we call Open AI for Countries.
Speaker 8: We're going to look at countries.
Speaker 15: In Asia that I believe you would sort of put
Speaker 15: in the category of being historic US allies, historic US partners.
Speaker 15: Jason is going to be traveling into countries like Korea, Japan, Australia, Singapore,
Speaker 15: all places where we're going to be having those conversations,
Speaker 15: and I think as we get into those conversations, we
Speaker 15: will learn a lot more.
Speaker 8: To date, we've.
Speaker 15: Already had more than thirty countries around the world reach
Speaker 15: out to us to want to talk about open AI
Speaker 15: for countries, So there is a great interest and I
Speaker 15: do think what is going on here is that the
Speaker 15: world understands that we are in a moment that there
Speaker 15: is an imperative to getting access to this technology.
Speaker 8: The US does have.
Speaker 15: The innovation lead right now, and can the US leverage
Speaker 15: this lead to bring our version of AI, a democratic version,
Speaker 15: to the rest of the world, and as part of
Speaker 15: that process, bring investments back to the US as well.
Speaker 2: And what then, in terms of those investments in the
Speaker 2: US is the limiting factor? If energy cannot be brought
Speaker 2: to beare of five gigawatts in the UAE, it certainly
Speaker 2: can't be here in the United States as at a timeframe.
Speaker 2: Are we going to be able to have the infrastructure
Speaker 2: necessary to bring generative AI to the masses, to bring
Speaker 2: hardware which you might be now teaming with Johnny if
Speaker 2: to bring by twenty twenty six.
Speaker 15: Yeah, first all, on the UE question, having spent time
Speaker 15: there last week, I do think this is a country
Speaker 15: that has a real plan and a real strategy. So
Speaker 15: I am certainly confident that they're going to be able
Speaker 15: to get to where they want to get to. We
Speaker 15: feel a great deal of confidence in the ability to
Speaker 15: deliver on the one gigawatt that we've agreed to in
Speaker 15: terms of the data center. Now, just two weeks ago,
Speaker 15: I was in Abling, Texas where I was visiting one
Speaker 15: of our sites as part of US Stargate. It's going
Speaker 15: to be over a gigawatt of energy. There are three
Speaker 15: thousand workers on the ground electricians, plumbers, metal workers, carpenters
Speaker 15: at sometimes apparently the numbers increased go from three thousand
Speaker 15: to ten thousand workers on the ground there. Look at
Speaker 15: this is a country, the United States, that has a
Speaker 15: history of thinking big, acting big, and building big. And
Speaker 15: the conversations we're having on US Stargate with other states
Speaker 15: around the country and Texas really has shown to us
Speaker 15: that there clearly is a path to be able to
Speaker 15: move forward and developing the type of infrastructure that we're
Speaker 15: going to need in the US. Yes, there are challenges,
Speaker 15: but I also think there is an understanding that we
Speaker 15: are in a global economic competition that infrastructure is destiny.
Speaker 15: It's the key to the US maintaining its lead. And
Speaker 15: so there is a lot of support and dare I say,
Speaker 15: even energy behind getting access to the energy.
Speaker 2: Chris Lehane, it's great to have you back on the show.
Speaker 2: Open AI's chief global affairs officer. Thanks for talking us
Speaker 2: through the deal coming up Digital Physical Therapy Services HINGE Health.
Speaker 2: It goes public Comingy CEO joins us. Next, this is
Speaker 2: Bloomberg Technology.
Speaker 3: The first time in Europe sales of China's by the
Speaker 3: electric vehicles overtook Tesla, and that was in the month
Speaker 3: of April. Let's get out to Bloomberg's Auto Zar, Craig Trudeau.
Speaker 3: This is really key data, a key moment in particular,
Speaker 3: twenty four hours or so after Elon Musk told Bloomberg
Speaker 3: that it was not a Tesla unique problem, weakness of
Speaker 3: sales in Europe.
Speaker 16: Yeah, I think when you look at the sales that
Speaker 16: Jado you know, released today, you know, one of the
Speaker 16: key things that comes across here is is that you know,
Speaker 16: going back, you know before April, BYD wasn't even sort
Speaker 16: of sniffing Tesla's sales really until early this year. And
Speaker 16: so for them to you know, pass Tesla in in
Speaker 16: this region after you know, for so long Europe being
Speaker 16: a weakness, we heard Musks, you know, sort of offer
Speaker 16: the excuse that Europe's been a week market for Tesla,
Speaker 16: but that that isn't exactly right. When you look at
Speaker 16: the electric vehicle segment, you know, Tesla has been a
Speaker 16: leader here in Europe until recently, and and for them
Speaker 16: to be off to such a depressed start early this year,
Speaker 16: as you see you know, Volkswagen be so strong BMW,
Speaker 16: you see Scota there was was a huge, you know,
Speaker 16: gainer in the EV segment and byd really cracking the
Speaker 16: top ten and beating out Tesla in the process. I
Speaker 16: think it's really you know, the sort of watershed moment
Speaker 16: that is going to turn a lot of heads and
Speaker 16: make people sort of appreciate again, you know, just how
Speaker 16: much of a challenge must maybe having with his brand
Speaker 16: and his image in this region.
Speaker 2: Great to Dale, Thanks for bringing us the latest from Europe.
Speaker 2: Now return to the US. More IPOs are being loaded
Speaker 2: off the sidelines now that the market is what's shaken
Speaker 2: off some of those tower of concerns. One company making
Speaker 2: the leap to go public today is Hinge Health, which
Speaker 2: price is IPO at thirty two dollars per share and
Speaker 2: is indicated now to open higher on the markets. Hinge
Speaker 2: CEO co founder Daniel Perez joins US now. Daniel raised
Speaker 2: more than four hundred million dollars. What is the opportunity
Speaker 2: to grow now? What is the size of the market
Speaker 2: that you can now penetrate.
Speaker 7: Well, thanks for having me.
Speaker 17: First of all our vision and Hinge hels, you know,
Speaker 17: is to use technology to scale and automate the delivery
Speaker 17: of care itself. And that is a fantastic opportunity. We've
Speaker 17: started with physical therapy so or we've shown that we
Speaker 17: could automate away about ninety five percent of human clinician
Speaker 17: hours associated with physical therapy, which is about a fifty
Speaker 17: billion dollar.
Speaker 7: Market here in the US.
Speaker 17: And twenty million Americans now have access to Hinge Health
Speaker 17: out of about twenty to sixty million adults in the US,
Speaker 17: only about eight percent of adults now across twenty three
Speaker 17: hundred customers.
Speaker 7: And yeah, we're just getting.
Speaker 10: Started, just getting started.
Speaker 2: You come in at a healthy, more than two billion
Speaker 2: dollar valuation at the price point that you priced at,
Speaker 2: but that's actually a long way from your original valuation
Speaker 2: back in twenty twenty one when markets were a little
Speaker 2: more crazed. Shall we say, why come to IPO now?
Speaker 2: Why not wait for valuation to recover? Will you ever
Speaker 2: get to the six billion dollar a level again?
Speaker 6: Dan?
Speaker 17: Well, look when we closed our last private market valuation
Speaker 17: in October of twenty twenty one, it was three weeks
Speaker 17: before the NASDAC peaked in that last bubble. It wasn't
Speaker 17: because of some you know, genius stroke on my end.
Speaker 17: It was it was divine intervention. But I'll tell you what,
Speaker 17: since that moment, we have more than quintep our revenue
Speaker 17: doubled our gross profits, so you know, ten x our
Speaker 17: absolute gross profit that.
Speaker 7: We're bringing home.
Speaker 17: We went from losing one hundred million dollars a year
Speaker 17: to being free cashul A positive for the last four
Speaker 17: quarters and having a twelve percent operating margin in Q one.
Speaker 17: And so, look, I can't control the markets are going
Speaker 17: to go, but I can say that we held up
Speaker 17: to our.
Speaker 7: End of the bargain.
Speaker 3: Daniel. I've had hundreds of hours of physical therapy and physio,
Speaker 3: and I've left my rugby career behind, but I went
Speaker 3: and did that in person physically. This technology convinced me
Speaker 3: that it's going to get a whole market of people
Speaker 3: that are reluctant to go and do that because they
Speaker 3: can suddenly do it through a digital medium.
Speaker 7: Well, look, you know you're not alone.
Speaker 17: About forty percent of Americans will have a muscle skeletal
Speaker 17: condition any given year that ranges from like a sprain
Speaker 17: ankle through a twisted knee through you know say, near
Speaker 17: hip art threatus through just you know, chronicle backpain, and
Speaker 17: so forty percent of us have a muscle sculptal condition
Speaker 17: in a given year, about nine percent.
Speaker 7: Of us physical therapist.
Speaker 17: So there's a big drop off between those with the
Speaker 17: muscle skult conditions and those actually going to PT. And
Speaker 17: that not because people dilike pts. PTS are one of
Speaker 17: the most popular providers in the healthcare industry. Is but
Speaker 17: going to PT taking two to three days off work
Speaker 17: each week, paying a copay, paying a parking fee, which
Speaker 17: is kind of the hidden copay in America's healthcare system.
Speaker 7: It's really inconvenient.
Speaker 17: And so what we've done with our technology is to
Speaker 17: improve access, improve convenience, improve personalization, and substantially lower costs.
Speaker 17: And that's why we've been so popular with members and
Speaker 17: with our enterprise customers.
Speaker 3: The biggest complaint and problem for you growing the top
Speaker 3: line as well about virtual health is the insurance factor.
Speaker 3: Have you cracked it? Will you be able to move
Speaker 3: smoothly billing through insurance, that kind of.
Speaker 17: Thing, you know, reimbursement or getting through insurance is one
Speaker 17: of the biggest barriers to innovation in healthcare. And so
Speaker 17: we're lucky fifty plus health plans and pharmacy benefit managers,
Speaker 17: including five of the top five health plans, and all
Speaker 17: three of the leading PBMs have selected Hinchhealth is either
Speaker 17: their preferred or exclusive digital muscle skeletal provider. And this
Speaker 17: means self insured employers who are buying us don't have
Speaker 17: to worry about contracting it security procurement.
Speaker 7: They could turn us on a lot easier.
Speaker 17: So look, it was really tough early on, but we've
Speaker 17: shown a reputable go to market motion so are we
Speaker 17: could onboard a lot of customers very very quickly, and
Speaker 17: now twenty million Americans have access to hinchelths.
Speaker 7: But we've got a lot of work to do because there's.
Speaker 17: One hundred and twenty million Americans get their healthcare from
Speaker 17: their employer and another one hundred million plus who are
Speaker 17: on fully insured Medicare advantage or federal plans. So we've
Speaker 17: got a lot of work ahead, but we have a
Speaker 17: really good head start and a reputable motion.
Speaker 3: Dan Perry's CEO hinch Health, thank you very much. Some
Speaker 3: of the biggest holders of trump coin set to join
Speaker 3: President Trump for dinner late this evening. Among the attendees
Speaker 3: is Cripthare, entrepreneur and founder of the tron blockchain. Justin
Speaker 3: Sun revealed he was the top holder of the mean coin.
Speaker 3: I want to bring in Catherine Dowling bit wise General
Speaker 3: Council to kind of help us understand why we are
Speaker 3: focused on and interested in a dinner between.
Speaker 8: All the participants that I've just outlined.
Speaker 18: Well, first, I was not invited to the dinner, so unfortunately,
Speaker 18: but I think some of the Trump involvement in the
Speaker 18: digital asset world has been incredibly helpful for the momentum
Speaker 18: that we're seeing in the industry. It has opened up
Speaker 18: a lot of doors, which is great, and we need
Speaker 18: to continue with that momentum. And there have been some
Speaker 18: aspects that have obviously created some noise around the edges,
Speaker 18: and I think that's going to work itself out.
Speaker 3: Wait, I look at it across many technologies, but in
Speaker 3: this case, you know we're talking about crypto, is that
Speaker 3: getting in front of the President can often inform his
Speaker 3: attitude towards something. As General Counsel, do you actually see
Speaker 3: that moving one step forward, which is to legislation or
Speaker 3: something specific on policy front?
Speaker 18: I do, actually, but not just because one person has
Speaker 18: Trump's ear I think there's been a very clear agenda
Speaker 18: set out by many very involved digital asset ecosystem, smart
Speaker 18: leadership folks who have been working with Congress. And we
Speaker 18: have a Congress that has a couple of years behind
Speaker 18: it in experience with looking at trying to get legislation
Speaker 18: moving forward, and we're really finally seeing some of that
Speaker 18: momentum with the genius movement has been tremendous and it's
Speaker 18: a tremendous step forward, some of which is already baked
Speaker 18: into the market.
Speaker 2: And yet where's the Genius Act upon us? Senators Elizabeth
Speaker 2: Warren Adam Schiff are basically saying, like this dinner exactly
Speaker 2: shows why we are worried, why these rules aren't tough enough,
Speaker 2: because you've got a so called pay to play occurrence
Speaker 2: with this dinner is what they see corruption, foreign influence
Speaker 2: is a risk.
Speaker 4: Do you see that. I do see it.
Speaker 18: I do see it more as noise, and I see
Speaker 18: it as something that we can segment.
Speaker 4: It's not a reason to not move.
Speaker 18: Forward with this important legislation, which is becoming more and
Speaker 18: more bipartisan. The more we move digital assets out of
Speaker 18: this kind of political noise, the better, because we don't
Speaker 18: want it to be influenced or to be have the
Speaker 18: momentum changed or challenged because of these conflicts. It's incredibly
Speaker 18: important to deal with those conflicts and to do it
Speaker 18: in a transparent way, and I do believe we can
Speaker 18: do both at the same time and meet both of
Speaker 18: those needs without saying all or nothing. We can't move
Speaker 18: forward on this because of this noise, but the conflicts
Speaker 18: are incredibly important to deal with and we don't want
Speaker 18: that stopping up this incredible movement that we need to
Speaker 18: continue to see that is so important for so many reasons,
Speaker 18: one of which is to keep the US at the
Speaker 18: forefront of expanding this technology, and that can't be underscored, Caroline.
Speaker 18: It's an incredibly important thing. We need to hold on
Speaker 18: to that mainstay, that core, and make sure that we
Speaker 18: deal with this noise on the side and figure out
Speaker 18: a way to create.
Speaker 4: Barricades around those conflicts so that it doesn't impact the movement.
Speaker 4: We need to continue to push forward, and.
Speaker 2: We actually been talking about the push forward today tokenized assets.
Speaker 2: When it comes to equities, we had the Kraken co
Speaker 2: CEO on talking about x stops that's backed by backed
Speaker 2: finance that if you're outside the US, you might be
Speaker 2: able to have a tokenized version of teslro and Vidia
Speaker 2: stock to trade twenty four hours, but they can only
Speaker 2: do it if you're outside the US. Are you optimistic
Speaker 2: that this sort of innovation will be met with regulatory
Speaker 2: clarity here in the US.
Speaker 18: Absolutely, it's coming, and it's coming soon. This is just
Speaker 18: the tip of the iceberg, and it's incredibly exciting to see.
Speaker 18: But you're going to see more and more tokenization experiments.
Speaker 18: You're going to see beta programs just like this one,
Speaker 18: and I think that is a good sign of keeping
Speaker 18: this look at tokenization. You can't politicize tokenization right. It
Speaker 18: is blurring the lines between trad fi and crypto trading.
Speaker 18: It's changing the architecture, and at heart, that is what
Speaker 18: blockchain is all about, changing the architecture. Turns out swift
Speaker 18: isn't so swift anymore when you look at blockchain technology
Speaker 18: in terms of how quickly you can settle, how quickly
Speaker 18: you can pay people on a global scale.
Speaker 4: And the more we focus on.
Speaker 18: The technology and how we are changing traditional finance, the
Speaker 18: way we make payments, the way we make settlements, stable
Speaker 18: coin is a great way kind of early core look.
Speaker 4: At how stable coin works.
Speaker 18: If you can kind of focus on that technology aspect,
Speaker 18: move out some of the noise on the sides, make
Speaker 18: it less political, we'll get a lot further, a lot faster.
Speaker 2: And dowling a bit wise asking Vanessa noise, We'll see
Speaker 2: if the administration acquiesces to that. That does it for
Speaker 2: this edition of Bloomberg Technology.
Speaker 3: Yet so many of you listening to the pod. Check
Speaker 3: out the Bloomberg Technology podcasts in a Where to find
Speaker 3: it online on Apple, Spotify, iHeart, and all over the
Speaker 3: Bloomberg Universe from SF in New York City. This is
Speaker 3: Bloomberg Technology.