Speaker 1: From Marhart where Innovation, Money and Power Collie in Silicon Valley, NBN.
Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed loved Love.
Speaker 2: I'm Caroline hide A Bloomberg's World Headquarters in New York
Speaker 2: and Aurmed Ludlow in San Francisco.
Speaker 3: This is Bloomberg Technology.
Speaker 2: Coming up, we talk all things crypto from where venture
Speaker 2: capital flows aheaded to a letter from lawmakers accusing finance
Speaker 2: am lying to Congress. We'll have more ahead.
Speaker 4: Plus we'll discuss TikTok's e commerce ambitions as the company
Speaker 4: eyes a twenty billion dollar opportunity in the face of
Speaker 4: regulatory scrutiny.
Speaker 2: And of course we've got to talk Generator of AI
Speaker 2: with the CEO of a platform that helps revenue teams
Speaker 2: boost the productivity. It's all about increasing sales growth. More
Speaker 2: to come when it comes to the private market. Let's
Speaker 2: focus in on the public markets, because today bad news
Speaker 2: is good news. Today the job was claims are raging
Speaker 2: up higher the fastest in October twenty twenty one. That
Speaker 2: cooling of what is a very strong labor market in
Speaker 2: the US maybe boding well in terms of inflation, new pressures.
Speaker 2: What the federal reserve has to do to just calm
Speaker 2: down a very well, shall we say, too fiercely hot
Speaker 2: economy in the US. We're seeing up one point two
Speaker 2: percent on then as that one hundred as people hope
Speaker 2: maybe we don't have to high crates as fast as
Speaker 2: we had to. Two year yield therefore comes down in
Speaker 2: terms of six basis points on the front end of
Speaker 2: the curve. And actually we're seeing growth in other economies
Speaker 2: dollar week of versus the Japanese yen because Japan's economy
Speaker 2: grow faster than was previously expected. So this is the
Speaker 2: macro picture. Let's go into one key risk sentiment though
Speaker 2: for US, and then is the world of crypto. We're
Speaker 2: actually pushing on higher. Maybe the bad news is conducing
Speaker 2: the world of bitcoin. Int the moment, we're up one
Speaker 2: point three percent, but still just in that training range.
Speaker 2: We're locked at twenty six seven hundred at the moment
Speaker 2: this as we really do have that regulatory overhang ed.
Speaker 2: But I know you're digging into maybe some more of
Speaker 2: the smaller cap names that are already moving today.
Speaker 4: Yeah, it's interesting that then as that one hundred and
Speaker 4: marches on tech, A big driver of that there is
Speaker 4: newsflow driving different names. Amazon moving up to the upside
Speaker 4: three percent, one of the best performers, a top pick
Speaker 4: at Wells Fargo and margin View. Amazon's price target also
Speaker 4: raised at UBS on its AI benefits going through to
Speaker 4: the cloud division. Game stop moving to the downside. The
Speaker 4: CEO's gone and they missed on sales. We're going to
Speaker 4: bring you more details later in the program on that.
Speaker 4: Lucid now actually just modestly higher up two tents of percent.
Speaker 4: Had been markedly higher earlier in the session. Reuter's reporting
Speaker 4: that Lucid is going to move into the Chinese EV market,
Speaker 4: and then Adobe AIAIAI Generative AI subscription, boosting the sock
Speaker 4: by about five percent. I think it's at an August high.
Speaker 4: We will bring you the details of that later in
Speaker 4: the program as well. I'm also continuing to look at coinbase,
Speaker 4: look at shares of coinbas We're up for a second
Speaker 4: straight session since the sec sued Coinbase, accusing them of
Speaker 4: securities laws breaches. We're up one percent at the moment.
Speaker 3: Of course.
Speaker 4: Brian Armstrong, CEO, was on the show twenty four hours
Speaker 4: ago giving Coinbases defense, talking about why he's happy to
Speaker 4: go to courts and establish a baseline through the courts
Speaker 4: on how crypto exchanges should be governed in this country
Speaker 4: and also internationally. And we're going to dig deep into
Speaker 4: what's going on in this sector throughout the show.
Speaker 2: Character Yeah, let's talk about a different, different crypto exchange,
Speaker 2: a global one. Because parasenate Democrats, they're wanting the Justice
Speaker 2: Department to investigate whether Binance lied to lawmakers about its
Speaker 2: business practices. We in fact both with Senator Elizabeth Warren earlier,
Speaker 2: Let's just have a listen.
Speaker 5: It is a crime to lie to Congress, and we
Speaker 5: have gotten information from Binance. They've given answers to me
Speaker 5: and to others in Congress that seem to be entirely
Speaker 5: inconsistent with now what the now what the SEC is
Speaker 5: charging that Binance has done, and I want the Justice
Speaker 5: Department to take a look. If they lied to Congress,
Speaker 5: they need to be held accountable.
Speaker 2: We of course are out for comment from Binance, but
Speaker 2: this news is all in the back of the SEC
Speaker 2: suing the company and it's co found of cz joining
Speaker 2: us now is a host co host of lumost Cryptos.
Speaker 2: Kaylie Lynes in the building here and new coming been
Speaker 2: helping with the Bloomberg invest event and so important to
Speaker 2: have you here because what a week for crypto And
Speaker 2: why do we think we're hearing from these particular senators,
Speaker 2: what do they want done?
Speaker 6: Well, what Senator Warren as well as Senator Chris van Holland,
Speaker 6: another Democrat from Maryland want is for the Justice Department
Speaker 6: to look into this matter. Basically, this all comes down
Speaker 6: to the question of whether binance Us actually operated independently
Speaker 6: for biness dot com.
Speaker 2: The global entity.
Speaker 6: That is what Elizabeth Warren and Senator Van Holland want
Speaker 6: to find out. But that also is included in the
Speaker 6: allegations made by both the SEC and the CFTC in
Speaker 6: their lawsuit from several months ago, allegations that these were
Speaker 6: not in fact operating as separate entities. Of course, in
Speaker 6: the SEC lawsuit against the company and cz there's also
Speaker 6: a bevy of other charges wash trading, misleading customers, co
Speaker 6: mingling funds improperly, all of that. But what is important
Speaker 6: to is when the regulators put these cases forward, these
Speaker 6: are civil charges. When senators are asking the Justice Department
Speaker 6: to look into something like perjury, that could actually be
Speaker 6: a criminal charge.
Speaker 2: The point being though, that who's responsible for this CZ
Speaker 2: at the moment. I mean, he's out in the Middle East.
Speaker 2: He of course has various bank accounts. We seem to
Speaker 2: go unto stand as well that money is flowing, and
Speaker 2: I know Ed wants to get to that in a moment,
Speaker 2: But I mean, what about the leadership of you finance
Speaker 2: US ultimately.
Speaker 6: Well, that's a really good question because again it was
Speaker 6: supposed to be operating independently. A lot of pushback against
Speaker 6: that notion has been placed on the part of regulators
Speaker 6: and lawmakers as well. But the role of z is
Speaker 6: interesting because as you said, he is in the Middle
Speaker 6: East at the moment. There is also another DOJ investigation
Speaker 6: on going into potential sanctions violations. It would become a
Speaker 6: question of whether there actually was something brought to the DOJ,
Speaker 6: what potentially extradition might look like. So there's a lot
Speaker 6: of questions around the individual. In addition to the broader exchange,
Speaker 6: which of course is the biggest in the way world,
Speaker 6: and when the Justice Department is asking for a freeze
Speaker 6: of Binance US assets, we also have to keep in
Speaker 6: mind how this ultimately could impact the broader system.
Speaker 4: Overnight, Kathywood joined our colleagues over in Asia on that programming,
Speaker 4: and as we know, she's been adding to the holdings
Speaker 4: of Coinbase. This is what she had to say about
Speaker 4: the breadth of this situation, Kayley.
Speaker 7: And it is unfortunate that the SEC took action against
Speaker 7: Coinbase the day after Binance and then seemed to mud
Speaker 7: Chairman Genzler as he was on one of the major
Speaker 7: news channels, was trying to implicate Coinbase in the same
Speaker 7: way that he was implicating Binance. No, they're very different.
Speaker 4: You know, So we remind ourselves that in the same
Speaker 4: week the SEC sued both Coinbase and Binance. Interesting Brian
Speaker 4: Armstrong's comments twenty four hours ago that he felt the
Speaker 4: timing was relating to conflating two different seats.
Speaker 6: Yeah, and we have to keep in mind, as you
Speaker 6: rightly allude to, that the Binance allegations from the SEC
Speaker 6: are far wider ranging. Both were accused of violating securities laws.
Speaker 6: But that really is that in the staking product is
Speaker 6: what Coinbase was facing, so that it becomes just a
Speaker 6: definition question about what is and isn't a security and
Speaker 6: ultimately the jurisdiction of the SEC. And as we talk
Speaker 6: about interesting timing, I was on Capitol Hill on Tuesday
Speaker 6: at the House Agriculture Committee, which was holding a hearing
Speaker 6: on the market structure legislation that has been put forward
Speaker 6: by that committee and House Financial Services to try and
Speaker 6: delineate jurisdiction between the CFTC and having control of digital
Speaker 6: commodities and the SEC when it comes to digital securities.
Speaker 6: And many of the lawmakers I spoke with at that
Speaker 6: hearing suggested that the timing was interesting, and one of them,
Speaker 6: Congressman Zach Nunn, a Republican, was saying that it seems
Speaker 6: like Gary Gensler is trying to empire build and suggesting
Speaker 6: that he's trying to front run Congress actually setting the
Speaker 6: rules of the road by taking all of.
Speaker 4: This action at this time, Kaylee, this is Bloomberg. We
Speaker 4: follow the money. It's interesting to join the dots of
Speaker 4: twenty twenty three. I think back to silver Gate and
Speaker 4: Signature Bank and Bloomberg reporting that there is a seventy
Speaker 4: billion dollar trail as it relates to Binance and those
Speaker 4: two banks.
Speaker 6: Yeah, as we know these banks that are no longer
Speaker 6: in existence, both of them failed earlier this spring. Silvergate
Speaker 6: was really the first one. This was a bank that
Speaker 6: catered largely too crypto clients, and we now understand via
Speaker 6: an SEC filing that was actually filed in support of
Speaker 6: the motion to freeze the assets of Binance US, that
Speaker 6: seventy billion dollars, as you say d was funneled through
Speaker 6: both Silvergate and Signature Bank by Binance and related equities.
Speaker 6: I believe it was fifty billion dollars of deposits at
Speaker 6: Silvergate and then in another nineteen that Signature handled including
Speaker 6: large amount of large amounts of money moving in a
Speaker 6: couple of days periods. So it's unclear whether or not
Speaker 6: those banks actually flagged some of those transactions or not.
Speaker 6: But this is, as you say, just kind of following
Speaker 6: the money trail of this as the SEC puts forward
Speaker 6: these allegations and.
Speaker 4: Asks for that in junction Bloomberg's kdie lines visit kiting
Speaker 4: us from DC in New York.
Speaker 3: Thank you very much.
Speaker 8: There's plenty of innovation that we could point to and
Speaker 8: say there's an enormous opportunity to have like another industrial revolution,
Speaker 8: it just might be more of a digital revolution and
Speaker 8: a science revolution that could unleash a lot of productivity.
Speaker 8: But we need something to get more growth in the
Speaker 8: economy that will allow us to deal with some of
Speaker 8: the challenges we're going to finish.
Speaker 2: John Walden common Sach speaking earlier on look the artificial
Speaker 2: intelligence revolution that we keep discussing. He was talking about
Speaker 2: at a Bloomberg invest and it follows interesting comments yesterday
Speaker 2: from Stanley Druckenmiller, also at our Bloomberg Investor bent, who said,
Speaker 2: unlike crypto, AI is real. So what does that mean
Speaker 2: about crypto? We actually asked our audience you took to
Speaker 2: our poll yesterday, does AI have more staying power than crypto?
Speaker 2: I was amazed at kind of how neck and neck
Speaker 2: everything was staying power thirty nine thirty seven sent many
Speaker 2: will fail too early to tell, so it doesn't feel
Speaker 2: like artificial telli just as neeps and bounds ahead of
Speaker 2: crypto staying pier. Let's ask one Hannah Miller, who on
Speaker 2: visa say is also visiting New York because you've got
Speaker 2: a great new podcast on the downfall of FTX. Meanwhile,
Speaker 2: though the downfall of crypto, I mean, is crypto showing resilience?
Speaker 2: I mean, it's interesting that Bitcoin actually hasn't been marred
Speaker 2: too much in some of the pushback from an SEC
Speaker 2: level Yeah.
Speaker 9: We've seen some resilience here, and there are obviously founders
Speaker 9: in vcs who are still very confident in crypto. We
Speaker 9: have seen this shift though, where some crypto founders and
Speaker 9: even some crypto vcs are diving more into the intersection
Speaker 9: between crypto and AI.
Speaker 10: So that's been really exciting to track.
Speaker 2: Okay, course they are, and I remember that sort of
Speaker 2: meme that everyone's suddenly an AI expert now and leaving crypto.
Speaker 2: But what is the intersection? Where are we seeing value
Speaker 2: being created? People getting excited?
Speaker 9: Yeah, So people see a lot of promise in using
Speaker 9: blockchain for identity. So there's a startup called Tools for Humanity,
Speaker 9: which was co founded by Sam Altman. They developed world Coin,
Speaker 9: which they say will provide proof of personhood that you
Speaker 9: can use this black team based identity to show that
Speaker 9: you are indeed human. So that's been very interesting. They
Speaker 9: also scan your eyeballs in order to create this identity.
Speaker 2: So a lot of mixed concerns about that. Actually was
Speaker 2: an n A sixteen zite event in New York and
Speaker 2: sool someone with the helmet on from world coin.
Speaker 9: Yeah, there are our concerns about the sensitivity of this
Speaker 9: biometric data.
Speaker 2: Is it safe? Is it being protected?
Speaker 9: So you know, I think we do see some of
Speaker 9: the ethical concerns within AI bleeding over into the intersection
Speaker 9: between AI and crypto.
Speaker 2: But for now both still being eyed up by vcs.
Speaker 2: Hannah Miller is across it all and that intersection. But
Speaker 2: let's just pivot back a little bit more to the
Speaker 2: world of crypto because it has been done the pressure,
Speaker 2: certainly from a regulatory perspective.
Speaker 4: Yeah, I actually am envious of Hannah Miller because that's
Speaker 4: a great beat to have because everyone that was pummeling
Speaker 4: money into that space is just pivoted. So we are
Speaker 4: reporting good guests to talk about that with Chris Lahane Hahn,
Speaker 4: Venture's chief strategy officer, but also a member of coinbases
Speaker 4: Global Advice Recouncil.
Speaker 3: So let's start there.
Speaker 4: Actually, it is the story of the week, the sec
Speaker 4: suing coinbase, alleging securities breaches. What does your role entail
Speaker 4: as an advisory member to the global boards?
Speaker 11: So thanks for having me as always, so coinbase has
Speaker 11: stood up and announced and.
Speaker 10: Global advisory board.
Speaker 11: It's bipartisan, has Democrats and Republicans, it's global. You know,
Speaker 11: my specific roles, I have a bit of a background
Speaker 11: of having worked with disruptive, innovative companies trying to work
Speaker 11: within the system in a responsible way to bring regulatory
Speaker 11: certainty and clarity.
Speaker 3: People also call you a political operator.
Speaker 11: Well, that's another way of maybe putting it, But politics
Speaker 11: is always part of that, you know, ultimately, you know,
Speaker 11: we live in a democracy, small d democracy. Politics does
Speaker 11: ultimately impact as it should and inform policy, which ultimately
Speaker 11: brings regulatory certainty. And so a lot of what I've
Speaker 11: done over my career, I've been in government, I've run
Speaker 11: major campaigns, and I've certainly advised really innovative companies that
Speaker 11: are disrupting their status quo, but how can they do
Speaker 11: that in a really responsible way? And I think Coinbase
Speaker 11: in the crypto space has been really that leading platform
Speaker 11: seeking to do it in a responsible way, US based
Speaker 11: going through the processes, working with regulators. It's disruptive, it's
Speaker 11: trying to update the financial system. That's a big deal,
Speaker 11: but it's trying to really do it in a responsible way.
Speaker 4: Brian Armstrong twenty four hours ago, was asked about the
Speaker 4: timing of the SEC filing suits against both Coinbase and
Speaker 4: Finance in the matter of forty eight hours The word
Speaker 4: he used was conflate or confuse. What's your reaction to
Speaker 4: the timing of those two actions.
Speaker 11: So I grew up in Maine, and we used to
Speaker 11: have a saying when you go to bed at night
Speaker 11: and there's no snow on the ground, and you wake
Speaker 11: up in the morning there's snow, you can pretty safely
Speaker 11: conclude it has snowed over the course of the evening.
Speaker 10: This is a sort of policy version of that.
Speaker 11: I think members of Congress, both Democrats and Republicans, have
Speaker 11: expressed concern about the timing of this. And I'll say
Speaker 11: this as someone who has been in government historically in
Speaker 11: this country, our regulators that oversee financial sectors have been
Speaker 11: understood and really by design to be fair arbiterras, to
Speaker 11: be umpires, to call balls and strikes. And I do
Speaker 11: think if you look at how this played out this week,
Speaker 11: taking something as apples and something that's oranges, conflating them
Speaker 11: and putting them together, and doing it right before there's
Speaker 11: a major congressional hearing to actually begin the process of
Speaker 11: bringing clarity to this space, I do think that raises
Speaker 11: some serious, profound questions, like our system works because there
Speaker 11: is a rule of law part of that rule of
Speaker 11: law is those umpires calling those walls and strikes fairly,
Speaker 11: I think in this process and real serious questions have
Speaker 11: been raised.
Speaker 3: Okay, so rules yep.
Speaker 4: I remember two years ago when coin based file to
Speaker 4: go public, it wrote in no uncertain terms there is
Speaker 4: a high degree of uncertainty regarding the legality of operations.
Speaker 4: It wrote, regulators may disagree with the company's view, it
Speaker 4: isn't covered.
Speaker 3: By their rules.
Speaker 4: Armstrong's welcoming the opportunity to go to cool and use
Speaker 4: that tossess precedent. Is that a good idea, a good
Speaker 4: way of resolving this.
Speaker 11: You know, ultimately you're going to have to break the
Speaker 11: eggs a little bit to make the omelet on this.
Speaker 11: I think as part of this process and part of
Speaker 11: the journey, and so I do think one way or
Speaker 11: the other, either through the legal process or through legislation,
Speaker 11: you are going to get.
Speaker 3: Clarity into which is better to look.
Speaker 11: In my view as someone who comes out of politics
Speaker 11: and policy, Like the countries, you have a first principles approach,
Speaker 11: right there should be a strategic approach to how you
Speaker 11: want to deal with this industry. The rest of the
Speaker 11: world is actually moving forward really fast.
Speaker 10: To put frameworks in place.
Speaker 11: They specifically want to be crypto hubs because they understand
Speaker 11: that this is going to be a big part of
Speaker 11: the financial rails.
Speaker 10: Of the future.
Speaker 11: If you default to a legal process, companies like coinbase
Speaker 11: will certainly get their clarity. Remember this involves twelve tokens
Speaker 11: out of more than two hundred that the platform has
Speaker 11: on its exchange.
Speaker 10: But you'll get the clarity through that.
Speaker 11: I think it's far better from a US perspective, from
Speaker 11: an economic competitive perspective, from a national security.
Speaker 10: Of if you're actually doing this with a real strategy.
Speaker 11: Look, I was involved in the nineteen ninety six TAELC
Speaker 11: Act that began with a really whole.
Speaker 10: Set of complex ideas.
Speaker 11: President Bill Clinton took a big step back and said, hey,
Speaker 11: look at let's have a first principle's approach. I want
Speaker 11: tech to be based in the United States. That's what
Speaker 11: I want, and he put forth legislation and they've done
Speaker 11: in a bipartisan way.
Speaker 10: You flash forward to where we are today. The US has.
Speaker 11: Emerged as the center of the global economy because we
Speaker 11: are the center of tech.
Speaker 4: Well, paradoxically, emphasis on the word global in your advisory type.
Speaker 4: So how does coinbase grow itself outside of the jurisdiction
Speaker 4: of the United States, to your mind, I mean, what
Speaker 4: are you advising them to do well.
Speaker 11: I think they've been doing a great job of diversifying
Speaker 11: where they are geographically as well as their products and services. No,
Speaker 11: Brian has done a little bit of a world toward
Speaker 11: Brian Armstrong, the CEO, over the last couple of months,
Speaker 11: was in London, has been in Dubai, Companiess been in Brazil.
Speaker 11: These are all places that are actually putting frameworks in place.
Speaker 11: I mean, the UK has an announcement today about the
Speaker 11: next steps in its process. The PM has made clear
Speaker 11: Prime Minister sou Neck has made clear he wants London
Speaker 11: to be a hub. You think of the historic rails
Speaker 11: that have existed in London historically, going back several hundred years.
Speaker 11: One of the first central banks was developed in London,
Speaker 11: the Bank of England, and you think of the Commonwealth
Speaker 11: and the role that that crypto could play in actually
Speaker 11: advancing that system. Like I think Sunek actually sees enormous
Speaker 11: opportunity here and.
Speaker 10: Has talked about it. But that's not the only place.
Speaker 11: Japan this week actually moved forward with specific regulations and
Speaker 11: activity and again, so you see what is happening. There
Speaker 11: was a recent report from Electric Capital, another venture firm
Speaker 11: here in the valley, and they indicated that the US
Speaker 11: is losing market share of crypto developers. A million jobs,
Speaker 11: high quality engineering jobs on the table in the next
Speaker 11: five or six years. Are they going to take place
Speaker 11: here or we're gonna send that offshore?
Speaker 10: And look, just this week it was.
Speaker 11: An interesting week for US at Han we announced a
Speaker 11: project or a project that we're invested. It was announced
Speaker 11: it's called Argus Labs, just the first sort of computer
Speaker 11: gaming club platform bailt on top of blockchain. The founder
Speaker 11: of this is a young twenty year old came from
Speaker 11: Indonesia to age of sixteen to the University of California
Speaker 11: computer science program, graduated really early. Like he is literally
Speaker 11: the first round pick that you want if you're a kind.
Speaker 3: Of where is he in one word?
Speaker 11: And he's here in the United States building this project,
Speaker 11: right and he should be. This is we want to
Speaker 11: attract these jobs and these entrepreneurs.
Speaker 4: All right, Chris Lahane of Hahn Bench, is never enough
Speaker 4: time with you, Thank you.
Speaker 3: This is Bloomberg.
Speaker 2: Time now for talking tech. First up, want to make
Speaker 2: use of your car when you're not using it yourself. Well, look,
Speaker 2: Uber has plans for that. The right haling giant will
Speaker 2: launch Uber car Share. It's a peer to peer service
Speaker 2: that it says we'll make its business more sustainable, competing
Speaker 2: with startups like get Around in Turo. Meanwhile, the company
Speaker 2: wants to cut of missions to zero by converting its
Speaker 2: entire fleet of cars to electric by twenty forty.
Speaker 1: Tesla's are the highest selling cars in terms of electric
Speaker 1: vehicles by mile. At the same time, we're not you know,
Speaker 1: we want electrification to happen, and that's not just going
Speaker 1: to happen on Tesla. You know, we need forwards out there,
Speaker 1: gms out there, Toyoto's out there, et cetera. We need
Speaker 1: all these other players to go electric.
Speaker 2: Darren Cosla, Shahee with Emini Chang there. Meanwhile, Adobe says
Speaker 2: it's willing to take up certain legal fees for its
Speaker 2: users with its new Artificial Intelligence subscription. For a flat rate,
Speaker 2: users can use its AI tools across Adobe products with
Speaker 2: legal assurance against copyright infringement claims. Class TikTok wants to
Speaker 2: expand its global e commerce business to as much as
Speaker 2: twenty billion dollars in merchandise sales this year. So also
Speaker 2: say the video content apps is banking on rapid growth
Speaker 2: in Southeast Asia in particular likes of Indonesia. Expansion in
Speaker 2: Europe or here in the US. That's also expected, and
Speaker 2: it's interesting considering some of the legal pushbacks that we're
Speaker 2: getting from law makers both particular region.
Speaker 4: Said Yeah, I want to stick with this company in
Speaker 4: this story because it's one we track closely. Here with
Speaker 4: more details Bloombergs Technology edit to Sarah Fryer. They're just
Speaker 4: plowing on business despite the regulatory headwind it is.
Speaker 12: It's really fascinating too that this is an area that
Speaker 12: a lot of their competitors have stumbled on. We've seen
Speaker 12: Instagram try social shopping, We've seen YouTube, We've seen a
Speaker 12: lot of other attempts at getting US users and European
Speaker 12: users to mix their scroll with getting their credit card out,
Speaker 12: and it just hasn't worked as well in the US
Speaker 12: as it has in China. That's not to say that
Speaker 12: TikTok couldn't make it work, because of course they have
Speaker 12: had great success in all of these endeavors that we
Speaker 12: found they might not do well at. But one reason
Speaker 12: they need to is because the advertising business, just like
Speaker 12: it is for everyone else, is slowing.
Speaker 2: Good diversification point there also, it probably won't be bad
Speaker 2: to get some big US European retailers liking the business model.
Speaker 2: I don't think it would be bad.
Speaker 12: And I think also when you look at this twenty
Speaker 12: billion number, they're not really relying on the US and
Speaker 12: Europe to get there. They're going to be relying on
Speaker 12: Southeast Asia, in particular Indonesia, where this behavior is very strong,
Speaker 12: and so I think that for this year it's really
Speaker 12: going to be a test case in the US and Europe.
Speaker 12: But they're hoping to get to that twenty billion mostly
Speaker 12: just by expansion in.
Speaker 2: Those markets, getting some other key voices perhaps to fight
Speaker 2: for your well remaining within certain countries and operating I'm
Speaker 2: sure wouldn't be a negative from outcome for these particular
Speaker 2: TikTok at the moment Saraha was great to have her on.
Speaker 2: Welcome back to Blue bed Technology. I'm Caroline Hyde in
Speaker 2: New York.
Speaker 4: And I'm Ed Ludlow out here in San Francisco. Paying
Speaker 4: a quick tension carried to the market is interesting day.
Speaker 4: A lot of green on the screen. Look at them
Speaker 4: as that one hundred. The charge continues up one point
Speaker 4: four percent. You talked about it earlier. It's a case
Speaker 4: of kind of good news is bad news or bad
Speaker 4: news is good news as it relates to economic data
Speaker 4: and the FED jobless claims coming in higher than expected
Speaker 4: last week. Elsewhere, we see chips push high, the Philadelphia
Speaker 4: Seductor Index up one point three percent, yields pulling back
Speaker 4: a little bit three point seven percent on the US tenure,
Speaker 4: and Bitcoin staying at around twenty six thousand, five hundred.
Speaker 3: Dollars per token.
Speaker 4: There's been volatility in our favorite risk asset with what's
Speaker 4: been going on with the SEC, finance and coinbase. In
Speaker 4: terms of specific movers, actually want to take another look
Speaker 4: at Adobe. I know that we've got the details of
Speaker 4: what's going on in terms of the subscription for their
Speaker 4: Generative AI offering.
Speaker 3: We're up five percent.
Speaker 4: Now, this is a stock trading at a August high,
Speaker 4: but the second best performer on the S and P
Speaker 4: five hundred. AI continues to be a driver in this
Speaker 4: market in newsflow but also inequities. And I think that's
Speaker 4: so interesting because another day, another headline in investors to
Speaker 4: buy a.
Speaker 2: Car, and another announcement as well. They come thick and fast.
Speaker 2: We want to talk about the latest generative AI announcement
Speaker 2: coming from Gong. It's an AI platform that helps revenue
Speaker 2: teams really boost their productivity to increase sales growth. Today
Speaker 2: they're announcing Gong Engaged is an AI driven sales engagement
Speaker 2: solution using customer interactions. Can discuss the product and its
Speaker 2: own proprietary generative AI models. CEO Army and of thank
Speaker 2: you for joining us Army And how long was this
Speaker 2: in the making. Are you suddenly florrying out new announcements
Speaker 2: because everyone else has got one? Or has this been
Speaker 2: something that you're building for a while.
Speaker 13: I've founded the company in twenty fifteen when I realized
Speaker 13: that I was a CEO of a company here in
Speaker 13: New York City, and I realized that our people are
Speaker 13: spending like way too much time entering customer information like
Speaker 13: into our CRM system, and ninety nine percent of the
Speaker 13: work doesn't get done and they hate it. So my
Speaker 13: thinking was, if AI can beat the world champion in chess,
Speaker 13: and if AI can diagnose cancer better than doctor, why
Speaker 13: can't do all these like drudgery better than people? That
Speaker 13: was the idea for Gong and that's what we uh,
Speaker 13: that's what we started, and that's what we've been building
Speaker 13: ever since.
Speaker 2: Okay, so if you've been building on these announcements, for example,
Speaker 2: since twenty fifteen, does it frustrate you that yesterday we
Speaker 2: had Twilio on Discovered discussing their generator of AI. The
Speaker 2: day before, everyone's got some latest announcement.
Speaker 3: It excites me. Why would it frustrated?
Speaker 13: When we started, it was a challenge to raise money
Speaker 13: because people didn't believe that AI can replace people's work.
Speaker 13: Now we don't have to prove that companies are coming.
Speaker 13: We need to reduce costs with AI. How can you help?
Speaker 13: So it actually provides like huge validation. We're excited. We
Speaker 13: think like every company is going to have something with AI.
Speaker 13: The question like what are you doing with us? So
Speaker 13: it's actually super helpful and exciting.
Speaker 2: To that point, what really got everyone realizing the potential
Speaker 2: of AI was it course chatch ebt it's unveiling in
Speaker 2: November and the iterations thereafter. What why are you basing
Speaker 2: it on your own generative varier models, your own proprietary data?
Speaker 13: Great question. We have about sixty models. We also use
Speaker 13: open Aiyes, model, which is great, but we have like
Speaker 13: special purpose models for almost everything from understanding speech, from
Speaker 13: punctuating text, from summaryings, identifying action items, recommending people within
Speaker 13: the organization. So when you train specific model, you can
Speaker 13: get much higher accuracy and reliability rather than relying on
Speaker 13: public domain knowledge.
Speaker 4: I mean, have you already started thinking about efficiencies and
Speaker 4: you know hard to ask, but eliminating roles at your
Speaker 4: company because of the impact that these tools will have.
Speaker 13: Seventy percent of customer facing time is wasted on non
Speaker 13: productive work. It things like updating record in ternal meetings,
Speaker 13: sifting through records. And these are people that are making
Speaker 13: six figures, so it doesn't make sense to do all
Speaker 13: the work all along. We said AI can replace that
Speaker 13: and our users a lot that they don't have to
Speaker 13: do this drudgery. They can spend more time with customers.
Speaker 13: So it doesn't necessarily mean like limiting new jobs mean
Speaker 13: limiting the drudgery from our day to day.
Speaker 4: You talks about being sort of technology agnostics sixty llms.
Speaker 4: I think you said that you are utilizing, but what's
Speaker 4: it like doing business with open AI? Is it good
Speaker 4: value for money for you? Building something on top of
Speaker 4: GPT three point five or four.
Speaker 3: I'm not sure what you use.
Speaker 13: Yes, they've been a great partner. We've been working with
Speaker 13: them for over a year and allow us early access
Speaker 13: to the latest stuff and allows us to use them
Speaker 13: for some of the applications. So been wonderful to work
Speaker 13: with and we're excited that they're successful and helping prove
Speaker 13: to the world that A is real and can make
Speaker 13: like a huge difference.
Speaker 4: Since you've shown your hand in your competence of generative
Speaker 4: AI tools, how many of your investors have phoned you
Speaker 4: asked if you should raise more money, asked about valuation?
Speaker 4: Do you have a higher evaluation now the AI is
Speaker 4: attached to your business?
Speaker 13: There are We've raised plenty of money. We've raised six
Speaker 13: hundred million dollars to day. Like even before AI was cool,
Speaker 13: people saw the user excitement and the value that Gong
Speaker 13: is creating. So we don't need to raise We're not
Speaker 13: raising right now. We're actually not burning a ton of money.
Speaker 13: But definitely there is a ton of inbound interest. There's
Speaker 13: no shorts of people that want to invest that they
Speaker 13: recognize the massive technotic shifts that we're experiencing right now.
Speaker 2: I mean, we came to off a look at Adobe
Speaker 2: and the fact that they're willing to take some well
Speaker 2: legal risk on board. And we are beset with what
Speaker 2: are the ramifications the generative AI? What are the copyright
Speaker 2: what is the bias? What is the negative repercussions? How
Speaker 2: do we regulate it? How are you thinking about that
Speaker 2: within your business?
Speaker 13: AI is powerful and needs to be regulated. We put
Speaker 13: a lot of effort both on privacy, security, disclosure of information.
Speaker 13: So the system needs to be helpful and not threatening
Speaker 13: to people, right, so everything is transparent and I think
Speaker 13: like every company should put regulatory control and I think
Speaker 13: both at the company level but also the country and
Speaker 13: a global level.
Speaker 2: I mean, great to have some time with you. We
Speaker 2: thank you. Army Bendov of course have gone the CEO there. Meanwhile,
Speaker 2: talking of AI Leok, the UK Prime Minister Rishisunak is
Speaker 2: on a diplomatic visit right here to the US. He's
Speaker 2: in Washington and he's seeking stronger economic ties with the
Speaker 2: United States. Basunak is also pursuing a leadership role for
Speaker 2: the UK in the international regulation of you guessed at AI.
Speaker 2: This follows the UK government's announcements last night that's going
Speaker 2: to be hosting the first major global summit on Artificial
Speaker 2: intelligen safety in the fall. On that note, President Biden
Speaker 2: will hold a joint press conference with Prime Minister Withhusunak
Speaker 2: in just about an hour's time. And you can tune
Speaker 2: in on a terminal at Life Go if you're like
Speaker 2: enough to have one.
Speaker 3: End coming up.
Speaker 4: More on AI and on the investing side, this time
Speaker 4: with Kliine Perkins, Bucky Moore. That's next. Got to take
Speaker 4: a look at carl Vana. This is a monster move
Speaker 4: currently up forty two percent. Carrow had been up fifty
Speaker 4: one percent, biggest move on record on an intra day
Speaker 4: basis better than expected forecast for financial results. This is
Speaker 4: like the vending machine of cars right picture. It stacked high,
Speaker 4: You press the button of the car you want and
Speaker 4: it spits out. But also a heavy emphasis online sales
Speaker 4: during the pandemic, that shortage of second hand Just what
Speaker 4: will track this one?
Speaker 3: It's absolutely insane. This is Bloomberg.
Speaker 4: Artificial intelligence company. Coher raised two hundred and seventy million
Speaker 4: dollars from a mix of venture capital and strategic investors,
Speaker 4: according to coh's president and COO. In Ovia Capital led
Speaker 4: the round with participation from Oracle, Nvidia and Salesforce Ventures,
Speaker 4: Existing Inventor Investor, Index Ventures, and some others. The startup
Speaker 4: is valued in the round at two point one billion
Speaker 4: to two point two billion dollars, according to.
Speaker 3: A Bloomberg source.
Speaker 4: Let's stick with the world of VC and AI and
Speaker 4: bring in Bucky Moore, partner at Kleine Perkins, who's been
Speaker 4: focused on investments across infrastructure, compute, and AI for the firm.
Speaker 3: For I would say quite some.
Speaker 4: Time, welcome to the program. I've always just wanted to
Speaker 4: sit down with you and say what is going on
Speaker 4: in your world?
Speaker 14: Well, first of all, thank you so much for having me.
Speaker 14: It's great to be here. And in terms of what's
Speaker 14: going on in our world, we are in the midst
Speaker 14: of a ce change that AI is driving in terms
Speaker 14: of how technology is really impacting or working in personal lives.
Speaker 3: And I think when we see.
Speaker 14: A generational shift come along like this as venture capitalists,
Speaker 14: we get really excited. And what we're focused on at
Speaker 14: this moment is really partnering with these innovative, visionary founders
Speaker 14: that have a unique point of view and how to
Speaker 14: bring this technology to big markets and in doing so,
Speaker 14: hopefully make all of our working in personal lives a
Speaker 14: lot more interesting, more efficient, and exciting.
Speaker 4: When I look at your Friday companies and also the
Speaker 4: types of exits, what do I conclude You're focused on
Speaker 4: AI native or AI adjacent companies because every enterprise SaaS
Speaker 4: software company is now saying.
Speaker 3: Oh, I'm an AI company.
Speaker 14: So I consider myself to be an infrastructure investor. And
Speaker 14: what I mean by infrastructure is the underpinnings that power
Speaker 14: these digital experiences that we're increasingly relying on to live
Speaker 14: our lives. And when I think about AI, I think
Speaker 14: of it as yet another one of these underpinnings that
Speaker 14: is going to change how software gets developed, change the
Speaker 14: kind of software that we find in our working in
Speaker 14: personal lives, and ultimately bring all of these new capabilities
Speaker 14: to the world that we just haven't seen before. And
Speaker 14: so I'm thinking about it from that lens as yet
Speaker 14: another piece of infrastructure.
Speaker 2: Okay, Bucky, go deep for us for a moment, because
Speaker 2: reading your note that you put out each it was
Speaker 2: back an end of February you put it out, but
Speaker 2: the future of infrastructure, and even then you were calling
Speaker 2: about the impact of AI. You're talking about integrating it
Speaker 2: into software vector databases is something you were looking at
Speaker 2: built for storage, where for you starts to attract you
Speaker 2: of allocating money right now because you must be besieged
Speaker 2: with opportunities.
Speaker 14: Yeah, So, taking a step back, we think about this
Speaker 14: space really in three layers. At the very bottom layer,
Speaker 14: what you have is the hardware and software that allows
Speaker 14: us to deliver these computing platforms that help us train
Speaker 14: and develop these models. At the layer above that you
Speaker 14: have tooling and infrastructure that helps us integrate these models
Speaker 14: into the software that makes the technology usable and accessible.
Speaker 14: And then of course at the very top layer, what
Speaker 14: you have our applications. And so examples of these applications
Speaker 14: in the Cliner Perkins portfolio include companies like Glean, who's
Speaker 14: bringing language models to business search, or at Synthesia, who's
Speaker 14: bringing diffusion models to generative video. And what we see
Speaker 14: time and time again is that value can accrue at
Speaker 14: all three layers of that stack. And so as an
Speaker 14: infrastructure investor, specifically at Clinderperkins, what I'm very focused on
Speaker 14: are those bottom two layers, so the infrastructure that allows
Speaker 14: us to deliver these computing platforms that ultimately make it
Speaker 14: possible to develop and train these models and the tools
Speaker 14: in infrastructure, such as vector databases that make it possible
Speaker 14: for developers to integrate these models into their applications.
Speaker 2: Those models and particularly the foundational models, Bucky, does it
Speaker 2: matter whether we end up going more towards proprietary models
Speaker 2: and open AI? Does it end up being more open source?
Speaker 2: Do we have more of a hugging face situation? Does
Speaker 2: it matter ultimately, because it's interesting that, of course Klein
Speaker 2: and Perkins well made its name on backing one are
Speaker 2: now incredibly huge companies that are deep within AI. Think
Speaker 2: of Google is are they going to eat all the lunch?
Speaker 2: Or is there room for startups in the space.
Speaker 14: So, Caroline, I think it absolutely matters. It matters a lot.
Speaker 14: And the way I think it matters is time and
Speaker 14: time again, what we've seen is the technology that comes
Speaker 14: along that is as useful as this, it tends to
Speaker 14: trend towards commoditization. And an embodiment of that trend towards
Speaker 14: commoditization is the proliferation of open source alternatives to these
Speaker 14: proprietary models that we're really starting to see more and
Speaker 14: more often actually stand up to the capabilities that developers
Speaker 14: are looking for when pursuing use cases with AI. So
Speaker 14: I think it matters a lot, and I personally hope
Speaker 14: and believe that we're going to enter a world where
Speaker 14: we're going to have best in class models that are
Speaker 14: proprietary in nature from the likes of companies like open
Speaker 14: AI and Anthropic and so on, and then we're going
Speaker 14: to have a vast landscape of open source models that
Speaker 14: asymptotically approach the performance of those best in class proprietary
Speaker 14: models over time, but also make this technology accessible to anyone.
Speaker 4: There is a temptation for us to spend the entire
Speaker 4: show talking about AI.
Speaker 3: Other things are going on in your world.
Speaker 4: The story of the week is Sequoia splitting into three businesses.
Speaker 4: I know that Kina Perkins is China business basically operates
Speaker 4: independently as well, but.
Speaker 3: What do you make of that?
Speaker 4: And I guess if we are going to tie it
Speaker 4: to AI, we recognize their entrepreneurs in China doing things
Speaker 4: in the field of AI as well.
Speaker 14: So the venture capital industry continues to evolve and has
Speaker 14: evolved a substantial amount over the past few days kids
Speaker 14: And one of the ways it's evolved is it has
Speaker 14: grown a lot in size, but at Cleiner Perkins, our
Speaker 14: view is ultimately focus is the winning formula, and what
Speaker 14: we mean by focus is focus on stage, focus on sector,
Speaker 14: and focus on geography. So the Clinder Perkins that you
Speaker 14: see today is one that is really thinking through that
Speaker 14: lens of focus and shaping our strategy. And I think
Speaker 14: that's where we'll be for many years to come. And
Speaker 14: that's ultimately what we think the winning formula is in
Speaker 14: this business.
Speaker 4: What's the read through from that to crypto? And I
Speaker 4: know that's not automatically your area, but what we hear
Speaker 4: from the vcs that come on this program is all
Speaker 4: the inbound has disappeared and anyway, all of our outbound
Speaker 4: is going to AI.
Speaker 3: I just wondered what your view was on that.
Speaker 14: So I think all of the regulatory conversations that are
Speaker 14: going on with respect to crypto make it a very
Speaker 14: uncertain place for new businesses to be built. And so
Speaker 14: I think what you are starting to see is that
Speaker 14: there's a shift in attention towards AI, which is very
Speaker 14: ferral ground by comparison at the moment. My hope is
Speaker 14: that the regulatory conversation comes to a head and in
Speaker 14: a way that continues to allow people to innovate in
Speaker 14: that space as well. But what we're seeing now is
Speaker 14: undoubtedly askew toward AI.
Speaker 2: I hate to bring it up, but AI doomas or optimists.
Speaker 2: I mean, you sound relatively optimistic about all the productivity
Speaker 2: that can be drawn from this, But what do you
Speaker 2: make of either the worry about well the destruction of
Speaker 2: humanity or indeed the more near term risks of bias
Speaker 2: and other risks that are currently being involved in this
Speaker 2: situation when we apply AI.
Speaker 14: So I think it's absolutely critical that as we start
Speaker 14: to shape the future of this technology, both from the
Speaker 14: innovation and the regulatory side, that both of those sides
Speaker 14: come together so that one another's perspectives are heard and
Speaker 14: that we are able to balance safety and innovation as
Speaker 14: we move the regulatory landscape.
Speaker 3: Forward around this technology.
Speaker 14: And I think if we skew one way or the
Speaker 14: other too far, the outcome will be suboptimal. And so
Speaker 14: I think that balance is really what I'm looking for
Speaker 14: and what I'm optimistic that we'll find as an industry.
Speaker 2: Buckimore, it's been great having time with you. Thank you, partner,
Speaker 2: Klina Perkins. It's been more than seventy two hours now
Speaker 2: since Eniol Musk passed over that torch to Twitter's new CEO,
Speaker 2: da Yakarino after a pretty tumultuous reign as the head
Speaker 2: of the social company he took over. In the premiere
Speaker 2: of a new Bloomberg original series, Emi Chang sits down
Speaker 2: for an exclusive interview with the former CEO, Evan Williams
Speaker 2: and Jason Gorman, one of the most critical members of
Speaker 2: the Twitter's founding, to discuss the move. His a peak
Speaker 2: at tonight's episode of the Circuit with Emni Chang.
Speaker 3: Yeah, it was surprising.
Speaker 15: I mean, I'm trying to remember the first bursting on
Speaker 15: or if I was even aware of it.
Speaker 16: Were you the idea that he was going to buy
Speaker 16: the company to me initially seeing like, oh, he's not
Speaker 16: going to be really serious about this. It's going to
Speaker 16: be like the way you sort of, you know, put
Speaker 16: in a reservation on like a fancy sports car.
Speaker 15: There have been a couple moments where I'm like, oh,
Speaker 15: I started this thing with some other people a long
Speaker 15: time ago in this little office and then the world's
Speaker 15: richest man bought it, and it's this big news story.
Speaker 3: Like how did how did that happen?
Speaker 1: That's weird.
Speaker 17: Was there any part of you that was like, well,
Speaker 17: this is interesting. Maybe it's a little interesting.
Speaker 15: Yes, I like interesting things to happen, right, I'm not
Speaker 15: a fan of things staying the way they are. I mean,
Speaker 15: that's why we do tech, that's why we start new things.
Speaker 15: Twitter had been getting better and better, actually, the trajectory
Speaker 15: of improvements in the year or two prior to Elon.
Speaker 15: But then it was like Elon, Holy, Holy Holy, he
Speaker 15: does crazy things. This will be interesting and fun. We'll
Speaker 15: see what happens. Yeah, we made differ on this foot.
Speaker 16: Yeah, I mean I was just concerned because, like everything
Speaker 16: he was talking about that he wanted to do with
Speaker 16: the product seem pretty lightly considered. We got to defeat
Speaker 16: all the bots, and you know, there's all this stuff
Speaker 16: about like the culture wars. But it became clear over time. No,
Speaker 16: that is his primary interest in owning the platform. It's
Speaker 16: the kind of push on these particular cultural issues and
Speaker 16: his own personal use of the product he wants to
Speaker 16: make better.
Speaker 3: So how do you feel about what he's done so far?
Speaker 3: I don't think he's done it in quite right yet. Well,
Speaker 3: it's gone pretty poorly.
Speaker 16: I mean, just objectively speaking, the move's fast sort of
Speaker 16: mythos is blied by the most of the things that
Speaker 16: have been pushing out the door, like Twitter, Blue or
Speaker 16: view counts. Make sure you amplify my tweets so that
Speaker 16: everyone sees them, which is again, if you own the product,
Speaker 16: you can do that. It's just a curious way to
Speaker 16: product manage of Guess who'd want.
Speaker 2: To talk more? Emiy Chang, host of the circuit, Congratulations,
Speaker 2: thank you Emii. They could laugh and be lighthearted, but
Speaker 2: it must be emotional. And moreover, they were observers. There
Speaker 2: were people there in the trunches who was deeply emotional
Speaker 2: for and you got to speak to them too, absolutely so.
Speaker 17: Ev It was interesting because you know, he started off.
Speaker 17: You know, I was, I was interested. I thought, you know,
Speaker 17: maybe this could be cool. But when it actually happened,
Speaker 17: I was sad.
Speaker 10: You don't.
Speaker 17: I didn't think it was actually going to happen. And
Speaker 17: I was surprised at my own emotion. And he added that, yes,
Speaker 17: Elon Musk is brilliant, but nobody's brilliant about everything. And
Speaker 17: I did talk to four former employer a couple who
Speaker 17: were fired, one who was laid off, one who resigned,
Speaker 17: and they were also sad. So I think there's this
Speaker 17: level of grief at what could have been and the
Speaker 17: idea that Twitter's never going to be what it once was,
Speaker 17: even if it wasn't perfect right, even if it had
Speaker 17: a lot of work to do, even if things needed
Speaker 17: to be changed. You know, we're not going back to that.
Speaker 17: I think it's going to be hard.
Speaker 4: Emily, one of the few perks of this job is
Speaker 4: that I've seen the full episode. No spoises here, but
Speaker 4: you know, it's really authentic. You know, those are two
Speaker 4: well known names. They balance kind of acknowledging that Twitter
Speaker 4: needed to change with it was. It's not a success
Speaker 4: so far. What else can we expect in this series
Speaker 4: to come? What personalities, what kind of observations.
Speaker 2: So you know, as you both.
Speaker 17: Know, I've been I hosted this show for a really
Speaker 17: long time, and it was so amazing to talk to
Speaker 17: all of these people.
Speaker 2: Over the course of twelve years.
Speaker 17: What I really wanted to do with the circuit was
Speaker 17: go out into the field and spend more time with
Speaker 17: these people who are making huge decisions that are affecting
Speaker 17: the lives of billions and billions of people. So, you know,
Speaker 17: we're going into Brian Chesky, the CEO of Airbnb's Home.
Speaker 17: We are talking to Bill Gurley over barbecue in Texas.
Speaker 17: You're seeing Natalie Portman there, who just founded a women's
Speaker 17: soccer team, talking about how to apply tech models to
Speaker 17: women's sports. Sacha Nadella, We're going inside Open Ai, and
Speaker 17: you know, it was just a huge opportunity to talk
Speaker 17: about how tech is changing at this moment in time.
Speaker 4: No spoilers, but Emily and I will be doing a
Speaker 4: Twitter spaces at four pm easton one pm Pacific later
Speaker 4: and we'll give you some more details. Emily Chang so
Speaker 4: good to see new episodes of the circuit, airing every
Speaker 4: Thursday ten pm Eastern on Bloomberg TV. You can also
Speaker 4: catch you on the Bloomberg app eight pm Eastern, Bloomberg
Speaker 4: dot Com, and the Companion Podcast. That's it for Bloomberg Technology.
Speaker 3: This is Bloomberg