WEBVTT - Google, Microsoft, Snap Report and Qualcomm Unveils New Processor 0:00:01.560 --> 0:00:02.400 From Marhart. 0:00:02.400 --> 0:00:06.800 We're Innovation of Money and Power Collie in Silicon Valley, NBN. 0:00:07.160 --> 0:00:11.200 This is Bloomberg Technology with Caroline Hyde and Ed Ludlove. 0:00:25.720 --> 0:00:28.280 I'm Caroline Hyde of Bloomberg's world headquarters in New York, 0:00:28.760 --> 0:00:30.720 and I'm Ed Ludlow in San Francisco. 0:00:30.880 --> 0:00:34.199 This has been their technology coming up. 0:00:34.280 --> 0:00:37.280 Full earning's coverage ahead as we break down results from Google, 0:00:37.320 --> 0:00:39.760 Microsoft and Snap Plus. 0:00:39.760 --> 0:00:42.639 We'll preview what we can expect from Meta after the bell. 0:00:42.720 --> 0:00:46.440 Today we get a little look at the Quest three headset. 0:00:47.520 --> 0:00:49.519 And later in the hour we will have a conversation 0:00:49.600 --> 0:00:52.400 with the CEO of Qualcom as a chip Verm unveils 0:00:52.440 --> 0:00:55.120 a new processor to take on the likes of Apple 0:00:55.200 --> 0:00:57.800 and Intel. But first let's check in on these markets. 0:00:57.800 --> 0:00:59.840 And we're seeing my voice warming up as we start 0:00:59.840 --> 0:01:02.800 the show. The Nasdaq on the downside end of the moment, 0:01:02.800 --> 0:01:05.000 we're up by one point eight percent. This is as 0:01:05.000 --> 0:01:07.560 we see, of course, well some numbers coming out Google 0:01:07.600 --> 0:01:09.280 to the points. I know you'll get into the nittiqritty 0:01:09.280 --> 0:01:11.720 of the earnings. That just sink some of that well 0:01:11.760 --> 0:01:13.520 buoyancy that we've been seeing in some of the tech 0:01:13.600 --> 0:01:15.920 names of late a big tech on the downside is 0:01:15.959 --> 0:01:18.160 yield to push higher as well. This is actually your 0:01:18.160 --> 0:01:20.959 categorical sort of bear steepening going on at the moment. 0:01:21.000 --> 0:01:23.840 We actually see the yields that a long end of 0:01:23.840 --> 0:01:26.240 the curve, the tens the thirties really selling off more 0:01:26.280 --> 0:01:28.160 yields up some eight nine basis points. We've got a 0:01:28.200 --> 0:01:30.360 big five year auction coming up. We're down at like 0:01:30.400 --> 0:01:32.319 four point nine to one, so not off. We're still 0:01:32.319 --> 0:01:35.000 not those highs ahead of five percent, but still we're 0:01:35.000 --> 0:01:36.440 seeing some sell off in the bond market, and I'm 0:01:36.440 --> 0:01:39.480 looking at Bitcoin continuing to rally. We're up three and 0:01:39.480 --> 0:01:42.319 a half percent. But break down the individual micromoves at 0:01:42.319 --> 0:01:42.760 the moment. 0:01:42.680 --> 0:01:44.679 Ed, Yeah, I mean we are in it. 0:01:44.760 --> 0:01:47.120 This is earnings, and earnings matter again, not just if 0:01:47.120 --> 0:01:48.960 you're an investor, but you get a good lens into 0:01:49.000 --> 0:01:52.640 the end markets, particularly in all kinds of consumer electronics 0:01:52.680 --> 0:01:55.360 and electronics broadly. That's why I look at Texas Instruments 0:01:55.400 --> 0:01:58.520 gave a revenue forecast which suggests that actually those end 0:01:58.560 --> 0:02:01.560 markets are not recovering at the pace that we'd hope. 0:02:01.640 --> 0:02:04.440 Texas Instrument makes all kinds of semiconductors that go into 0:02:04.440 --> 0:02:06.920 all kinds of things. The big ones last night were 0:02:07.000 --> 0:02:09.440 Microsoft and Google. It was a tale of two clouds. 0:02:09.880 --> 0:02:12.639 Mega growth on the cloud side for Microsoft, powered by 0:02:12.800 --> 0:02:16.400 the hype around AI, but Google Cloud miss estimates all 0:02:16.440 --> 0:02:18.760 its other segments beat but Google Cloud missed. And we 0:02:18.800 --> 0:02:20.679 will get into that in just a moment. And as 0:02:20.680 --> 0:02:23.840 you said after the bell, you then have Meta and Snap. 0:02:23.919 --> 0:02:25.840 It's interesting to look at how they trade and the 0:02:25.880 --> 0:02:30.680 structure of this week because oftentimes Alphabet will report earnings first. 0:02:30.760 --> 0:02:33.920 That gives us a lens into the advertising industry resilience 0:02:33.960 --> 0:02:37.480 and stability in search and YouTube, but there is concern 0:02:37.680 --> 0:02:40.040 in Snap and Meta, both down more than two percent. 0:02:40.639 --> 0:02:42.960 We will also get the hardware story of Meta. How 0:02:43.000 --> 0:02:45.440 did Quest three go down on the mixed reality side? 0:02:45.520 --> 0:02:48.600 How much is it committed to spending on its metaverse 0:02:48.680 --> 0:02:52.160 vision alongside working in AI. So much going on, Let's 0:02:52.200 --> 0:02:54.680 digest it all and bring in Daniel Newman, the Future 0:02:54.680 --> 0:02:57.520 and Group CEO, And I think let's start on those 0:02:57.880 --> 0:03:00.320 kind of cloud names, the taiale of two cloud And 0:03:00.400 --> 0:03:04.080 I ask a simple question, why can Microsoft Azual grow 0:03:04.120 --> 0:03:08.520 and Corporate Cloud grow but Google Cloud platform not grow 0:03:08.520 --> 0:03:10.240 in the same way. 0:03:11.160 --> 0:03:12.800 Well, I think It's a bit of a tale of 0:03:12.880 --> 0:03:16.080 good and great. Right now, the market wants great. We 0:03:16.160 --> 0:03:20.560 know the macroeconomic environment is complicated, with interest rates still 0:03:20.680 --> 0:03:23.880 very sticky, we know that inflation is still here, and 0:03:23.919 --> 0:03:26.240 people want blowout results if they're going. 0:03:26.080 --> 0:03:29.760 To send those buy signals. I'm not as bearish on Google. 0:03:29.800 --> 0:03:32.280 I've looked at the technology, I've seen the adoption, I've 0:03:32.280 --> 0:03:35.520 talked to its customers, and twenty two percent growth isn't terrible. 0:03:35.960 --> 0:03:38.920 The company missed by twenty million dollars. Having said that, 0:03:39.000 --> 0:03:42.080 Microsoft returned to a faster pace of growth, and it 0:03:42.120 --> 0:03:44.960 wasn't just the faster pace of growth of Azure. And 0:03:45.600 --> 0:03:48.600 what I think it really was was the company's ability 0:03:48.640 --> 0:03:52.200 to explain how AI is driving revenue, how much Azure 0:03:52.640 --> 0:03:56.240 was being driven three percent versus two percent the. 0:03:56.240 --> 0:03:57.320 Thirty dollars ahead. 0:03:57.320 --> 0:04:01.280 The company's done a magnificent job of explaining its AI 0:04:01.320 --> 0:04:04.120 strategy and how AI is going to drive top line revenue. 0:04:04.360 --> 0:04:06.960 I just don't think Google's story was as compelling there. 0:04:07.240 --> 0:04:10.240 But I'm not as bearish on Google Cloud. There's so 0:04:10.360 --> 0:04:13.600 much cloud growth to come, and our forecasts at Future 0:04:13.600 --> 0:04:16.280 of our Intelligence forecasts say cloud is where it's going 0:04:16.320 --> 0:04:18.000 to happen, and I still think the. 0:04:18.640 --> 0:04:20.960 War is on a danue. 0:04:21.040 --> 0:04:23.720 I spiked rief Parat, who is now the president, chief 0:04:23.720 --> 0:04:26.920 investment officer, and CFO, and she gave me a very 0:04:26.920 --> 0:04:31.200 short answer, customer, cost optimization is what accounted for that 0:04:31.279 --> 0:04:32.040 cloud number? 0:04:34.080 --> 0:04:36.280 What does that mean to your mind? 0:04:37.640 --> 0:04:41.520 Well, so, right now, as I suggested, the macro is 0:04:41.600 --> 0:04:45.080 still complicated and businesses are still sort of weighing invest 0:04:45.160 --> 0:04:48.720 and grow, maybe go a little bit slower. We know 0:04:48.880 --> 0:04:53.440 that the opportunity around AI is very bullish, and companies 0:04:53.520 --> 0:04:57.960 see productivity gains, they see the opportunities to create efficiencies. 0:04:58.000 --> 0:05:00.600 But we're also still hearing about companies laye people off. 0:05:01.040 --> 0:05:03.880 They're weighing how quickly can we make an investment in 0:05:03.920 --> 0:05:06.479 AI and how quickly can we see a return? And 0:05:06.520 --> 0:05:09.880 are we looking to ten x productivity through the investment 0:05:09.920 --> 0:05:13.680 in these capabilities or are we potentially looking to optimize 0:05:13.680 --> 0:05:16.440 and reduce our cost structures. And until we see a 0:05:16.440 --> 0:05:19.960 little bit more stability in the macro environment, I think 0:05:20.000 --> 0:05:23.760 companies are going to be a little bit more cautious. 0:05:23.839 --> 0:05:26.200 So this is where Microsoft kind of stood out, and 0:05:26.320 --> 0:05:28.800 it looked across their portfolio it wasn't the same Like 0:05:28.800 --> 0:05:31.520 in Microsoft, everyone's just go, go go, but I don't 0:05:31.560 --> 0:05:33.640 necessarily know that that's true across the board. 0:05:35.400 --> 0:05:38.800 Okay, interesting that you're saying, Still the macro picture is mixed. 0:05:39.000 --> 0:05:42.159 Drill into what really Microsoft was showing that it's in 0:05:42.200 --> 0:05:43.559 the right markets at the right time. 0:05:44.760 --> 0:05:47.599 I think they have told the story longer. They have 0:05:47.760 --> 0:05:51.120 their numbers and their metrics well defined. We're talking about 0:05:51.400 --> 0:05:54.279 specifically being able to bear into what part of the business. 0:05:54.320 --> 0:05:55.960 I mean, you're talking about maybe a one to two 0:05:56.000 --> 0:05:58.480 percent depending on the currency adjustment on a year over 0:05:58.560 --> 0:06:01.440 year growth basis, But it was master growth than Google 0:06:01.520 --> 0:06:04.360 twenty two versus upper twenties, and so everyone's saying, Ooh, 0:06:04.400 --> 0:06:08.039 Google bad, Microsoft good. I actually think the weight went 0:06:08.120 --> 0:06:11.160 to the company being able to explain its Azure growth 0:06:11.200 --> 0:06:12.720 and the AI impact. 0:06:12.400 --> 0:06:14.719 Of it three percent versus two percent. 0:06:14.440 --> 0:06:16.880 Meaning more and more of the revenue in Azure is 0:06:17.279 --> 0:06:20.160 related to the company's AI. And then over the last quarter, 0:06:20.200 --> 0:06:22.880 it's been able to talk about its AIPC concepts. It's 0:06:22.920 --> 0:06:25.360 been able to talk about it's thirty dollars per head 0:06:25.360 --> 0:06:28.320 for Copilot, five dollars per head for being enterprise search. 0:06:28.680 --> 0:06:29.520 With Copilot. 0:06:29.600 --> 0:06:33.080 These capabilities are very easy for someone to plug into 0:06:33.080 --> 0:06:35.360 a spreadsheet and say, where's the growth going to come 0:06:35.400 --> 0:06:38.240 from the TAM expansion. And if Microsoft keeps going and 0:06:38.240 --> 0:06:40.920 getting their story out better, it puts all the other 0:06:41.000 --> 0:06:43.960 cloud players at a disadvantage. So that's why I said, 0:06:43.960 --> 0:06:45.800 it's not a tale of good and bad, but it 0:06:45.839 --> 0:06:49.080 is a tale of okay, good and great. And Microsoft 0:06:49.080 --> 0:06:51.120 did a great job of explaining their AI story. 0:06:52.880 --> 0:06:54.400 You did a great job explaining it to us. We 0:06:54.440 --> 0:06:57.039 thank you, Dan and Newman A feature and group of course, 0:06:57.080 --> 0:07:00.200 all things alphabet Microsoft. Let's turn to Snap because well 0:07:00.200 --> 0:07:02.360 this is kind of a macro picture for us as well. 0:07:02.400 --> 0:07:04.960 And but please to welcome Jasmin Emberg, a principle analyst 0:07:04.960 --> 0:07:07.800 in Insider Intelligence. You lead coverage for social media for 0:07:08.120 --> 0:07:12.920 Creator Economy, and well, Snap actually managing to initially rally 0:07:13.120 --> 0:07:15.480 on the fact that its numbers looked better than expected. 0:07:15.560 --> 0:07:19.000 But is this fragile or is this showing actually a 0:07:19.080 --> 0:07:20.920 return to growth when it comes to markets? 0:07:21.920 --> 0:07:24.240 Well, I look, the revenue growth in Q three was 0:07:24.320 --> 0:07:27.840 certainly good news for investors and others who've been wondering 0:07:27.880 --> 0:07:30.400 whether Snap has what it takes to turn its ad 0:07:30.440 --> 0:07:33.920 business around. I think there are some worries and some concerns, 0:07:33.920 --> 0:07:38.840 specifically around the impact of the Israel Hama's war on 0:07:38.880 --> 0:07:42.320 its ad business in Q four, which Snap itself warned about. 0:07:42.680 --> 0:07:45.480 Q four tends to be a quarter that is more 0:07:45.520 --> 0:07:49.120 heavily weighted towards brand advertising. Brands tend to be more 0:07:49.200 --> 0:07:51.600 risk averse, so it's possible that there will be some 0:07:51.960 --> 0:07:54.200 impact on it. But I think in three months from now, 0:07:54.240 --> 0:07:56.840 we also have to remember that Snap is on a 0:07:56.880 --> 0:07:59.400 good path and if it can continue this momentum, it 0:07:59.440 --> 0:08:01.760 will end the year in a better place than where 0:08:01.760 --> 0:08:02.160 it began. 0:08:04.360 --> 0:08:06.880 I'm interested as to where it's invested. We were just 0:08:06.880 --> 0:08:09.280 talking about how Microsoft got itself in the right place 0:08:09.280 --> 0:08:12.520 at the right time around AI, and Snap was really 0:08:12.560 --> 0:08:15.120 innovating in that space, but it didn't pay off. How 0:08:15.120 --> 0:08:18.040 are we seeing those innovations eventually looking to reap some reward. 0:08:19.040 --> 0:08:21.320 Well, I think AI is where Snap needs to be 0:08:21.360 --> 0:08:23.920 innovating right now, and it's definitely made some moves in 0:08:23.920 --> 0:08:26.560 that direction. At the end of Q three, it's shuttered 0:08:26.600 --> 0:08:31.640 it's ares areas, excuse me, it's ar licensing division, which 0:08:31.760 --> 0:08:34.720 when I saw the technology was really promising. But I 0:08:34.760 --> 0:08:37.800 think with the focus being on AI right now. Those 0:08:37.840 --> 0:08:42.360 investments were becoming really difficult to maintain and to justify 0:08:42.400 --> 0:08:43.199 it for the company. 0:08:44.800 --> 0:08:46.880 So the big one after the bell is Meta. And 0:08:46.960 --> 0:08:48.560 you heard me say at the top of the program, 0:08:48.640 --> 0:08:51.160 jazmind it. You know the shares are lower. I think 0:08:51.200 --> 0:08:54.560 folks look at Alphabet and think broadly about advertising, and 0:08:54.600 --> 0:08:57.200 then they think about Meta. But the meta story got 0:08:57.200 --> 0:09:01.400 so complicated metaverse or no metaverse? Then AI, and then 0:09:01.400 --> 0:09:03.520 the bread and butter is ads. What are you expecting? 0:09:04.559 --> 0:09:06.480 Well, in terms of the ad business, there is a 0:09:06.520 --> 0:09:08.600 lot to like about Meta right now. You know, it 0:09:08.679 --> 0:09:12.520 started its rebound already in Q two, and internally we're 0:09:12.520 --> 0:09:16.080 predicting more of the same this quarter. I'll be looking 0:09:16.160 --> 0:09:18.920 to see more about Real's monetization, which we know is 0:09:18.960 --> 0:09:21.920 monetizing at a better rate right now. I'm also curious 0:09:21.960 --> 0:09:25.600 to hear more about the subscription service that it's potentially 0:09:25.679 --> 0:09:28.719 rolling out in Europe, as well as Threads monetization. We've 0:09:28.760 --> 0:09:31.280 seen maybe perhaps a little bit of an uptick and 0:09:31.360 --> 0:09:33.840 engagement on that platform. At least Meta is trying to 0:09:33.920 --> 0:09:36.720 drive more usage there, so be curious to see how 0:09:36.760 --> 0:09:38.280 those things start playing out. 0:09:39.760 --> 0:09:42.679 All right, Jasmine Enberg of Insider Intelligence. Great to have 0:09:42.760 --> 0:09:46.480 you on the program. Let's stick with meta Its first 0:09:46.520 --> 0:09:50.560 truly mixed reality headset, The Quest three is available and 0:09:50.600 --> 0:09:53.520 the expectation is we'll be talking about it at earnings 0:09:53.520 --> 0:09:54.120 after the bell. 0:09:54.360 --> 0:09:56.160 I've got hands on check this out. 0:09:57.040 --> 0:10:00.760 Meta's Quest three, the latest mixed reality had set, is 0:10:00.880 --> 0:10:03.679 lighter and thinner than Quest two, but with similar video 0:10:03.720 --> 0:10:06.920 game style wireless controllers. Launching apps and games is smoother 0:10:07.120 --> 0:10:10.160 with improved graphics. That's partly down to an updated processor, 0:10:10.240 --> 0:10:13.319 a second generation Qualcomm Snapdragon. 0:10:13.040 --> 0:10:13.880 XR two chip. 0:10:13.960 --> 0:10:16.199 The five hundred dollars Quest three allows you to switch 0:10:16.240 --> 0:10:21.040 between augmented reality and virtual reality modes. You can play games, exercise, 0:10:21.280 --> 0:10:24.760 and explore virtual galaxies. Augmented reality is powered by dual 0:10:24.760 --> 0:10:28.520 colour pass through cameras. This game projects puffians you have 0:10:28.600 --> 0:10:31.480 to catch against the backdrop of the real world around you. 0:10:31.640 --> 0:10:33.880 The virtual world you can explore in the Quest three 0:10:34.040 --> 0:10:37.720 also have higher resolution. More games are coming. Metas partnered 0:10:37.760 --> 0:10:40.800 with Microsoft to bring Xbox Cloud Gaming to the device 0:10:41.040 --> 0:10:44.360 in December. I also got quite a workout boxing in 0:10:44.400 --> 0:10:48.520 full virtual reality. We also tested the latest Meta smart glasses, 0:10:48.800 --> 0:10:51.560 made in partnership with RayBan Metas upgraded the tech with 0:10:51.640 --> 0:10:55.480 a twelve megapixel camera and five microphones. The glasses can 0:10:55.520 --> 0:10:59.120 take photos, record video, and start a live stream through 0:10:59.240 --> 0:11:03.680 voice control. A static led light indicates a photo being taken, 0:11:04.000 --> 0:11:07.760 flashing light means a video is being captured. The glasses 0:11:07.840 --> 0:11:11.120 also come equipped with Meta AI, the company's AI assistant. 0:11:11.280 --> 0:11:17.080 Hey Meta, take a photo. You can send content directly 0:11:17.120 --> 0:11:20.000 from the glasses to a friend via a Messenger or WhatsApp, 0:11:20.120 --> 0:11:23.560 and live stream video to Instagram or Facebook. 0:11:34.760 --> 0:11:37.640 We've all been affected in it one way or another. Families, friends, 0:11:37.640 --> 0:11:41.320 fertility treatments. They're often very expensive and in some areas 0:11:41.360 --> 0:11:44.760 actually inaccessible. As why startups like Geya they aim to 0:11:44.760 --> 0:11:47.599 prioritize inclusivity for its customers. In fact, the company was 0:11:47.640 --> 0:11:49.720 launched in twenty twenty two and it's raised already twenty 0:11:49.720 --> 0:11:52.600 three million dollars. Has also been featured on Bloomberg's UK's 0:11:52.640 --> 0:11:55.040 list of startups to watch. Tell us a little bit more. 0:11:55.240 --> 0:11:57.760 Let's see Art's chief of staff over at Gaya and 0:11:58.360 --> 0:12:00.360 can you just explain a little bit about in at 0:12:00.520 --> 0:12:04.800 innovative model here? How are you enabling basically any partnership 0:12:04.840 --> 0:12:07.880 to be able to look at accessing IBF. Yeah, absolutely so. 0:12:08.000 --> 0:12:10.080 Guya was really born out of our founder and nadows 0:12:10.120 --> 0:12:12.920 like experience with IVF and he first hand went through 0:12:13.280 --> 0:12:16.280 five IVF cycles, four failed rounds, and he just realized 0:12:16.559 --> 0:12:19.000 how broken the system really was, and the first thing 0:12:19.040 --> 0:12:21.120 he wanted to improve was access because he saw the 0:12:21.120 --> 0:12:23.360 financial gamble that people take. You have to save up 0:12:23.400 --> 0:12:25.439 all this money upfront in order to go through treatment. 0:12:26.000 --> 0:12:28.720 And so what we've done at Gia's we've basically created 0:12:28.760 --> 0:12:31.560 the most affordable way to start and protect your treatment. 0:12:31.679 --> 0:12:35.120 So people will pay Gaya a small protection fee to 0:12:35.200 --> 0:12:38.000 start treatment, and then GIA pays the clinics and takes 0:12:38.600 --> 0:12:41.120 care of the whole administrative burden that goes on, you know, 0:12:41.160 --> 0:12:43.679 behind the scenes, like paying invoices and all of that, 0:12:43.760 --> 0:12:46.040 and the member just focuses on going through treatment and 0:12:46.080 --> 0:12:48.720 they pay Guya back in monthly installments if and when 0:12:48.720 --> 0:12:50.559 they have a child, and if they don't have a child, 0:12:50.600 --> 0:12:51.640 they have nothing more to pay. 0:12:52.280 --> 0:12:54.680 So, but how do you take on that financial burden 0:12:54.720 --> 0:12:59.199 if after desperately sad several rounds, they decided are they 0:12:59.360 --> 0:13:01.520 inevitably believe realized they can't have a chance. 0:13:01.720 --> 0:13:03.600 How does guya take on that pund Yeah, So we 0:13:03.640 --> 0:13:05.760 actually have insurers who underwrite the risk for us. So 0:13:05.760 --> 0:13:08.320 we've built a model based on you know, million data 0:13:08.320 --> 0:13:10.600 points from clinical data sets of all the IVF outcomes 0:13:10.640 --> 0:13:13.400 since the early nineties, and so we predict our members' 0:13:13.440 --> 0:13:16.080 chances of success over a certain number of rounds, and 0:13:16.160 --> 0:13:17.480 our underwriters take. 0:13:17.280 --> 0:13:20.920 On that risk. So how innovative was this story to 0:13:20.920 --> 0:13:23.240 be able to tell to vcs? How easy was it 0:13:23.320 --> 0:13:26.200 to convince and to raise money or not? As case maybe, so. 0:13:26.240 --> 0:13:28.480 I think it was quite difficult, and especially actually, you know, 0:13:28.520 --> 0:13:30.760 at first, to convince the underwriters this is like a 0:13:30.800 --> 0:13:32.319 new model. And so we feel very lucky to have 0:13:32.360 --> 0:13:35.319 been backed by three incredible underwriters who really understood and 0:13:35.360 --> 0:13:37.400 worked with us to build this product from the ground up. 0:13:37.840 --> 0:13:39.800 And we're also incredibly lucky to have vcs who really 0:13:39.880 --> 0:13:42.040 understand the space and you know, didn't dismiss it as 0:13:42.080 --> 0:13:45.120 a more niche sort of you know, woman's health topic 0:13:45.160 --> 0:13:47.880 and really understood like how big and important the topic was. 0:13:47.920 --> 0:13:50.400 And so we feel very lucky with our backers. Our 0:13:50.440 --> 0:13:51.079 underwriters are. 0:13:51.040 --> 0:13:53.839 Not our vcs, and it's notable that you know, might 0:13:53.880 --> 0:13:57.200 be labeled femtech, but male founder and IVF problems are 0:13:57.600 --> 0:14:00.400 also male and female in many ways. And I mean 0:14:00.640 --> 0:14:02.880 I'm sat here today because of IVF. So this is 0:14:02.920 --> 0:14:05.480 a long term set of data points you can lean 0:14:05.520 --> 0:14:08.880 on how easy or difficult was it to access that data? 0:14:08.920 --> 0:14:10.560 So you have to do sort of an application with 0:14:10.600 --> 0:14:13.400 a research you know, assistant who's helping us get access 0:14:13.400 --> 0:14:15.480 to it. And we've done a huge amount of research, 0:14:15.520 --> 0:14:17.840 you know, looking into whether it be AMI effects it, 0:14:17.840 --> 0:14:19.880 whether you should have BEMI cutoff points, age cut off 0:14:19.880 --> 0:14:22.560 points to really also increase access in that manner, and 0:14:22.600 --> 0:14:25.720 so you have to put an application to access it. 0:14:25.760 --> 0:14:27.680 And we you know, we get data from our partner 0:14:27.680 --> 0:14:30.240 clinics and all anonymous, but we work hard to get 0:14:30.320 --> 0:14:31.800 data to make sure we're increasing access. 0:14:32.160 --> 0:14:34.960 Is it all British data or a UK based company? 0:14:35.000 --> 0:14:37.360 Are you learned to go geographically wider? 0:14:37.400 --> 0:14:39.600 Yeah, we're currently based in the UK, but definitely also 0:14:39.600 --> 0:14:41.240 operate in Spain and Greece because there's a lot of 0:14:41.280 --> 0:14:43.640 IVF tourism to these countries and then we are looking 0:14:43.680 --> 0:14:45.520 to expand to more markets, So more news on that 0:14:45.560 --> 0:14:46.240 early next year. 0:14:46.600 --> 0:14:50.320 And how different is it accessing different markets in different 0:14:50.520 --> 0:14:53.880 ways in which IVF is offered and functions and indeed 0:14:53.920 --> 0:14:57.000 access to data in different geographies. 0:14:57.040 --> 0:14:58.320 Yeah, it's a good question. I mean, so in a 0:14:58.360 --> 0:15:00.520 lot of countries, you know, you have different funding by 0:15:00.560 --> 0:15:03.480 the states. Some countries are better than others. UK, like 0:15:03.520 --> 0:15:05.840 sixty five percent of IVF cycles are paid out of pocket. 0:15:06.200 --> 0:15:09.720 US is another high private pay market, and so you know, 0:15:09.760 --> 0:15:11.280 you do have to look at what exists in these 0:15:11.320 --> 0:15:15.480 market before before entering. In terms of getting access to data, 0:15:15.880 --> 0:15:18.560 it's about like working with our partners, working with researchers. 0:15:19.800 --> 0:15:21.360 The good thing about IVF is that it does have 0:15:21.440 --> 0:15:23.920 outcome data from since IVF started and then you know 0:15:24.040 --> 0:15:28.440 in the seventies, nineteen seventy eight. Yeah, exactly, So we 0:15:28.480 --> 0:15:30.120 do have all that outcome data that we have access 0:15:30.160 --> 0:15:32.160 to and that we that we can use in order 0:15:32.160 --> 0:15:33.000 to improve our models. 0:15:33.080 --> 0:15:35.280 And I'm pretty sure AI is going to be being 0:15:35.320 --> 0:15:37.840 pretty useful as well. Alexia, it's great to have some 0:15:37.880 --> 0:15:40.800 time with you. Thank you, of course, featured on our 0:15:40.920 --> 0:15:43.280 Startups to Watch list here in the UK, Alexia. 0:15:43.000 --> 0:15:54.320 Arts of Gaya. Time now for talking tech. 0:15:54.440 --> 0:15:57.680 First up, the Chinese government calling it's proven to fox 0:15:57.720 --> 0:16:01.400 con quote normal law enforcement Chinese state media announced this 0:16:01.440 --> 0:16:04.800 weekend that government regulators are conducting tax audits and reviewing 0:16:04.840 --> 0:16:07.480 land use of fox Con. Fox Con says it will 0:16:07.480 --> 0:16:11.000 work with authorities. Meanwhile, Japan is aiming to secure an 0:16:11.000 --> 0:16:14.640 additional ten billion dollars in subsidies for two semiconductor projects. 0:16:14.640 --> 0:16:16.880 More than half will be set aside for a second 0:16:16.920 --> 0:16:20.200 TSMC factory in southwestern Japan. The new factory is expected 0:16:20.240 --> 0:16:24.120 to make nanometer logic chips. Plus Apple Well, It's set 0:16:24.160 --> 0:16:26.880 to revamp its TV app as part of an effort 0:16:26.960 --> 0:16:29.000 to become well a larger player in the streaming world. 0:16:29.240 --> 0:16:32.560 Changes include discontinuing apps on the Apple TV set top 0:16:32.640 --> 0:16:35.440 box and let users buy and rent movies and shows. 0:16:35.600 --> 0:16:38.520 We'll also remove the movie and TV show sections from 0:16:38.560 --> 0:16:41.880 the iTunes store app and for more. Let's dig into 0:16:41.880 --> 0:16:44.960 this scoop one and only Mark German, and it's plenty 0:16:45.040 --> 0:16:47.320 talked about across online at the moment. Today, Mark just 0:16:47.560 --> 0:16:49.760 tell us a little bit about how they think these 0:16:49.840 --> 0:16:51.040 changes will help them compete. 0:16:51.920 --> 0:16:53.800 Yeah, this is a pretty big upgrade coming to the 0:16:53.840 --> 0:16:56.720 TV app on the Apple TV. They're adding a new 0:16:56.760 --> 0:16:58.920 sidebar and a new interface that makes it look more 0:16:58.960 --> 0:17:01.960 like Netflix. The current TV app, if anyone has used 0:17:01.960 --> 0:17:05.159 it on the Apple TV is not very intuitive. The 0:17:05.160 --> 0:17:08.120 idea is to aggregate content from a number of sources. 0:17:08.160 --> 0:17:10.960 TV Plus, which by the way, Apple announced this morning, 0:17:11.000 --> 0:17:13.280 is getting a price increase from seven dollars a month 0:17:13.280 --> 0:17:15.200 to ten dollars a month, and I'm sure we'll talk 0:17:15.240 --> 0:17:17.520 more about that over the course of the day. It 0:17:17.560 --> 0:17:22.440 integrates from there apps like ESPN, Amazon Prime Live News. 0:17:22.240 --> 0:17:23.800 Other live sports networks, but. 0:17:23.800 --> 0:17:26.080 It's a little confusing to navigate, so this is designed 0:17:26.080 --> 0:17:28.800 to simplify it. They're also going to be removing the 0:17:28.880 --> 0:17:32.000 iTunes Movie and iTunes TV Show apps from the Apple 0:17:32.040 --> 0:17:35.320 TV and from the iTunes Store app on iOS. The 0:17:35.359 --> 0:17:37.199 reason they're doing that is you can already buy that 0:17:37.280 --> 0:17:39.480 content in the TV app, and they want to push 0:17:39.600 --> 0:17:42.600 anyone looking to watch video on their devices to the 0:17:42.640 --> 0:17:45.720 TV app. Obviously that's the center of their video strategy. 0:17:45.720 --> 0:17:48.080 Now that's where you can sign up for these subscriptions, 0:17:48.280 --> 0:17:51.480 both Apple TV channel add ons plus the now ten 0:17:51.520 --> 0:17:52.879 dollars a month TV Plus service. 0:17:53.680 --> 0:17:55.000 You're right that we'll talk about it. 0:17:55.040 --> 0:17:57.040 The breaking news of the day is that Apple is 0:17:57.119 --> 0:18:01.560 raised prices marked across basically all of it services where 0:18:01.560 --> 0:18:05.400 the price increases and why really, Yeah, so. 0:18:05.320 --> 0:18:07.000 Going from seven a month to ten a month for 0:18:07.000 --> 0:18:09.720 Apple TV Plus. Now over the past year they've doubled 0:18:09.720 --> 0:18:11.760 the price because they increased it from five to seven 0:18:11.800 --> 0:18:14.600 dollars a month October last year, so now ten dollars 0:18:14.640 --> 0:18:17.720 a month for Apple TV plus Apple Music that price 0:18:17.760 --> 0:18:21.120 increase from ten to eleven dollars last year. That remains, 0:18:21.440 --> 0:18:24.240 but Newsplus is going from ten dollars a month to 0:18:24.280 --> 0:18:27.160 thirteen dollars per month, and Apple Arcade is going from 0:18:27.560 --> 0:18:30.120 five dollars a month to seven dollars a month now. 0:18:30.119 --> 0:18:33.000 These increases come as they've expanded the content offerings in 0:18:33.040 --> 0:18:36.240 both Apple Arcade as well as Apple TV Plus. Apple 0:18:36.240 --> 0:18:40.040 tv Plus is getting more shows very frequently. There have 0:18:40.119 --> 0:18:43.840 been hits lately. Obviously, everyone's been talking about the Scorsese. 0:18:43.440 --> 0:18:44.160 Movie on there. 0:18:44.800 --> 0:18:47.360 Apple Arcade, they've doubled the amount of games they've had 0:18:47.359 --> 0:18:49.159 on there since they launched it at five dollars a 0:18:49.160 --> 0:18:52.520 month in twenty nineteen. News Plus they need more revenue 0:18:52.560 --> 0:18:56.119 to pay publishers more money. Right, publishers are even losing 0:18:56.119 --> 0:18:58.520 money or not making so much money on Newsplus, so 0:18:58.560 --> 0:19:01.200 hopefully publishers are now going to get an increased revenue 0:19:01.240 --> 0:19:03.560 share because of this, rather than the money going into 0:19:03.600 --> 0:19:07.160 Apple's pocket. In terms of their other services, Apple one 0:19:07.240 --> 0:19:09.679 bundles those who went up quite significantly as well to 0:19:09.720 --> 0:19:13.240 incorporate those price increases. But Fitness Plus and iCloud. 0:19:13.000 --> 0:19:13.600 Stay the same. 0:19:14.359 --> 0:19:16.919 I think that's Mark German and all things Apple. Thank you. 0:19:17.600 --> 0:19:20.960 Also out across the Bloomberg universe, Ruin is the first 0:19:20.960 --> 0:19:25.320 documentary by Bloomberg originals that dives into the collapse of FTX, 0:19:25.359 --> 0:19:28.800 as narrated by Bloomberg journalists and some of the central 0:19:28.920 --> 0:19:31.120 players in the rise of these assets. 0:19:31.119 --> 0:19:32.920 Here's a sneak preview of the film. 0:19:33.480 --> 0:19:36.520 I don't think he even had almost a conception at 0:19:36.520 --> 0:19:38.680 some points that it was wrong or right. 0:19:38.920 --> 0:19:40.640 I think he just had the mentality that he has 0:19:40.680 --> 0:19:40.960 to win. 0:19:41.080 --> 0:19:45.520 It was almost like trying to explain like business ethics 0:19:45.560 --> 0:19:46.680 one O one to a baby. 0:19:47.400 --> 0:19:50.160 Sama has basically become a villain in everyone's minds. 0:19:50.520 --> 0:19:53.760 This committee will not stop until we uncover the bull 0:19:53.840 --> 0:19:57.159 through behind the collapse of FTX. Will this be the 0:19:57.240 --> 0:19:58.120 last of its kind? 0:19:58.480 --> 0:20:01.280 No, this is the nature of happened was and get. 0:20:01.000 --> 0:20:11.080 Over joining us with more Bloomberg's Max Chafkin, and my goodness, 0:20:11.160 --> 0:20:13.359 what a project to be involved and tell us about it. 0:20:13.720 --> 0:20:16.080 Yeah, I mean, and it's it's continuing on. I mean, 0:20:16.119 --> 0:20:19.600 we we just learned hours ago that we'll get testimony 0:20:19.800 --> 0:20:22.800 from Sam Bankman Freed in the trial. You know, this 0:20:22.920 --> 0:20:26.280 is has been a year of just crazy news, a 0:20:26.359 --> 0:20:29.800 time in which Sam Bankman Freed went from being you know, 0:20:30.160 --> 0:20:32.920 seen as as one of the members of the establishment, 0:20:33.160 --> 0:20:35.879 you know, the one of the youngest billionaires ever to 0:20:36.000 --> 0:20:39.800 being potentially facing a life sentence and we could you know, 0:20:39.840 --> 0:20:43.000 get a verdict as as early as next week, if 0:20:43.040 --> 0:20:46.160 not the week after. So so really a lot happening 0:20:46.200 --> 0:20:50.840 here in Crypto and a real reckoning after you know, 0:20:50.960 --> 0:20:53.120 years of really serious growth. 0:20:54.960 --> 0:20:58.360 And there was always sort of more and more extraordinary 0:20:59.000 --> 0:21:02.720 parts to this story, shocking anecdotes. What took you most 0:21:03.240 --> 0:21:05.480 by surprise, Max, when you were really deep diving into 0:21:05.480 --> 0:21:06.720 this making, I mean. 0:21:06.600 --> 0:21:11.400 To me, the most surprising thing here was just the 0:21:11.440 --> 0:21:14.119 way that Sam Bankmin Freed, of course, sort of talked 0:21:14.119 --> 0:21:17.280 his way into this amazing position, this position where he 0:21:17.400 --> 0:21:20.840 was in the room with famous venture capitalists and politicians 0:21:20.880 --> 0:21:23.359 and celebrities and Tom Brady and so on. And he 0:21:23.480 --> 0:21:26.920 essentially attempted the same strategy on the way down right. 0:21:26.960 --> 0:21:30.639 We saw him talking giving these kind of bizarre, meandering 0:21:30.680 --> 0:21:35.200 interviews in the month, weeks and months after FTX had 0:21:35.200 --> 0:21:37.520 gone bankrupt. And again I think we're going to see 0:21:37.640 --> 0:21:40.800 kind of a crescendo of that when he takes the stand. 0:21:41.080 --> 0:21:42.680 This is somebody who. 0:21:42.800 --> 0:21:44.920 Has you know, been able to wrap a lot of 0:21:44.960 --> 0:21:53.200 people around his finger and watching that all unravel again staggering. 0:21:51.400 --> 0:21:54.320 Moos mats Chefkin, thank you very much and ruin money, 0:21:54.400 --> 0:21:58.359 ego and deception at FTX as Wednesday at eight pm 0:21:58.440 --> 0:22:10.560 New York time here on Bloomberg Television, Welcome back to 0:22:10.560 --> 0:22:14.560 Bloomberg Technology. Ed Ludlow here in San Francisco. 0:22:15.080 --> 0:22:17.840 And I'm Karen Hyed right here in London. And in 0:22:17.880 --> 0:22:19.480 fact we want to be talking a little bit more 0:22:19.520 --> 0:22:22.560 about the world of the UK VC. In the UK 0:22:22.720 --> 0:22:25.840 it's VC spotlight. Just two months ago, Silicon Valley firm IVP, 0:22:26.320 --> 0:22:29.800 born in the nineteen eighties, took a leap across the pond, 0:22:29.880 --> 0:22:32.840 opening office right here in London. Nearly twenty years after 0:22:33.000 --> 0:22:35.639 it first aver actually started investing in Europe as a sphere. 0:22:35.880 --> 0:22:38.360 Ivp's Alex Lim joins us now to discuss what has 0:22:38.400 --> 0:22:41.880 been well. I decided boots on ground mentality like, why 0:22:41.920 --> 0:22:45.320 did you decide, having already had some big hits UiPath, 0:22:45.400 --> 0:22:47.480 you've been in Supercell, why did you need to be 0:22:47.560 --> 0:22:49.480 here to access European talent a bit more? 0:22:49.640 --> 0:22:49.960 Yeah. 0:22:50.000 --> 0:22:54.719 Absolutely, we've had some great successes in Europe over the years. 0:22:55.000 --> 0:22:57.840 We have been fortunate to be backers of companies like 0:22:57.920 --> 0:23:02.959 Wys and Supercell, UiPath, and that gives us increased confidence 0:23:03.119 --> 0:23:06.399 in the region that there will be more entrepreneurs that 0:23:06.440 --> 0:23:10.000 come up and build global businesses out of Europe. As 0:23:10.000 --> 0:23:13.359 it pertains to opening an office here in London, we 0:23:13.400 --> 0:23:15.800 want to be really close to the founders that we back. 0:23:16.040 --> 0:23:18.360 We often serve on the boards of the companies we 0:23:18.760 --> 0:23:22.520 invest in, and so having that close relationship where we're 0:23:22.560 --> 0:23:25.160 just a time zone or a short flight away from 0:23:25.200 --> 0:23:28.520 the founders we work with is really important to our strategy. 0:23:30.000 --> 0:23:33.520 I think also what's happening the sense of being close 0:23:33.680 --> 0:23:36.120 we're now though, are we ever hitting a tipping point 0:23:36.119 --> 0:23:38.040 where you think of some of the companies you're already 0:23:38.040 --> 0:23:41.560 backed that have shown exits, that have had liquidity events, 0:23:41.560 --> 0:23:45.119 that have therefore probably see people leave the companies and 0:23:45.160 --> 0:23:47.760 start building their own. Are you seeing that flywheel of 0:23:47.800 --> 0:23:50.760 like UiPath, but now you've decided to go build your 0:23:50.800 --> 0:23:51.560 own new startup? 0:23:51.840 --> 0:23:52.480 Absolutely. 0:23:53.160 --> 0:23:55.920 UiPath is spinning out a couple of great companies right now, 0:23:55.920 --> 0:23:58.800 which we're actively tracking, and I think there'll be more 0:23:58.800 --> 0:24:02.040 and more entrepreneurs technical people that come out of these 0:24:02.040 --> 0:24:06.879 companies and decide that entrepreneurship is their next career career path. 0:24:07.400 --> 0:24:11.520 We travel all over Europe. We've actually been since opening 0:24:11.520 --> 0:24:15.040 the office in August in eight different cities, so we're 0:24:15.119 --> 0:24:19.560 trying to find these entrepreneurs wherever they are, and they 0:24:19.640 --> 0:24:22.240 do come out of different places, not just the major 0:24:22.280 --> 0:24:25.240 tech hubs like Berlin, Paris and London. 0:24:25.960 --> 0:24:29.320 What's interesting is today, of all days, you're seeing one 0:24:29.440 --> 0:24:34.640 key fintech player listed in France. Worldline absolutely pummeled, largely 0:24:34.800 --> 0:24:37.880 the idiosyncratic some of it, but also an economic perspective 0:24:37.920 --> 0:24:40.480 that Germany is about to hit recession. It's an interesting 0:24:40.520 --> 0:24:42.560 time to be wanting to plowing into Europe at the moment. 0:24:42.640 --> 0:24:45.280 How has that economic macro backdrop affected some of the 0:24:45.280 --> 0:24:46.440 companies to support. 0:24:46.720 --> 0:24:49.240 We think a lot about the technology ecosystem and the 0:24:49.280 --> 0:24:52.119 markets that we serve, and so you can think of 0:24:52.160 --> 0:24:54.560 back to twenty twenty two, there was a reset in 0:24:54.600 --> 0:24:58.639 the equity markets for public technology stocks that has affected 0:24:59.200 --> 0:25:02.080 technology all across our region. 0:25:02.200 --> 0:25:03.520 In Europe. 0:25:03.800 --> 0:25:07.720 There is more and more realization that we might be 0:25:07.880 --> 0:25:11.560 entering a recessionary environment, so our entrepreneurs are starting to 0:25:11.600 --> 0:25:12.960 prepare for that. 0:25:12.960 --> 0:25:14.119 That said, a lot. 0:25:14.000 --> 0:25:17.640 Of our companies actually do well in recessionary environments. They 0:25:17.680 --> 0:25:24.840 are increasing productivity for businesses or providing valuable services to consumers, 0:25:25.160 --> 0:25:28.119 so that we do think there are some counter cyclical 0:25:28.880 --> 0:25:30.320 companies within our portfolio. 0:25:31.480 --> 0:25:32.800 Alex is, good to see you. 0:25:32.800 --> 0:25:35.199 Your business partner, Eric was on the show with us 0:25:35.240 --> 0:25:37.800 in August when you announced you'd open a London office. 0:25:38.080 --> 0:25:40.080 The next day, he jumped on a plane and moved 0:25:40.119 --> 0:25:42.560 his life to London. And I guess I want to 0:25:42.600 --> 0:25:44.359 know what you've been up to since you know. What 0:25:45.000 --> 0:25:48.040 is it like in London? Are there hackathons and mixers 0:25:48.119 --> 0:25:50.840 and drinks and you're making friends with all of the 0:25:50.880 --> 0:25:53.960 people you've been working with long distance on rounds. 0:25:53.640 --> 0:25:58.840 With Yeah, we're definitely getting out into the ecosystem. An 0:25:58.880 --> 0:26:02.440 important part of our business is to get out into 0:26:02.480 --> 0:26:05.760 the regions that we serve and meet the great founders, 0:26:05.880 --> 0:26:11.320 the great entrepreneurs, and then also venture backers. Each of 0:26:11.359 --> 0:26:15.719 these cities around Europe have local seed investors that we 0:26:15.840 --> 0:26:19.800 love to partner with because usually we're coming in as 0:26:19.800 --> 0:26:23.480 a second or third round of investment, so we're out 0:26:23.480 --> 0:26:26.240 there on planes making sure that we're face to face 0:26:26.280 --> 0:26:30.400 with those people, and it's definitely a huge priority for us. 0:26:30.720 --> 0:26:35.639 We're also have a large portfolio within Europe already, so 0:26:35.680 --> 0:26:38.800 we're traveling to these cities to go to board meetings. 0:26:39.400 --> 0:26:42.440 You're going to Paris to see pigment, or to Germany 0:26:42.520 --> 0:26:45.600 to see deep l There's a lot of different reasons 0:26:45.640 --> 0:26:47.760 why we get out into the region, and I think 0:26:47.800 --> 0:26:49.080 that's a real positive for us. 0:26:50.280 --> 0:26:53.560 Alex Is there the variety of technology in Europe that 0:26:53.640 --> 0:26:56.200 we have here in the Silicon Valley in the Bay Area, 0:26:56.240 --> 0:27:00.200 across software, hardware, everything that's happening in AI, you have 0:27:00.320 --> 0:27:03.080 the same things to pick from. 0:27:03.200 --> 0:27:06.880 Yeah, there's a huge variety, and it's funny that in 0:27:06.880 --> 0:27:11.920 individual cities there are different areas of expertise. Obviously London 0:27:12.200 --> 0:27:16.720 with the strong backing of financial services and great talent 0:27:16.800 --> 0:27:18.720 you have in that area. We back a lot of 0:27:18.760 --> 0:27:22.359 fintech companies here. So an example would be a Vault, 0:27:22.440 --> 0:27:25.760 which we backed earlier this year. They're a financial technology 0:27:25.800 --> 0:27:30.159 company working on account to account payments or see on, 0:27:30.480 --> 0:27:33.439 which is in the fraud verification space. But then you 0:27:33.480 --> 0:27:36.160 travel other places and you see different pockets of talent. 0:27:36.560 --> 0:27:39.600 One area that I'm really excited about right now is 0:27:39.720 --> 0:27:44.119 Paris and France. They have such strong AI talent and 0:27:44.160 --> 0:27:46.439 so we're seeing more and more companies come out of 0:27:46.480 --> 0:27:48.720 that ecosystem that we're trying to back. 0:27:49.000 --> 0:27:54.199 Great universities both UK, France and Europe. More broadly, alex 0:27:54.200 --> 0:27:56.560 though you put a very sort of positive spin on it. 0:27:56.640 --> 0:27:59.240 A macro environment that's challenging, but founders that are able 0:27:59.240 --> 0:28:02.160 to be sort of counters already preparing. But we hear 0:28:02.240 --> 0:28:04.520 more and more that there are a load of unicorns 0:28:04.560 --> 0:28:06.560 or a load of high valuations that are going to 0:28:06.600 --> 0:28:10.040 have to recalibrate. When is that reckoning going to happen? 0:28:10.080 --> 0:28:12.120 It feels like keeps being pushed off and pushed off, 0:28:12.119 --> 0:28:15.240 and special financing deals done in murkier corners. 0:28:15.920 --> 0:28:19.720 One thing we track very closely is the IPO market. 0:28:19.960 --> 0:28:22.680 That's a key barometer for the health of our business. 0:28:23.320 --> 0:28:26.159 IVP has had over one hundred and thirty companies go 0:28:26.320 --> 0:28:30.639 public over its history, but twenty twenty two and twenty 0:28:30.680 --> 0:28:34.040 twenty three there have been less of those offerings. You 0:28:34.080 --> 0:28:38.480 saw the recent offerings in Clavio, Instacart, and arm extremely 0:28:38.560 --> 0:28:40.520 high quality companies going public. 0:28:40.920 --> 0:28:41.800 And actually that's. 0:28:41.640 --> 0:28:45.000 Giving some confidence to the portfolio companies that we have, 0:28:45.440 --> 0:28:47.880 and three or four of those companies are already starting 0:28:47.920 --> 0:28:51.000 to prepare their documents to go public in twenty twenty four. 0:28:51.440 --> 0:28:55.080 So I think you could see more companies going flipping 0:28:55.160 --> 0:28:57.960 from private to public, and that'd be a great thing 0:28:58.000 --> 0:28:59.040 for venture overall. 0:28:59.560 --> 0:29:03.280 Arm men public in America, That's true the frustration of 0:29:03.280 --> 0:29:07.040 the London soop exchange. Will companies that you're backing, Pigment 0:29:07.080 --> 0:29:09.760 in France and like choose to go in public in 0:29:09.800 --> 0:29:12.160 their own European markets or will they always be attracted 0:29:12.160 --> 0:29:13.080 to American liquidity. 0:29:14.320 --> 0:29:16.440 If a company is going public right now, I think 0:29:16.440 --> 0:29:17.960 the Nasdaq on a nice is. 0:29:17.960 --> 0:29:19.440 The right place to go public. 0:29:19.480 --> 0:29:19.920 They should. 0:29:20.040 --> 0:29:22.959 The markets are deeper there, there's a more a deeper 0:29:23.040 --> 0:29:27.520 understanding of technology and the value that technology can bring. However, 0:29:27.640 --> 0:29:29.440 we are hopeful and we want to be part of 0:29:29.440 --> 0:29:32.560 this change here in London. That know, more and more 0:29:32.560 --> 0:29:35.440 companies will go public here in London and around Europe. 0:29:35.640 --> 0:29:38.240 It's great for the ecosystem if you can keep the 0:29:38.320 --> 0:29:40.800 listings here. We'd love to see reforms that help that 0:29:41.080 --> 0:29:42.080 few more deliveries. 0:29:42.120 --> 0:29:44.800 Like I was chatting with Willshoe yesterday, Alex Lam so 0:29:44.880 --> 0:29:47.640 great to have some time with you of ivp femail 0:29:47.920 --> 0:29:50.280 and we've got some interesting conversation coming from you. 0:29:51.200 --> 0:29:54.840 Yeah, let's go from London, Planet Earth to Space. United 0:29:54.920 --> 0:29:58.680 Launch Alliance is on track. I'm told to launch Vulcan 0:29:58.720 --> 0:30:02.080 in December. It's high energy rocket that it hopes can 0:30:02.080 --> 0:30:06.479 compete with Falcon Heavy SpaceX's heavy launch system. Tory Bruno, 0:30:06.520 --> 0:30:09.360 who's the Ulaco, visited us in New York and we 0:30:09.440 --> 0:30:13.280 talked about how reliant Ula has been on Jeff Bezos 0:30:13.320 --> 0:30:14.360 and Blue Origin have a listen. 0:30:15.320 --> 0:30:17.560 Well, it took a little bit longer to develop this 0:30:17.720 --> 0:30:21.760 rocket engine. It is the largest engine of that fuel 0:30:21.840 --> 0:30:25.280 type to be successfully put together, and that just took 0:30:25.320 --> 0:30:27.920 a little while longer. Now that the engine is developed 0:30:27.920 --> 0:30:32.240 and qualified, we love it. Great performance. It's going to 0:30:32.240 --> 0:30:35.160 be an awesome workhorse for us in terms of the 0:30:35.280 --> 0:30:39.520 Ukraine situation, we weren't really affected that would have affected 0:30:39.560 --> 0:30:43.040 the retiring Atlas five with its RD one to eighty 0:30:43.160 --> 0:30:46.760 rocket engine. But I had anticipated ahead of time not 0:30:47.000 --> 0:30:50.720 that Ukraine would be invaded, but that the relationship with 0:30:50.840 --> 0:30:52.600 Russia was on a downward trend. 0:30:53.000 --> 0:30:53.800 And once our. 0:30:53.680 --> 0:30:58.040 Future was clear, I ordered ahead and received all of 0:30:58.080 --> 0:31:00.160 the RD one eighties I would ever need to fly 0:31:00.280 --> 0:31:02.760 out atlyss Now I have them in a warehouse in 0:31:02.800 --> 0:31:06.320 Alabama and have just been flying them as I need them. 0:31:07.520 --> 0:31:11.240 Blue Origin is itself also going under some change, some 0:31:11.360 --> 0:31:14.640 transitions and new leadership, but the kind of constant is 0:31:14.720 --> 0:31:18.360 Jeff Bezos, and I wondered what your relationship with Jeff is. 0:31:18.400 --> 0:31:23.400 Like, Oh, very constructive. You know, it's a teeming arrangement. 0:31:23.480 --> 0:31:27.960 You know, your major suppliers are always really your strategic partners, 0:31:28.360 --> 0:31:32.360 and that's especially true for us because our big suppliers 0:31:32.440 --> 0:31:36.600 invest in our rocket and in their product along with us. 0:31:36.960 --> 0:31:38.000 Jeff is no different. 0:31:38.080 --> 0:31:39.920 I was speaking to him just a. 0:31:39.840 --> 0:31:42.880 Few days ago as we were working together to help 0:31:42.960 --> 0:31:46.120 them ramp up their production rate for our eventual needs, 0:31:46.680 --> 0:31:48.920 and like I said, we love the engine and I 0:31:48.920 --> 0:31:50.560 think we're going to have a bright future together. 0:31:51.840 --> 0:31:54.600 That's interesting. Do you find Jeff to kind of be 0:31:54.720 --> 0:31:55.160 hands on? 0:31:55.360 --> 0:31:57.360 Is he somebody that you can phone and sort of 0:31:57.400 --> 0:32:01.480 talk at a high level engine nearing basis with or 0:32:01.560 --> 0:32:04.160 is he kind of more strategic in how he deals. 0:32:03.960 --> 0:32:04.520 With you guys? 0:32:04.960 --> 0:32:08.960 Well, I think he is a very strategic person obviously, 0:32:09.600 --> 0:32:12.040 but I will tell you he's a very good engineer 0:32:12.440 --> 0:32:15.520 and he is not afraid to dive down into the details. 0:32:16.240 --> 0:32:18.800 You know, you might find it amusing that, you know, 0:32:18.840 --> 0:32:21.960 we nerds get together and we love to talk about 0:32:22.400 --> 0:32:27.880 propulsion technology, and I find Jeff very easy to discuss 0:32:27.920 --> 0:32:31.480 those issues with. He's fast, he picks them up, and he's. 0:32:31.360 --> 0:32:32.040 A good teammate. 0:32:32.080 --> 0:32:34.320 He'll work with you to, you know, get through the 0:32:34.480 --> 0:32:39.320 technical challenges of doing this sort of innovative in new work. 0:32:42.080 --> 0:32:45.840 Talking rocket so self described nerd Tory Bruno U la Ceo, 0:32:45.960 --> 0:32:48.720 Caroline ed you are. 0:32:48.640 --> 0:32:50.880 A self described nerd, and I'm pretty sure that they 0:32:51.080 --> 0:32:53.680 welcome you with open arms in those conversations. You'd love 0:32:53.720 --> 0:32:55.719 to be in them, I'm sure. Meanwhile, then let's get 0:32:55.720 --> 0:32:58.080 a check on these markets quickly, because nerding out on 0:32:58.120 --> 0:33:00.280 what's happening in public markets not a particular great day 0:33:00.280 --> 0:33:02.320 for the Nasdaq. We're off by one point eight percent 0:33:02.360 --> 0:33:04.040 on big tech at the moment. You know why, it's 0:33:04.080 --> 0:33:06.120 all about an earnings concern that we're not quite living 0:33:06.200 --> 0:33:08.080 up to the hype when it comes to Alphabet for example. 0:33:08.320 --> 0:33:10.479 Maybe that's dragging down the index more broadly five year 0:33:10.520 --> 0:33:12.560 yield as well, probably putting paid to some of the 0:33:12.640 --> 0:33:14.840 risk exuberance as the yields back up on the long end. 0:33:15.240 --> 0:33:17.000 Interesting in chips, We're going to be having a deep 0:33:17.040 --> 0:33:18.560 dive on chips that you're going to talk us through 0:33:18.680 --> 0:33:20.720 in a minute, ED. Or by three percent on the 0:33:20.800 --> 0:33:23.680 socks as we see TI Texas instruments not living up 0:33:23.680 --> 0:33:25.400 to expectations on earnings. Move on to some of the 0:33:25.400 --> 0:33:29.080 individual movers because interesting takes Microsoft course does do well 0:33:29.120 --> 0:33:31.760 on its earnings and Microsoft outperforms, but I've also been 0:33:31.800 --> 0:33:34.800 looking what's the world a PayPal? And overall look at 0:33:34.800 --> 0:33:37.840 what happened to this European fintech player. Worldline off by 0:33:37.920 --> 0:33:40.600 fifty nine percent as they call out a recession over 0:33:40.640 --> 0:33:41.080 in Germany. 0:33:41.200 --> 0:33:41.280 ED. 0:33:42.560 --> 0:33:44.280 Yeah, we are going to be talking chips coming up 0:33:44.320 --> 0:33:45.880 on the show. We're going to speak to the CEO 0:33:45.960 --> 0:33:50.200 of Qualcom Cristiano Ammon as the company unveils it's super 0:33:50.320 --> 0:33:54.400 Dragon X processor. This is a week about PCCPUS. This 0:33:54.840 --> 0:33:56.360 is Bloomberg Technology. 0:34:01.960 --> 0:34:03.680 Welcome to our Bloomberg. 0:34:03.280 --> 0:34:06.840 TV and radio audience worldwide. Qualcom is stepping up its 0:34:06.840 --> 0:34:10.560 efforts to break into the personal computer market by unveiling 0:34:10.600 --> 0:34:14.879 a new laptop processor designed to outperform rival products from 0:34:14.920 --> 0:34:18.160 Intel and Apple. Joining us to discuss the new snap 0:34:18.239 --> 0:34:22.279 Dragon X is Christiano. I'mon Qualcom CEO and you join 0:34:22.400 --> 0:34:26.680 us from Maui at the snap Dragon Summit. Christiano, The 0:34:26.760 --> 0:34:29.040 question that I hear over and over again, be it 0:34:29.040 --> 0:34:32.040 from your investors or be it from the millions of 0:34:32.040 --> 0:34:35.040 snap Dragon users and fans around the world, is how 0:34:35.160 --> 0:34:39.560 is this fundamentally going to change the operation and functioning 0:34:39.920 --> 0:34:41.160 of a personal computer? 0:34:42.480 --> 0:34:42.640 Oh? 0:34:42.719 --> 0:34:47.239 Yes, that's the reason we're very excited about what we're doing. 0:34:47.400 --> 0:34:49.920 And I think the endorsement we get from Microsoft, I 0:34:49.960 --> 0:34:53.160 think the presence of Microsoft in our event as well. 0:34:53.200 --> 0:34:57.240 We have been working to build the next generation computing 0:34:57.280 --> 0:35:01.359 device for the Windows ecosystem. Come with where we see 0:35:01.400 --> 0:35:05.680 the conversions between the mobile and the PC. It comes 0:35:05.719 --> 0:35:08.680 at a time that users want more mobility and more 0:35:08.719 --> 0:35:12.800 performance and the whole experience becomes an AI experience, and 0:35:12.840 --> 0:35:14.560 I think that's what we did with the. 0:35:14.480 --> 0:35:17.560 Snapdragon x Elite announcement. 0:35:18.520 --> 0:35:21.960 First of all, we're incredibly proud and especially as we've 0:35:21.960 --> 0:35:24.880 been talking the welcome is changing from a communications company 0:35:24.920 --> 0:35:26.440 to a connected processor company. 0:35:26.719 --> 0:35:30.719 We just unveiled the fastest CPU. 0:35:29.800 --> 0:35:33.720 Of any mobile computing device, of any laptop in the world, 0:35:34.200 --> 0:35:36.799 fastest CPU in terms of performance. 0:35:37.120 --> 0:35:39.040 We have the device here, people, we test it. 0:35:39.400 --> 0:35:42.160 That's going to allow for you to have a lot 0:35:42.239 --> 0:35:45.799 more performance for day applications, but also to have a 0:35:45.880 --> 0:35:48.080 lot of AI on the device. 0:35:49.080 --> 0:35:49.640 Christiana. 0:35:49.760 --> 0:35:53.360 We were submitted dozens of questions from our audience, including 0:35:53.440 --> 0:35:57.360 snap Dragon insiders on Discord for example, and actually a 0:35:57.440 --> 0:36:02.360 reoccurring question was how the latest generation CPU can handle 0:36:02.640 --> 0:36:06.560 specific AI functions like Microsoft Copilot. 0:36:05.960 --> 0:36:09.319 For example on device. Can you give us any insight. 0:36:09.040 --> 0:36:11.759 That absolutely so. 0:36:11.840 --> 0:36:14.600 What is interesting about what we've done with this processor 0:36:14.680 --> 0:36:18.600 not only has the fastest CPU for your everyday tasks 0:36:18.640 --> 0:36:21.560 and gaming and all of those things, but it has 0:36:21.600 --> 0:36:25.480 a separate engine and that is a unique differentiation from pocom. 0:36:26.320 --> 0:36:27.960 It's called the NPU. 0:36:28.200 --> 0:36:32.560 And it's about allowing your AI to run pervasively and 0:36:32.840 --> 0:36:34.480 always running on the device. 0:36:34.520 --> 0:36:37.680 So the copilot will be always running on the device. 0:36:37.560 --> 0:36:41.319 To assist you with every task. And the NPU is 0:36:41.360 --> 0:36:44.160 the biggest that you can performance you can find in 0:36:44.200 --> 0:36:47.880 the device. Just as an example, we can run large 0:36:48.080 --> 0:36:52.200 models of thirteen billion parameters natively on the device, and 0:36:52.239 --> 0:36:55.239 we show that we have been partnered with all the 0:36:55.560 --> 0:36:59.680 major ecosystem investing on AI from Microsoft to Meta to 0:36:59.719 --> 0:37:02.360 Google Go and many other companies and having all of 0:37:02.400 --> 0:37:04.960 those models running natively on the device. 0:37:07.160 --> 0:37:11.960 It's a fascinating moment in terms of competition. Cristiano as well, 0:37:12.000 --> 0:37:14.040 it has been a couple of days ago reports in 0:37:14.160 --> 0:37:16.680 Video is going to be challenging the space as well 0:37:16.680 --> 0:37:19.239 with its own ARM based processes for PCs. You've got 0:37:19.280 --> 0:37:23.120 Apple of course showing its prowess in the area. How 0:37:23.160 --> 0:37:25.279 do you set yourself apart from what is going to 0:37:25.280 --> 0:37:29.280 be a real rushed and PC area. 0:37:29.360 --> 0:37:32.840 I actually think the announcements to happen, especially the Vida announcement, 0:37:32.960 --> 0:37:35.280 is one of the best things that could have happened. 0:37:35.040 --> 0:37:36.200 For our efforts in the PC. 0:37:36.400 --> 0:37:38.960 We have been talking for a while since we embark 0:37:39.000 --> 0:37:43.000 on this journey with Microsoft that the PC market is 0:37:43.080 --> 0:37:46.600 moving to an ARMED compatible away from the x eighty 0:37:46.640 --> 0:37:49.240 six into an ARM compatible instruction set. 0:37:49.400 --> 0:37:50.839 The Nvidia announcement is. 0:37:50.840 --> 0:37:54.319 Devalidation that that is the new market and that is 0:37:54.360 --> 0:37:57.120 the new tam for welcoming. It comes at a perfect 0:37:57.160 --> 0:38:00.520 time that we have been diversifying the company in looking 0:38:00.560 --> 0:38:04.920 for new opportunities and in market for technology, and we 0:38:05.080 --> 0:38:09.280 had started on this journey for at least the past 0:38:09.320 --> 0:38:11.440 three to four years I think twenty four. 0:38:11.680 --> 0:38:14.560 With the new Windows and I Windows AI that comes 0:38:14.560 --> 0:38:15.120 to fruition. 0:38:15.239 --> 0:38:18.080 It starts to be at the end of the twenty 0:38:18.160 --> 0:38:20.600 twenty four material for Qualcom. 0:38:20.719 --> 0:38:22.400 So we're really excited about that. 0:38:22.520 --> 0:38:25.600 And we look at all those announcements and endorsement that 0:38:25.680 --> 0:38:28.120 this whole p SEE ecosystem is moving to one and 0:38:28.200 --> 0:38:30.719 we just developed the fastest ARMSCPU in the work. 0:38:32.640 --> 0:38:35.560 We've got well announcement potentially as soon as next week 0:38:35.600 --> 0:38:39.000 with Apple and three. When you've got a competitive but 0:38:39.040 --> 0:38:41.799 a validated space, as you seem to be articulating, what 0:38:41.920 --> 0:38:44.880 volumes do you anticipate in one for example. 0:38:45.160 --> 0:38:47.359 Well, we're not making projections. 0:38:47.400 --> 0:38:49.839 I think we have been very careful, especially because we 0:38:49.920 --> 0:38:51.759 have this is a new market for us, so we 0:38:52.000 --> 0:38:54.800 think of us as a new entrant, and if you 0:38:54.880 --> 0:38:58.319 look at of the size of this market, I think 0:38:58.719 --> 0:39:01.560 even if we get, you know, a smaller share, it's 0:39:01.560 --> 0:39:04.800 a significant growth opportunity for Quodcam. 0:39:05.200 --> 0:39:07.360 And we're excited about what we have developed. 0:39:07.400 --> 0:39:09.919 The parts competitive and one thing we haven't mentioned about 0:39:09.920 --> 0:39:14.080 it besides the performance, the power, which is our DNA 0:39:14.400 --> 0:39:17.239 of making very power efficient devices for better in life 0:39:17.320 --> 0:39:21.400 is incredible. We exceeded the performance of the fastest CPU 0:39:21.560 --> 0:39:23.719 you can get from Intel for gaming, but we do 0:39:23.800 --> 0:39:26.920 add a seventy percent less power as an example. 0:39:28.239 --> 0:39:31.439 For our Bloomberg television and radio audiences worldwide. We're joined 0:39:31.440 --> 0:39:35.600 by Quowcom CEO Christiano Amon from the snap Dragon conference 0:39:35.680 --> 0:39:38.919 in Maui. You just mentioned power. The claim is that 0:39:39.400 --> 0:39:43.200 it's about sixty eight percent less power than the comparable 0:39:43.280 --> 0:39:48.120 Intel processor. A really fair question is the price premium 0:39:48.160 --> 0:39:51.160 though that your latest chip has a lot of questions 0:39:51.200 --> 0:39:55.239 from global end market users, was like, well, how much 0:39:55.280 --> 0:39:57.160 am I going to have to pay over the nose 0:39:57.520 --> 0:40:01.520 to have access to a consumer electronic device that carries 0:40:01.560 --> 0:40:05.200 Snapdragon X relative to mid and lowers his smartphone or PC. 0:40:06.680 --> 0:40:09.120 I'm going to answer that question two weeks. The first 0:40:09.160 --> 0:40:11.840 one is we're going to enable with this product for 0:40:11.880 --> 0:40:16.360 you to have a thin and light laptop that you 0:40:16.400 --> 0:40:19.239 can have the performance that you would find otherwise on 0:40:19.280 --> 0:40:22.680 a high end gaming device. So I think, if anything, 0:40:22.719 --> 0:40:26.560 we're going to be democratizing technology and make that an 0:40:26.719 --> 0:40:30.160 AI running on device available for more people. And that's 0:40:30.200 --> 0:40:33.120 easy to understand giver mobile heritage. The other part of 0:40:33.160 --> 0:40:36.239 that is actually we look at the Snapdragon Elite x 0:40:36.400 --> 0:40:41.560 actally as a premium Snapdragon solution which improves dramatically or 0:40:41.680 --> 0:40:45.000 mixed and it has great financial contribution as we look 0:40:45.080 --> 0:40:47.040 at the margin of those products. 0:40:47.080 --> 0:40:48.880 So I think it's a win win for both sides. 0:40:51.000 --> 0:40:53.680 One thing that you guys do really well is look 0:40:53.719 --> 0:40:56.680 at snap Dragon and this kind of fan base you have. 0:40:57.200 --> 0:40:59.240 You know, everyone is raved about the h one hundred 0:40:59.280 --> 0:41:02.040 GPU from all year, but I've noticed this kind of 0:41:02.719 --> 0:41:08.000 deep reddit, forum, discussion, discord channels dedicated to snap Dragon. 0:41:08.320 --> 0:41:10.640 How much do you take into account the feedback from 0:41:10.680 --> 0:41:13.520 those community and your development of the products and what 0:41:13.560 --> 0:41:15.960 it can actually do a lot. 0:41:16.120 --> 0:41:19.400 I think one of the things we do well is 0:41:19.719 --> 0:41:21.799 we have been nurching this community by the way that 0:41:21.880 --> 0:41:24.359 both of you should be a Snapdragon insiders, you may 0:41:24.360 --> 0:41:27.440 be missing out, and we've been nurching this community. 0:41:27.560 --> 0:41:32.600 It's growing very fast, is over fourteen million, and those are. 0:41:32.600 --> 0:41:37.480 Tech enthusiasts and they really love the technology, your advanced users, 0:41:37.640 --> 0:41:39.520 and they give us a lot of insights and we 0:41:39.640 --> 0:41:40.920 really like that relationship. 0:41:43.440 --> 0:41:46.240 Oh ultimately, I mean I remember when we were first 0:41:46.280 --> 0:41:48.160 coming and sitting down with you a couple of years ago, 0:41:48.200 --> 0:41:50.839 it was all about supply chain issues when it came 0:41:50.880 --> 0:41:53.080 to chips and how you navigated that. Is there any 0:41:53.120 --> 0:41:55.400 sort of concern when you're thinking about unleashing these new, 0:41:55.440 --> 0:41:58.479 more powerful PC processes now. 0:41:58.520 --> 0:42:01.400 The supply chain I think crisis we had in some 0:42:01.440 --> 0:42:08.000 microductor industries behind us, and we actually look into the 0:42:08.040 --> 0:42:12.840 future as the most exciting thing now is how AI 0:42:13.200 --> 0:42:16.799 is developing on device outside the data center, and it's 0:42:16.840 --> 0:42:19.920 going to touch phones, going to touch PCs, is going 0:42:19.960 --> 0:42:22.920 to touch cars, and we're looking maybe we have an 0:42:22.920 --> 0:42:25.359 opportunity to create a whole new cycle and the. 0:42:25.360 --> 0:42:28.920 Phone business and generate growth in the phone business as 0:42:28.960 --> 0:42:29.760 well with AI. 0:42:32.719 --> 0:42:38.120 Cristiano, I want to be sort of reflective for a minute. 0:42:38.200 --> 0:42:41.200 You and many of your peers have tried to bring 0:42:41.400 --> 0:42:45.800 on based CPUs to PCs for a decade. And fundamentally, 0:42:46.440 --> 0:42:49.920 the personal computer has not changed for a decade. The 0:42:50.000 --> 0:42:53.719 ecosystem around X seven eighty six, for example, Massive, It's 0:42:53.760 --> 0:42:56.600 been tried, tested, Why now, why is this going to 0:42:56.600 --> 0:42:59.400 be any different from what you've tried in the last 0:42:59.400 --> 0:42:59.920 ten years? 0:43:00.920 --> 0:43:03.600 Okay, let me let me bring you a different perspective 0:43:03.920 --> 0:43:07.120 because there's a number of different vectors that are changing 0:43:07.160 --> 0:43:08.840 the PC. And by the way, I you know, I 0:43:08.840 --> 0:43:11.200 think we need to get We need to say Apple 0:43:11.239 --> 0:43:13.840 did a very good job when they developed the M 0:43:14.000 --> 0:43:17.960 series and creating a PC the base on a mobile 0:43:18.120 --> 0:43:21.880 SEC architecture and uh, and that's one of the things 0:43:21.920 --> 0:43:23.920 that we have been working to do the same and 0:43:23.960 --> 0:43:27.719 create the best possible performance next generation PC for the 0:43:27.760 --> 0:43:28.680 Windows ecosystem. 0:43:28.680 --> 0:43:29.720 But the reason this is different. 0:43:30.200 --> 0:43:33.040 First of all, I'm talking to you right now via 0:43:33.160 --> 0:43:36.680 my PC, and PC became a communication device. 0:43:37.280 --> 0:43:37.680 Uh. 0:43:38.040 --> 0:43:43.640 We we took working uh with mobility to the next level. 0:43:43.760 --> 0:43:47.840 And then the biggest piece is the fact that AI 0:43:48.160 --> 0:43:51.000 is changing the user experience. If you think about Microsoft's 0:43:51.040 --> 0:43:54.400 doing a co pilot, even with Microsoft said about the 0:43:55.160 --> 0:43:58.239 price of the co pilot, which I actually think is 0:43:58.320 --> 0:44:01.839 inexpensive if you think about the productivity increases that can 0:44:01.880 --> 0:44:04.080 do for many enterprises. 0:44:04.840 --> 0:44:05.760 Debt is changing. 0:44:05.800 --> 0:44:07.799 It's going to be a different type of device and 0:44:07.840 --> 0:44:09.759 that's what we're working on, and that's going to be 0:44:09.800 --> 0:44:12.680 a bright new feature. We're going to bring a lot 0:44:12.719 --> 0:44:15.520 of excitement and hopefully a new upgrade cycle for. 0:44:15.600 --> 0:44:18.120 PC's well come. 0:44:18.200 --> 0:44:22.719 CEO Christianamon from Snapdragon in MAUI, thank you for your time. 0:44:23.800 --> 0:44:27.600 Thank you, Caroline. 0:44:27.800 --> 0:44:31.319 You know, he's trying to outline a world where we're 0:44:31.400 --> 0:44:34.000 using a generative AI tool on our phone or PC, 0:44:34.200 --> 0:44:36.319 even in airplane mode, and you and I play with 0:44:36.360 --> 0:44:39.920 all these tools, chat gpt bard on our desktops right 0:44:40.000 --> 0:44:44.680 and is stable Internet? It's hard to imagine though, yeah 0:44:44.719 --> 0:44:45.000 it is. 0:44:45.040 --> 0:44:47.839 And ultimately many have been wondering when Apple really gets 0:44:47.880 --> 0:44:49.839 into the sphere of AI that little bit more. Much 0:44:49.880 --> 0:44:52.360 of it has been question about, of course, the privacy angle, 0:44:52.360 --> 0:44:54.480 the fact that you do want it within your actual device, 0:44:54.520 --> 0:44:56.960 and how much this is also intertwined with I just 0:44:56.960 --> 0:44:59.880 think about sitting down the arm CEO around the IPO 0:45:00.000 --> 0:45:03.120 they're listing and was all about moving into the world 0:45:03.120 --> 0:45:05.279 of PCs, the fact that they are diversifying it's not 0:45:05.280 --> 0:45:06.400 just about smartphone anymore. 0:45:06.520 --> 0:45:06.560 Ed. 0:45:07.360 --> 0:45:09.400 Yeah, and as a self described nerd, I've learned so 0:45:09.520 --> 0:45:12.040 much this year about specific CPUs, and I know our 0:45:12.080 --> 0:45:14.200 audience have so many questions that we got to there. 0:45:15.640 --> 0:45:17.840 I'm glad that you were, maybe on this occasion not 0:45:17.840 --> 0:45:19.359 going to have to do some weightlifting with them as 0:45:19.360 --> 0:45:21.280 well as you did with the in video one. Meanwhile, 0:45:21.400 --> 0:45:23.520 when that does it for this edition of Bloomberg Technology, 0:45:23.600 --> 0:45:24.640 buy from London. 0:45:26.200 --> 0:45:29.160 Check out the podcast wherever you get yours. This is 0:45:29.200 --> 0:45:31.160 Bloomberg Technology.